Energy & Oil

• Wednesday, January 11th 2017 - 08:29 UTC

  Macri announces program to boost development of Vaca Muerta shale formation

  

  Argentina's government has agreed to extend a natural gas wellhead price subsidy until 2020 and reduce labor costs in a bid to jumpstart investment in the Vaca Muerta shale formation. The agreement, reached between the national government, the provincial government of Neuquen, industry and labor unions, comes at a time of lackluster upstream activity, reflecting an uncertain price environment and cost concerns.

• Saturday, January 7th 2017 - 07:14 UTC

  Uruguayan bureaucrats good at cooking inflation numbers

  

  Last December, the CPI actually contracted 0.55%, something similar to what happened twelve months before helped by a significant decrease in the power rate, estimated at 19.65% and which benefitted over a million clients. The logo of the end of the year bonus campaign is “Ute Prize” (UTE is the Uruguayan power company which works under a government monopoly regime).

• Friday, December 30th 2016 - 17:49 UTC

  Petrobras sale of assets still US$ 1.5bn short of 2015/16 divestment target

  

  Brazil's oil and gas corporation Petrobras announced this week the sale of ethanol and petrochemicals assets for US$587 million, but said it would still fall US$1.5 billion short of its divestment target for the 2015-2016 period.

• Thursday, December 29th 2016 - 19:58 UTC

  Falklands' fisheries and oil issues must be discussed with the Argentine congress, warns lawmaker Carrió

  

  All issues linked to fisheries and hydrocarbons in the Falklands/Malvinas must be discussed and approved by Congress, warned Argentina's chair of the foreign affairs committee adding that if necessary the officials involved, who ignore the legislative will be summoned and sacked with a no confidence vote and political trial.

• Thursday, December 29th 2016 - 06:07 UTC

  ANCAP company in Argentina seeks bankruptcy reorganization proceedings

  

  Uruguayan oil company ANCAP announced Wednesday through a press release that one of its companies, Carboclor S.A., based in Argentina, had turned to the courts to start the reorganization proceedings, known in Argentinian law as “Concurso Preventivo,” which is very similar to the United States' “Chapter Eleven” bankruptcy mechanism.

• Wednesday, December 28th 2016 - 19:20 UTC

  Petrobras/Total partnership; French company plans US$ 1bn annual investments

  

  The Brazilian unit of French energy giant Total SA in Brazil, Total E&P do Brasil, plans annual investments of US$1 billion in Latin America’s largest economy, Valor Econômico quoted Maxime Rabilloud, who heads the Brazilian operation. Rabilloud said Total and Petrobras will keep in contact regarding the possibility of making other deals and forging future partnerships.

• Wednesday, December 28th 2016 - 04:00 UTC

  Iran wants stronger maritime capabilities, including an aircraft carrier

  

  Iran's Deputy Navy Commander for Coordination, Admiral Peiman Jafari Tehrani, admitted his country needs better military equipment, including but not limited to the bulding of a new aircraft carrier, as cited by semi-official Fars news agency. Iran's fleet regularly escorts from the threat of modern age pirates ships, particularly oil tankers, from the Persian Gulf all the way down to South Africa and the Atlantic Ocean.

• Tuesday, December 27th 2016 - 09:17 UTC

  Petrobras plans to claim part of Odebrecht's payments deal in US and Switzerland

  

  Brazilian oil company Petrobras plans to request part of the record anticorruption settlement that construction company Odebrecht SA signed earlier this week with Brazilian, U.S. and Swiss authorities. Petrobras has said it was the victim of the vast bid-rigging and kickbacks scheme that Odebrecht admitted to helping run.

• Friday, December 23rd 2016 - 05:42 UTC

  China ready to work with Argentina as Supreme Court halts constructions of two dams

  China is ready to to join forces with Argentina after the construction of two hydroelectric dams in the province of Santa Cruz was put on hold by the Supreme Court over environmental concerns, a spokesperson for the Chinese Foreign Ministry said.

• Friday, December 23rd 2016 - 00:39 UTC

  Falklands' Sea Lion oil field development “break-even price is US$ 45/bbl”

  

  Rockhopper Exploration has issued an update on planning for Phase 1 of the Sea Lion oil field development in the offshore North Falkland basin. Operator Premier's latest estimate of capex to first oil is US$1.5 billion, with life of field costs (capex, opex, and lease) of around US$35/bbl for Phase 1.