Energy & Oil

Thursday, February 4th 2016 - 08:17 UTC
Magallanes region in south Chile could hold a treasure of unconventional tight gas

The U.S. Geological Survey estimates that the Glauconitica zone of Chile's southernmost Magallanes region holds nearly 8.3 trillion cubic feet of technically recoverable, unconventional tight gas, or nearly double Chile's production of that fossil fuel over the past 70 years.
Wednesday, February 3rd 2016 - 05:52 UTC
Norway's Statoil confirms interest in Uruguay's offshore potential, acquires 15% of exploration block

Norway's Statoil giant announced on Tuesday an agreement with French Total to acquire a 15% working interest in an offshore exploration block in Uruguay's continental shelf. The announcement comes only weeks before Total is preparing to drill its first exploratory well in Uruguayan waters.
Wednesday, February 3rd 2016 - 05:38 UTC
BP reported its biggest annual lost and announced 7.000 job cuts

BP slumped to its biggest annual loss last year and announced thousands more job cuts on Tuesday, showing that even one of the nimblest oil producers is struggling in the worst market downturn in over a decade.
Monday, February 1st 2016 - 06:22 UTC
Venezuelan lobbying for oil production reduction: tour begins Monday in Russia

Venezuelan Oil Minister Eulogio Del Pino will visit Russia, Qatar, Iran and Saudi Arabia on a tour of OPEC and non-OPEC countries intended to drum up support for action to stem the tumble in crude prices.
Monday, February 1st 2016 - 05:48 UTC
Chile to provide gas to Argentina in winter months; Enap and YPF will increase production in Magallanes

The government of Chile will be selling energy-short Argentina 5.5 million cubic feet of natural gas a day starting in May, providing also 200 MW of electricity through the interconnection system between both countries. Chile also committed to invest 200 million dollars in the Incremental Project of the Magallanes Area to boost hydrocarbon production.
Saturday, January 30th 2016 - 13:11 UTC
Petrobras plans to slash 30% of management jobs in non-operating areas

As Brazil struggles with a corruption scandal in which executives and politicians face investigations of alleged bribery, Brazil’s state-run oil company Petrobras announced it will slash management jobs as part of an efficiency drive approved by its board of directors.
Wednesday, January 27th 2016 - 08:20 UTC
SBM Offshore reaches out of court settlement with Brazilian prosecution

SBM Offshore’s CEO and another company executive have agreed an out-of-court settlement with the Brazilian public prosecutor’s office (Ministério Público Federal) for charges relating to the Petrobras corruption scandal.
Wednesday, January 27th 2016 - 07:04 UTC
Oil forecasted to stabilize at US$ 37 a barrel this year, says World Bank

The World Bank is lowering its 2016 forecast for crude oil prices to $37 per barrel in its latest Commodity Markets Outlook report from $51 per barrel in its October projections.
Monday, January 25th 2016 - 10:36 UTC
Oil price plunge distorts Brazilian market and leaves Rio cash strapped

Brazil's President Dilma Rousseff approved a resolution to maintain the current system for establishing the minimum price of oil on which royalty payments are paid by state-run oil company Petrobras to local governments.
Friday, January 22nd 2016 - 07:21 UTC
Ecuador disenchanted with OPEC policy will work as if the cartel 'did not exist'

Ecuador President Rafael Correa said that his government was “tired” of pushing OPEC to decrease output and that the nation would keep working as if the oil cartel “did not exist.”