Energy & Oil

Tuesday, August 4th 2015 - 18:40 UTC
US closer to lifting 40-year ban on oil and natural gas exports; bill needs Senate floor vote

The United States is closer to begin exporting oil. The Senate Energy Committee passed a bill last week that would lift a decades-old ban on the export of crude oil. The 22-member panel approved the initiative to allow the US to export oil and boost state revenue-sharing for offshore oil and gas drilling by a vote of 12-10.
Tuesday, August 4th 2015 - 10:04 UTC
BP halts exploration activities off Uruguay and targets lower-risk projects

British oil major BP has halted its deepwater exploration activities off Uruguay as it prioritises lower-risk projects at a time of low international prices, an official at Uruguay's state-owned oil company Ancap said on Monday.
Tuesday, August 4th 2015 - 06:06 UTC
Repsol makes first shipment from offshore gas field in the Gulf of Venezuela

The first shipment to onshore facilities has been made from the offshore gas field discovered in 2009 in the Gulf of Venezuela by Spain's Repsol and Italy's Eni, Venezuelan officials said.President Nicolas Maduro called the arrival of the gas a “historic” event during a ceremony on Saturday to mark the completion of the first shipment.
Tuesday, August 4th 2015 - 05:49 UTC
ExxonMobil rig concludes exploration offshore Guyana: resumes seismic studies

An ExxonMobil rig that re-ignited a maritime boundary dispute between Guyana and Venezuela has now left the area, a Guyanese official said on Monday, but denying it was because of Venezuelan pressure.
Tuesday, August 4th 2015 - 05:18 UTC
Oil glut and China's poor manufacturing data reflected in global markets

United States stocks fell on Monday as oil prices touched a six-month low and factory data from China raised concerns about the world's second-biggest economy. Energy stocks were the biggest losers among the main S&P sectors, recording their worst three-day decline in seven months. Exxon Mobil and Chevron, which also reported poor results on Friday, led the losses.
Sunday, August 2nd 2015 - 22:18 UTC
Former Exxon president on mission to clean up oil sands

Canada has given oil sands a dirty reputation, but a breakthrough, commercially viable technology has caught the eye of a former Exxon Mobil president who is putting it to use to clean up Utah's billions of barrels of oil sands.
Wednesday, July 29th 2015 - 06:12 UTC
“Operation radioactivity” unveils corruption in Brazil's Electrobras

Brazilian police on Tuesday arrested two executives involved in building a nuclear power plant for Eletrobras, pulling the state-run utility into a corruption scandal that has engulfed government-owned oil company Petrobras.
Saturday, July 25th 2015 - 06:16 UTC
Petrobras workers on a nationwide 24 hour strike to protest sale of assets

Tens of thousands of workers at Brazil's state-owned Petrobras went on a nationwide 24-hour strike on Friday to protest the oil company's plans to sell 15.1 billion dollars worth of assets by the end of next year to help pay off a debt of about 120 billion dollars.
Friday, July 24th 2015 - 11:18 UTC
More job losses coming to U.S. shale

With the recently concluded nuclear deal between Iran and the P5+1 countries, oil prices have already started heading downward on sentiments that Iran's crude oil supply would further contribute to the already rising global supply glut. The economic crisis in Greece, OPEC's high production levels and China's market turmoil have created more pressure on oil prices, making a price rebound look highly unlikely in the near future.
Friday, July 24th 2015 - 09:38 UTC
ExxonMobil find in Guyana's waters could be worth 12 times the country's GDP

The Exxon Mobil oil find in Guyana, which has triggered a strong reaction from neighboring Venezuela could be worth 12 times more than that nation’s GDP. In effect according to a Guyanese minister, the find at Liza-1well in offshore Guyana could be worth about $40 billion at current international crude prices.