Energy & Oil

Monday, April 27th 2015 - 10:04 UTC
Petrobras halts production in four platforms off Sergipe following a leak

Petrobras oil platforms off the north-east coast of Brazil have halted production after a leak of about 44 barrels (7000 liters) of oil was detected coming from a pipeline linking them, a local oil workers union head said over the weekend.
Saturday, April 25th 2015 - 06:33 UTC
Oil price war may benefit both US Shale and Saudi Arabia

Even as financial commentators on CNBC are starting to come around to the idea of a bottom in oil prices, the key question for US oil producers remains one of timing. How long will the oil price slump last? Is this a relatively short term event like 2008, or a longer term slump like the one in the mid 1980’s?
Saturday, April 25th 2015 - 06:19 UTC
Malvinas' oil rig drilling 'technical problem' triggers strong concern release from Argentina

Argentina's Foreign Ministry expressed concerns on Friday over the failure in the blow-out preventer, BOP, valve of the “Isobel Deep” exploration well currently being drilled to the north of the Falklands/Malvinas Islands, as reported by Falkland Oil and Gas Limited (FOGL).
Saturday, April 25th 2015 - 06:04 UTC
Falklands' oil drilling at Isobel Deep suspended two weeks because of a technical problem

Oil explorers drilling in the waters north of the Falkland Islands have suspended work on the second well of their 2015 current six-well drilling campaign after a technical problem, two of the companies involved said on Friday.
Friday, April 24th 2015 - 22:08 UTC
Eight first convictions in Petrobras corruption case including a former manager

The Brazilian judge overseeing the investigation into alleged corruption at Petrobras on Wednesday convicted eight people of crimes related to kickbacks and bribery. Judge Sergio Moro found former Petrobras executive Paulo Roberto Costa and currency dealer Alberto Youssef guilty of money laundering, and Mr. Costa of belonging to a criminal organization.
Friday, April 24th 2015 - 08:51 UTC
Petrobras normalizing links with investors on improved governance and transparency

With the release of audited financials, Brazilian oil giant Petrobras believes it has started to normalize its relationship with investors and to implement better corporate governance in the wake of the financial scandal that has rocked the company, its chief financial officer said on Thursday.
Friday, April 24th 2015 - 08:08 UTC
EU regulators Russia's Gazprom of abusing dominant position; fine could reach 16bn

Russia’s biggest gas utility, Gazprom, was hit with an antitrust case by European Union regulators for “abusing” its dominant position and overcharging customers for gas supplies. The investigation against the Gazprom has been ongoing for two years.
Friday, April 24th 2015 - 07:51 UTC
Russia and Argentina agree on an “all-encompassing strategic partnership”

Russia and Argentina signed agreements which amounted to an “all-encompassing strategic partnership” during Argentine President Cristina Fernandez visit to Moscow, which ended on Thursday with the meeting at the Kremlin with her counterpart Vladimir Putin.
Thursday, April 23rd 2015 - 07:09 UTC
Petrobras reveals extent of its losses because of corruption and mismanagement

Brazil's state-run oil giant Petrobras which has been bashed by a wide-spread corruption scandal, reported on Wednesday a 2014 net loss of 21.6 billion Reais (7.2 billion dollars) after taking 50.8 billion Reais in charges.
Wednesday, April 22nd 2015 - 06:35 UTC
Petrobras receives financial support from China and local banks

Brazilian state-run oil company Petrobras approved a series of financial agreements with local and international banks that will meet its financing needs in 2015, the company announced. In a filing with local stock regulators, Petrobras said that the deals will provide the company with access to about 6.2 billion dollars, including a 3.5bn financing contract reached with China Development Bank on April 1.