Energy & Oil

Thursday, February 14th 2019 - 10:03 UTC
Global commodity trading firms investigated in Switzerland and by the FBI

Pressure is growing on global commodity trading firms with strong ties to Switzerland for their alleged involvement in the “Car Wash” corruption scandal in Brazil. The US Federal Bureau of Investigation is investigating two Vitol executives in the Americas, according to Reuters news agency.
Thursday, February 14th 2019 - 09:37 UTC
Chevron will remain in Venezuela in “coordination with US government agencies”

Chevron Corp. Chief Executive Officer Mike Wirth pledged to work closely with the U.S. to remain in Venezuela despite a spiralling crisis that has led rival oil major Total SA to retreat.
Wednesday, February 13th 2019 - 09:12 UTC
NGOs demand Brazilian miner Vale be excluded from UN's corporate responsibility pact

A group of international non-governmental organizations on Tuesday demanded that Brazilian miner Vale SA be excluded from the United Nations' corporate responsibility pact, after a mining dam burst that killed an estimated 300 people.
Tuesday, February 12th 2019 - 10:25 UTC
Growing evidence shows Vale was made aware of dam's rupture risk

Vale SA, the world’s largest iron ore miner, knew last year that the dam in Brazil that collapsed in January and killed at least 165 people had a heightened risk of rupturing, according to an internal document, Reuters reported on Monday
Tuesday, February 12th 2019 - 09:24 UTC
China iron ore futures soar on concerns over the Vale tragedy in Brazil

China iron ore futures rose to a record on Monday, the first session after a week-long national holiday, on concerns that supply from Brazil, the country’s second-largest ore supplier, may decline after a fatal dam accident at a Vale mine.
Monday, February 11th 2019 - 08:40 UTC
PDVSA telling customers to deposit oil sales in an account of Russia's Gazprombank

Venezuela's state-run oil company PDVSA is telling customers of its joint ventures to deposit oil sales proceeds in an account recently opened at Russia's Gazprombank AO, according to sources and an internal document, reported Reuters on Saturday.
Friday, February 8th 2019 - 10:13 UTC
Vaca Muerta shale oil production soared 52% and gas 193%, during 2018

Vaca Muerta, the biggest shale play in Argentina, led a year-on-year increase in oil and natural gas production in 2018 in Neuquen, as more companies bet on the resources for growth in the southwestern province.
Friday, February 8th 2019 - 08:49 UTC
Two more oil strikes off the coast of Guyana at the prolific Stabroek Block

Hess Corporation has announced positive results from the Tilapia-1 and Haimara-1 wells offshore Guyana, bringing the total number of discoveries on the Stabroek Block to 12.“These two discoveries demonstrate the continuing exploration potential on the prolific Stabroek Block and add to the previously announced gross discovered recoverable resource estimate of more than 5 Bboe,” said CEO John Hess.
Thursday, February 7th 2019 - 07:44 UTC
Bank Of America: Oil Demand Growth To Hit Zero Within A Decade

By 2030, oil demand could hit a peak and then enter decline, according to a new report. For the next decade or so, oil demand should continue to grow, although at a slower and slower rate. According to Bank of America Merrill Lynch, the annual increase in global oil consumption slows dramatically in the years ahead. By 2024, demand growth halves, falling to just 0.6 million barrels per day (mb/d), down from 1.2 mb/d this year.
Wednesday, February 6th 2019 - 09:20 UTC
Vale in deep legal “sludge” over dam burst: 135 dead and 200 missing

A report commissioned by Brazilian miner Vale SA last year to look into the stability of the tailings dam that ruptured January 25, killing 135, certified it as sound but raised concerns over its drainage and monitoring systems, newspaper Folha de S Paulo reported on Tuesday.