Energy & Oil

Saturday, June 23rd 2018 - 10:27 UTC
Exxon-Mobil made its eighth major oil discovery offshore Guyana

ExxonMobil made its eighth oil discovery offshore Guyana at the Longtail-1 well in the Stabroek Block on June 20. The company encountered 256 feet of oil-bearing sandstone. The well was drilled to 18,057 feet depth in 6,365 feet of water.
Friday, June 22nd 2018 - 09:10 UTC
Petrobras loses massive wage dispute, which could cost US$ 4.5 billion

Brazil’s top labor court on Thursday ruled in favor of workers at Petrobras in a wage dispute that could cost the world’s most indebted oil company up to 17 billion Reais (US$ 4.5 billion). Petrobras may still appeal the Superior Labor Court’s ruling in the case, brought by oil workers seeking more pay.
Thursday, June 21st 2018 - 08:57 UTC
Brazil eases rules in oil industry to boost production

Brazil’s move to ease rules forcing oil producers to buy from domestic suppliers means Latin America’s top producer will be able to sustain output of 5 million barrels per day (pbd) by the mid-2020s, compared to just 3.7 million bpd under prior rules, consultancy Wood Mackenzie said in a report on Wednesday.
Monday, June 18th 2018 - 07:10 UTC
Uruguay and oil hopes: a permanent bidding round scheme, after failure of latest auction

Uruguay will move towards a permanent offer process for offshore oil blocks as other Latin American countries have done, after an April auction failed to attract bids, Industry, Energy and Mining Minister Carolina Cosse said in an interview.
Friday, June 15th 2018 - 10:57 UTC
Petrobras ex-CEO becomes head of Brazilian giant food processor BRF

The board of Brazilian food processor BRF SA on Thursday elected Chairman Pedro Parente to the additional post of chief executive, the company said in a securities filing. Parente, the former CEO of state-controlled oil company Petrobras will hold both positions for an initial period of 180 days, BRF said.
Monday, June 11th 2018 - 08:20 UTC
Mexico's future closely linked to oil development no matter who's the next president

Mexican oil output could return to 2 million barrels per day by about 2022 if the next government pursues plans to auction off development blocs to private investors, Energy Minister Pedro Joaquin Coldwell announced. Mexico will elect a new president on July 1 but the front-runner in opinion polls, leftist Andres Manuel Lopez Obrador, has threatened to delay opening up the energy sector to private investment.
Wednesday, June 6th 2018 - 14:09 UTC
Falkland Islands Reception in London

Marking another successful year, the Annual Falkland Islands Government Reception took place on Tuesday 5th June at Middle Temple, London. Islanders in Britain, their friends and supporters, politicians, and veterans of the 1982 war of liberation met in high spirits.
Wednesday, June 6th 2018 - 08:52 UTC
Venezuela's oil delivery contracts could suffer 50% haircut

Venezuela’s state-owned PDVSA is considering a declaration of force majeure on some of its oil supply contracts in June unless its clients agree to accept volume reductions of up to 50%, Argus reported on Tuesday, citing PDVSA officials.
Monday, June 4th 2018 - 07:06 UTC
Truckers strike is estimated to have cost Brazilian agriculture some US$ 1.77 billion

The 10-day-long Brazilian striking truckers protests are winding down and companies from meatpackers to soy crushers are resuming operations. Some problems persist in some sectors and will need time to recover. Primary estimates of losses for farmers' sector could reach US$ 1.77bn
Friday, June 1st 2018 - 07:35 UTC
Guyana on the global energy map: oil production expected to reach 600.000bpd

The Norwegian oil and gas research firm Rystad Energy is predicting that Guyana's oil sector could generate annual revenue of US$15 billion and that the government would pocket most of the profit generated from the explorations.