Energy & Oil

• Monday, August 28th 2017 - 07:52 UTC

  Falklands: Premier Oil is asking for export funds to develop Sea Lion, reports Financial Times

  

  The Financial Times is reporting that Premier Oil is negotiating with the UK government about securing export finance to fund just over half of the US$1.5bn investment needed to develop a large oilfield in waters north of the Falkland Islands. If all works out as planned first oil in the Falklands would be in 2021.

• Saturday, August 26th 2017 - 08:17 UTC

  Maduro reacts to Trump's sanctions: “we will sell our oil to other markets”

  

  Venezuela's President Nicolás Maduro has said that a preliminary analysis shows that new financial sanctions imposed by the United States will lead to a halt in oil exports to the US. President Trump's order bans trade in Venezuelan debt and blocks its state oil firm from selling bonds in the US.

• Wednesday, August 23rd 2017 - 09:55 UTC

  Temer prepared to privatize one of Brazil's jewels of the crown

  

  Brazil's surprise move to privatize Centrais Eletricas Brasileiras SA sent the utility's shares soaring nearly 50% on Tuesday as investors bet the plan augured further moves to loosen the government's grip on the economy.

• Monday, August 14th 2017 - 12:02 UTC

  Brazil’s Pre-Salt Extraction Costs Fall To US$8 Per Barrel

  

  By Haley Zaremba from Oilprice - Not too long ago Brazilian state oil company Petrobras was the most indebted oil & gas company in the world. The long-suffering company has faced dire mismanagement while being weighed down by allegations of involvement in Brazil’s widespread corruption. But that’s all changing.

• Tuesday, August 8th 2017 - 17:28 UTC

  Petrobras cuts gasoline prices to regain market share lost to imports

  

  Brazil's Petrobras has reduced prices for the gasoline it sells in Brazil to below parity with the fuel imported from the United States, reducing profit margins to regain market share. The company has sharply reduced the price gap between the value of gasoline sold at its refineries and the spot price in the U.S. Gulf of Mexico since early July, when it announced changes to its pricing to adopt almost daily adjustments, according to fuel market experts.

• Friday, August 4th 2017 - 07:08 UTC

  Venezuela diverting oil to Russia's Rosneft, ignoring contracts in the US

  

  Venezuela's state-run PDVSA has reduced crude sales to its U.S. refining unit Citgo Petroleum while increasing supply to Russia's Rosneft, following a plan signed in May to catch up on overdue deliveries, according to PDVSA documents, sources from the company and its joint ventures.

• Friday, July 28th 2017 - 06:00 UTC

  Exxon puts Guyana on the world oil map with another major discovery

  

  Exxon Mobil said that it has discovered additional oil in the Payara reservoir offshore Guyana, increasing the total discovery to approximately 500 million barrels oil equivalent. The result increases the estimated recoverable resources in Guyana’s Stabroek Block formation to about 2.25 to 2.75 billion barrels. By way of comparison, the much-heralded Thunder Horse find in the Gulf of Mexico has reserves of about one billion barrels.

• Tuesday, July 25th 2017 - 03:40 UTC

  Repsol caught in the middle of the Hanoi/Beijing South China Sea powder keg

  

  Vietnam has ordered a Spanish private company conducting a gas-drilling expedition in a disputed area of the South China Sea to cease operations following military threats from China, according to reports.

• Monday, July 24th 2017 - 06:49 UTC

  First full-scale floating wind farm begins to take shape off Scotland

  

  The world's first full-scale floating wind farm has started to take shape off the north-east coast of Scotland. The revolutionary technology will allow wind power to be harvested in waters too deep for the current conventional bottom-standing turbines used.

• Sunday, July 23rd 2017 - 12:14 UTC

  Maersk closer of first gas in North Sea Culzean field; 60.000/90.000bpd expected

  

  Maersk Oil said on Friday that it had reached another key milestone ahead of first gas from its flagship North Sea Culzean field. All three platform jackets for the £3.3billion project have now been put in place on time and on budget, the company said.