Energy & Oil

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.
Thursday, July 20th 2017 - 21:19 UTC
Ecuador steps down from OPEC's agreement to cut output: need of fiscal funds

Ecuador will not honor the Organization of Petroleum Exporting Countries’ (OPEC) agreement to cut oil output, Ecuador’s Oil Minister Carlos Perez said this week. The country, one of OPEC’s 14 member countries, is rethinking its commitment to drop oil production to 522,000 barrels a day.
Thursday, July 20th 2017 - 09:54 UTC
Top oil companies plan to invest US$ 1.15bn in Patagonia's shale formation

BP unit and subsidiaries of France’s Total and Germany’s Wintershall have signed an investment agreement with Argentina’s state-run oil company YPF to jointly invest US$1.15 billion in the Vaca Muerta shale formation in Argentina.
Wednesday, July 19th 2017 - 15:16 UTC
Mexico digesting major crude discoveries, delays offshore oil auctions

Mexico will delay its next offshore oilfield auctions by a month, giving international bidders more time to evaluate recent major crude discoveries that highlight the potential value of the assets. A new billion-barrel find announced last week “confirms that the Mexican side of the Gulf of Mexico is very prolific,” said Juan Carlos Zepeda, Mexico’s chief oil regulator in an interview.
Wednesday, July 12th 2017 - 20:12 UTC
Premier and partners make world class oil discovery in Mexico. Shares soar more than 30%

Premier Oil (with strong interests in Falklands' oil industry), together with its joint venture partners Talos Energy (Operator) and Sierra Oil & Gas, announced on Wednesday that the Zama-1 exploration well in Block 7, offshore Mexico, has made a world class oil discovery.
Wednesday, July 12th 2017 - 04:21 UTC
Oil and gas production in Argentina has fallen to its lowest in 25 years

Oil and gas production in Argentina has fallen to 1981 levels, the lowest in 25 years, despite a $14 million government subsidy for the first five months of this year. From last year to May 2017, the country has produced 2,311,736 m3 of oil and just under 3.8 billion m3 of gas, which shows a drop of 6% and 1.8% respectively.
Monday, July 10th 2017 - 17:45 UTC
Don't hold your breath for deeper OPEC cuts

The rally in oil prices over the past two weeks came to a halt on news that OPEC is actually exporting more oil than previously thought. A month ago, oil prices appeared to be higher than they should have been, with weak demand, elevated inventories, and a recognition that the nine-month OPEC extension would be inadequate to balance the market.
Saturday, July 8th 2017 - 23:32 UTC
Brazil plans to overhaul power market to eliminate money losing subsidiaries

Brazil has announced plans to overhaul the power market which could lead to higher rates and rid the state controlled Electrobras utility of money losing subsidiaries.
Thursday, July 6th 2017 - 19:16 UTC
Chinese company will exploit energy resources in Brazil

Petrobras announced that it signed a memorandum of understanding with the China National Petroleum Corporation (CNPC) to exploit energy resources in Brazil and abroad. In the statement, Petrobras said that the deal will allow the two state oil companies to benefit from each other's capacity and experience in oil and gas production.