Energy & Oil

• Tuesday, October 11th 2016 - 08:52 UTC

  Brazil congress limiting Petrobras monopoly over subsalt oil resources

  

  Brazil's lower chamber of Congress approved this week the main points of a bill removing a requirement that state-led oil company Petrobras be the sole operator of vast offshore oil reserves in the costly subsalt layer with a minimum 30% stake in their development.

• Saturday, October 8th 2016 - 10:47 UTC

  Fracking controversy erupts in UK following approval of shale gas industry request

  

  Horizontal fracking can go ahead, the British government has said, in a landmark ruling for the UK shale gas industry. Communities Secretary Sajid Javid has approved plans for fracking at Cuadrilla's Preston New Road site at Little Plumpton in Lancashire.

• Saturday, October 8th 2016 - 09:59 UTC

  WTO confirms ruling in favor of Argentina in biodiesel imports dispute with EU

  

  The World Trade Organization confirmed on appeal on Thursday its ruling partially in favor of Argentina in its dispute with the European Union over duties the bloc imposes on imported biodiesel.

• Friday, September 30th 2016 - 15:00 UTC

  Where will oil prices go after Algiers?

  

  Saudi Arabia and Iran may yet come to terms on some sort of production arrangement, but the outcome of the negotiations in Algeria this week may not do much to rescue oil prices. Following the media spectacle, the oil markets may have to shift their attention back to the supply and demand fundamentals, which are not reassuring

• Friday, September 30th 2016 - 08:09 UTC

  RRS James Clark Ross sails to Falklands collecting Mid-Atlantic Ridge data

  

  British Antarctic Survey ship, the RRS James Clark Ross, set sail on its long voyage from Immingham in the UK to Stanley in the Falkland Islands last 20 September. The ship, which carries out important scientific research in the Southern Ocean during the Antarctic summer months, is conducting survey work as it makes its passage south.

• Friday, September 30th 2016 - 07:54 UTC

  Falklands would claim 9% oil royalty per barrel plus 26% profit corporation tax

  

  The Falkland Islands government would claim 9% royalty on one barrel of oil, plus 26% corporation tax on profit, confirmed Member of Legislative Assembly Roger Edwards this week.

• Wednesday, September 28th 2016 - 12:26 UTC

  Iran-Saudi Arabia can't agree on limiting oil supply: “maybe in November”

  

  Iran rejected on Tuesday an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply, dashing market hopes the two major OPEC producers would find a compromise this week to help ease a global glut of crude.

• Saturday, September 24th 2016 - 07:27 UTC

  Petrobras sells major gas pipeline which feeds Brazil's core industrialized regions

  

  A consortium led by Canada's Brookfield Infrastructure has signed a deal to buy a controlling stake in a natural gas pipeline system in Brazil from Petrobras for US$5.2 billion. Under the deal, the consortium will acquire a 90% stake in Nova Transportadora do Sudeste S.A. (NTS). Petrobras will retain a 10% stake.

• Friday, September 23rd 2016 - 11:16 UTC

  Petrobras cuts 5-year budget by 25% and will focus on core oil and gas business

  

  Brazil’s Petrobras announced it will be spending US$74.1 billion over the next five years, 25% reduction on the US$98.4 billion for the previous five years capital expenditure. This is also the company’s lowest five-year budget since 2006.

• Friday, September 23rd 2016 - 09:28 UTC

  Brazilian lawmakers in late night vote fail “to neutralize” Petrobras investigation

  

  President Michel Temer criticized a surprise move by Brazilian lawmakers, including some members of his party and even a cabinet minister, to wipe the slate clean on illegal donations they allegedly received.