Energy & Oil

• Wednesday, September 7th 2016 - 17:54 UTC

  Falkland Islands Holdings declares lower profitability; plans name change

  

  Falkland Islands Holdings PLC on Thursday tabled plans to change its name to FIH Group PLC, as it said profitability in the first five months of its financial year was at a lower level than the prior year. Falkland Islands Holdings, which owns services businesses based in the UK and the Falkland Islands, said it will change its name to FIH Group, subject to shareholder approval, to “more properly reflect the balance of the group's activities”. Its activities are now predominantly in the UK and Europe.

• Tuesday, September 6th 2016 - 19:36 UTC

  Cuba looking for new oil supplier and begins implementing social security tax

  

  President Raul Castro has asked Russia to consider beginning to supply Cuba with oil. Before the Soviet Union’s disintegration in 1991, the ex URSS was Cuba’s main supplier under favorable trade terms. Russia's official news network revealed the news, allegedly in a direct request from Castro to president Vladimir Putin.

• Tuesday, September 6th 2016 - 18:21 UTC

  Russia and Saudis agree to “act together” to lift price of oil from its two-year slump

  

  Energy ministers from the world's two largest oil producers, Russia and Saudi Arabia said on Monday that their countries had agreed to “act together” to lift the price of oil out of its two-year slump, though they provided few details as to how they planned to achieve that goal.

• Wednesday, August 31st 2016 - 05:03 UTC

  Norway's Statoil and Petrobras expand strategic alliance and cooperation

  

  Norways' StatOil and Petrobras have signed a memo of understanding to strengthen their cooperation in Brazil. The two major companies are are already partners in 13 blocks and the intention of the MoU is to evaluate joint participation in future tenders for exploration areas and to increase upstream collaboration in producing fields in the Santos and Campos offshore basins.

• Saturday, August 27th 2016 - 05:32 UTC

  Tierra del Fuego gas field inauguración suspended; Macri wants to attend

  

  The inauguration ceremony of the Vega Pléyade natural gas field offshore Tierra del Fuego scheduled for Friday, has been postponed, although no official explanation has been given, it is believed that Argentine President Mauricio Macri was determined to attend, but his political agenda is too full precisely over the energy controversy and the fact next week he flies to China for the G20 summit.

• Friday, August 26th 2016 - 11:44 UTC

  Total inaugurates gas field offshore Tierra del Fuego with potential production of 10m cubic meters per day

  

  Argentina will officially inaugurate this Friday the Vega Pléyade natural gas field, twenty kilometers offshore Tierra del Fuego to the south of the San Sebastián bay. The field started production last February and as “a production potential of 10 million cubic meters per day”.

• Tuesday, August 23rd 2016 - 06:37 UTC

  Premier Oil currently drafting a Project Proposal for oil production in the Falklands

  

  The commercialisation of the Sea Lion Oil Field off the Falkland Island’s continues to take steps forward as Premier Oil prepares a detailed project proposal to be submitted to the Falkland Island’s Government (FIG). Premier Oil has been undertaking public consultations in the Falklands over the past week as part of their Environmental Impact Assessment, which will support their application to FIG to proceed with oil development.

• Friday, August 19th 2016 - 12:59 UTC

  Argentina's Supreme Court rules gas rate increases must be rolled back

  

  Argentina's Supreme Court on Thursday blocked President Mauricio Macri's move to slash natural gas subsidies, a much-hated policy that has sent customers' bills soaring. The ruling is the hardest blow yet to the business-friendly president's move to eliminate electricity, gas and water subsidies which he says are bloating the deficit and sapping the struggling economy.

• Tuesday, August 16th 2016 - 06:56 UTC

  Argentina reaches agreement with oil companies for temporary freeze of fuel prices

  

  Argentina's government and leading oil companies hammered out a plan to gradually trim artificially high wellhead crude prices over the next three months in exchange for a temporary freeze on retail fuel prices.

• Monday, August 15th 2016 - 07:28 UTC

  Argentina's economy: a battle over utility bills is president Macri’s first big crisis

  

  The following article from The Economist points out that the Argentine Supreme Court in the next ten days has to decide on tariff rises for gas and electricity blocked by lower courts. And president Macri cannot afford to lose sine the price increases are a vital part of his plan to restore confidence in an economy undermined by years of reckless spending.