Energy & Oil

• Friday, February 12th 2016 - 18:14 UTC

  Falklands' exploratory campaign ended, following termination of ocean rig contract

  

  The Falkland Islands government and Premier Oil have announced on Friday the ocean rig 'Eirik Raude' contract termination, which in practical terms puts an end to the current exploratory campaign and the scheduled drilling of the Chatham well. Nevertheless both sides underlined the success of the now terminated campaign with the oil discoveries at the Zebedee and Isobel Deep prospects in the North Falkland basin and look forward to continue working in the near future.

• Friday, February 12th 2016 - 06:27 UTC

  Petrobras faces legal challenges in the billions from international investors

  

  Brazil’s troubled state oil firm Petrobras faces possible new legal challenges from a coalition of groups representing international investors based in Europe in the US. The financially hobbled and corruption-racked company is being sued over alleged fraud-related losses the investors suffered on its shares and bonds traded outside the Americas.

• Friday, February 12th 2016 - 06:15 UTC

  Falklands' oil industry development continues despite slump in crude prices

  

  Rockhopper Exploration flagship project, offshore the Falkland Islands the Sea Lion oil field development, continues to advance despite the recent slump in crude prices.

• Saturday, February 6th 2016 - 05:31 UTC

  Brazil's inflation at 12-year high in January driven by food and transportation prices

  

  Brazil's inflation rate rose to a 12-year high, officials said on Friday, as Latin America's largest economy continues to struggle through a protracted recession. Driven by rising food prices, the annual inflation rate hit 10.71%, the highest since November 2003 and well beyond the central bank's target ceiling of 6.5%, said national statistics institute IBGE.

• Friday, February 5th 2016 - 08:04 UTC

  Falklands: Contractual dispute with rig company raises speculation over drilling program

  

  The Falkland Islands government would not permit anything less than full and proper abandonment of exploration wells drilled by any operator in the Falkland Islands, stated Director of Mineral Resources Stephen Luxton this week, following news of a contractual dispute between Premier Oil and Ocean Rig over the drilling rig Eirik Raude.

• Thursday, February 4th 2016 - 08:17 UTC

  Magallanes region in south Chile could hold a treasure of unconventional tight gas

  

  The U.S. Geological Survey estimates that the Glauconitica zone of Chile's southernmost Magallanes region holds nearly 8.3 trillion cubic feet of technically recoverable, unconventional tight gas, or nearly double Chile's production of that fossil fuel over the past 70 years.

• Wednesday, February 3rd 2016 - 05:52 UTC

  Norway's Statoil confirms interest in Uruguay's offshore potential, acquires 15% of exploration block

  

  Norway's Statoil giant announced on Tuesday an agreement with French Total to acquire a 15% working interest in an offshore exploration block in Uruguay's continental shelf. The announcement comes only weeks before Total is preparing to drill its first exploratory well in Uruguayan waters.

• Wednesday, February 3rd 2016 - 05:38 UTC

  BP reported its biggest annual lost and announced 7.000 job cuts

  

  BP slumped to its biggest annual loss last year and announced thousands more job cuts on Tuesday, showing that even one of the nimblest oil producers is struggling in the worst market downturn in over a decade.

• Monday, February 1st 2016 - 06:22 UTC

  Venezuelan lobbying for oil production reduction: tour begins Monday in Russia

  

  Venezuelan Oil Minister Eulogio Del Pino will visit Russia, Qatar, Iran and Saudi Arabia on a tour of OPEC and non-OPEC countries intended to drum up support for action to stem the tumble in crude prices.

• Monday, February 1st 2016 - 05:48 UTC

  Chile to provide gas to Argentina in winter months; Enap and YPF will increase production in Magallanes

  

  The government of Chile will be selling energy-short Argentina 5.5 million cubic feet of natural gas a day starting in May, providing also 200 MW of electricity through the interconnection system between both countries. Chile also committed to invest 200 million dollars in the Incremental Project of the Magallanes Area to boost hydrocarbon production.