Energy & Oil

• Wednesday, December 2nd 2015 - 10:45 UTC

  Brazilian economy contracts a record 4.5% in the last twelve months

  

  Brazil's economy, in recession since mid-year, contracted 1.7% in the third quarter, compared to the April-June period, and decreased 4.5% relative to the same period in 2014, the Brazilian Institute of Geography and Statistics, or IBGE, said on Tuesday.

• Tuesday, December 1st 2015 - 07:32 UTC

  Petrobras board chairman resigns; apparent disagreements with CEO Bendine

  

  Murilo Ferreira has resigned as chairman of Brazilian state oil company Petrobras, the firm said Monday. Ferreira, the CEO of mining giant Vale, took a leave of absence in September and Luiz Nelson Guedes de Carvalho, who has served as interim chairman since then, will continue in that role for the moment, the company said in a brief statement.

• Friday, November 27th 2015 - 15:22 UTC

  Oil jobs lost: 250.000 and counting, Texas likely to see massive layoffs soon

  

  Crude oil just capped off a third straight week of declines, as WTI nears the $40 per barrel threshold. Goldman Sachs is once again raising the possibility of oil dipping into the $20s per barrel. That spells more pain for the energy sector. Many companies have already slashed spending and culled their payrolls, but the total number of job losses continues to climb.

• Thursday, November 26th 2015 - 08:23 UTC

  Brazil in shock: a leading senator and billionaire fund manager arrested for obstructing justice

  

  Brazil is in shock following the arrest by police on Wednesday of a senior ruling-party senator and a billionaire investment banker in the intensifying probe of a huge corruption network centered on state oil giant Petrobras.

• Wednesday, November 25th 2015 - 07:50 UTC

  Falklands' oil industry deal: Rockhopper will take over FOGL for £57.1m

  

  Falkland Islands oil & gas explorer Rockhopper Exploration is launching a £57.1mln takeover of rival Falkland Oil & Gas. Rockhopper and FOGL have agreed a recommended all-share merger resulting in Rockhopper holding 65% of the enlarged group and FOGL owning the rest.

• Wednesday, November 25th 2015 - 00:02 UTC

  Falklands' oil industry re-spuds Isobel Deep reservoir

  

  Falkland Oil and Gas Limited, FOGL, one of several international companies involved in the Falklands' oil industry, announced on Monday that the 14/20 Isobel 2 well was spudded by Premier Oil as operator on Saturday, 21 November.

• Tuesday, November 24th 2015 - 14:53 UTC

  Summit of gas exporting countries opened in Tehran with nine leaders attending

  

  A landmark summit of the Gas Exporting Countries Forum (GECF) has opened in the Iranian capital Tehran with the participation of the heads of nine member states. Presidents of Iran, Russia, Venezuela, Iraq, Bolivia, Equatorial Guinea, Nigeria, Turkmenistan as well as the Algerian prime minister are the key participants.

• Saturday, November 21st 2015 - 08:01 UTC

  Petrobras back to normal activity as splinter union ends 20-day strike

  

  Earlier on Friday a key Petrobras workers union voted to end a 20-day strike that disrupted output. Workers at the Sindipetro Norte Fluminense local, who had ignored the largest oil workers' union FUP's call to end the strike that started on November first, will return to work Friday evening at onshore operations, union spokesman Tezeu Bezerra.

• Friday, November 20th 2015 - 07:36 UTC

  Brazil considering plan to bolster Petrobras capital with 'hybrid securities'

  

  Brazil’s government is considering a debt plan to bolster the capital of heavily indebted state-controlled oil Petrobras, Agencia Estado news agency reported on Thursday. Under the plan, the Brazilian Treasury would transfer so-called hybrid securities to Petrobras, which would then book the securities as equity until it sold new stock, Estado reported.

• Friday, November 20th 2015 - 05:48 UTC

  UK Export Finance extends US$ 500m credit to debt-strapped Petrobras

  

  Brazil's oil company Petrobras has concluded negotiations with international export credit agencies (ECAs) for a total of US$1.84bn. According to a company statement. The financing will contribute towards its fundraising efforts for 2016.