Energy & Oil

Wednesday, December 23rd 2015 - 08:46 UTC
Despite falling oil prices, Brazil is developing the equatorial Barreirinhas basin

Inchcape Shipping Services (ISS), the world's leading maritime and logistics service provider, has signed a contract with CGG to provide offshore agency support services for a new oil and gas exploration project in the Barreirinhas Basin in the equatorial margin of northern Brazil.
Wednesday, December 23rd 2015 - 08:02 UTC
Argentina's Falklands' claim and rejection of oil activities reiterated at the 'new' Mercosur summit

Mercosur full and associate members ended their Paraguay summit signing six joint statements, one of which in support of Argentina's sovereignty claim over the Falklands/Malvinas Islands and rejecting 'non authorized' hydrocarbons exploration in the Argentine continental shelf. This is the first regional document related to the Falkland Islands Argentine claim since Mauricio Macri took office last 10 December.
Saturday, December 19th 2015 - 04:11 UTC
United States lifts 40-year ban on exports of crude oil

The United States has approved a measure to lift the 40-year ban on crude oil exports. The move is part of a US$1.1 trillion spending bill approved by the Senate on Friday that will fund the US government until 2016.
Wednesday, December 16th 2015 - 08:49 UTC
Argentina outlines oil and gas wellhead price policy

Argentina's new government will maintain wellhead crude prices above international levels for now, although the differential will narrow as artificially low wellhead prices for natural gas are gradually adjusted upwards, energy minister Juan Jose Aranguren announced on Tuesday.
Wednesday, December 16th 2015 - 08:20 UTC
YPF and Dow sign US$500m agreement to further develop shale gas

Argentina announced on Tuesday an agreement between state-run oil company YPF and Dow Chemical to spend $500 million next year developing a natural gas project in the Patagonia region.
Wednesday, December 16th 2015 - 07:26 UTC
Expect a much smaller and more profitable Petrobras, in four years, says CEO Bendini

Petrobras, Brazil's largest corporation, carried out asset sales and underwent a restructuring this year in response to a severe financial crisis, emerging smaller but with a more profitable and productive future ahead, CEO Aldemir Bendini said Tuesday.
Saturday, December 12th 2015 - 07:03 UTC
US crude futures trade at $35, lowest since February 2009; in one week price dropped 10%

United States crude futures fell sharply on Friday plunging below $36 a barrel for the first time in more than seven years, after a bearish report from the International Energy Agency projected that global energy markets will remain vastly oversupplied for at least the immediate near future.
Saturday, December 12th 2015 - 06:56 UTC
Petrobras not selling any stake of its giant Libra offshore oil prospect

Petrobras, is not considering selling a 10% stake in its giant Libra offshore oil prospect at this time, Brazil's state-run oil company said on Friday. Petrobras was responding to a report on Tuesday that industry sources had been told by the company that the Libra stake was on offer.
Friday, December 11th 2015 - 12:04 UTC
Venezuelan subsidized oil sales to the Petrocaribe program on a tight rope

If the newly elected Venezuelan National Assembly votes to cancel that country's program of subsidized oil sales to Caribbean and Central American nations, the United States will not be able to substitute U.S. oil for Venezuelan oil, a senior U.S. official warned this week.
Wednesday, December 9th 2015 - 08:38 UTC
Oil prices plummet to seven-year lows on global supply glut

Oil prices slid on Tuesday, approaching seven-year low points on a global supply glut and weak demand growth. Crude futures had already slumped Monday after the OPEC oil producers cartel last week refused to slash record high output, in a market dogged by oversupply.