Energy & Oil

• Thursday, October 15th 2015 - 20:16 UTC

  China to continue expanding its influence in the oil and gas sector

  

  Since 2009, China has been taking a much more active role in its pursuit of international oil contracts. In 2009, for the first time, Saudi Arabia exported more of its oil to China than it did to the US. China also made large investments in Saudi Arabia's oil refining industry as well. But China's oil investments didn't stop there; they also pursued oil producing Canadian assets in 2011/12.

• Wednesday, October 14th 2015 - 08:01 UTC

  China to the rescue of cash strapped Petrobras with $2bn for a 10-year lease of two platforms

  

  Brazil's state-run oil firm Petroleo Brasileiro SA will raise $2 billion through a 10-year leasing contract with China's Industrial and Commercial Bank of China Leasing, the Brazilian company said in a statement on Tuesday.

• Wednesday, October 14th 2015 - 06:46 UTC

  Falklands: Argentina declares Italy's Edison oil activities 'illegal' and 'clandestine'

  

  The oil and gas operations being undertaken by Italy's Edison International S.p.A. on “the Argentine continental shelf” near the disputed Falkland Islands are “illegal” and “clandestine,” the Argentine Energy Ministry said Tuesday.

• Friday, October 9th 2015 - 07:39 UTC

  Eirik Raude oil rig operating in Falklands, faces scrapping after contract ends January 2016

  

  Ocean Rig, the Greek offshore drilling contractor has highlighted in its latest fleet update two rigs coming out of employment shortly with no immediate prospects. Both rigs have little or no “further prospects of employment” according to Ocean Rig and will be cold stacked while disposing of or scrapping the rigs is considered.

• Wednesday, October 7th 2015 - 02:11 UTC

  Japan's Mitsui Lines takes charge of re-gasifying unit project in Uruguay

  

  Japan's Mitsui O.S.K. Lines, Ltd. announced on Wednesday that the company has reached a basic agreement with Gas Sayago, a joint venture between Uruguay’s state oil company ANCAP and state power company UTE, to continue the floating storage and re-gasification unit (FSRU) project led by Gas Sayago and being built in Montevideo.

• Wednesday, October 7th 2015 - 01:37 UTC

  Noble Falklands Ltd oil activities are 'illegal' and 'clandestine' claims Argentina

  

  The Argentine government has declared “illegal” and “clandestine” the hydrocarbons' exploration activities carried out off the Falklands/Malvinas Islands by the Houston based Noble Falklands Limited company, according to a resolution by the country's Energy Office.

• Tuesday, October 6th 2015 - 13:02 UTC

  Debt-overwhelmed Petrobras cuts further capital spending plans for this year and 2016

  

  Petrobras struggling with the biggest debt load among global oil firms, on Monday cut $11 billion from capital spending plans for this year and next as Brazil's currency and oil prices slump. Petrobras plans to cut 2015 investment by 11% to $25 billion from the previous $28 billion, according to a statement.

• Tuesday, October 6th 2015 - 10:17 UTC

  BP agrees to pay 20bn dollars to settle claims with Gulf of Mexico 2010 oil spill

  

  Oil giant BP has agreed to pay $20bn to settle claims with the US stemming from the company's Deepwater Horizon oil spill. An explosion on BP's deep-water drill, off the coast of Louisiana in 2010 killed 11 workers.

• Friday, October 2nd 2015 - 05:42 UTC

  Italian oil giant ENI to attempt oil production in the Norwegian Arctic

  

  As Shell retreats from the Arctic, the Italian oil giant Eni is making final preparations for its own oil exploration venture in the Norwegian Arctic, reports the UK media. Eni has vowed to press ahead with oil production ($5.5bn project), in the Norwegian Arctic, by the end of the year, undeterred by Shell’s decision to abandon its quest for Arctic oil.

• Thursday, October 1st 2015 - 08:51 UTC

  Petrobras hikes gasoline and diesel prices to help with the company's finances

  

  Brazil's state-controlled Petrobras unexpectedly increased wholesale gasoline and diesel prices in the domestic market, potentially widening a controversial premium to international prices. The heavily indebted company said that the gasoline price would increase by 6%, and diesel by 4%, as of this Wednesday.