Energy & Oil

• 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.

• Saturday, January 30th 2016 - 13:11 UTC

  Petrobras plans to slash 30% of management jobs in non-operating areas

  

  As Brazil struggles with a corruption scandal in which executives and politicians face investigations of alleged bribery, Brazil’s state-run oil company Petrobras announced it will slash management jobs as part of an efficiency drive approved by its board of directors.

• Wednesday, January 27th 2016 - 08:20 UTC

  SBM Offshore reaches out of court settlement with Brazilian prosecution

  

  SBM Offshore’s CEO and another company executive have agreed an out-of-court settlement with the Brazilian public prosecutor’s office (Ministério Público Federal) for charges relating to the Petrobras corruption scandal.

• Wednesday, January 27th 2016 - 07:04 UTC

  Oil forecasted to stabilize at US$ 37 a barrel this year, says World Bank

  

  The World Bank is lowering its 2016 forecast for crude oil prices to $37 per barrel in its latest Commodity Markets Outlook report from $51 per barrel in its October projections.

• Monday, January 25th 2016 - 10:36 UTC

  Oil price plunge distorts Brazilian market and leaves Rio cash strapped

  

  Brazil's President Dilma Rousseff approved a resolution to maintain the current system for establishing the minimum price of oil on which royalty payments are paid by state-run oil company Petrobras to local governments.

• Friday, January 22nd 2016 - 07:21 UTC

  Ecuador disenchanted with OPEC policy will work as if the cartel 'did not exist'

  

  Ecuador President Rafael Correa said that his government was “tired” of pushing OPEC to decrease output and that the nation would keep working as if the oil cartel “did not exist.”

• Tuesday, January 19th 2016 - 08:14 UTC

  Falklands' representative at the Caribbean premier energy conference

  

  The Falkland Islands' government is attending the annual January 18/20 Trinidad and Tobago Energy Conference sponsored by the Energy Chamber of the Caribbean country. Member of the Legislative Assembly Ian Hansen is representing FIG at what is considered the premier energy conference in the Caribbean which promotes vigorous debate and discussion among leaders of the industry, government and academia.

• Tuesday, January 19th 2016 - 08:06 UTC

  Falklands oil explorers Rockhopper Exploration and FOGL completed merger

  

  Two leading firms in Falkland Islands offshore oil exploration have completed their merger, it was announced on Monday.

• Monday, January 18th 2016 - 08:15 UTC

  Petrobras increased pre-salt oil production by 56% during 2015

  

  Brazil's state-controlled oil company Petrobras said it increased its crude production last year by 4.6% relative to 2014, exceeding the target set forth in its business plan for the first time in 13 years. Oil output in 2015 amounted to an average of 2.128 million barrels per day (bpd), up 0.15% from the 2.125 million bpd forecast by the company.

• Monday, January 18th 2016 - 05:34 UTC

  War between Saudi Arabia and Iran could send oil prices to $250

  

  By James Stafford of Oilprice.com - The rift between Saudi Arabia and Iran has quickly ballooned into the worst conflict in decades between the two countries. The back-and-forth escalation quickly turned the simmering tension into an overt struggle for power in the Middle East