Energy & Oil

• Saturday, July 11th 2015 - 06:18 UTC

  Premier Oil Falklands' exploration budget increased given successful drilling

  

  Premier Oil has increased its 2015 exploration budget by $20 million to account for higher investments in its drilling campaign in the Falkland Islands, the company said this week in a trading update. The company also revealed it is considering further drilling at the Isobel Deep recent discovery instead of going on to Jayne East in North Falkland.

• Thursday, July 9th 2015 - 06:18 UTC

  Petrobras 'suspicious' activities could involve as much as 16bn dollars

  

  Investigators with Brazil’s Finance Ministry say they have identified as much as US$16 billion worth of suspicious activity that may be part of a kickback scandal engulfing the state-owned oil company Petrobras.

• Thursday, July 9th 2015 - 02:38 UTC

  Don't panic, nothing has really changed in the oil markets

  

  Monday's 8% WTI crude decline is setting up a big opportunity for buyers. And there could be more to come. But this is driven by momentum, not by the fundamental conditions in the physical market.

• Monday, July 6th 2015 - 14:59 UTC

  PetroRio buys Petrobras 20% concession in Bijupirá and Salema oil and gas fields

  

  Brazil's oil and gas corporation Petrobras on Friday signed with PetroRio S.A. (‘PetroRio’) the contracts for the sale of 20% of its stake in the concessions of Bijupirá and Salema fields, currently operated by Shell. The transaction amounts to US$ 25 million and is subject to adjustments that are common to this type of operation.

• Friday, July 3rd 2015 - 07:38 UTC

  BP agrees to a $18.7bn settlement on claims from the 2010 Gulf of Mexico spill

  

  UK oil and gas giant BP said it has reached an $18.7 billion settlement of damages claims from the US government and five states after the 2010 Gulf of Mexico spill. The US Justice Department said it could be the largest settlement with a single entity in US history and the total value would top $20 billion.

• Friday, July 3rd 2015 - 07:12 UTC

  Petrobras investigation looks into corruption by a dozen foreign companies

  

  Brazilian police on Thursday arrested Jorge Zelada, former director of Petrobras' international division, as part of an ongoing investigation into bribery and corruption at the state-run oil producer, prosecutors have said. Zelada is suspected of money-laundering, appropriating public funds, corruption, tax evasion and contract fraud.

• Wednesday, July 1st 2015 - 02:44 UTC

  Falklands will continue to develop its legitimate oil industry as it moves from exploration to production

  

  The Falkland Islands government has no doubts about its right to licence legitimate offshore oil and gas exploration activities in accordance with Falklands' legislation and will continue to support the hydrocarbons industry as it moves from successful exploration towards oil production.

• Tuesday, June 30th 2015 - 06:14 UTC

  Petrobras drastically cuts investment by 37% in next five years

  

  State-controlled oil giant Petrobras, which is mired in a corruption scandal that has rocked Brazil, said Monday it was cutting investment by 37% during the 2015-2019 period. Investment during the period will now total $130.3 billion, down from the $220.6 billion originally planned, Petrobras said in a filing with the Sao Paulo Stock Exchange.

• Tuesday, June 30th 2015 - 05:16 UTC

  Argentina's threat against Falklands' oil companies with no impact on markets

  

  The Argentine court order that assets of several international oil companies drilling for oil in the Falkland Islands be seized has caused mild turbulence in their share prices. Tierra del Fuego judge Lilian Herraez ordered the authorities to seize bank accounts, boats and other assets worth an estimated US$156mln.

• Monday, June 29th 2015 - 20:25 UTC

  Strangling Falklands' hydrocarbons industry is 'unacceptable' with dangerous implications for global business

  

  The government of Argentina's campaign to strangle the Falkland Islands hydrocarbons industry is 'unacceptable' and taking action against British and international oil and gas companies has dangerous implications for global business, warned Foreign Office minister Hugo Swire on Monday reacting to an Argentine federal court ordering the seizure of UK and US assets involved in Falklands' operations.