Energy & Oil

• Saturday, February 20th 2016 - 10:32 UTC

  Shell suggests Petrobras should cede some drilling rights to foreign firms

  

  Brazil’s government-owned oil giant Petrobras should cede some of its drilling rights to foreign firms, Royal Dutch Shell Oil CEO Ben van Beurden was quoted saying in Estado de Sao Paulo newspaper.

• Friday, February 19th 2016 - 04:24 UTC

  Brazil biggest environmental disaster: compensation agreement could be signed this week

  

  The Brazilian government expects to reach an agreement by Friday with Samarco Mineração to settle a 20 billion-real (US$4.9 billion) lawsuit for damages in the deadly dam disaster which burst in inland Minas Gerais creating a tsunami of mud and waste that killed 17 people and reached the Atlantic ocean.

• Thursday, February 18th 2016 - 06:19 UTC

  Falklands' oil industry continues to advance, despite current low prices

  

  Despite current low oil prices, the oil and gas industry in the Falkland Islands is continuing to go from strength to strength as its first project, Premier Oil’s Sea Lion, moves closer to commercialization, according to an analyst with research and consulting firm GlobalData.

• Thursday, February 18th 2016 - 06:07 UTC

  Norway's Statoil joins Tullow Oil and expands share in Uruguay's Pelotas basin

  

  Norway’s Statoil said that it has signed an agreement with Tullow Oil to secure a 35% working interest in a Uruguay’s Pelotas basin exploration block 15, about 200 kilometers off the coast of Uruguay.

• Wednesday, February 17th 2016 - 11:04 UTC

  Main oil exporters agree to freeze production, ...if all leading producers join

  

  Four of the world's biggest oil-producing nations moved to freeze their production on Tuesday to try to halt the 70 percent drop in the price of crude because of a glut of oil on world markets. The agreement was reached by the oil ministers of Russia and three members of the Organization of the Petroleum Exporting Countries, Saudi Arabia, Venezuela and Qatar, during a closed-door meeting in Doha, the Qatar capital.

• Tuesday, February 16th 2016 - 08:42 UTC

  Ocean Rig determined to collect 'termination fee' from Falklands' Premier Oil

  

  Ocean Rig UDW Inc. has officially announced that two of its drilling contracts have been terminated, one of them in the Falkland Islands where its “Eirik Raude” was working for Premier Oil as the main operator. Ocean Rig is demanding a termination fee of several million dollars and in case Premier Oil contests the payment, “we intend to commence arbitration proceedings”.

• Tuesday, February 16th 2016 - 07:37 UTC

  Noble Energy cancels drilling in Falklands, following termination of rig contract

  

  Falkland Islands based company, Argos Resources Ltd. said it has received notification from Noble Energy, the operator of license PL001 in which Argos holds a 5% overriding royalty interest, that it is exercising its rights to declare Force Majeure on the well.

• Friday, February 12th 2016 - 18:47 UTC

  Falklands' (oil exploration) “has been a hugely successful campaign”, says Rockhopper

  

  Rockhopper Exploration which has a joint venture agreement with Premier Oil offshore the Falkland Islands, described the oil exploration campaign now terminated as a 'huge success' and underlines the postponement of the Chatham well drilling will have no impact on the Field Development Plan for the Sea Lion oil discovery development.

• Friday, February 12th 2016 - 18:14 UTC

  Falklands' exploratory campaign ended, following termination of ocean rig contract

  

  The Falkland Islands government and Premier Oil have announced on Friday the ocean rig 'Eirik Raude' contract termination, which in practical terms puts an end to the current exploratory campaign and the scheduled drilling of the Chatham well. Nevertheless both sides underlined the success of the now terminated campaign with the oil discoveries at the Zebedee and Isobel Deep prospects in the North Falkland basin and look forward to continue working in the near future.

• Friday, February 12th 2016 - 06:27 UTC

  Petrobras faces legal challenges in the billions from international investors

  

  Brazil’s troubled state oil firm Petrobras faces possible new legal challenges from a coalition of groups representing international investors based in Europe in the US. The financially hobbled and corruption-racked company is being sued over alleged fraud-related losses the investors suffered on its shares and bonds traded outside the Americas.