Energy & Oil

• Friday, February 27th 2015 - 05:29 UTC

  Falklands oil rig arrives and readies to begin six-well drilling campaign

  

  The semi-submersible oil rig oil rig Eirik Raude entered Falkland Islands waters to the north this week and has already been served by supply vessels and undergone a crew change operation. The Eirik Raude will shortly begin a six-well drilling campaign operated by Premier Oil and Noble Energy.

• Thursday, February 26th 2015 - 17:30 UTC

  Is oil returning to 100 dollars or dropping to 10?

  

  If you have been following the price of oil over the last few months, the chances are you're a little confused. On the one hand you have the likes of A. Gary Shilling who, in this Bloomberg article, loudly trumpets the prospect of oil at $10/Barrel, and on the other there is T. Boone Pickens, who, at the end of last year was predicting a return to $100 within 12-18 months.

• Thursday, February 26th 2015 - 05:17 UTC

  Truckers strike is bringing Brazil and Rousseff's administration to its knees

  

  The Brazilian government told truckers and transport companies late Wednesday it would extend a year of free financing for vehicles and pass a law that would benefit the sector if protesters ended a crippling strike now in its eighth day.

• Thursday, February 26th 2015 - 04:48 UTC

  Rousseff lashes out at Moody's for downgrading Petrobras debt to junk-bonds

  

  Brazilian President Dilma Rousseff on Wednesday said credit rating agency Moody's Investors Service downgraded state-controlled oil giant Petrobras' debt to junk-bond territory due to ignorance of the company's situation.

• Wednesday, February 25th 2015 - 16:41 UTC

  The easy oil is gone so where do we look now?

  

  In 2008, Canadian economist Jeff Rubin stunned the oil market with a bold prediction: With the world economy growing at 5% a year, oil demand would grow with it, outpacing supply, thus lifting the oil price from $147 to over $200 a barrel.

• Friday, February 20th 2015 - 07:28 UTC

  Pemex cuts budget and postpones big projects due to sharp drop in oil prices

  

  State-owned oil giant Petroleos Mexicanos, or Pemex, said its board approved budget cuts totaling 62 billion pesos (4.15 billion) and the postponement of some big projects in light of the sharp drop in oil prices.

• Friday, February 20th 2015 - 04:51 UTC

  Why oil prices must go up

  

  It may be difficult to look beyond the current pricing environment for oil, but the depletion of low-cost reserves and the increasing inability to find major new discoveries ensures a future of expensive oil.

• Thursday, February 19th 2015 - 06:02 UTC

  GeoPark scales down operations in Magallanes because of falling oil prices

  

  Oil company GeoPark which operates in Magallanes, extreme south of Chile, reiterated its commitment and long term investment in the region but also announced the redundancy of 30 staff, first time in twelve years, because of a restructuring of the company to the new global oil industry scenario.

• Thursday, February 19th 2015 - 05:57 UTC

  Colombia's Ecopetrol slashes offshore exploration budget

  

  Colombia's state-run oil producer Ecopetrol will drill three offshore wells this year, two off its Caribbean Coast and a third in the Gulf of Mexico, after slashing its offshore exploration budget to 200 million dollars down from 632 million last year, the company said.

• Wednesday, February 18th 2015 - 04:28 UTC

  Venezuela ready to address fuel prices: “piece of candy cannot cost more than a liter of gasoline”

  

  Venezuelan Finance minister Rodolfo Marco Torre announced that ”soon there will be important announcements on the issue of gasoline”, underlining that “a piece of candy cannot cost more than a liter of gasoline”.