Energy & Oil

Thursday, January 29th 2015 - 07:38 UTC
YPF and China's Sinopec sign memorandum to develop shale oil and gas in Patagonia

Argentine state-controlled energy company YPF said it signed a memorandum of understanding Wednesday with China's Sinopec pertaining to the eventual development of conventional and non-conventional oil and gas projects in Patagonia.
Thursday, January 29th 2015 - 07:23 UTC
Petrobras releases long delayed 3Q results but did not include reserves for corruption scandal

Brazil’s embattled Petrobras released its long delayed third quarter results Wednesday but did not include any reserves tied to an ongoing corruption scandal that has already landed three former executives in jail. The company recorded a third quarter 2014 net profit of 1.18 billion dollars, down from 1.32 billion during the same period last year.
Wednesday, January 28th 2015 - 07:21 UTC
US moves into the Caribbean to replace Venezuela as cheap gas supplier

The United States Monday rolled out a new initiative for Caribbean countries to ensure energy security in a move widely seen as distancing the Caribbean from Venezuela for their oil and energy needs.
Tuesday, January 27th 2015 - 06:50 UTC
Oil Prices Changing The Face Of Global Geopolitics

In a documentary that aired recently on the Canadian Broadcasting Corporation's popular The Fifth Estate program, an allegory of Vladimir Putin was presented. The wily Russian president was described growing up in a shabby St. Petersburg apartment, where he would often corner rats.
Friday, January 23rd 2015 - 05:43 UTC
In “God will provide” speech Maduro admits economic failure and calls for unity

In a three-hour State of the Nation speech to the National Assembly on Wednesday night, president Nicolás Maduro acknowledged some of the economic realities facing Venezuela: the economy contracted by 2.8% in 2014 and inflation stood at 64%.
Thursday, January 22nd 2015 - 11:36 UTC
Oil price collapse hurting some more than others

U.S. oil and gas rig counts dropped to their lowest level in over four years, falling by an additional 74 units for the week ending on January 16. The lower count provides fresh evidence that low oil prices are forcing drillers to pare back operations and slash spending.
Tuesday, January 20th 2015 - 05:48 UTC
Party is over in Brazil: increase in fuel, tax on consumer loans and imports

Brazil on Monday announced tax increases on fuel, imports and consumer loans aimed at raising 20.6 billion Reais (7.7bn dollars) in additional revenues this year. The plan is part of an effort to help balance budget accounts and revive investor confidence, Finance Minister Joaquim Levy said at a news conference.
Tuesday, January 20th 2015 - 05:27 UTC
Heat wave in Brazil forces power cuts; to recover fragile system rates could increase by 60%

Rolling blackouts swept across parts of Brazil as the grid operator ordered select power cuts to avoid a larger crisis, drawing attention to a fragile electric system that is buckling under the strains of record-breaking heat and dryness.
Saturday, January 17th 2015 - 08:00 UTC
Petrobras CEO confirmed in the job by the Energy minister

Brazil’s energy minister this week threw his support behind the CEO of Petrobras, the embattled state-run oil company embroiled in a vast corruption scandal that has dominated national headlines. Maria das Graças Silva Foster will keep her job as CEO, the minister said, despite growing demands for her resignation.
Saturday, January 17th 2015 - 07:49 UTC
Petrobras corruption scheme could reach 28bn dollars according to police

The corruption scheme in Brazil's leading corporation Petrobras could exceed 28 billion dollars, making it the largest corruption scandal that the country has ever seen. The development was reported through an interview by Reuters of Brazilian police officer, Erika Marena, investigating the corruption probe.