Energy & Oil

• 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.

• Monday, June 29th 2015 - 19:45 UTC

  Falklands elected government: “Argentina courts have no jurisdiction in the Falklands”

  

  “Argentine courts have no jurisdiction in the Falkland Islands”, said Falklands' lawmaker Mike Summers early Monday in response to the latest Argentine attempt into bullying the Islands and derailing its economy.

• Monday, June 29th 2015 - 05:38 UTC

  Argentine judge orders seizure of Falklands' oil companies assets

  

  Argentina will pursue in Britain and the United States a local judge's order to seize assets of oil drillers operating in the disputed Falklands Islands, the Argentine foreign minister Hector Timerman said in an interview published in a government financed newspaper on Sunday.

• Friday, June 26th 2015 - 06:23 UTC

  Petrobras bribery case reaches US courts on investors' class action lawsuit

  

  Brazil's state-run oil company Petrobras urged a U.S. judge on Thursday to throw out an investors' class action lawsuit claiming a multibillion-dollar bribery scandal overvalued it for years. Speaking at a hearing in federal court in New York, Petrobras lawyer Roger Cooper said the company itself was a victim of the fraud, which he said was orchestrated by a handful of individuals.

• Thursday, June 25th 2015 - 07:22 UTC

  Guyana gives assurances to Exxon to keep exploring for oil, despite Venezuela's threats

  

  Venezuela’s recent claim on Guyana’s maritime territory is a “legal absurdity” and US oil firm ExxonMobil will continue to work as scheduled, President David Granger has said. Labeling Caracas’ claim as the worst intrusion the country has ever had on its sovereignty, the President said his government has made its position on the claim by Venezuela clear to the oil company.

• Tuesday, June 23rd 2015 - 06:17 UTC

  Falklands engineer invited to speak on wind energy in Trinidad Tobago

  

  Glenn Ross from the Falkland Islands will be speaking on wind energy and integration to diesel systems at the annual conference of Trinidad and Tobago Professional Engineers Association (APETT) scheduled for June 25/26 at Point Lisas.

• Thursday, June 18th 2015 - 06:34 UTC

  Punta Arenas rescues semi-submersible rig stranded in the port's muddy bottom

  

  A semi-submersible rig of Chinese origin commissioned to Total and which grounded 200 meters from the coast in Punta Arenas following strong winds and tides that let it lose from its moorings in the port, has been rescued on the high tide. Apparently the huge vessel has not suffered major 'visible damages', reports La Prensa Austral.

• Wednesday, June 17th 2015 - 04:38 UTC

  Falklands have a bright future and Islanders the resolve to face harassment and bullying

  

  The Falkland Islands have a bright future, not without challenges, or harassment or bullying, but the Islanders will face them with the same strength, tenacity and resolve that helped them through the conflict 33 years ago, said Foreign Office minister Hugo Swire at the annual Falklands' Government Reception in London.