Energy & Oil

• Sunday, October 6th 2013 - 06:40 UTC

  Falklands ‘confident’ about ‘mutually acceptable outcome’ on taxes with oil company

  

  The Falkland Islands Government remains, “confident that a mutually acceptable outcome can be reached with Rockhopper,” on the matter of their tax bill from FIG, confirmed Financial Secretary Nicola Granger last week and indicated the situation would have no impact on local tax laws.

• Friday, October 4th 2013 - 06:47 UTC

  Uruguay’s annual inflation in September reached 9.02%; minister confident it will be brought down

  

  Uruguay’s consumer inflation soared 1.36% over August in September boosted by increases in energy and fuel, transport, milk and other basic items, according to the latest release from INE, the government’s data office. This means inflation in the last twelve months climbed to 9.02% from a month ago (8.86%) and 8.2% in the first nine months of 2013.

• Thursday, October 3rd 2013 - 23:12 UTC

  Argentine oil company finds way to invest in Vaca Muerta and elude legal action from Repsol

  

  One day after the Argentine government extended the deadline to legalize undeclared cash, energy company Bridas International gave new life to the BAADE energy bonds, the most relegated portion of the whitewash scheme, by saying it would snap up 500 million dollars of the paper.

• Thursday, October 3rd 2013 - 19:36 UTC

  Falklands’ ‘FOGL and Desire Combination’ prepare to drill five wells next year

  

  Falkland Oil & Gas is to buy a smaller Falklands-based firm to create a “combination” company with licences to search for oil both to the north and south of the Falkland Islands in the South Atlantic. FOGL said on Thursday it had agreed to buy Desire Petroleum offering 0.6 FOGL “consideration” shares for each Desire share, in a deal valuing Desire at 61 million pounds (99 million dollars).

• Thursday, October 3rd 2013 - 19:29 UTC

  Collapse of a 35bn dollars empire; Brazil’s Eike Batista defaulted on 45 million interest payment

  

  Two days ago, former Brazilian billionaire Eike Batista crossed a line. He started to default on a 45 million dollars interest payments on his oil and gas company, OGX's, bonds. The default will be official on October 30th, according to Bloomberg. That leaves bondholders, like PIMCO, the largest bond fund in the world helmed by legendary investor Bill Gross, taking a massive hit. And what's worse is that there could be more to come, according to the Wall Street Journal.

• Thursday, October 3rd 2013 - 07:19 UTC

  Repsol expands 70% a natural gas processing plant capacity in Bolivia

  

  Bolivian President Evo Morales and the chairman and CEO of Spanish energy major Repsol, Antonio Brufau, inaugurated the newly expanded Margarita natural gas processing plant, with a capacity increased of nearly 70%.

• Thursday, October 3rd 2013 - 06:54 UTC

  Russian oil giant wants to sell stake in Orinoco project and get out of Venezuela

  

  Lukoil, Russia's second-biggest oil producer wants to sell its stake in a Russian consortium developing a large oil project in Venezuela because it is not a high priority, Lukoil's head said on Wednesday.

• Wednesday, October 2nd 2013 - 16:22 UTC

  Chevron reaches negotiated settlement in Brazil oil spill case after two year legal battle

  

  A Brazilian federal judge on Tuesday dismissed a lawsuit against US oil company Chevron Corp after approving a negotiated settlement, a decision that closes a nearly two-year legal battle over an oil spill in November 2011.

• Wednesday, October 2nd 2013 - 16:11 UTC

  Petrobras readies 60th anniversary announcing a million barrels production increase by next year

  

  Brazil’s state oil company Petrobras, which will mark its 60th anniversary on Thursday, has announced it will increase production by 50% in an effort to overcome the current situation. Nine production units now being installed will pump an additional one million barrels a day beginning next year said Petrobras CEO María das Graças Foster.

• Monday, September 30th 2013 - 21:40 UTC

  The Shale Boom, Just Getting Started: Interview with Tyler Cowen

  

  Thanks to the shale boom, markets already perceive the trade balance optimizing, energy prices are cheaper than they would otherwise be and we've even cut carbon emissions. And we are only getting started, according Tyler Cowen, New York Times best-selling author and one of the most influential economists of the decade.