Energy & Oil

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.
Saturday, September 28th 2013 - 05:08 UTC
Petrobras makes ‘beautiful’ discovery and generates a new promising oil province

Brazil's Petrobras and its Indian partners have made a “beautiful” oil discovery off Brazil's northeast coast, Sergipe-Alagoas basin, and it will produce a minimum 100,000 barrels of petroleum a day starting in 2018, the company's CEO said on Friday.
Thursday, September 26th 2013 - 21:04 UTC
A sugar rush that could fuel the economy

By R. Viswanathan (*) - India should take its cue from Brazil and invest in ethanol as a viable commercial substitute for costly petrol.
Wednesday, September 25th 2013 - 05:57 UTC
Dow Chemical signs accord to jointly develop with YPF Patagonia shale gas

Argentina’s oil and gas YPF and Dow Chemical Co. Argentine unit signed a final accord to invest 188 million dollars to jointly develop shale gas at the country’s Vaca Muerta formation, in the Patagonian province of Neuquen.
Wednesday, September 25th 2013 - 05:14 UTC
Germany’s main oil company signs to operate in development of Patagonia’s Vaca Muerta shale deposits

Germany’s Wintershall sealed a 150 million dollar unconventional exploration contract with the Argentine province of Neuquén’s owned Gas y Petroleo de Neuquén to search for oil in the Vaca Muerta formation. The agreement could later be extended to 3.35bn.