Energy & Oil

Tuesday, February 5th 2013 - 17:13 UTC
Petrobras still going strong but 2012 low profits and high debt pound on prospects

Brazil’s government managed oil and gas corporation Petrobras posted a net benefit of 21.182 billion Reais (approx 10.6bn dollars) in 2012, which is 36% below 2011, reported the company in a filing, but in the fourth quarter profits totalled 7.747bn Reais (approx 3.9bn dollars) 53% higher than in the same period in 2011.
Friday, February 1st 2013 - 23:18 UTC
Petrobras prepares to extract heavy oil with 140.000 bpd FPSO unit

After months of delays, the P-63 floating production storage and offloading unit (FPSO) has made its temporary home in Brazil's Port of Rio Grande, Petrobras and the Quip consortium said on Thursday.
Friday, February 1st 2013 - 18:47 UTC
Argentine court confirms setback for Chevron in 20-year old dispute with Ecuador

An Argentine appeals court has upheld an embargo on the assets of Chevron Corp.'s local subsidiary, a legal setback for the company, which had said the embargo compromised its operations in the country. A lower court judge issued the embargo last year as part of a decades-old legal dispute involving claims that Chevron is responsible for environmental contamination in Ecuador.
Thursday, January 31st 2013 - 07:52 UTC
Petrobras raises gasoline and diesel prices, but markets say it’s insufficient

Brazil's state-run oil company Petrobras said in a market filing that it would increase refinery prices for gasoline and diesel by 6.6% and 5.4%, respectively, starting on January 31. However the market’s reaction was negative with the Bovespa stock exchange falling to a seven-week low.
Thursday, January 31st 2013 - 07:25 UTC
Dutch court has Shell ‘off the hook’ in four of five pollution claims in Nigeria

Royal Dutch Shell, Europe’s biggest oil company, isn’t liable in four out of five claims bought by Nigerian farmers for pollution, a Dutch court ruled. However the company’s local venture must pay compensation in one case.
Wednesday, January 30th 2013 - 15:34 UTC
US economy contracts in fourth quarter, first time since 2009 global recession

The US economy unexpectedly shrank at an annualised rate of 0.1% in the fourth quarter of 2012, initial official estimates indicate. If confirmed, it would be the first contraction logged by the US economy since the 2009 global recession. The world's largest economy grew 3.1% in July to September.
Tuesday, January 29th 2013 - 03:42 UTC
South Falklands gas condensate discovery in ‘technically and commercially viable”

Hydrocarbons exploration company Borders and Southern Petroleum announced on Monday that the development of its gas condensate discovery in the Falkland Islands is commercially viable. B&S made its Darwin (East-West) discovery in April and has been carrying out tests to determine the nature of its find.
Tuesday, January 29th 2013 - 02:57 UTC
Betting on Mediterranean Shale: three players and one winner

By James Stafford - The Mediterranean has joined the shale game, but as most of Europe's Mediterranean countries drag their feet, all eyes are on Israel, Turkey, and Algeria. For Israel, it will be a slow road without the majors.
Saturday, January 26th 2013 - 19:01 UTC
EU27/CELAC trade experienced sharp decline in 2009 with strong recovery since

The European Union27 international trade in goods with the Community of Latin American and Caribbean States, (CELAC), has been characterised in recent years by steady growth between 2003 and 2008, a sharp decline in 2009 and a strong recovery since then.
Friday, January 25th 2013 - 05:43 UTC
Falklands make £8m transfer to “Oil Development Reserve”, future sovereign wealth fund

The government of the Falkland Islands has made a transfer of over 8 million pounds (£ 8.274 million) to the new Oil Development Reserve, a first step towards a ‘Sovereign Wealth Fund’ based on the Norwegian model it was explained at this week’s meeting of the Standing Finance Committee.