Energy & Oil

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.
Friday, January 25th 2013 - 04:05 UTC
“Turn the lights on” electricity rates are down Rousseff tells fellow Brazilians

Brazilian President Dilma Rousseff announced this week a deeper-than-expected cut in electricity rates, hoping to contain a recent spike in inflation, give manufacturers a boost and prop the flat economy.
Tuesday, January 22nd 2013 - 05:19 UTC
Europe the “most desired strategic partner” of Latinamerica, according to Spanish report

The European Union is the “most desired strategic partner” of Latinamerica, although with different intensity, according to a report from the International Prospective Institute, IPI, released on Monday in Madrid and ahead of the coming EU/CELAC summit in Santiago de Chile.
Monday, January 21st 2013 - 16:12 UTC
Plans for temporary oil industry port in the Falklands to develop Sea Lion field

A temporary port for the oil industry to the east of the Falkland Islands capital is under consideration, but will be removed once a deep water modern permanent sea terminal is constructed in Port William, according to local officials.