Energy & Oil

Thursday, December 6th 2012 - 21:09 UTC
FOGL ends drilling program in south Falklands; begins further seismic surveying

Falklands Oil & Gas (FOGL) announced Thursday it had abandoned its Scotia exploration well in the south basin after disappointing results, thus completing its 2012 two-well drilling (Loligo and Scotia) program in the Falkland Islands.
Thursday, December 6th 2012 - 00:35 UTC
Repsol sues Chevron in New York over development of YPF energy assets

Spain’s Repsol has sued Chevron Corp. in New York seeking to prevent the US oil giant from developing energy assets in Argentina. The federal lawsuit filed Tuesday follows other legal claims that the Spanish oil company has filed in Madrid and Washington, demanding more than 10 billion dollars in compensation for the majority stake in the YPF oil company that Argentina's government took over in April.
Wednesday, December 5th 2012 - 18:26 UTC
Chevron dispute with Ecuador discussed by Correa with Cristina Fernandez

Ecuador's President Rafael Correa said he discussed with his Argentine counterpart Cristina Fernandez the legal dispute with US oil giant Chevron that has spilled over into her country.
Tuesday, December 4th 2012 - 19:47 UTC
Aberdeen oil firm secures exploration licences on Iceland continental shelf

Aberdeen oil firm Faroe Petroleum has secured provisional exploration licences in the Dreki area on the Icelandic Continental Shelf. The company said the licences were “extensive”, encompassing seven blocks located inside the Arctic Circle to the north east of Iceland.
Tuesday, December 4th 2012 - 16:10 UTC
Mexico strikes largest on land light oil deposit in a decade

Mexico’s government oil and gas giant Pemex confirmed the discovery of a crude reserve which could hold over 500 million barrels, and described as the largest on land strike in the last decade.
Monday, December 3rd 2012 - 20:20 UTC
Spain’s Repsol files complaint against Argentina over seizure of YPF

Spain's Repsol SA filed on Monday a complaint against Argentina before the International Centre for Settlement of Investment Disputes (ICSID) over its nationalization of energy company YPF SA, according to sources familiar with the dispute.
Monday, December 3rd 2012 - 05:02 UTC
Falklands’ mission to learn from the oil experiences of Norway and Shetlands

Senior members from the Falkland Islands government have left for Norway and the Shetland Islands on an experiences-fact-finding mission as the Islands prepare for oil production in the near future.
Friday, November 30th 2012 - 08:40 UTC
YPF takes over Argentina’s main gas distribution company belonging to BG

Argentina’s nationalized oil and gas company YPF announced it has taken control of Metrogas, after acquiring 54.67% of the shares of Gas Argentino (GASA) from the company British Gas (BG). The takeover leaves the oil company as the main stockholder and controller of 70% of the largest gas distribution company in Argentina.
Thursday, November 29th 2012 - 06:42 UTC
Argentina increases 44% wellhead natural gas prices to attract investment

Argentine president Cristina Fernandez announced on Wednesday that wellhead natural gas prices are to rise substantially from current levels, an estimated 44%, with the purpose of attracting more investments and increasing production.
Wednesday, November 28th 2012 - 18:55 UTC
BP suspended from new contracts with US government

British Petroleum has been temporarily suspended from new contracts with the US government, the Environmental Protection Agency (EPA) has said. While it is unclear how long the ban will last, it follows BP's record fine earlier this month over the 2010 oil spill in the Gulf of Mexico.