Energy & Oil

Friday, August 26th 2022 - 10:19 UTC
Russia replacing Brazil as one of China's main oil suppliers

Russia has become China's main oil supplier for the third month running during July, according to information from Hong Kong market analysts. Apparently independent refiners stepped up purchases of discounted supplies while cutting shipments from rival suppliers such as Angola and Brazil.
Friday, August 26th 2022 - 10:15 UTC
Fears of civil unrest in UK as people are unable to afford heating and power bills this winter

United Kingdom energy executives have warned the country faces the prospect of mass civil unrest as a result of people being unable to afford their heating and electricity bills this coming winter.
Thursday, August 25th 2022 - 10:03 UTC
Rockhopper could net £210m compensation from Italian government because of offshore drilling ban

A corporate tribunal has ordered the Italian government to pay more than £210m to the UK/Falklands oil company Rockhopper as compensation for an offshore oil drilling ban. Rockhopper’s case was launched after the Italian government banned oil exploration and production within a 12 mile-limit off Italy’s coast in 2015, scotching the company’s planned Ombrina Mare oilfield.
Thursday, August 25th 2022 - 09:42 UTC
State-run companies sign deal to seek lithium in Argentine province of Catamarca

An agreement between YPF and CAMYEN for lithium exploration in the province of Catamarca was signed Wednesday. The joint undertaking has been described as the first of its kind.
Monday, August 22nd 2022 - 17:32 UTC
Fuel goes up at pumps in Argentina, but below inflation

Argentina's state-run oil company increased the price of fuel at pumps by 7.5% on average Sunday but it remained well below figures in neighboring cities abroad. The accumulated devaluation since the last naphtha adjustment is 16%.
Saturday, August 20th 2022 - 09:37 UTC
Uruguay's Ancap profitable despite adjusting prices below import parity

Uruguay's state-run oil company Ancap yielded profits of US$128 million for the first semester of 2022 despite adjusting prices below the import parity price (IPP), it was announced Friday in Montevideo.
Thursday, August 18th 2022 - 09:35 UTC
Falkland Islands announces limited power cut and water disruption

Upcoming power cut. The Power & Electrical Section would like to inform the public that there will be a power cut on Thursday 18 August from 3:15 pm to 4:15 pm, the following areas will be affected:
Monday, August 15th 2022 - 09:50 UTC
Russia almost doubles exports' value to Brazil in first half of 2022: mainly fertilizers and fuel

Russia almost doubled the value of its exports to Brazil in the first half of this year and has climbed to fifth supplier of Latin America's largest economy. This despite the trade, financial and diplomatic sanctions imposed on Russia by the United States, the European Union and the United Kingdom following its invasion of Ukraine.
Monday, August 15th 2022 - 09:47 UTC
Three companies agree with Argentina to develop offshore Tierra del Fuego gas deposit

Argentina and a consortium of three international oil companies signed an agreement by which the Fenix gas field at the San Sebastián Bay will be developed in two years time with an investment of US$ 700 million. The agreement includes a decree which reinstates benefits for the hydrocarbons industry, particularly new undertakings as contemplated in Law 19,640.
Friday, August 12th 2022 - 02:40 UTC
Offshore drilling on the rebound for the foreseeable future, rig providers report

By Tsvetana Paraskova for Oilprice.com – After years of uncertainty and stagnation, the offshore drilling market is on the rebound and is in the early innings of an up cycle in investment and activity that will outpace the 2016-2019 cycle, major services and rig providers say. Analysts and top offshore drilling executives say that offshore rig utilization and day rates are also rising in a market that is expected to tighten going forward.