Venezuela’s PDVSA said on Friday that Canadian miner Crystallex had no justification for a complaint in a U.S. court seeking to recover $2.8 billion from the state oil company. Crystallex Continue Reading
In his last interview before his arrest on Wednesday morning, Brazilian billionaire banker André Esteves gave no hint of any impending trouble. “We are in a tough moment,” the relaxed Continue Reading
Doubts over a planned $50bn waterway across Nicaragua that aims to compete with the Panama Canal are set to intensify after the Chinese-led project was postponed by up to a Continue Reading
A broad investigation into corruption at Petrobras , Brazil ’s state-owned oil company, widened on Wednesday with the arrests of a sitting senator and a billionaire investment banker who is Continue Reading
Iranian President Hassan Rouhani says his country is keen on ensuring oil market stability by cooperating with Venezuela. File Photo by John Angelillo/UPI TEHRAN, Nov. 23 (UPI) — Iranian President Hassan Rouhani told visiting officials from Venezuela it was incumbent upon producers to improve the situation in the global energy market. "The Islamic Republic of Iran and Venezuela are friends and will do their utmost in favor of their nations’ economic development and welfare," the Iranian president told visiting Venezuelan President Nicolas Maduro . Iran is eyeing a return to the global energy stage as sanctions pressures ease in the wake of a July nuclear agreement reached between Tehran, the five permanent members of the U.N. Security Council and Germany. By the end of the year, Iran is expected to start up dozens of oil and gas projects , worth an estimated $185 billion. Production from Iran is already […]
Oil fell amid a broader commodity rout while Venezuela predicted prices may tumble to the mid-$20s a barrel unless OPEC tackles the global surplus. West Texas Intermediate futures for January fell as much as 3.3 percent, sliding with industrial metals such as copper, which dropped to the lowest since 2009. Venezuela is urging the Organization of Petroleum Exporting Countries to adopt an “equilibrium price” that covers the cost of new investment in production capacity, Oil Minister Eulogio Del Pino said Sunday. Oil has slumped about 46 percent over the past year amid speculation a global glut will persist as OPEC continues to pump above its collective quota. The 12-member group meets Dec. 4 in Vienna to discuss the production ceiling as Iran signals its intention to boost output by 1 million barrels a day within five to six months of economic sanctions being removed. “The structure of the oil […]
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Though investments are needed, output from shale basins in Argentina is expected to accelerate, Wood Mackenzie finds. Photo by David Gaylor/Shutterstock HOUSTON, Nov. 20 (UPI) — One of the more lucrative shale basins in the Americas, the Vaca Muerta play in Argentina, could double its output by 2018, analysis finds. Vaca Muerta, located in Neuquen province, is considered one of the best shale basins in Latin America. Analysis emailed from Wood Mackenzie found parts of the basin are producing on average 646 barrels of oil equivalent per day, up 53 percent from last year. Petronas, Mexican oil company Petroleos Mexicanos, known also as Pemex, and Argentine oil company YPF signed a trilateral memorandum of understanding on exploration and production in 2013. Russian energy companies have expressed interest in joining the venture . The study from Wood Mackenzie finds production increases will be slow, but year-on-year expansion expected at around […]
The company has yet to reach its lofty production targets. Instead, Petrobras attained a more dubious title: the world’s most-leveraged oil company, with $127.5 billion in debt as of Sept. 30. Now, the bill is coming due. Loans of nearly $24 billion mature in 2016 and 2017. Investors and analysts are fretting about what’s next: repayment, restructuring or default. “I’ve had calls from investors in every time zone around the world,” said Sarah Leshner Carvalho, an analyst at Barclays. “There is almost no geography not involved in Petrobras bonds.” The company’s strategy of loading up on dollar-denominated debt has backfired as both the local currency and the price of oil have plunged over the past year. Last week, Petrobras reported that its total debt at the end of the third quarter was up 44% from the end of 2014 in local-currency terms to 506.58 billion Brazilian reais. That is […]
