Energy & Oil

• Wednesday, May 15th 2024 - 19:54 UTC

  Petrobras' shares plummet after Prates' departure from CEO post

  

  Brazilian President Luiz Inácio Lula da Silva's decision to have Jean-Paul Prates removed as CEO of the State-run oil company Petrobras resulted in shares dropping more than 8% at the Sao Paulo Stock Exchange on Wednesday. Ordinary shares (PETR3) fell 8.36% while preferred shares (PETR4) went down 6.75%, it was reported. In addition, Petrobras' ADRs (American Depositary Receipt) in New York were down around 7.5% on Wednesday.

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• Wednesday, May 15th 2024 - 19:20 UTC

  Lula orders major reshuffle at Petrobras' helm

  

  President Luiz Inácio Lula da Silva has ordered a reshuffle at the top of Brazil's state-run oil company Petrobras, with Magda Chambriard replacing Jean-Paul Prates as CEO, Agencia Brasil reported. Following the head of state's decision late Tuesday, the board of directors approved the early termination of Prates' term Wednesday morning. In the meantime, and until Chambriard takes office, Corporate Affairs Executive Director Clarice Coppetti has been appointed on an interim basis.

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• Tuesday, May 14th 2024 - 10:26 UTC

  Russia claims to have found huge oil reserves in Antarctica; UK feels it could mean a complete new ball game

  

  The House of Commons’ Environmental Audit Committee (EAC) held a special session on Russian oil exploration in the polar region, following on claims that the Rosgeo oil exploration company had reported that its research vessel Alexander Karpinsky has completed a comprehensive subsurface geological survey, mapping very promising oil and gas prospects on the Antarctic oil shelves.

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• Thursday, May 2nd 2024 - 10:04 UTC

  Petrobras hits new environmental achievement

  

  Brazil's state-run Petrobras oil company announced this week a 41% reduction in carbon dioxide (CO2) emissions between 2015 and 2023, Agencia Brasil reported. The result was “exceptional,” said Petrobras' Energy Transition and Sustainability Director Maurício Tolmasquim.

• Thursday, April 25th 2024 - 13:31 UTC

  Bolivia: Former YLB executive found dead left letter denying allegations

  

  Former Yacimientos de Litio Bolivianos (YLB) Executive Manager Juan Carlos Montenegro Bravo was found dead Wednesday. He left a letter explaining that he would make a painful decision because he could not stand to be “humiliated by a rigged justice.”

• Tuesday, April 23rd 2024 - 06:32 UTC

  Namibia en route to becoming another Guyana oil discovery success story

  

  Portugal's oil company Galp Energia shares skyrocketed on Monday after the company announced that the first phase of its exploration in the Mopane field in offshore Namibia could contain some 10 billion barrels of oil.

• Saturday, April 20th 2024 - 10:30 UTC

  Energy crisis prompts new emergency declaration in Ecuador

  

  Ecuador's President Daniel Noboa Friday issued a decree establishing yet another state of emergency due to a “serious internal commotion and public calamity” in the violence-torn South American country which is going through an energy crisis in addition to drug-trafficking gang crimes. Power cuts last up to about eight hours a day amid tight “rationing of electricity.”

• Wednesday, April 17th 2024 - 10:18 UTC

  Brazil: Búzios deepwater field produces 1 billion barrels of oil in March

  

  The Búzios Field in the Santos Basin, the largest ultra-deepwater facility of that kind worldwide, produced 1 billion barrels of oil in March, the state-owned company Petrobras announced this week, Agencia Brasil reported. Petrobras operates the field in a consortium with Pré-Sal Petróleo (PPSA) and the Chinese companies CNOOC and CNODC.

• Monday, April 15th 2024 - 23:59 UTC

  Brazil and Argentina have much in common despite opposing presidents

  

  Foreign Ministers Mauro Vieira of Brazil and Diana Mondino of Argentina met in Brasilia on Monday for talks aimed at bringing South America's two largest countries closer together, despite the opposing views of presidents Luiz Inácio Lula da Silva and Javier Milei, especially on each other.

• Thursday, April 11th 2024 - 19:44 UTC

  Rotating supply cuts launched as Bogotá's water reservoirs are running dry

  

  Authorities in the capital of Colombia began rationing water on Thursday as local reservoirs were reported to be nearing alarming levels due to the El Niño phenomenon coupled with the aftermaths of global warming. It has not been ruled out that the severe drought might result as well in an energy crisis hitting some 10 million people who live in Bogotá and the surrounding areas.