Joshua's Feed
Apr 5, 2012

Oil hedge fund BlueGold to liquidate

By Joshua Schneyer and Barani Krishnan

(Reuters) – BlueGold Capital, an oil-focused fund that made headlines in 2008 by calling the peak of the market, is liquidating after four years of trading — the last of which put it at the bottom of commodity hedge fund rankings.

BlueGold is conducting an “orderly closure” of its business and expects to return about 98 percent of investor capital before the end of the year, the London-based fund said in a letter to investors on Thursday, a copy of which was obtained by Reuters.

Mar 24, 2012

Brazil may shift jurisdiction of Chevron case

RIO DE JANEIRO (Reuters) – A judge in Campos, Brazil, could shift the criminal charges filed against Chevron and drill-rig operator Transocean to Rio de Janeiro, a decision that would remove a crusading prosecutor from the case.

Eduardo Santos de Oliveira, a federal prosecutor based in Campos, in Rio de Janeiro’s interior, told Reuters on Friday a jurisdictional review is under way, which could delay any formal criminal indictment of the firms and their employees for weeks.

Mar 22, 2012

Chevron, Transocean charged in Brazilian oil spill

RIO DE JANEIRO/NEW YORK (Reuters) – A Brazilian federal prosecutor filed criminal charges on Wednesday against Chevron and drill-rig operator Transocean for a November oil spill, raising the stakes in a legal saga that has added to Chevron’s woes in Latin America and could slow Brazil’s offshore oil boom.

Prosecutor Eduardo Santos de Oliveira also filed criminal charges against 17 local executives and employees at Chevron and Transocean, owner of the world’s largest oil rig fleet. Among the defendants is George Buck, 46, a U.S. national in charge of Chevron’s operations in Brazil, the prosecutor’s office said in a statement.

Mar 21, 2012

The Brazilian who wants to jail Chevron oilmen

RIO DE JANEIRO/NEW YORK (Reuters) – When federal prosecutor Eduardo Santos de Oliveira heard in November about an oil spill in a Chevron field off Brazil’s coast, he was determined that, this time, the polluters wouldn’t wiggle from his grip.

Time and again over the past decade, targets of his civil and criminal cases have used Brazil’s legal system — with its generous appeals process and rampant delays — to avoid penalties or escape justice, Oliveira told Reuters in two recent interviews. Undeterred, he is now in another major battle.

Mar 21, 2012

Chevron: Brazil oil seep different from old spill

RIO DE JANEIRO/NEW YORK (Reuters) – Chevron (CVX.N: Quote, Profile, Research, Stock Buzz), the No. 2 oil company, said on Wednesday that oil from a new seabed seep at its Brazilian offshore field is chemically different to crude from a November spill, suggesting the two leaks are unrelated.

Oil from a seep found this month 3 km (1.9 miles) from Chevron’s November seafloor leak — which spilled at least 2,400 barrels and triggered an $11 billion civil lawsuit and pending criminal charges — is “much heavier” and has different chemical properties from crude in the earlier spill, Chevron told Reuters.

Mar 15, 2012

Oil falls as U.S., UK plan oil reserve release

NEW YORK (Reuters) – Oil prices fell as much as $3 a barrel on Thursday after Reuters quoted two UK sources as saying Britain had agreed to cooperate with the United States in releasing strategic oil reserves later this year.

Brent oil fell more than $3 a barrel following the report, later paring losses to $1.72 a barrel and trading at $123.25 by 12:06 p.m. EDT (1606 GMT). U.S. crude reversed earlier gains and fell more than 56 cents a barrel.

Mar 12, 2012

Analysis: Chevron’s Amazon-sized gamble on Latin America

RIO DE JANEIRO (Reuters) – George Buck, a slim, towering American who runs Chevron’s (CVX.N: Quote, Profile, Research, Stock Buzz) operations in Brazil, is often flanked by lawyers these days.

Since November, when the No. 2 U.S. oil company spilled at least 2,400 barrels of oil offshore Brazil, the local attorneys have helped Buck navigate the legal system, sometimes doubling as Portuguese translators and cultural consultants.

Feb 21, 2012

Oil rises to 9-month high on Greece rescue, Iran cuts

NEW YORK (Reuters) – Oil rose to a nine-month high on Tuesday after Greece received a financial bailout and top Asian consumers moved to cut crude purchases from Iran, following Western sanctions designed to limit the country’s nuclear program.

Euro zone financial ministers agreed to a 130-billion-euro ($172 billion) rescue for Greece to avert a chaotic default, firming the euro and making dollar-denominated commodities cheaper for foreign buyers.

Jan 27, 2012

Exclusive: Chevron to face charges over Brazil spill

CAMPOS, Brazil (Reuters) – A Brazilian prosecutor plans to file criminal charges against Chevron Corp and some of its local managers within weeks, adding the threat of prison sentences to an $11 billion civil lawsuit as punishment for a November offshore oil spill.

The filing in federal court in Campos, Brazil, will likely include a request for criminal indictment of George Buck, chief executive of Chevron’s Brazil unit, as well as other staff, three Brazilian government officials involved in the case told Reuters.

Jan 26, 2012

Chevron to face criminal charges over Brazil spill

CAMPOS, Brazil (Reuters) – A Brazilian prosecutor plans to file criminal charges against Chevron Corp and some of its local managers within weeks, adding the threat of prison sentences to an $11 billion civil lawsuit as punishment for a November offshore oil spill.

The filing in federal court in Campos, Brazil, will likely include a request for criminal indictment of George Buck, chief executive of Chevron’s Brazil unit, as well as other staff, three Brazilian government officials involved in the case told Reuters.