August 2020 - Page 8 of 10 - Petroleumbazaar

Oman Counters Chinese Influence With Two New Energy Megaprojects

INTERNATIONAL NEWSBy admin August 7, 2020 Leave a comment

Like many Middle Eastern countries in the catastrophic aftermath of Saudi Arabia’s latest oil price war folly against the U.S. shale sector, Oman has been left in the position of having to decide whether to risk becoming a client state of China or to attempt to extricate itself from the financial hole that the Saudis…

Somalia expects to announce winners of first petroleum auction early 2021

INTERNATIONAL NEWSBy admin August 7, 2020 Leave a comment

CAPE TOWN, Somalia expects to announce the winners of its first oil and gas licensing round early next year, as the country seeks petro dollars to help rebuild its struggling economy, a senior government oil official said on Wednesday. Battered by violence and an Islamist insurgency since clan warlords overthrew a dictator in 1991, Somalia…

Effort to douse fire in Baghjan well in final stages

EXPLORATION NEWSBy admin August 7, 2020 Leave a comment

PSU major Oil India on Wednesday said its effort to douse the blaze at the damaged gas well at Baghjan in Assam, which is spewing gas for 71 days, is in its final stages. As part of its final preparation to cap the well the repair of the 90-ft ‘athey wagon’, the equipment for fighting…

Indian Energy Exchange plans minority stake sale in gas venture: CEO

NATIONAL NEWSBy admin August 7, 2020 Leave a comment

Indian Energy Exchange Ltd. is in talks with strategic investors to sell a minority stake in its fledgling gas unit. The largest electricity trading platform in India may sell as much as 49 per cent in the venture in a series of deals, Rajiv Srivastava, chief executive officer of IEX said in an interview. The…

NGT directs oil companies to file status report on Vapour Recovery Systems in fuel outlets

NATIONAL NEWSBy admin August 7, 2020 Leave a comment

The southern bench of the National Green Tribunal has directed oil companies to file a status report on the implementation of Vapour Recovery System (VRS) in fuel retail outlets in Tamil Nadu. It also ordered notice to the Tamil Nadu government and the Central Pollution Control Board. The bench directed the oil companies to file…

Total’s Indian joint-venture to seek fuel retailing license

NATIONAL NEWSBy admin August 7, 2020 Leave a comment

NEW DELHI – A joint-venture by India’s Adani Gas and France’s Total (TOTF.PA) will soon seek government permission to open retail fuel stations in India, Adani’s chief executive said on Wednesday. India has become a lucrative market for global oil majors after the government removed controls on the retail pricing of gasoline and gasoil and…

Bharat Petroleum Will Be Sold To Private Firms This Year; Govt Sources Confirm

NATIONAL NEWSBy admin August 7, 2020 Leave a comment

As per reports from Zee Business, the government is committed to the divestment process of Bharat Petroleum Corporation Limited (BPCL) and it will be completed by the end of 2020, said top government sources. The government is planning a strategic disinvestment of its entire shareholding in BPCL, one of India’s largest oil refinery. This comprises…

Oil Jumps as Lebanon Explosion Signals Geopolitical Instability

CRUDE OIL NEWSBy admin August 5, 2020 Leave a comment

Oil extended its rally and hit a two-week high after an explosion at Lebanon’s main port rocked the capital Beirut, pointing to geopolitical instability in the region. U.S. benchmark crude futures climbed as much as 2.5% on Aug. 3 after the blast. Footage showed a huge plume of smoke billowing into the sky over the…

Oil edges up to highest since March on hopes for U.S. stimulus

CRUDE OIL NEWSBy admin August 5, 2020 Leave a comment

NEW YORK – Brent oil futures on Tuesday closed at their highest since early March on hopes the United States is making progress on a new economic stimulus package, as well as curbing the coronavirus spread. Brent rose 28 cents, or 0.6%, to settle at $44.43 a barrel, its highest close since March 6. U.S.…

IMF- Global Oil Demand Will Shrink By 8% In 2020

INTERNATIONAL NEWSBy admin August 5, 2020 Leave a comment

The coronavirus crisis will lead to global oil demand dropping by around 8 percent this year compared to last year, the International Monetary Fund (IMF) said in a new report, as carried by Qatari daily The Penunsula. This year, oil prices will be 41 percent lower than in 2019, the IMF said in its ‘Global…

Monthly Archives: August 2020