September 24, 2020 - Petroleumbazaar

Oil Prices Rise After EIA Reports Crude Inventory Draw

CRUDE OIL NEWSBy admin September 24, 2020 Leave a comment

24 Sept. 2020-Crude oil prices reversed their decline today after the Energy Information Administration reported an oil inventory draw of 1.6 million barrels for the week to September 18. This compares with a draw of 4.4 million barrels for the previous week. The report came a day after the American Petroleum Institute propped prices up…

U.S. crude, fuel stocks fall in most recent week – EIA

CRUDE OIL NEWSBy admin September 24, 2020 Leave a comment

24 Sept. 2020-U.S. crude stocks, gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.Crude inventories fell by 1.6 million barrels in the week to Sept. 18 to 494.4 million barrels, compared with analysts’ expectations in a Reuters poll for a 2.3 million-barrel drop. Crude stocks at the Cushing, Oklahoma, delivery…

Everything Points To More Natural Gas Demand This Decade

INTERNATIONAL NEWSBy admin September 24, 2020 Leave a comment

24 Sept. 2020-Natural gas has often been vilified as just another fossil fuel contributing to the climate crisis. While gas-fired power generation and the natural gas value chain do emit greenhouse gases, natural gas burns cleaner than other fossil fuels, most notably coal, and can play a major role in replacing coal-fired power generation, immediately…

Carbon capture to play greater role in oil and gas as ‘peak demand’ timeline moves up

INTERNATIONAL NEWSBy admin September 24, 2020 Leave a comment

24 Sept. 2020-Carbon capture and storage projects must play a greater role in fossil fuel emissions reductions from offshore oil platforms to onshore natural gas processing plants in order to meet net-zero climate goals as the calendar for so-called peak oil demand is moved up, according to industry reports released Sept. 22. Governments around the…

How Saudi Arabia Put OPEC’s Future At Stake

INTERNATIONAL NEWSBy admin September 24, 2020 Leave a comment

24 Sept. 2020-OPEC’s 60th birthday should have been reason for celebration, but its largest producer Saudi Arabia is increasingly putting its own interests before the cartel’s objectives and has put the very existence of OPEC at stake on a number of occasions Founded 60 years ago this month by Iran, Iraq, Kuwait, Saudi Arabia, and…

Africa Is The Undeniable Final Frontier For Oil

EXPLORATION NEWSBy admin September 24, 2020 Leave a comment

24 Sept. 2020-The pandemic has been devastating for the oil industry globally. Explorers suspended drilling, producers idled wells, Big Oil majors put up assets for sale. But the world continues to need oil, albeit lower amounts of it than a year ago, and it will continue to need it. Exploration is not dead. It is…

Newbies bid for small oil fields only to get bogged down in red-tape

EXPLORATION NEWSBy admin September 24, 2020 Leave a comment

24 Sept. 2020-When the first round of auctions for discovered small fields (DSF-I) took place in 2016, the event was described as the entry point for India’s future oil and gas barons. Indeed, promoters and executives from companies in sectors as diverse as steel, power, software, iron ore, textile and education turned up to bid.…

Petroleum Ministry yet to recover ₹3,652.64 crore from exploration firms, says CAG report

NATIONAL NEWSBy admin September 24, 2020 Leave a comment

24 Sept. 2020-The CAG also said that as on September 2019, the cost of unfinished minimum work programme for nine blocks is yet to be worked out by Directorate General of Hydrocarbons (DGH).The Centre has awarded 254 blocks under the New Exploration and Licensing Policy (NELP) I to IX rounds for exploration of oil and…

Cess not getting transferred to dedicated funds: CAG

NATIONAL NEWSBy admin September 24, 2020 Leave a comment

24 Sept. 2020-New Delhi, Funds collected by the Centre as cesses for specific purposes, such as the mineral trust, oil industry development and infrastructure, have not been fully transferred to dedicated funds, the Comptroller and Auditor General of India (CAG) said, while pointing out deficiencies in the collection, transfer and utilisation of these levies. In…

Gujarat: Massive fire, several explosions rock ONGC plant in Surat; fire tenders on spot

NATIONAL NEWSBy admin September 24, 2020 Leave a comment

24 Sept. 2020-A massive fire broke out in Gujarat’s Surat early on Thursday. The blaze was reported from an Oil and Natural Gas Corporation (ONGC) plant in the city. According to the details, several explosions was also reported from the site. The fire brigade had received a call about the blaze at nearly 2:30 am…

Daily Archives: September 24, 2020