Days before the end of the current Administration, a U.S. banking industry regulator finalized a rule under which large American banks cannot deny lending money to oil and gas companies. The Office of the Comptroller of the Currency (OCC) released on Thursday its finalized rule to ensure the so-called fair access to banking services,…
Angola, as the second-largest oil producer in sub-Saharan Africa, holds approximately 8.2 billion barrels of proven oil reserves. Contributing to 50% of gross domestic product and nearly 90% of national exports, oil represents an invaluable resource to the domestic economy. The country also holds the fourth-largest proven natural gas reserves in Africa – approximately 343…
Spot crude prices settled sharply higher in December, extending the previous month’s gains, buoyed by a further improvement in physical market fundamentals and strong crude buying from the Asia Pacific region. The OPEC Reference Basket increased by $6.56, or 15%, month-on-month (m-o-m), to stand at $49.17/b in December. However, in annual terms, the ORB…
Apache Corporation (Nasdaq: APA) and Total S.A. (NYSE: TOT) today announced an oil discovery at the Keskesi East-1 exploration well in Block 58 offshore Suriname. Keskesi East-1 encountered targets in the upper Cretaceous-aged Campanian and Santonian intervals. The shallower Campanian interval contains 58 meters (190 feet) of net oil, volatile oil and condensate pay…
MOSCOW — Russian state oil major Rosneft is courting investments from global trading houses to help develop one of the world’s biggest oil deposits, after talks with other possible partners stalled following a collapse in oil prices, four sources told Reuters. Rosneft is in discussions with Vitol, Glencore and Gunvor, among others, over investments…
New Delhi: The government proposes to appoint independent operators of gas pipelines in the country to operationalise the common carrier principle that will allow all consumers and producers access to fuel transport infrastructure. Petroleum Secretary Tarun Kapoor told IANS that the ministry was taking approvals for segregating the existing gas pipeline infrastructure to identify…
Domestic natural gas production fell 11.4% year-on-year (y-o-y) to 27,642 million metric standard cubic metre (mmscm) in 2020 as operations became increasingly unviable for energy production companies with government lowering selling prices. The 2,426 mmscm of natural gas produced in December was however the highest monthly output recorded in the ongoing fiscal, with the…
Saudi Arabia has hinted in a recent public discourse that it will cut down oil production in February 2021 to stabilise market prices. This is a unilateral action in an otherwise tense geo-political scenario, where Russia and Kazakhstan have declared they will increase their output, in a reluctance to cede market share to the United…
Oil prices fell on Wednesday, pulling back from recent gains, on concerns that rising global COVID-19 will hamper global fuel demand.The market did find some support from weekly inventory figures that showed a drop in crude inventories and rising refinery production. Brent crude prices settled at $56.06 a barrel, down 52 cents, or…
eThe U.S. State Department this month told European companies which it suspects are helping to build Russia’s Nord Stream 2 gas pipeline that they face the risk of sanctions as the outgoing Trump administration prepares a final round of punitive measures against the project, two sources said on Tuesday. “We are trying to…
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