January 20, 2021 - Page 9 of 16

11 JAN – NIGERIA – Oilfield bid round: FG to earn N7.9bn from 161 finalists

EXPLORATION NEWSBy admin January 20, 2021 Leave a comment

The Federal Government is estimated to generate a total revenue of N7.9bn from the 161 companies shortlisted to advance to the final stage of the marginal fields bid round launched seven months ago. The Department of Petroleum Resources had announced on June 1, 2020 the start of the 2020 Marginal Field Bid Round,…

11 JAN – Strong recovery in oil and gas volumes likely in FY22: ICRA

NATIONAL NEWSBy admin January 20, 2021 Leave a comment

Mumbai, The domestic demand for petroleum products is expected to increase at a healthy rate of 8 to 10 per cent in FY22 on a year-on-year basis, ratings agency ICRA said in a report.Accordingly, the report said a growth in economy and pick-up in industrial activity. The report explained that growth in Motor…

11 JAN – India’s annual oil usage falls for first time in 21 years

NATIONAL NEWSBy admin January 20, 2021 Leave a comment

India’s petroleum consumption fell for the first time in more than two decades in 2020 as the coronavirus pandemic shuttered businesses and factories, hurting demand from one of the world’s largest users of the fuel. Total petroleum demand declined 10.8% last year from 2019, and was at a five-year low of 193.4 million…

11 JAN – India now looks to build strategic gas reserve

NATIONAL NEWSBy admin January 20, 2021 Leave a comment

NEW DELHI, After oil, India may now build strategic reserve of natural gas to further strengthen the country’s energy security and shield itself from supply disruptions and frequent price fluctuations coming from perennial political risks in the prime energy supplying countries in the Middle East and Africa. The reserve will also help the…

09 JAN – Oil hovers near 11-month highs, sustained by Saudi output cuts pledge

CRUDE OIL NEWSBy admin January 20, 2021 Leave a comment

TOKYO: Oil prices edged higher on Friday, hovering near 11-month highs hit the previous day, as Saudi Arabia’s pledge to make voluntary cuts to its output continued to buoy the mood in the market though worries over slower fuel demand capped gains. Brent crude climbed 2 cents to $54.40 a barrel by 0122…

09 JAN – Iran to uphold right to regain lost oil market share

INTERNATIONAL NEWSBy admin January 20, 2021 Leave a comment

As the power transition in the US administration could alleviate restrictions on Iran’s oil sanctions, experts predict that the country will prepare for reentry to the global oil market with the intention of recapturing its lost market share. Global oil markets have been gridlocked since March 2020 with the lowest oil demand since…

09 JAN – Exporting US Shale Boom Has Changed Oil Forever

INTERNATIONAL NEWSBy admin January 20, 2021 Leave a comment

Five years ago on New Year’s Eve, the Theo T left the Texas Gulf Coast with the first U.S. shale crude shipment overseas. The oil, gathered from nearby ConocoPhillips wells and sold to trading giant Vitol Group, set sail for Italy just two weeks after lawmakers lifted a long-standing ban on exports. It…

09 JAN – Russia, Kazakhstan pushing for oil production increases

EXPLORATION NEWSBy admin January 20, 2021 Leave a comment

Russia and Kazakhstan have won a concession from OPEC to increase production in the coming months at the expense of the Kingdom of Saudi Arabia, which remains concerned that the second wave of the coronavirus (COVID-19) pandemic will depress demand in 2021. OPEC+ has agreed to modestly increase output in January, revising its…

09 JAN – ONGC likely to miss production target for FY21

EXPLORATION NEWSBy admin January 20, 2021 Leave a comment

NEW DELHI: State-run oil and gas explorer ONGC may miss its production targets for the current financial year as the pandemic impacted overall operations and resulted in force majeure declarations by suppliers. The oil major’s crude oil production for FY21 is likely undershoot the company’s targets by 4 per cent at 22.35 million…

09 JAN – HPCL-Mittal Energy to shut Bathinda refinery for 40 days from end-January: Sources

NATIONAL NEWSBy admin January 20, 2021 Leave a comment

NEW DELHI: India’s HPCL-Mittal Energy Ltd (HMEL), part-owned by steel tycoon L N Mittal, will shut its 226,000 barrels per day (bpd) Bathinda refinery in northern Punjab state for about 40 days from end-January for maintenance, two sources said. During the shutdown HMEL will also carry out work to be able to hook…

Daily Archives: January 20, 2021