The Strait of Hormuz, a narrow waterway at the mouth of the Persian Gulf, is rarely far from the center of global tensions. A major shipping route that handles around one-third of the world’s waterborne oil, it’s closely watched for signs of disruption. Iranian forces have targeted merchant ships traversing the chokepoint several times…
LONDON: Severe coronavirus restrictions around the world to contain surging infection rates weighed on fuel sales, weakening the prospect of energy demand recovery in the first half of 2021. Most of Europe is now under the strictest restrictions, according to the Oxford stringency index, which assesses indicators such as travel bans and the…
Bangladesh Petroleum Exploration and Production Company Limited (BAPEX) started extracting gas from a new part of the Haripur gas field located in Jaintapur upazila in Sylhet, reports UNB. Gas extraction from the deepest layer- at a depth of 1,998 meters- started on 4 January. Sources at BAPEX said even oil maybe found in…
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,…
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…
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…
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…
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…
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…
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…
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