Trump Administration Cuts Royalty Rates For Oil And Gas

The Trump administration has started giving energy companies temporary breaks on royalties they must pay for oil and gas extracted from federal lands because of the coronavirus pandemic, amid criticism that the move is a handout to industry and will mean less money for state and local governments. Government data shows companies in Utah receiving…

Venezuela’s military to escort Iranian fuel tankers -defense minister

CARACAS, Venezuela’s military will escort Iranian tankers bringing fuel to the gasoline-starved country as soon as they enter its exclusive economic zone, Defense Minister Vladimir Padrino said on Wednesday. His comments came after Venezuelan opposition leader Juan Guaido said the shipment should “alarm” Latin America. Both OPEC members are U.S. adversaries whose oil industries are…

Trump administration abruptly postpones New Mexico oil and gas auction

The Trump administration abruptly postponed an auction of oil and gas leases in New Mexico that had been scheduled to begin on Wednesday morning without providing a reason for the move. Bureau of Land Management (BLM) spokeswoman Allison Sandoval confirmed the delay, which was first announced on a government website. She said the agency “will…

OIL under fire after clearance to drill in bio-diversity hotspot vicinity

GUWAHATI: Amid strong protests against ministry of environment, forest and climate change giving environmental clearance for drilling and testing of hydrocarbons at seven locations under Dibru-Saikhowa National Park Area in Tinsukia district to Oil India Limited (OIL), the company said that its operations will have no impact on the bio-diversity hotspot. The company in a…

India’s proposed 15% ‘covid tax’ draws ire from chemical end-users

MUMBAI (ICIS)–India is proposing to impose a 15% tax on all chemical and petrochemical imports, to protect the domestic industry in the current fiscal year ending March 2021 as the south Asian nation battles the coronavirus pandemic. Downstream end-users, however, have posed strong opposition to the measure dubbed as “covid (coronavirus disease) tax” – which…