India’s flagship overseas firm ONGC Videsh Ltd on Wednesday announced the acquisition of Australian firm FAR Ltd’s stake in the USD 4.2-billion Sangomar oil project off Senegal’s shore for USD 45 million. This is the first acquisition by OVL, the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), in…
Abu Dhabi will open a commodities exchange in March to rival those of Middle Eastern neighbours, letting investors trade its crude using futures contracts for the first time. The ICE Futures Abu Dhabi exchange will open on March 29 and offer contracts based on the emirate’s flagship Murban crude grade, pending regulatory approvals,…
LONDON, A return of oil exports from Iran during Joe Biden’s presidency is some way off according to trading company chiefs and OPEC sources, giving OPEC+ more time to adjust their supply pact. The U.S. president-elect has said he’d return to Iran’s 2015 nuclear deal if Tehran resumes compliance with the pact. President…
LONDON, The Intercontinental Exchange has signed memorandums of understanding with Chevron, Trafigura and Occidental Petroleum to use the new Murban oil futures contract as a pricing benchmark for U.S. crude sales to Asia, the president of ICE Futures Europe said. ICE said on Tuesday it planned to launch ICE Futures Abu Dhabi…
Malaysia, through state oil firm Petronas, has ventured into the liquefied natural gas (LNG) bunkering business and made its first delivery in the southern state of Johor this week, the country’s marine department said on Tuesday. The maiden operation involved supplying 1,150 tonnes of LNG from bunkering vessel MV Avenir Advantage, which Petronas leased…
The yearly Ministerial Meeting of the Gas Exporting Countries Forum (GECF) will take place on 12 November under the rotating Presidency of the Democratic People’s Republic of Algeria. The meeting, and its related events, will convene virtually owing to the COVID-19 pandemic. The 22nd Ministerial Meeting will discuss the current issues related to…
ROME,The G20 major economies are “moving in the wrong direction” in response to the coronavirus pandemic by using stimulus spending to support industries and companies that rely heavily on planet-warming fossil fuels, researchers said on Tuesday. Despite repeated pledges to end subsidies for oil, gas and coal, G20 governments continue to fund fossil fuels,…
NEW YORK- U.S. crude oil production is expected to fall by 860,000 barrels per day (bpd) in 2020 to 11.39 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a bigger decline than its previous forecast for a drop of 800,000 bpd. U.S. crude oil production has recovered from the two-and-a-half-year…
LONDON, Vitol Group is considering new acquisitions in the U.S. shale oil industry and would aim to have deals in place by late 2021 if it decides to go ahead, Russell Hardy, chief executive of Vitol Group, told the Reuters Commodity Trading Summit. “Nothing has been done, it’s just an area where…
ABU DHABI, Ministers from across Asia have used the ADIPEC 2020 Virtual conference and exhibition to urge greater collaboration between oil and gas producing nations and consumer-led countries to ensure business resilience in a post-COVID world and during the transition to lower carbon energy. Addressing the ADIPEC 2020 Virtual Strategic Conference on day…
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