NEW YORK: Oil prices edged lower on Friday as investors feared demand would recover more slowly than expected from COVID-19 pandemic lockdowns, while rising supply also overshadowed optimism over falling crude and fuel inventories. This week, two prominent forecasters, the International Energy Agency and the Organization of the Petroleum Exporting Countries, trimmed their 2020 oil…
European Union foreign ministers prepared Friday for urgent talks on military tensions between Greece and Turkey as the neighboring countries’ navies continued a game of brinkmanship over eastern Mediterranean drilling rights. Turkish President Recep Tayyip Erdogan said Turkey would press ahead with its search for oil and gas in the disputed waters until Aug. 23…
WASHINGTON- The United States said on Friday it had confiscated four Iranian fuel shipments that had been bound for Venezuela, disrupting a key supply line for both Tehran and Caracas as they defied U.S. sanctions. U.S. President Donald Trump said Iran should not be sending cargoes to Venezuela and added that the seized shipments were…
NEW YORK/SINGAPORE: U.S. crude oil shipments to China will rise sharply in coming weeks, U.S. traders and shipbrokers and Chinese importers said, as the world’s top economies gear up to review a January deal after a prolonged trade war. Chinese state-owned oil firms have tentatively booked tankers to carry at least 20 million barrels of…
New rules released by the Trump administration last week seek to strip away royalty payment requirements on coal, oil and natural gas leases on public lands in a move widely seen as a boost for the extractive energy industry. The move comes as part of a wave of rollbacks that the administration says will promote…
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a 15th week even as higher oil prices prompt some producers to start drilling again. The U.S. oil and gas rig count, an early indicator of future output, fell by three to an all-time low of 244…
Oil and gas corporations have been allowed to begin drilling and other hydrocarbon exploration activities in India without conducting environmental impact assessment (EIA) studies or public consultations since the beginning of this year. The corporations are free to use any hydrocarbon exploration drilling technique without assessing its ecological impact on the natural world. This includes…
Preparation for Capping the Well: Inspection of the well head is planned for today after allowing sufficient setting time for second instalment of liquid resin that was placed on top of the 5-1/2″casing slips in an attempt to create a temporary ‘pack-off’of the 5-1/2″x 9- 5/8″ annular section. Athey Wagon and Bull Dozer have been…
17th August 2020:New Delhi: Petronet LNG Ltd’s proposed $2.5 billion investment plan in US LNG developer Tellurian’s upcoming Driftwood LNG terminal in Louisiana may be scaled down considering the energy company’s decision to cut first phase cost of the project by a third thereby also reducing production. Sources said that PLL, which has till December…
17th August 2020:State-run oil marketing company Bharat Petroleum Corp Ltd (BPCL) is planning to add 1,000 fuel stations in the current financial year 2020-21 even as it expects to be privatised by the end of the current fiscal. PSU oil marketing major BPCL expects that its privatisation procedure will take place by March 2021, Reuters…
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