CRUDE OIL NEWS
Brazil’s Petrobras starts decommissioning Campos Basin platforms
SAO PAULO, Brazilian oil major Petroleo Brasileiro, known as Petrobras, said on Tuesday it has started to decommission its platform P-12 on the Campos basin after receiving permission from the Navy and environment and oil agencies. The company also said it would decommission platforms P-07 and P-15 on the Campos Basin by this year, according Read more
Exclusive: Russia’s Rosneft to buy a drilling business from IDS
MOSCOW – Rosneft (ROSN.MM) is set to buy a drilling business from IDS Group, a letter to IDS staff seen by Reuters showed, as the Russian oil giant continues its push into oilfield services to help reduce costs. The Rosneft logo is pictured on a safety helmet in Vung Tau, Vietnam April 27, 2018. REUTERS/Maxim Read more
Company cheats Petroleum Ministry of Rs 7.2 crore
A Mumbai-based private company has allegedly cheated a department of the Ministry of Petroleum and Natural Gas to the tune of Rs 7.2 crore by purportedly submitting a fabricated bank guarantee for a contract it had bid for, according to the FIR filed by the Delhi Police Economic Offences Wing (EOW). According to police, the Read more
3 new oil jetties at Kandla to double liquid cargo handling
The Deendayal Port Trust (DPT) will develop three new oil jetties at a cost of over Rs 550 crore, which will help double its present liquid cargo handling capacity at Kandla in Gujarat. DPT, one of the 12 major ports in India, operates six oil jetties at Kandla which can handle 12 million metric tonne Read more
Sebi considers allowing futures trading in petrol, diesel
Markets regulator Sebi is looking at permitting futures trading in petrol and diesel, an official said emphasising that there has been no disruption in commodities derivatives trading during the Covid-19 crisis. The Securities and Exchange Board of India (Sebi) is also looking at re-allowing futures trade in tur and urad, which were banned in 2007 Read more
BP to invest $70 million in India’s green energy focussed GGEF Fund
Mumbai: UK oil major BP, on Tuesday, said it will invest into the Green Growth Equity Fund (GGEF) in India. The fund, established in 2018, is focused on identifying, investing and supporting growth in zero carbon and low carbon energy solutions in the country. With a commitment of $70 million, BP after its investment later Read more
Consumers may soon get to chose piped gas suppliers
New Delhi, In yet another reform initiative in the oil and gas sector, the government is set to throw open city gas distribution (CGD) networks across the country to competition, allowing participation of more than one player in a circle vying to attract consumers. “We have finalised regulations on allowing competition in CGD areas that Read more
Oil rises on economic data but spike in U.S. virus cases caps gains
NEW YORK – Oil rose slightly on Monday as positive economic data supported prices, while a spike in coronavirus cases that could curb fuel demand in the United States limited gains. “Energy is still correlating more to the coronavirus,” said Bob Yawger, director of energy futures at Mizuho in New York. “The coronavirus situation kills Read more
Oil mixed on tighter supply, surge in US virus cases
LONDON: Oil prices were mixed on Monday, with Brent crude edging higher on tighter supplies and positive economic data, while U.S. benchmark WTI futures dropped on concern that a spike in coronavirus cases could curb fuel demand in the United States. Brent crude was up 6 cents, or 0.1%, at $42.86 per barrel by 1340 Read more
Novak says no decision yet to extend record Opec+ cuts
Russian Energy Minister Alexander Novak said Opec+ hasn’t made any decision yet on extending its deepest output cuts beyond July, while signaling a preference for avoiding repeated changes to the group’s current plan. “Let’s see the situation, technical data, June figures and then the Opec technical committee will analyze the compliance, the market situation and Read more
Russia says its time for a Gas OPEC and who struck Turkey’s airbase in Libya
Russia is eyeing the possibility of launching a ‘Gas OPEC’, Vedomosti reports, noting that Russian Deputy Minister of Energy Anatoly Yankovsky mentioned this prospect in early June, while Minister of Energy Alexander Novak stated last week that the creation of a coordinating body that would regulate the volume of gas sales and prices “has been Read more
Oil Price Crash Causes Major Recession In Russia
The oil price crash that Russia helped create, along with the coronavirus-driven global recession, will result in Russia’s economy shrinking this year by the most in 11 years, the World Bank said in its latest economic report on Russia. Russia’s economy will suffer from the global recession and local efforts to contain the pandemic and Read more
Down to handful of active rigs, Canada’s oil and gas drillers face permanent contraction
WINNIPEG, Manitoba, Canada’s drilling rig count, a bellwether of the oil and gas industry’s growth, has plummeted far below previous records, raising risks that much of the country’s equipment will permanently fall out of service. Just 18 rigs were active last week in the world’s fourth-largest oil-producing country, a fraction of even the depressed levels Read more
Total to restart drilling offshore S Africa in 4Q 2020
Total and its project partners will resume drilling at block 11B/12B offshore South Africa in September after the Covid-19 pandemic delayed the exploration programme by several months. The Deepsea Stavanger semi-submersible rig has departed Bergen, Norway, for South Africa to start a multi-well drilling program, said Total’s partner, Canadian oil and gas firm Africa Energy Read more
Why proposed change in gas tariff calculation would impact GAIL’s earnings
The new gas tariff proposal based on the cumulative transmission capacity is expected to prune GAIL (India)’s earnings by over 25%. This together with lower domestic gas demand due to economic slowdown may affect its stock in the near term. It has underperformed the Nifty Energy index by 6% in the past three months. In Read more