U.S. crude, fuel inventories fall in latest week -APIU.S. crude oil and fuel stocks fell sharply last week, data from industry group the American Petroleum Institute showed on Tuesday.   Crude inventories fell by 5.1 million barrels in the week to Nov. 6 to about 482 million barrels, compared with analysts’ expectations in a Read more

  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 Read more

    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 Read more

  Somalia’s opportunity as one of the world’s last true oil and gas exploration frontiers may soon be rekindled – creating an industry to deliver long-term economic growth and prosperity to the Somali people.   The launch of the 2020 Somali Bid Round after ratification of the Petroleum Law and Resources Revenue Sharing Agreement, the Read more

  CALGARY – Cenovus Energy Inc., through a wholly owned partnership, has entered into a definitive agreement to sell its Marten Hills oil assets in northern Alberta to Headwater Exploration Inc. for initial cash and common share equity consideration of approximately $100 million.   Total consideration paid to Cenovus consists of $35 million in cash Read more

  GUWAHATI: A National Green Tribunal (NGT) panel set up to probe into the blowout at Baghjan in Assam’s Tinsukia district on Tuesday submitted a report saying that Oil India Limited (OIL) was operating the oilfield without the mandatory environmental clearance when the incident took place. On May 27, OIL’s Well No. 5 experienced a Read more

  LONDON- A sufficient number of creditors of indebted Premier Oil have approved a proposed merger with private equity backed Chrysaor to create the British North Sea’s biggest oil and gas producer, Premier said on Tuesday. The reverse takeover, which will see Premier’s creditors paid $1.23 billion in cash, will fold one of the world’s Read more

    US President Donald Trump on Saturday announced that he has signed an order to protect the American energy industry and hydraulic fracturing.“Just signed an order to protect fracking and the oil and gas industry. This means jobs, low energy bills, and continued American energy independence! Sleepy Joe [Biden] would ban fracking and destroy Read more

    The U.S. oil and natural gas rig count rose in October for the third straight month and drillers added the most rigs in a month since May 2018 as some returned to the well pad after crude prices steadied.   The oil and gas rig count, an early indicator of future output, rose Read more

  LONDON, Libyan oil production has reached 680,000 barrels per day (bpd), a Libyan oil source told Reuters on Thursday, more than a third higher than earlier this month, as the OPEC member seeks to revive its oil industry.   Libya’s National Oil Corp (NOC) on Monday ended force majeure on the last facilities closed Read more

r Libya’s energy industry reached a milestone over the past week with the reopening of the last of its oil fields and ports following a truce in a years-long civil war. The OPEC nation’s daily crude output has surged from less than 100,000 barrels in early September to above 700,000 as of Tuesday, according to Read more

  Oil Secretary Tarun Kapoor on Wednesday hinted at more reforms to raise the level of private participation in upstream oil and gas exploration and production, but remained non-committal on the industry”s demand for cutting levies to make the business attractive during a low price regime. Talking to reporters at the end of the India Read more

New Delhi- Oil and Natural Gas Corporation Limited (ONGC) the biggest public sector commercial organization in India with a current market capitalization of about USD 60 billion is open to partnerships for exploration acreages under the new Open Acreage Licensing Policy to monetize Oil & Gas assets quickly with the latest technology. ‘One of our Read more

  The state-run Petrobangla has extended the tenure of contract with India’s oil and gas exploration company — ONGC Videsh Ltd — by two more years until February 2023.The deal with the Indian firm was set to expire in February 2021 after an initial two-year extension. Earlier, the Petrobangla signed two production sharing contracts (PSCs) Read more

    HOUSTON: BP on Sunday said it has begun to evacuate four offshore U.S. Gulf of Mexico oil platforms and secure facilities as Tropical Storm Zeta sprang up in the Caribbean Sea.   The 27th named storm of this year’s Atlantic Hurricane season, Zeta strengthened on Sunday and is forecast to become a hurricane Read more