News & Events


Chevron to Sell Bangladesh Gas Fields to Chinese Consortium.
Chevron Corp is selling its three Bangladesh gas fields, worth an estimated $2 billion, to a Chinese consortium as the U.S. oil and gas group looks to shed non-core assets this year. The deal, if completed, would mark China's first major energy investment in the South Asian country, where Beijing is pumping in billions of dollars in a race with Ne... More

Kuwait closes Shuaiba Refinery, plans deal with Oman’s Duqm
State-owned Kuwait National Petroleum Co. (KNPC) has closed the ageing 200,000 bpd Shuaiba refinery because of declining processing runs and the plant’s inability to produce higher-standard products. The Shuaiba plant was opened in 1968 and its closure was planned as part of Kuwait’s Clean Fuels Project, whose completion is targeted for 2020. Ku... More

Oil Prices Could Tumble Again on U.S. Shale Influx
Oil prices could fall again by the end of the year due to a rapid increase in U.S. shale production, the chief executive of French oil and gas giant Total said on Thursday. Crude has recovered from lows reached in January 2016 and has mostly hovered above $50 a barrel since the beginning of the year following an agreement by the Organization of th... More

OPEC Chief Sees Oil Producers Closer to Re-balancing Market
Oil-producing nations are moving closer toward ending a global glut and re-balancing the crude market, and OPEC will decide next month whether to extend its cuts in output beyond June, the group’s Secretary-General Mohammad Barkindo said. OPEC and other major producers are committed to reducing oil stockpiles, and all countries participating in a ... More

Sunday off for petrol pumps could invoke ECA: Government
The threat by petroleum dealers to shut down pumps on Sundays will be dealt with according to measures necessary to maintain supplies of essential commodities, the Centre said on Wednesday. "We have just now been made aware of this decision by the petroleum dealers through media reports," a senior Petroleum Ministry source said when queried about... More

BP Starts Up Trinidad Onshore Compression Project
BP Trinidad and Tobago LLC (bpTT) has announced the start-up of the Trinidad onshore compression (TROC) project, one of seven major upstream projects BP expects to bring online in 2017. Full start-up will take place over the next few months. When fully onstream, the onshore compression facility will have the potential to deliver approximately 200 M... More

More Chinese crude oil imports coming from non-OPEC countries.
China is the world’s largest net importer of crude oil, and in recent years, China’s crude oil imports have increasingly come from countries outside the Organisation of the Petroleum Exporting Countries (OPEC). While OPEC countries still made up most (57%) of China’s 7.6 million barrels per day (b/d) of crude oil imports in 2016, crude oil from non... More

Kirkuk-Ceyhan Pipeline To Go Offline For Three Days For Maintenance
“The export of oil from Kirkuk and the Kurdistan Region has been halted upon a request from the Turkish side due to maintenance in the pumps, lasting three days,” engineer Farhad Hamza, from Iraq’s North Oil Company, told the Kurdish outlet Rudaw. “The reason is a technical issue on the Turkish side. Turkish authorities have informed us of the halt... More

Shell Sells Another $150m of Assets
Royal Dutch Shell announced today it will sell off its liquefied petroleum gas business in Hong Kong and Macau. Irish based DCC Energy agreed to purchase the business for US$150.3 million. "This sale supports Shell's strategic commitment to focus downstream activities on areas where we can be most competitive," said Shell Downstream Director John ... More

North Sea FPSO Shut In After Large Gas Leak Discovered
The leak was detected after bubbles were seen on the surface of the water earlier this week. Two subsea gas leaks were discovered last night on two fractured subsea pipelines next to the vessel, these were found after an ROV was used to locate the source of the leaks late on Thursday evening. Production has been fully shut in and it is estimated ... More

BP Hits Third Gas Discovery in East Nile Delta, Egypt
BP announced another gas discovery in the North Damietta Offshore Concession in the East Nile Delta, Egypt. The Qattameya Shallow-1 exploration well was drilled to a total depth of 1,961 metres in water depth of approximately 108 m using the El Qaher II jack-up rig. The wireline logs, pressure data and fluid samples confirmed the presence of 37 m ... More

ONGC seeks gas price review; wants minimum price fixed at $4.2
India's largest natural gas producer demanded a floor or minimum price of natural gas be fixed at USD 4.2 per million British thermal unit for the business to make economic sense. The government in October 2014 had evolved a new pricing formula using rates prevelant in gas surplus nations like the US, Canada and Russia to determine rates in a net... More

UK Crude Output Rises for 2nd Consecutive Year
UK production of crude oil and natural gas liquids increased by 4.8% on the year in 2016, the second annual rise in a row, the UK Department for Business, Energy and Industrial Strategy said in its provisional figures for 2016. Most of the growth came from fields that feed into the Flotta and Forties terminals in the North Sea, the department said... More

UAE Says Expects Higher Compliance with OPEC, Non-OPEC Deal
Compliance with a global supply cut deal by OPEC and non-OPEC oil producers has been high in January and that level of commitment is expected to improve over the next months, the United Arab Emirates Energy Minister said on Sunday. "The first month I see the commitment around OPEC has been there from the various independent sources. The level of c... More

Oil soars above $52 as Libyan production hit
Oil extended its gains above $52 a barrel as a planned production boost from Libya stalled amid continuing tension in the Opec (Organization of Petroleum Exporting Countries) member exempt from agreed output cuts, said a report. Oil has traded near $50 a barrel since Opec agreed on November 30 to reduce production for the first time in eight years... More

Numaligarh refinery adds new product Special Boiling Point Spirit
Asaam based Numaligarh Refinery Limited (NRL) has added new product to its basket. It has started production of a special industrial product, ‘Special Boiling Point Spirit’, (SBPS). The first Tank Truck carrying 12,000 litres of SBPS was flagged off recently from Numaligarh Refinery Marketing Terminal by MD NRL, P Padmanabhan in presence of Direc... More

Iraq Plans to Export 3.163 million bpd of Basra Crude in December
Iraq plans to export 3.163 million barrels per day (bpd) of Basra crude from its southern ports in December, slightly lower than in this month, five sources with knowledge of the matter said on Monday. The allocated December volume will be the lowest in four months, although Iraq exported more than what it had planned in October, seeking to be exe... More

ONGC seeks full autonomy on gas pricing.
State-run Oil and Natural Gas Corporation (ONGC) is seeking total pricing freedom for natural gas produced in the country, arguing it would help boost local output and develop India into a vibrant gas market. “We are making the case before the government that the gas prices could be deregulated,” Chairman Dinesh Sarraf told ET in an interview. “Som... More

Essar not exiting oil & gas business: Prashant Ruia
After striking the deal to sell its oil refinery to Russia's Rosneft and partners for USD 12.9 billion, the debt-laden Essar Group has said it is not exiting the oil and gas business and the sale has helped to deleverage half of the Rs 88,000 crore debt at the holding company level. Essar signed agreements on Saturday to sell 49 per cent in the 2... More

Saudi Arabia admits 'complacency' during oil boom years
Saudi Arabia became “fat around the belly” during the years of high oil prices, the kingdom’s energy minister has pronounced. Khaled Al Falih, minister of energy, industry and mineral resources, was quoted in local media as saying: “The kingdom became a little fat around the belly, a little bit complacent,” during the oil price boom years. However,... More

Fire Onboard Gulf of Mexico Oil Tanker Containing 150,000 Barrels
A Pemex oil tanker containing 150,000 barrels of oil products has became engulfed in flames in the Gulf of Mexico. Mexicos Navy stated that all 31 crew members on board the vessel were safely evacuated after the fire resulted. The ship was evacuated and left in the hands of fire fighters. Pemex - Mexicos state oil company who owns the 'Burgos' vess... More

States to get Centre’s financial support for free power scheme
The Centre will extend financial support to states to enable them to offer new electricity connections free of cost to everyone. At present, electricity connections to only below poverty line (BPL) families are offered for free. A senior government official said the Union power ministry has proposed to extend the free connections scheme to all in... More

Brent oil price forecast for next months and years.
Crude oil price forecast for September 2016. The forecast for beginning of September 47.04. Maximum price 49.40, while minimum 38.44. Averaged oil price for month 44.40. Brent oil price at the end 42.71, change for September -9.20%. Oil price forecast for October 2016. The forecast for beginning of October 42.71. Maximum price 44.63, while minimum... More

BP's Dudley Sees Oil Price At $50 Per Barrel For Rest Of 2016
BP Chief Executive Robert Dudley said on Friday he expected global oil prices to remain at around $50 per barrel till the end of this year and at the same level or even "little above" in 2017, he told reporters in Vladivostok. "I think for now, since 2014, we are back into the balance with oil and gas. Supply and demand balance is just about being... More

Cheap prices halt Mich. drilling, kill oil, gas jobs
Lansing —Low oil and natural gas prices are proving to be a short-term ally for environmentalists and consumers but a job killer for the industry as new drilling slows in Michigan. The state is on pace to issue its fewest number of drilling permits in almost 90 years, while the amount of oil extracted from Michigan properties hit at least a 25-yea... More


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