News & Events


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

Oil slips below $49 as producer action hopes recede
Oil fell below $49 a barrel on Tuesday, giving up part of August's strong rally, as signs of rising supply outweighed hopes that producing nations will agree steps to support prices. A Nigerian militant group, which has claimed a wave of attacks on oil facilities, said at the weekend it was ready for a ceasefire and Iraq resumed pumping through a ... More

U.S. declares health emergency in Puerto Rico due to Zika
The U.S. government on Friday declared a public health emergency in Puerto Rico as a result of a Zika epidemic. The declaration allows the HHS to award grants, access emergency funds and temporarily appoint personnel where needed, among other things. "This administration is committed to meeting the Zika outbreak in Puerto Rico with the necessary ... More

Crude Slump Sees Oil Majors' Debt Burden Double to $138B
When commodity prices crashed in late 2014, oil executives could look at their mining counterparts with a sense of superiority. Back then, the world’s biggest oil companies enjoyed relatively strong balance sheets, with little borrowing relative to the value of their assets. Miners entered the slump in a very different state and some of the world... More

Drillship Deepsea Metro I Starts Drilling Ops for Petronas
Odfjell Drilling has started drilling operations for Petronas Carigali offshore Malaysia under a contract for one firm well plus four optional wells with the ultra-deepwater drillship, Deepsea Metro I. The drilling contractor secured new employment for the Deepsea Metro I with Petronas in April. Odfjell Drilling said on Wednesday that the contrac... More

Sinopec cuts central China gas supply after pipeline fire
China Petrochemical Corp. has shut some natural gas operations in central China after a landslide caused a pipeline fire Wednesday that killed two people. A pipeline carrying natural gas from Sichuan province in western China to the eastern part of the country cracked and caught fire near Enshi city in China’s Hubei province around 6:25 a.m. loca... More

API: Legislation targeting oil and natural gas production is misguided
API Executive Vice President Louis Finkel said legislation introduced today by a small number of Democratic senators increasing liability for oil and natural gas companies is unnecessary and out of step with voters’ energy priorities. “Congress should be focused on strengthening the U.S. energy resurgence, which has lowered consumer costs, boosted... More

Collaborate to compete in global oil & gas industry faced with low prices
In order to successfully confront the challenges of low oil & gas prices and difficult global economic condition, industry experts believe Indian oil and gas companies should collaborate for scouting oil & gas assets in India and internationally. “Collaborative approach of national oil companies is the right solution to creating oil and gas asset... More

Statoil to Use Songa’s Cat D Rig for Asgard, Heidrun ops
Norway’s Petroleum Safety Authority (PSA) has given Statoil its consent to start operations on Asgard and Heidrun fields offshore Norway using the Songa Encourage drilling rig. The PSA said the consent covers production drilling, completion, workover, intervention and plugging. According to the safety authority, planned start-up at Asgard and Hei... More

Oil Inventory, Output Fall; Capex Cuts To Hit $1 Trillion
The oil and gas industry will cut $1 trillion from exploration and development spending in the next several years, according to analysts at Wood Mackenzie, while fresh data Wednesday pointed to a continued retreat by U.S. producers. Investment spending is seen down $740 billion, or 22%, in 2015 to 2020, compared to previous expectations before the... More

Indiana sees bias in CMS plans to assess its conservative Medicaid model
Indiana officials say the CMS is planning to use a biased survey to evaluate the state's conservative approach to Medicaid expansion. In April, the federal Office of Management and Budget approved an emergency request by the CMS to let it examine whether Indiana's conservative-friendly, alternative Medicaid expansion model known as Healthy Indian... More


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