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Iran warns to close Strat of Homuz
yesterday
Source: World Oil

Iran warns to close Strat of Homuz

Iran has warned to close Strat of Homuz, a narrow waterway carrying a fifth of the world’s traded oil, in response to end of sanctions waiver. A news agency cited head of the Revolutionary Guard Corps navy force saying “If we are prevented from using it, we will close it,”. Iran’s warning to close the waterway isn’t new, and its officials have threatened to do so in the past too.

STAR refinery to expand product portfolio
yesterday
Source: Reuters

STAR refinery to expand product portfolio

State-run SOCAR has revealed plans of expanding its portfolio of processed grades of oil at its $6.3 billion-STAR refinery in Turkey. General Manager at the Azerbaijani energy firm said that the STAR refinery is already running at full capacity and intends to process approx. 900,000 tonnes of crude from May. The refinery, which started operations in October 2018, has processed only Rosneft’s Urals crude oil.

Petrobras to prove Pasadena refinery operational to Chevron
yesterday
Source: Reuters

Petrobras to prove Pasadena refinery operational to Chevron

According to sources, supermajor Chevron has asked Petrobras to prove Pasadena refinery to be operational before taking possession of the facility. Chevron announced in January to spend $350 million for the proposed acquisition of 112,229 barrel-per-day (bpd) Pasadena refinery from Petrobras. Sources revealed that the ownership transfer was stalled after the refinery went under planned overhaul.

US ends all the sanction waivers, oil touches 2019 highs
yesterday
Source: Reuters

US ends all the sanction waivers, oil touches 2019 highs

The announcement by Washington to end all the US sanctions waivers by May end weighed heavy on the market on Tuesday with oil prices jumping to near 2019 highs. This US strategy will bring the importers of Tehran crude under pressure. Amidst this commotion in the market, Brent soared as high as $74.40 per barrel, increasing 0.5%. WTI touched the highest since October 2018 after reaching $65.95 per barrel.

Exxon signs 20 year deal with Zhejiang
yesterday

Exxon signs 20 year deal with Zhejiang

ExxonMobil has informed that it has signed a sales and purchase agreement for the supply of Liquified Natural Gas with Zhejiang Provincial Energy Group. The agreement has been signed for 20 years during which Zhejiang Energy is expected to receive 1 million metric tons per annum of LNG. Exxon's senior VP of LNG said, "This sales and purchase agreement provides a solid foundation for our strategic partnership with Zhejiang".

US denies sanctions waiver renewal
yesterday

US denies sanctions waiver renewal

Trump administration has firmly denied the renewal of sanction waivers for importing Iranian crude. On Monday the US declared the five nations including allies Japan, South Korea and Turkey will not be exempted from the sanctions. According to the sources, this decision was finalised by President Trump on Friday. It is aimed at increasing the pressure on Iran by jeopardising the revenue they get from oil exports.

Saudi Aramco to acquire Shell’s stake in joint venture
April 22, 2019
Source: Arab News

Saudi Aramco to acquire Shell’s stake in joint venture

In a statement released yesterday, oil giant Saudi Aramco informed that it will buy out Shell’s stake in refining joint venture SASREF for approximately $631 million. The Saudi Aramco Shell Refinery Co. (SASREF) facility holds a processing capacity of 305,000 barrels of crude oil per day. While the acquisition is in part of Aramco’s downstream expansion strategy, it falls in line with Shell’s renewed focus on lower carbon businesses.

Qatar Petroleum signs a 10-year agreement with SCG Chemicals
April 22, 2019
Source: Zawya

Qatar Petroleum signs a 10-year agreement with SCG Chemicals

State-owned Qatar Petroleum yesterday informed about inking a 10-year sales agreement with Thailand’s SCG Chemicals. The long-term supply agreement will require QP to deliver 3 million metric tons of Light Naphtha to SCG, beginning April 2019. The agreement marks the first Qatar Petroleum for the Sale of Petroleum Products Company (QPSPP) naphtha feedstock sale to an end-user like SCG in Thailand.

Despite Govt order, ONGC not recognised as promoter by HPCL
April 22, 2019

Despite Govt order, ONGC not recognised as promoter by HPCL

HPCL’s stance on the promoter classification has remained resolute one year after its Rs. 37000 crore-acquisition by ONGC. In a recent regulatory filing, HPCL continued recognizing the Government as its promoter and ONGC as a public shareholder. HPCL’s shareholding pattern hasn’t changed despite a government directive asking it to acknowledge ONGC as the promoter. In response to an inquiry, HPCL has said that it is awaiting certain clarifications from authorities.

Total to set up a digital factory
April 22, 2019
Source: World Oil

Total to set up a digital factory

Last year, Total signed an agreement with Alphabet Inc.’s Google to work on developing AI solutions for the subsurface data analysis. Working on the same lines, Arnaud Breuillac, Total's head of E&P, recently informed in a conference about the digital factory to be set up by the company. This factory will employ 200 to 300 engineers in order to build the North sea project successfully using AI.

ADC to acquire Schlumberger's business in Saudi
April 22, 2019

ADC to acquire Schlumberger's business in Saudi

According to the reports, the Khobar-based Arabian Drilling Company (ADC) is ready to acquire the drilling business of Schlumberger in Saudi. Arabian Drilling Company is an alliance between the Industrialization & Energy Services Company which is a Saudi Joint Stock company and Services Petroliers Schlumberger S.A. Further, the ADC website confirms that Services Petroliers Schlumberger owns the rest 49 %.

Oil prices increase by more than 2%
April 22, 2019
Source: Reuters

Oil prices increase by more than 2%

The oil prices surged by more than 2% on Monday and reached 6 months high. According to the reports, Washington is planning to end the imports of Iranian crude which further supported the crude market. Brent increased 2.5% and was traded at $73.77 per barrel. WTI rallied by 2.2% and was traded at $65.39 per barrel.

Chrysaor acquires ConocoPhillips' UK assets
April 19, 2019
Source: World Oil

Chrysaor acquires ConocoPhillips' UK assets

Chrysaor Holdings Limited will acquire the business of ConocoPhillips in the UK. After this acquisition, Chrysaor will become the largest oil and gas producer in the UK North Sea with approximately 177,000 boepd production in 2018. The assets of ConocoPhillips includes over 280 MMboe proved and probable (2P) oil and gas reserves. CEO of Chrysaor said, "Acquiring ConocoPhillips UK accelerates our strategy and further strengthens our positions".

Serica reports a profit of £45 million
April 18, 2019
Source: Energy Voice

Serica reports a profit of £45 million

Serica Energy has announced substantial increment in its profit in the year 2018. The sales revenue of the company rose to £35m in 2018 from £11m. The Chief Executive of the company said, "In particular we aim to extend the field life of the BKR assets by concentrating on enhancing recovery and reducing costs through eliminating unnecessary complexity". The pre-tax profits of Serica surged to £45 million last year.

Nigerian court orders arrest of Shell and Eni ministers
April 18, 2019
Source: World Oil

Nigerian court orders arrest of Shell and Eni ministers

The acquisition of one of the biggest oil fields in the West African country in 2011 has now been surrounded by controversy. A court in Nigeria has ordered the arrest of two former ministers and others allegedly connected with the deal's illegal payments. Parties to the transaction, Shell and Eni are accused of settling the dispute over the oil field in an unlawful manner.

RIL denies comments on stake sale talks with Aramco
April 18, 2019

RIL denies comments on stake sale talks with Aramco

India's Reliance Industries has denied commenting on the reports of its ongoing talks with energy supermajor Saudi Aramco. According to the sources, the company might sell its 25% stakes in refining and petrochemical business to Aramco. It is being believed that the energy giant Aramco was first to show interest in Reliance about four months ago. RIL said, “Our company evaluates various opportunities on an ongoing basis”.

Equinor expands portfolio in Argentina
April 18, 2019

Equinor expands portfolio in Argentina

In Argentina’s first offshore licensing round, Norwegian energy major, Equinor won big with the award of seven exploration blocks in the bidding. While on four blocks Equinor secured 100% operatorship, it will partner with YPF and Total on the remaining three blocks. The bidding round which had 38 offshore blocks on offer was the first open bid round for Argentinian offshore acreage in almost three decades.

Halliburton secures Shell offshore exploration contract
April 18, 2019
Source: World Oil

Halliburton secures Shell offshore exploration contract

Oilfield services giant, Halliburton has informed about securing an integrated services contract with Royal Dutch Shell. The contract pertains to post-salt development and pre-salt exploration in the Campos and Santos Basins in Brazil. The three-year contract will require Halliburton to offer drilling services for bringing greater efficiency to the project through the integration of multiple product offerings and technologies.

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