fetching latest news

News tagged in:  

Asia NEWS

Santos’ assets sale reduces its debt category
Sept. 8, 2018
Source: World Oil

Santos’ assets sale reduces its debt

Santos has completed its sale of interests in the Sampang PSC and Madura Offshore PSC in Indonesia, and Vietnam Block 12W PSC. It follows the company’s announcement in May 2018 when Santos decided to sell its non-core Asian portfolio to Ophir Energy plc. Santos received a cash proceed of $144 million after the completion. It will help the company reduce its debt which was $2.2 billion till Aug. 31, 2018.

Slow economic growth affects oil prices category
Aug. 1, 2018
Source: Reuters

Slow economic growth affects oil prices

As a result of the surge in the crude stockpiles of U.S. and slow economic growth, mainly in Asia, oil prices slipped on Wednesday. Brent futures fell down by 0.4%, at $73.91 a barrel and WTI dropped down by 0.6% and was traded at $68.38 a barrel. The signs that the supply in the Bab al-Mandeb Strait will be resumed soon also affected the oil prices.

Oil prices stabilize category
July 30, 2018
Source: Platts

Oil prices stabilize

Oil prices, in wait of fresh fundamental drivers, stabilized today with a marginal rise. Brent crude prices remain untouched from last week’s settle at $74.29 per barrel, while the NYMEX September light sweet crude contract was 0.28% higher, traded at $68.88 per barrel. Last week, the market was mostly driven by Saudi’s oil halt and other factors.

Schlumberger releases Q2 report category
July 21, 2018
Source: Financial Post

Schlumberger releases Q2 report

Leading oilfield services company, Houston-based Schlumberger yesterday announced second quarterly earnings, reporting a profit for the company. Schlumberger CEO, Paal Kibsgaard regarded the second quarter as both busy and exciting. Schlumberger reported second-quarter revenue in North America to be around $2.5 billion, which is an increase of 12% sequentially. In the international markets of $4.4 billion, profits for the company grew by 6%.

Asian LNG prices scale new highs category
June 6, 2018
Source: Energy World

Asian LNG prices scale new highs

Typically peaking during winter and summers, the LNG demand in Asia has already increased to such levels that the prices have increased by 32 percent. Since mid-April, the gas prices have soared up to $9.60/million British thermal units (Btu) and are edging to $10/million Btu. Lower domestic gas production, industrial demand, and early stock building to prepare for the coming winter are some reasons attributed to the current scenario.

Indian PPAC reports 4.4% upsurge in fuel demand category
May 15, 2018
Source: Economic Times

Indian PPAC reports 4.4% upsurge in fuel demand

The Petroleum Planning and Analysis Cell (PPAC) of the Indian Oil Ministry has disclosed that the countrywide fuel consumption for the month of April totaled to 17.67 million tonnes. This indicates a rise in India’s fuel demand by 4.4%, and is owed to the surge in cooking gas (LPG) and auto fuel consumption. The data from the PPAC also showed an increase in Petrol, Diesel, ATF and other fuels.

JODCO Lower Zakum Ltd. appointed as asset leader by ADNOC category
May 12, 2018

JODCO Lower Zakum Ltd. appointed as asset leader by ADNOC

JODCO Lower Zakum Limited, a wholly-owned subsidiary of Japan’s INPEX Corp. has been appointed as the asset leader for Abu Dhabi’s Lower Zakum concession area by ADNOC. This move is followed by the award of 10% stake in offshore Lower Zakum concession to INPEX in February, 2018. INPEX also maintained its 40% stake in Satah and increased its Umm Al Dalkh share from 12% to 40%.

India entreats Japan's aid to build LNG facilities category
May 3, 2018

India entreats Japan's aid to build LNG facilities

India’s oil minister, Dharmendra Pradhan, revealed that India is seeking Japan’s help to build infrastructure to boost the usage of liquefied natural gas (LNG) in India and elsewhere in Asia. India wants to increase the share of this cleaner fuel to 15 percent of its energy usage by 2030.

Refinery project in India by Saudi Aramco is now a political hot potato category
April 28, 2018
Source: Economic Times

Refinery project in India by Saudi Aramco is now a political hot potato

Maharashtra’s Konkan region’s proposed site of a large refinery and petrochemicals complex has become a political hot potato as the regional leader Mr. Thackeray has challenged against the proceedings of the 3 trillion INR Saudi Aramco’s project saying, “We won’t allow the government to acquire even an inch of land.”

GAIL to be spilt in two companies by March next year category
April 28, 2018
Source: Economic Times

GAIL to be spilt in two companies by March next year

GAIL (India) Ltd. to be split by March next year. It shall be divided into two companies: one marketing gas and another operating pipeline that can be used by consumers who buy directly from producers as told by the head of the sector's regulator to Reuters. To ease the process in future, GAIL is already keeping separate accounts for its gas pipeline and marketing business.

No entry of ONGC and others to Aazhivaikal village category
April 24, 2018
Source: The Hindu

No entry of ONGC and others to Aazhivaikal village

Aazhivaikal villagers have put banners demonstrating a bar on entry to ONGC and others to explore natural resources. K. Ilanthirayan, a farmers’ association leader said that no agency should be allowed to damage the ecosystem of the village. Villagers in one voice said that “The Central and State governments must value our sensitivities and should not indulge in hydrocarbon exploration in Aazhivaikal.”

India-BP and Reliance announced sanctioning of Satellite Cluster project in KG D6 category
April 23, 2018
Source: World Oil

India-BP and Reliance announced sanctioning of Satellite Cluster project in KG D6

BP and RIL announced the sanctioning of the second of the three projects- Satellite cluster project- in Block KG D6. A total of about 3 Tcf discovered gas resources with a total investment of $6 billion is expected to develop out of these three projects phased over 2020-2022. Mukesh Ambani, chairman and managing director of RIL expressed his delight on the on-schedule progress of the project.

India-Liquidation of Nagarjuna Oil as bidding failed category
April 23, 2018
Source: Economic Times

India-Liquidation of Nagarjuna Oil as bidding failed

Nagarjuna Oil project at Cuddalore in Tamil Nadu, India has entered a liquidation phase under the Insolvency and Bankruptcy Code (IBC) as prospective bidders failed. Bidders which came forward, BPCL, Citax Ventures, Gulf PetroChem and Haldia Petrochemicals submitted bids lower than Rs 1450 Crores which was set as the liquidation value.

OVL files arbitration claim against Sudan category
April 18, 2018
Source: Economic Times

OVL files arbitration claim against Sudan

India’s ONGC Videsh Ltd. has filed an arbitration claim against the Sudanese government in a London court, to recover long pending dues from a project that was hit by the disintegration of South Sudan in 2011. Sudan’s ambassador to India says that the country is facing problems in making the payments due to the sanctions imposed on Sudan.

India to coordinate with China against Asian Premium category
April 16, 2018
Source: Economic Times

India to coordinate with China against Asian Premium

Dharmendra Pradhan, the Union Petroleum Minister of India, has said that India will join hands with China and other Asian countries to challenge the ‘Asian Premium’ being charged by the OPEC. Asian Premium is the extra charge being collected by OPEC nations from Asian countries when selling oil and India has been expressing dissent against it.

Shell sells over 8 percent stake of Indian MGL category
April 16, 2018
Source: Economic Times

Shell sells over 8 percent stake of Indian MGL

As part of Shell's ongoing portfolio optimization to transform itself into a simpler company with stronger returns, a unit of the firm has sold 8.5 per cent stake in Mahanagar Gas Ltd. (MGL) retails CNG to automobiles and piped cooking gas to households in Mumbai and adjoining areas.  This reflects Shell’s commitment to grow in India.

IEF New Delhi-Debate on future of Energy gains momentum category
April 11, 2018
Source: Economic Times

IEF New Delhi-Debate on future of Energy gains momentum

At the 16th International Energy Forum (IEF) Ministerial in New Delhi, oil ministers and top executives from major companies across the globe have come together to debate the way forward for the energy sector. The focus shall be on how global shifts, transition policies and new technologies influence market stability and future investment in the energy sector.

Petronet LNG and OVL together to pick stake in Qatar project category
April 11, 2018
Source: Economic Times

Petronet LNG and OVL together to pick stake in Qatar project

Petronet wants to collaborate with the overseas wing of India’s biggest explorer, ONGC Videsh Ltd., to pick up a stake in an upcoming exploration and liquefied natural gas (LNG) project in Qatar, as revealed by a top company official. It will be a maiden venture of Petronet in LNG E&P business and overseas LNG terminals.

Please Login to Save News for Later