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China National Offshore Oil Corp, or CNOOC, will buy two cargoes of LNG with offset carbon emissions from Royal Dutch Shell, thus marking China's first gas imports of this kind. The companies will use carbon credits won in projects in China's northwest Xinjiang and Qinghai region to offset the carbon emissions involved in producing and consuming the two gas cargoes. The two cargoes will be auctioned at the Shanghai exchange.
Brazil state-controlled oil major, Petrobras reported a fire incident at its Duque de Caixas refinery, forcing the authorities to operate the refinery at half of its installed capacity. However, the company said in an email late on Monday that the fire would not affect deliveries as the inventories were already equipped. The company also did not provide a date on when production will return to normal levels.
India’s fuel demand rose by nearly 50% in May as the country eased coronavirus-led restrictions, Oil Ministry data showed on Wednesday, signaling a slow revival of economic activity. Fuel consumption, a proxy for oil demand in Asia’s third-biggest economy, totalled 14.65 million tonnes in May, 47.4% higher than in April but still 23.3% lower than a year earlier, the data from PPAC of the ministry showed..
The conversion of the Cheyenne HollyFrontier Refinery to renewable diesel production cause a loss of about 200 jobs in Cheyenne over the next 12-18 months, according to a release from the company. This conversion will cost about $125 million to $175 million. When the process is finished the Cheyenne site will produce about 90 million gallons per year of renewable diesel.
Bharat Petroleum Corp Ltd (BPCL) announced a new customer-friendly initiative with the launch of cooking gas booking through WhatsApp across the country. WhatsApp booking can be done on BPCL Smartline number — 1800224344 — from the customer’s mobile number registered with the company. BPCL already allows customers to book LPG through other channels like IVRS, missed call, apps, and website among other digital channels apart from its 6,111-strong large distributors.
Indian Oil Corp. is working on an energy transition strategy, which would involve producing hydrogen in a cost-effective way as well as developing technology to combine CNG with hydrogen, its chairman Sanjiv Singh told S&P Global Platts. In addition to refining and fertilizers, hydrogen provides a huge opportunity for the transportation sector, amongst other, but one of the biggest challenges to overcome is to make it commercially viable, he added.
CPCL had reported widening of net loss in Q4 of 2019-20 fiscal to Rs 1,637.56 crore, from Rs 29.33 crore, a year ago on lower crude production and inventory losses. Operational revenue dipped to Rs 11,769.39 crore in January-March from Rs 12,765.15 crore a year back. In 2019-20 fiscal, the company saw its net loss widen to Rs 2,077.58 crore, from Rs 213.36 crore net loss in the previous FY.
Nigeria LNG has awarded an EPC contract (Engineering, Procurement & Contract) for Train 7 project to Italian contractor, Saipem. The long-awaited project is expected to boost Nigeria’s liquefied natural gas (LNG) output by more than 30%. Saipem claimed that the overall value of the contract was above $4 billion, with its share at roughly $2.7 billion. With the LNG production declining, this deal might change the course of things.
Thailand’s largest energy company PTT announced on Monday, that it planned to cut investment by up to 15% after booking quarterly losses due to a sharp drop in oil prices and weak demand for petrochemicals amidst the coronavirus outbreak. The state-owned firm reported losses of $48.2 million in its first-quarter ending in March, its first loss in four years, versus a profit of $91.2mil a year earlier.
A team of Forensic experts examined the site for two days and claimed that the gas leakage happened due to human error and negligence. The cooling process was not maintained during the lockdown and this resulted in the generation of enormous amounts of heat and vapors started coming out of the breathers, said the experts. This laxity resulted in the death of 12 people, whilst hundreds were hospitalized.
With the US natural gas prices topping the prices chart in Europe and Asia, the buyers have started cancelling the cargos. The buyers of the two continents have already cancelled the loading of around 20 cargoes from the United States in June. Henry Hub benchmark in Louisiana settled over both the Japan/Korea Marker (JKM) according to the most recent price data.
Exxon Mobil Corp yesterday registered its first quarterly loss in almost three decades, stressed by plummeting oil demand and prices. The US-based firm posted $610 million in losses for the quarter after writing down nearly $3 billion inventory. Exxon’s crude production rose to about 4 million boepd from 3.98 million boepd from a year earlier. A ray of hope came from the chemical unit which recorded a $144 million profit.
Indian downstream giant, Reliance Industries Ltd has registered a 39% drop in its March quarter profit, pushed down by the sharp dip in oil prices and lower fuel demand. RIL posted a consolidated profit of $845 million in the quarter that ended March 31. The Mukesh Ambani-led conglomerate also reported an inventory loss of approximately $565 million. The firm's consolidated revenue from operations slipped 2.3% to $18.3 billion.
After the US crude futures collapsed into negative territory, the suppliers have become very cautious. According to the sources, crude and condensate sellers to Asia have added 'zero price' clause in their contracts. This will prevent the prices of their crude to go down below $0 and protect their interests. The new clause has been appreciated by Asian buyers.
French supermajor Total yesterday informed that 14 workers including two of its staff have been diagnosed positive for the novel coronavirus in the Congo Republic. The energy major however denied operations at the site being affected. Congo has so far recorded 200 positive coronavirus cases and eight deaths since the very first case on March 15. Total said its pandemic plan was activated after the first case to ensure smoother operations.
Venezuela is seeking help from Iran to start an ageing refinery. The increase in pressure from Trump administration has left the South American country with no choice. In the preparation to prevent gasoline shortage, Maduro appreciated Iran on sending key chemical components used for producing gasoline. The package was sent through the flight on Thursday and according to the sources 14 more flights are expected in the coming day.
The Arabic language daily Alanba has reported about Kuwait granting three contracts for the provision of maintenance and engineering services for two of its oil refineries with a combined value of $481 million. The first contract is worth $313 million for engineering and mechanical works at Al-Ahmadi refinery, the second deal is worth $168 million for Block-2 maintenance services for the 615,000-bpd Al-Zour refinery.
The world's largest oil exporter, Saudi Arabia has assured some of the refiners in Asia to supply full contractual volumes of crude in May. According to the sources, though there is no change in the volume of the supply the ratio among crude grades has been altered by Saudi Aramco. This has been done by increasing the quantity of Arab Light and reducing Arab Heavy.