Energy NEWS

As the coronavirus pandemic and low oil prices continue to strangle the market, Canadian oil and gas firms are looking to cut over C$2.4 billion to C$3.5 billion ($1.7 billion-$2.5 billion) from financial budgets for 2020. The latest in the line of producers releasing capital spending cuts include Crescent Point Energy Corp., NuVista Energy Ltd., Vermilion Energy Inc. and Enerplus Corp. Husky Energy is planning to cut C$1 billion in expenditure.

S&P Global Platts yesterday informed about publishing the first-to-market suite of hydrogen price assessments. Platts’ hydrogen price assessments will indicate the value of hydrogen produced at hubs in the significant regions of consumption across the US and Europe. Platts is also looking to assess other additional prices in other geographies, including Asia. S&P Platts is an independent provider of information and benchmark prices for the commodities and energy markets.

Indian upstream major, ONGC has unveiled a new vision to increase its oil and gas output twofold from its domestic and overseas fields. The vision incorporates magnifying its refining capacity to three times alongside diversification into renewables. ONGC Chairman Shashi Shanker said that the company envisions to become "A diversified energy company with a strong contribution from non E&P business; 3x revenues and about 5-6x market capitalisation,".

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.