Oil and Gas NEWS

"Shares of Petronet LNG NSE -0.05 % Ltd. rose 0.57 per cent to Rs 212.5 in Thursday's trade as of 10:05AM (IST) even as the benchmark Nifty ruled at 17027.35, down 250.6 points. The scrip had closed at Rs 211.3 in the previous session. The stock quoted a 52-week low of Rs 206.7 and a high of Rs 260.9. The company quoted a market-cap of Rs 31695.0 crore on the BSE.

Gas and oil wells could be obsolete in the City of Los Angeles by 2027, after the city council unanimously approved a motion to draft an ordinance that bans new and existing wells over the next five years.

NEW YORK, Jan. 24, 2022 /PRNewswire/ -- The oil and gas pipeline and transportation automation market is set to grow by USD 742.43 million, progressing at a CAGR of 1.72% from 2020 to 2025. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. The convenience of using oil and gas pipeline and transportation automation will offer immense growth opportunities. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments.

(Reuters) - A federal appeals court on Wednesday revived a fight between BP, two contractors and an insurance company over who should pay for thousands of personal injury claims brought by cleanup workers after the Deepwater Horizon explosion and fire in 2010. The 5th U.S. Circuit Court of Appeals reversed most of a lower court’s rulings for contractors National Response Corp and O’Brien’s Resource Management, and for O’Brien’s excess-liability insurer, Navigators Insurance Co.

Muscat: Oil and gas companies in Oman are increasingly adding green practices into their operations, to help sustain the environments in which they operate over the long-term. While some choose to recycle the water brought up to the surface during oil extraction by building wetlands that help local species of animals and birds thrive while reducing desertification, others are setting up facilities that produce far fewer pollutants during the process of oil refining.

SINGAPORE :China's annual crude oil imports slid 5.4per cent in 2021, dropping for the first time since 2001, as Beijing clamped down on the refining sector to curb excess domestic fuel production while refiners drew down massive inventories. China has been the global oil demand driver for the last decade, accounting for 44per cent of worldwide growth in oil imports since 2015, when Beijing started issuing import quotas to independent refiners. Benchmark Brent crude oil weakened slightly to $84.40 per barrel in the wake of the data release.

A pipeline ruptured a few hundred feet from the Mississippi River in New Orleans last month, spilling more than 300,000 gallons of oil, and reports of the spill are only now being discovered. The oil spill stemmed from a pipeline operated by Collins Pipeline Co. and was discovered on Dec. 27 near a levee in St. Bernard Parish, just east of New Orleans, according to The Associated Press. More than 300,000 gallons of diesel fuel were spilled, contaminating soil and creating a pool of diesel in an environmentally sensitive area a few hundred feet from the Mississippi River.

WTI crude oil follows broad based risk-on sentiment and closed higher overnight. Rise from 62.90 resumed by breaking through 80.63 temporary top and hits as high as 81.79 so far. Current rally is expected to target 161.8% projection of 62.90 to 73.66 from 66.46 at 83.86, which is close to 85.92 high. Rise from 62.90 is seen as the second leg of the consolidation pattern from 85.92 only. Hence, we’re not expecting a firm break of 85.92 yet. Instead, another fall should be seen before the consolidation completes. Break of 77.97 support will indicate rejection by 85.92 and target 73.66 resistance turned support first.

On December 5, 2021, the 23rd World Petroleum Congress kicked off in Houston, Texas, the first time it’s been held in the US for 30 years. Not surprisingly, many of the comments on the first day were aimed at the need for fossil fuels. The over-riding goal of many oil and gas companies, especially in the USA, is to keep the production of oil and gas going – and for a long time.

I am assigning Schlumberger (NYSE:SLB) a positive risk/reward rating based on the early stage of a new growth cycle, an exceptional multi-year earnings growth trajectory, the company’s global leadership position, and an unusually asymmetric potential return profile. Risk/Reward Rating: Positive Schlumberger reported its second consecutive quarter of year-over-year revenue growth on October 22, 2021. The Q3 2021 financial report marked an inflection point in the 6-year bear market for the energy services sector and signaled the beginning of a new growth cycle. Given the early stage of the nascent energy services growth cycle, Schlumberger represents an intriguing cyclical growth opportunity as the global leader in the space.

Shell Oil (RDS.A) closed the most recent trading day at $42.86, moving +0.07% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.87%. Elsewhere, the Dow lost 0.08%, while the tech-heavy Nasdaq lost 0.54%.

The federal government has refused a controversial oil and gas drilling permit off the NSW coast, saying a "methodical process" was undertaken before arriving at a decision. The federal government has knocked back a controversial oil and gas drilling permit off the NSW coast in a move hailed a win by environment groups. The Petroleum Exploration Permit 11 (PEP11) between Newcastle and Wollongong had been the subject of vocal community opposition. Prime Minister Scott Morrison on Thursday confirmed the government would refuse the application.

KUALA LUMPUR (Dec 9): Oil and gas (O&G) upstream investment will need to increase and be sustained at near pre-Covid-19 levels of US$525 billion (about RM2.21 trillion) through 2030 to ensure market balance despite slowing demand growth. A recent report titled “Investment Crisis Threatens Energy Security” by the International Energy Forum and IHS Markit said upstream investment in the O&G sector in 2021 was depressed for a second consecutive year at US$341 billion — nearly 25% below 2019 levels. Meanwhile, O&G demand is now near pre-pandemic highs and will continue to rise for the next several years, particularly in developing countries.

Joint action by major economies is comparatively rare. So the decision of big oil consumers – the US, China, India, Japan, South Korea and Britain – to challenge OPEC and Russia is a signal moment. Past coordinated actions include the rebuilding of the global economy by the G20 after the financial crisis and emergency interest rate cuts by the US, Britain and the European Central Bank at the start of Covid-19.

LAGOS, Nigeria — The staff at Big Cabal, a media start-up, wanted to ditch its diesel generator, but needed something to keep the office air-conditioners running. The generator was noisy, expensive and, maybe worst of all, bad for the environment. Hoping for a greener solution to its problem, Big Cabal in 2019 bought solar panels for its two-story office building.

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Albemarle Corp., BEACON ORGANOSYS, Gulf Resources Inc., Honeywell International Inc., Israel Chemicals Ltd., LANXESS AG, Pacific Organics Pvt. Ltd., Perekop bromine, TETRA Technologies Inc., and Tosoh Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. The growth of the oil and gas industry has been instrumental in driving the growth of the global bromine market. However, fluctuation in the prices of crude oil might hamper the market growth.

The White House is backing a plan by House of Representatives Democrats to let renewable energy firms form tax-advantaged partnerships that the oil and gas industry has used for decades to build out the U.S. pipeline and storage infrastructure, according to three people familiar with the matter.

OPEC's strong demand forecast comes amid tight oil supply as a significant portion of oil production in the Gulf of Mexico remains offline nearly two weeks after Hurricane Ida. With Tropical Storm Nicholas now heading toward the Texas oil hub, fears of further disruption in oil supply loom large. Given the backdrop, investors in upstream oil stocks such as Vermilion Energy and Centennial Resource Development are unsurprisingly excited. Higher oil prices mean more money for these oil producers, which they can then use to produce more oil to meet higher demand. That also means better prospects for oil-field service companies such as Helix Energy. Last quarter, Helix Energy downgraded its 2021 revenue outlook to $635 million at the midpoint from previous midpoint guidance of $662.5 million, representing roughly 13.5% drop over 2020 revenue.