Petroleum NEWS

State-owned China National Petroleum Corporation has won approval from the Chinese government to build three green energy production bases integrated with wind and solar energy facilities in China’s far flung Gobi Desert.

Pipeline incidents in the USA totaled 293 last year, down 112 and with 16 percent fewer occurrences affecting people or the environment over the past five years, according to a joint report by the American Petroleum Institute (API) and the Liquid Energy Pipeline Association (LEPA) Monday.

UK supermajor Shell has awarded the Serikandi Kent Energy Solutions joint venture a five-year commissioning and start-up services contract for its activities in Brunei Darussalam.

After years of wrangling, the world’s most important oil price is about to be transformed for good, allowing crude supplies from west Texas to help determine the price of millions of barrels a day of petroleum transactions.

Shell Salym Development B.V. – a subsidiary of Shell plc – has completed the withdrawal from its 50% interest in the Salym project. The petroleum project had been jointly developed with Gazprom Neft, a subsidiary of Gazprom. This follows the receipt of all necessary regulatory approvals.

Equinor said on Friday it will acquire the British oil and gas business of Canada’s Suncor Energy for $850 million, giving the Norwegian company stakes in several key North Sea petroleum assets.

Kazakhstan’s ability to diversify its seaborne crude oil export routes away from Russian territory is critical to the country’s economy, the developer of an alternative port told CNBC. Semurg Invest has been working to develop the Kuryk port on the eastern coast of the Caspian Sea — a project that includes a bulk cargo terminal, designed for the transshipment of oil, bulk oil cargo and liquefied petroleum gas.

The National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) has accepted Santos’ Offshore Project Proposal (OPP) for the Dorado development offshore Western Australia.

Investors purchased small volumes of petroleum last week, after exceptionally heavy sales the week before, squaring up short positions after an unusually sudden and steep pull back in prices on recession fears. Hedge funds and other money managers purchased the equivalent of 8 million barrels in the six most important petroleum futures and options contracts in the week to July 12. That came after cumulative sales of 201 million barrels over the previous four weeks, culminating in sales of 110 million in the week to July 5, according to ICE Futures Europe and the U.S. Commodity Futures Trading Commission.

India is in talks with Russia over a deal to buy oil at discounted rates, the chairman of state-run Hindustan Petroleum Corp said on Thursday, at a time when much of the West is shunning Russian crude over the conflict in Ukraine.

ONGC, Bharat Petroleum, Indian Oil, and Oil India have also held preliminary discussions among themselves to evaluate buying BP's 20% stake in Russian energy giant Rosneft.

In days to come, steps should be taken to run trains, airplanes, trucks and buses and especially factories producing chemicals and cement using an alternate energy source like hydrogen and research should be done in this field, he said.

"The Organisation of Petroleum Exporting Countries (OPEC) yesterday said with all current market dynamics at play, the global oil supply market could have as much as 240 million barrels of emergency crude oil in the next six months."

US product exports have accelerated to a record in recent weeks while crude imports have decelerated to the slowest rate for decades, according to data from the US Energy Information Agency (EIA).

Petroleum Minister Hardeep Singh Puri and Brazil’s Energy Minister discuss on cooperation between the two countries in energy, bioenergy, biofuels

In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) said world demand would rise by 3.67 million barrels per day (bpd) in 2022, down 480,000 bpd from its previous forecast.

In a proposal sent to the petroleum ministry for consultation, Niti Aayog has recommended setting up a special purpose vehicle (SPV) for exploration, which will be equally funded by the government and state-run oil and gas companies, according to people familiar with the matter.

A refinery in Saudi Arabia's capital, Riyadh, was attacked by a drone on Thursday morning but petroleum supplies were not affected, Saudi state news agency SPA reported early on Friday.