Energy Sector

Opec increases 2014 oil demand outlook

Opec increases 2014 oil demand outlookThe Organisation for Petroleum Exporting Countries (Opec) has said yesterday that it had increased forecast for oil demand growth in 2014.

Opec now accounts for about 40 per cent of the world's oil supply and represents 12 countries. The organisation revised its forecast by 50,000 barrels per day to the level of 1.14m barrels of oil per day (bopd) as the global economy begins to recover. The total world demand for oil is expected to increase to the level of 91.1m barrels of oil per day this year compared to 90 million bopd in 2013.

OPEC crude basket closes lower

OPEC crude basket closes lowerVienna, March 13 - The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $103.75 a barrel Wednesday, compared to $104.38 Tuesday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (the United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres. (IANS)

OPEC crude basket closes tad lower

OPECVienna, March 12 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $104.38 a barrel Tuesday, compared to $104.48 Monday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (the United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)

OPEC crude basket closes lower

OPECVienna, March 11 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $104.48 a barrel Monday, compared to $104.98 last Friday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (the United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)

Govt. modifies affidavit in RIL-BP-Niko matter

RIL BP NikoThe government has reportedly made some modifications in the affidavit related to the RIL-BP-Niko oil & gas fields.

While in its earlier affidavit filed on February 20 in the Supreme Court the government quoted its Cabinet Committee on Economic Affairs (CCEA) as having decided to allow contractor (RIL, BP and Niko consortium) to sell the natural gas from its D1/D3 fields at the revised price formula; in the new affidavit that government has used the word 'contractor' instead of 'contractor (RIL, BP and Niko consortium)'.

IOC planning to buy 10% stake in Petronas's Canada project

iocIndia's state-owned refiner, Indian Oil Corp has said that it is planning to acquiare a 10 per cent stake in Petrona's project in India.

Petronas, which is a major energy firm in Malaysia, has said that it is planning to build a liquefied natural gas (LNG) terminal on Canada's Pacific coast. The Malaysian firm has secured a third equity and offtake partner for the project in Canada.

ONGC agrees to supply gas to Tripura power project

ONGCAgartala, March 9 : State-owned ONGC has finally agreed to supply natural gas to 101-MW capacity Monarchak power plant that is being set up by government-run NEEPCO in western Tripura, senior officials said here Sunday.

"We would start supplying gas to Monarchak power plant from this year end. We need seven to eight months to complete the technical works to provide the gas," said Oil and Natural Gas Corporation (ONGC) group general manager V. P. Mahawar.

IOC to buy 10% stake in Petronas’ shale gas & LNG project for $900M

Indian OilIndian Oil Corporation (IOC) on Friday hit a deal to acquire a 10 per cent stake in Progress Energy Resources Corp's shale gas assets and a linked liquefied natural gas (LNG) project in British Columbia for $900 million.

IOC, which previously ventured into foreign oil & gas projects with state-run explorer OIL India, hit the deal with Petronas on its own.

Announcing the deal, Petronas said, "IOC has also agreed to offtake 1.2 million tons of liquefied natural gas (LNG) per annum, which represents 10 per cent of the LNG facility's production, for a minimum period of 20 years."

OPEC crude basket closes lower

OPEC crude basket closes lowerVienna, March 7 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $104.37 a barrel Thursday, compared to $105.24 Wednesday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light
(Saudi Arabia), Murban (the United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)

NEB approves Enbridge's reversal plan

NEB approves Enbridge's reversal planThe National Energy Board has given approval to Enbridge's plan to reverse the flow and increase the capacity of a pipeline that connects southern Ontario and Montreal.

The approval for the Calgary-based energy giant is subject to certain conditions and requirements by the board.  Enbridge will now be required to submit a plan to manage cracking features in the pipeline, and manage water crossings in the area.  The board said that the requirements on the company will ensure that the project will be safe and environmentally sensitive.

OPEC crude basket closes lower again

OPECVienna, March 6 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $105.24 a barrel Wednesday, compared to $106.30 Tuesday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (the United Arab Emirates), and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)

OPEC crude basket closes over a dollar lower

OPECVienna, March 5 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $106.30 a barrel Tuesday, compared to $107.80 Monday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (the United Arab Emirates), and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)

ONGC expects peak gas output of 25-30 mscmd from KG basin

ONGCNew Delhi, March 4 : State-run Oil and Natural Gas Corp (ONGC) expects a peak gas output of 25-30 million standard cubic metres per day (mscmd) from its KG basin block on the country's east coast, exploration director N. K. Verma said here Tuesday.

Verma told mediapersons that gas production from the deep water block, which holds over 2 trillion cubic feet (tcf) of gas, will begin in 2017.

In July 2013, ONGC signed an agreement with Reliance Industries (RIL) to explore possibility of hiring RIL's infrastructure facilities on the east coast to economise on costs, as well as expedite field development.

UK must reduce fuel duty

fuel dutyExperts have said that the government in the UK must reduce its fuel duty in order to bring to the same level as that in European nations.

George Osborne has been urged to reduce petrol and diesel duty by three pence during this month's budget. It is believed that the UK has higher taxes on fuel than most European nations. The FairFuel UK campaign, which his headed by television personality Quentin Willson, said that the UK has the highest duty on diesel in the EU and the second highest duty on petrol just behind Sweden.

Petrol price hiked by 60 paise, diesel by 50 paise

Oil Price hikeGovernment-run oil marketing companies (OMCs) once again increased the prices of petrol and diesel, while left rates of other major petroleum products (POL) untouched.

Petrol price was hiked by 60 paise per litre (excluding taxes), while the price of diesel was increased by 50 paise a litre. The revised prices took effect from Friday midnight.

After the price revision, petrol costs Rs 73.16 a litre in Delhi, Rs 80.96 a litre in Kolkata, Rs 82.07 a litre in Mumbai and Rs 76.48 a litre in Chennai. Prices differ in different states due to different rates of local taxes.

Petrol hiked by 60 paise/litre, diesel by 50 paise

Petrol-diesel-hikedNew Delhi, Feb 28 : Petrol price was raised Friday by 60 paise a litre, minus taxes, while the diesel rate was hiked by 50 paise per litre. The revised prices will take effect from midnight, it was announced.

Diesel prices were last increased by 50 paise per litre on Jan 31, while petrol price was kept unchanged.

Allowing for local taxes, the price of petrol per litre will be Rs. 73.16 in Delhi, Rs. 80.96 in Kolkata, Rs. 82.07 in Mumbai and Rs. 76.48 in Chennai, while that of diesel per litre for the four metros, respectively, will be Rs. 55.48, Rs. 60.09, Rs. 63.86 and Rs. 59.17.

Exxon Mobil to cut spending by 13% to $37 Billion

Exxon Mobil to cut spending by 13% to $37 BillionWorld's largest oil company by market value, Exxon Mobil Corp has said that it will cut spending on new wells, offshore platforms and fuel plants by about 13 per cent after it recorded an increase in reserves.

The company has said that the capital expenditures will be average at about $37 billion per year this year and for the next several years compared to $42.5 billion in 2013. The company, which is based in Irving, Texas said in a filing with the U. S. Securities and Exchange Commission filing yesterday that it's spending is expected to fall in the coming years.

OPEC crude basket closes tad lower

OPECVienna, Feb 27 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $106.49 a barrel Wednesday, compared to $106.55 Tuesday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (the United Arab Emirates), and Merey (Venezuela). A barrel is equal to 159 litres. (IANS)

Crude-oil futures trading lower in Asia

Crude-oil futures trading lower in AsiaAccording to the latest figures released, the crude-oil futures were trading lower in the Asian market on Wednesday on indications that the US stock pile is rising.

The figures showed that the light, sweet crude futures for delivery in April on the New York Mercantile Exchange was trading at $101.62 a barrel, which is $0.21 lower in the Globex electronic session. The April Brent crude on London's ICE Futures exchange recorded a fall of $0.23 to $109.28 a barrel.

OPEC crude basket closes a little lower

OPECVienna, Feb 26 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $106.55 a barrel Tuesday, compared to $106.70 Monday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (the United Arab Emirates), and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)




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