Energy Sector

Petronas to sell 10% stake in Canadian LNG venture to IOCL

PetronasMalaysian energy giant Petronas has reportedly agreed to sell a 10 per cent stake in its Canadian shale gas & liquefied natural gas (LNG) export project to Indian Oil Corporation Limited (IOCL).

According to the PTI, the deal is part of the 25 per cent stake in the RM66.64 billion Canadian LNG export project that Petronas is selling to an Indian firm and an Asian gas purchaser.

IOCL is reportedly acquiring the stake for RM2.95 billion (C$1 billion).

Vietnam, US cooperate in developing renewable energy

Vietnam, US cooperate in developing renewable energyHo Chi Minh City, Feb 21 - The US is willing to provide technical assistance and share experience in developing renewable energy in Vietnam, US Consul General Rena Bitter said Thursday

Bitter said it during a joint Vietnam-US workshop on wind power cooperation in Vietnam's southern Ho Chi Minh (HCM) City, Xinhua reported.

OPEC crude basket closes higher

OPEC-crudeVienna, Feb 20 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $107.15 a barrel Wednesday, compared to $106.53 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)

British Gas aiming to win back customers

British GasBritain's biggest gas supplier, British Gas has said that it is aiming to win back customers that defected to other rivals in recent months.

British Gas will announce that about 370,000 customer accounts defected to rivals during the fourth quarter of the financial year. The company is planning to release its full-year earnings report on 20 February, 2014. The company is expected to announce that its operating profit will allow it to secure long term gas supplies for the UK. Analysts have said that the company's operating profits are expected to rise to about 2.7 billion pounds amid intense political pressure over high margins.

Jordan, US sign $771 mn natural gas deal

Jordan, US sign $771 mn natural gas dealAmman, Feb 20 - Jordan and the US have signed a 15-year natural gas deal worth $771 million, which may enable gas supply through a pipeline by the beginning of 2016.

The deal was signed between Jordan's Arab Potash Company and US-based Nobel Energy to provide the potash company with natural gas. The supply of natural gas is expected to start early 2016, Xinhua quoted the Jordanian company as saying in a statement Wednesday.

OPEC crude basket closes higher

OPECVienna, Feb 19 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $106.53 a barrel Tuesday, compared to $106.11 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)

Oil prices rise over prolonged US cold weather

Oil prices rise over prolonged US cold weatherNew York, Feb 19 - Oil prices jumped Tuesday as traders expected cold weather in the US will boost the demand for heating fuel.

Consumption of heating oil is expected to surge as a winter storm swept across the northeastern US, Xinhua reported.

About 25 percent of households in the US northeast use heating oil to warm their homes, according to the Energy Information Administration (EIA).

The EIA is scheduled to release its weekly inventory data Thursday. US heating oil inventories dropped in the past several weeks.

Centrica to announce results amid pressure over high margins

Centrica to announce results amid pressure over high marginsCentrica, a leading gas provider in the UK, is set to announce its annual results at a time when the energy firms in the UK are facing pressure over high margins.

Experts have said that the group might record an increase of 5.5 per cent to £18.8 billion during the previous year. They expect the underlying pre-tax profits to rise 9 per cent to the level of £1.8 billion. The firm is facing criticism for earning large margins from customers while households face pressure on bills.

OPEC crude basket closes higher

OPECVienna, Feb 17 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $105.58 a barrel Friday, compared to $105.27 last Thursday, 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, Feb 14 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $105.27 a barrel Thursday, compared to $105.46 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)

Six biggest energy firms received 5.5 million complaints in 2013

Six biggest energy firms received 5.5 million complaints in 2013According to a new report, the big six energy firms in the UK received a total of more than 5.5 million complaints in 2013, which was the first full year of official figures.

Which? has launched a new campaign to address issues in the energy market. The campaign group is urging people to sign a petition to address issues. The biggest energy firms, British Gas, EDF Energy, E. On, Npower, Scottish Power and SSE received a total of 5,579,665 complaints during the year 2013.

ONGC posts 28% jump in Q3 net

ONGC posts 28% jump in Q3 net Despite heavy burden of subsidy, Oil & Natural Gas Corp (ONGC) on Thursday reported an impressive increase in its quarterly net profit as rupee depreciation helped it realize more revenues.

The state-run energy giant announced that its net profit increased 28 per cent year-on-year to Rs 7,126 crore in the October-December quarter of 2013. In the October-December quarter of 2012, the company had pocketed a net profit of Rs 5,563 crore.

Indian Oil posts Q3 net loss of Rs.961 crore

Indian-OilNew Delhi, Feb 13 : State-run Indian Oil Corp (IOC) Thursday posted a net loss of Rs. 961.45 crore in the third quarter ending December owing to lower subsidy payment by the government on the sale of petroleum products.

"The company posted losses mainly on account of higher absorption of under recoveries on sale of sensitive petroleum products," IOC chairman R. S. Butola said here announcing the results.

OPEC crude basket closes slightly higher

OPEC crude basket closes slightly higherVienna, Feb 13 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $105.46 a barrel Wednesday, compared to $105.30 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 tad lower

OPEC crude basket closes tad lowerVienna, Feb 12 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $105.30 a barrel Tuesday, compared to $105.52 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)

Kejriwal should know how government functions: Moily

Kejriwal should know how government functions: MoilyPetroleum Minister Veerappa Moily has called Delhi Chief Minister Arvind Kejriwal ignorant and advised him to know how a government functions.

Moily hit-back at Kejriwal after he ordered Delhi's Anti-Corruption Branch to register FIRs against Moily some other high-profile personalities over irregularities in the pricing of natural gas from K G Basin.

Davey criticises energy firms for large profit margins

Ed DaveyEnergy Secretary Ed Davey has criticised the major energy firms in the country for huge profit margins in supplying gas.

Scottish and Southern Energy (SSE) and the owner of Scottish Gas, Centrica saw a fall in their share prices after Davey indicated that such firms might be broken up. Mr Davey estimated that margins on gas bills were up to five times than that on electricity. Centrica shares were down 3% or 10.3p to 303.85p, while Perth-based rival SSE's shares were down 19p at 1338p

Suttie to acquire assets near Shetland

Ian SuttieIan Suttie, the Scottish oil and gas major, is planning to acquire a portfolio of assets east of Shetland for $53 million £32 million.

Suttie, who heads First Oil in Aberdeen, has announced that he has agreed to acquire bulk of the North Sea estate of Canada's Antrim Energy. The stake sale includes two producing fields and exploration acreage. First Oil has emerged as a major player in the industry through a series of acquisitions and exploration success.

OPEC crude price lowest in 14 weeks

OPEC crude price lowest in 14 weeksVienna, Feb 11 - The weekly Reference Basket Price of the Organization of Petroleum Exporting Countries (OPEC) crude hit the lowest level in the past 14 weeks, the Vienna-based cartel said.

The weekly Basket price of the OPEC crude stood at $103.10 per barrel last week, a drop from $104.68 per barrel the previous week, hitting the lowest level of the past 14 weeks, reported Xinhua.

It was the also the second consecutive week of price declining.

OPEC crude basket closes over a dollar higher

OPEC crude basket closes over a dollar higherVienna, Feb 10 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $104.41 a barrel Friday, compared to $103.34 last Thursday, 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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