Energy Sector

Surge Energy to acquire remaining stake in Longview Oil

Surge Energy to acquire remaining stake in Longview OilSurge Energy has indicated that it is planning to acquire the remaining stake in Longview Oil Corp in order to have complete control on the company.

Surge Energy is already the largest shareholder in Longview Oil Corp has finally agreed to buy the rest of the company. Surge announced a unsolicited non-binding proposal to acquire all the remaining outstanding shares in the company.

BP closes refinery in Brisbane

BP closes refinery in BrisbaneBP has announced its decision to close its key oil refinery in Brisbane in Australia. The move will be a major set back for the country's oil supply security. Following the closure, the country will be able to meet only a third of its domestic petrol and diesel demand in Australia.

The company announced on Wednesday that it will close down its Bulwer Island refinery in Brisbane in 2015. The close will result in a loss of a total of more than 350 jobs. BP has decided to take the product from Caltex's Lytton refinery and will also keep its storage units at Bulwer Island on 'care and maintenance'.

OPEC daily basket price closes still lower

OPEC daily basket price closes still lowerVienna, April 2 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $103.25 a barrel on Tuesday, compared to $104.08 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 (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)

OPEC daily basket price closes lower

OPECVienna, April 1 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $104.08 a barrel Monday, compared to $104.27 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 (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)

Russia cancels discount on gas supplies to Ukraine

Russia cancels discount on gas supplies to UkraineMoscow, April 1 : Russian gas monopoly Gazprom said Tuesday it has cancelled discounts on natural gas supplies to Ukraine.

"In the second quarter of 2014, price of gas supplied to Ukraine will be $385.5 (for 1,000 cubic metres)," Gazprom CEO Alexei Miller said.

Miller noted that Gazprom would not any more apply the discount agreed with Kiev last December, Xinhua reported.

Climate change policies not to affect demand for fuel, says Exxon

Climate change policies not to affect demand for fuel, says ExxonExxon Mobil has said in a new report that polices being devised around the world to combat climate change are not likely to affect the demand for oil and gas.

Exxon released a report in response to concerns from some shareholders and environmental activists that the company's assets will be worth much less as the world moves to restrict oil consumption. The company said that it has found that the policies will not affect the consumption and the company will continue to sell the fuel it has found and will find in the future.

Oil India-led consortium bags two Myanmar oil blocks

Oil-India-Myanmar-oil-blocksMumbai, March 31 : An Oil India-led consortium has won two offshore oil blocks in Myanmar for exploration.

"Mercator Petroleum Ltd, in consortium with Oil India Ltd and Oilmax Energy Pvt Ltd has been chosen as the selected candidate by the Ministry of Energy of Myanmar, for two shallow water offshore oil blocks in the Myanmar Offshore Block Bidding Round - 2013," city-base conglomerate Mercator said in a filing to the Bombay Stock Exchange (BSE).

Mercator Petroleum is a subsidiary of Mercator.

BP, Niko seek arbitration over penalty for gas output decline

BP, Niko seek arbitration over penalty for gas output declineFormally joining hands with Reliance Industries Ltd (RIL) in the ongoing battle over declining output at KG-D6 gas block, BP Plc and Niko Resources have issued arbitration notices to the government of India.

British oil giant BP and Canada-based Niko have reportedly issued separate arbitration notices to the government; in which the two companies, like RIL, argued that the production sharing agreement doesn't provide for a penalty in case output lags behind figures projected in field investment plans.

Woodside misses deadline Israeli gas project

Woodside misses deadline Israeli gas projectWoodside Petroleum, which was eyeing a stake in a natural gas project in Israel, has missed a deadline for the deal.

The company is aiming to reach a $US2.7 billion or $A2.92 billion deal for a stake in a natural gas project in middle eastern nation. The company was planning to acquire a 25 per cent stake in Leviathan project. It is required to pay an amount of $US850 million up-front but the company has not reached agreement with the Israeli government on the matter yet.

OPEC daily basket price closes higher again

OPEC daily basket price closes higher againVienna, March 27 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $103.62 a barrel Wednesday, compared to $103.39 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 (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)

OPEC daily basket price closes higher

OPEC daily basket price closes higherVienna, March 26 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $103.39 a barrel Tuesday, compared to $103.13 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 (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)

Texas oil spill traps cruise ships in Galveston Bay

Texas oil spill traps cruise ships in Galveston BayReports have shown that a serious oil spill has trapped at least three cruise ships as it closed shipping channel connecting Galveston Bay and the Gulf of Mexico for the second day, according to the Coast Guard.

A barge carrying almost 1 million gallons of heavy oil collided with a ship in the Houston Ship Channel at Texas City and caused the dangerous oil spill. The barge tank containing 168,000 gallons of oil was damaged in the accident and the oil was spilled into the water. The Coast Guard said that it is now known as to how much oil was spilled into the sea.

OPEC daily basket price closes higher

OPEC daily basket price closes higherVienna, March 24 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $103.30 a barrel Friday, compared to $102.37 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)

Fracking increases gas reserves in the US

Fracking increases gas reserves in the USExperts have said that the new technique for gas extraction, fracking has helped explore new wells and in the United States and has significantly boost the reserves in the country.

Fracking involves creating little explosions underground and then flooding with water and chemicals to obtain gas trapped in shale rocks. There were concerns that the controversial fracking technique for extraction gas trapped under the rocks could damage the environment and pollute the ground water.

BG Group planning to cut 1,100 jobs in the UK

BG GroupBG Group, a leading Oil and gas firm, has indicated that it is planning to cut up to 1, 100 jobs in the UK under its voluntary redundancy programme aimed at reducing costs and reviving business.

BG Group, which is a part of FTSE 100, is aiming to cut jobs in order to streamline its business. The voluntary redundancy package is being offered to all of the employer's staff based at its UK headquarters in Reading. Under the plans, the company could cut 70 per cent of the company's workforce in the UK.

UNSC to stop illicit oil export from Libya

UNSC to stop illicit oil export from LibyaUnited Nations, March 20 - The UN Security Council (UNSC) decided Wednesday to take measures to stop illicit crude oil export from Libya, requesting countries to prohibit vessels with illicitly exported oil from entering their ports.

In a unanimously adopted resolution, the council condemned the attempts to illicitly export crude oil from Libya while calling the Libyan government "to expeditiously contact the concerned vessel's flag state, in the first instance, to resolve the issue", Xinhua reported.

OPEC daily basket price closes lower

OPECVienna, March 19 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $103.29 a barrel Tuesday, compared to $103.85 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)

Diesel under-recovery falls to Rs.7.16 a litre

Diesel under-recovery falls to Rs.7.16 a litreNew Delhi, March 18 : The under-recovery, or revenue loss, on diesel for the second fortnight effective March 16 has come down to Rs. 7.16 per litre from Rs. 8.37 during the first fortnight of the month, the petroleum ministry said Tuesday.

"In the case of PDS Kerosene and Domestic LPG the under-recoveries for the month of March 2014 remains unchanged at Rs. 36.34 per litre and Rs. 605.80 per cylinder respectively as their refinery gate prices are determined on monthly basis," the ministry added.

OPEC daily basket price closes tad higher

OPEC daily basket price closes tad higherVienna, March 18 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $103.85 a barrel Monday, compared to $103.83 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)

OPEC crude basket closes tad lower

OPECVienna, March 14 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $103.71 a barrel Thursday, compared to $103.75 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)

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