Monday, December 23, 2024

Oil Ministry News

Oil India's Q2 profit forecast misses the mark due to lower prices and muted demand

State-run explorer Oil India reported a smaller-than-expected second-quarter profit on Tuesday, weighed down by lower crude prices and tepid fuel demand. The company's profit grew six-fold in three months to 18,34 billion rupees ($218 million)…

BP and Iraq to share profits on Kirkuk fields

Iraqi officials from the oil ministry said that BP will develop Iraq's Kirkuk gas and oil fields using a profit sharing model. A final agreement should be reached before the end of this calendar year. Iraq and BP have signed a preliminary deal…

India's ONGC exceeds profit expectations for the first quarter on high fuel demand

India's Oil and Natural Gas Corp. (ONGC), boosted by domestic fuel demand and a higher realisation of prices, beat the first-quarter profits estimates. The data released by the Oil Ministry shows that India's fuel usage increased significantly in comparison to the same period last year.

Venezuela's PDVSA Freezes Most Oil Exports for Contract Reviews

© poonsit / Adobe Stock

The new head of Venezuela's state oil company PDVSA has suspended most oil export contracts while his team reviews them in a move to avoid payment defaults, according to an internal document seen by Reuters and people familiar with the matter.Since U.S.

Iranian Oil Exports End 2022 at a High, Despite No Nuclear Deal

© leodeep / Adobe Stock

Iranian oil exports hit new highs in the last two months of 2022 and are making a strong start to 2023 despite U.S. sanctions, according to companies that track the flows, on higher shipments to China and Venezuela.Tehran's oil exports have been limited since former U.S.

India Asks Refiners to Cut Reliance on Middle East Oil after OPEC+ Decision

Image by Maksym Yemelyanov - AdobeStock

India has asked state refiners to speed up the diversification of oil imports to gradually cut their dependence on the Middle East after OPEC+ decided last week to largely continue production cuts in April, two sources said.India, the world's third biggest oil importer and consumer…

Venezuelan Oil Exports Rise on Larger Sales to Asia

© Francis / Adobe Stock

Venezuela’s oil exports rose in February to over 700,000 barrels per day (bpd), their highest level in 10 months, pushed by more sales of fuel oil cargoes to new clients in Asian markets, according to Refinitiv Eikon’s tanker tracking data and…

Iran's Oil Storage Almost Full as Sanctions and Pandemic Weigh

© Hayden / Adobe Stock

Iran has slashed crude oil production to its lowest level in four decades as storage tanks and vessels are almost completely full due to a fall in exports and refinery run cuts caused by the coronavirus pandemic, industry data showed.Total onshore…

Norway to Keep Oil Production Cut Unchanged after OPEC+ Deal

Gullfaks B - Equinor - Photo Ole Jørgen Bratland

Norway, Western Europe's largest oil producer, has no plans to modify its existing plans for production cuts, following the OPEC+ group's agreement to extend a deal on record output cuts to the end of July, the oil ministry said on Monday.On Saturday…

Country-by-Country Look at Dropping Fuel Demand

© Prod. Numérik/AdobeStock

It's hardly news that the COVID-19 pandemic has sent most every market into tumult, most notably the oil and gas market as political power plays flood the world with oil precisely when demand has plummeted. Here we provide some recent insights…

Norway May Join OPEC Meeting

Illustration only; An Equinor Platform - Credit: Equinor - Photo by Bo B. Randulff & Even Kleppa

Norway has been invited to and is considering attending the OPEC meeting on April 9 as an observer, and would reduce output provided there is broad support to do so, the country's oil ministry said on Monday.The ministry reiterated in an email…

Coronavirus-related Inspections Delay Venezuelan Oil Exports

At least two cargoes of Venezuelan crude have been delayed due to health inspections aboard tankers to prevent the spread of the coronavirus, according to an internal document from state oil company Petroleos de Venezuela seen by Reuters.The…

Oil Jumps After US Kills Iran's Soleimani

© qiujusong / Adobe Stock

Oil prices jumped more than $3 on Friday after a U.S. air strike in Baghdad ordered by President Donald Trump killed the head of Iran's elite Quds Force, sparking concerns for an escalation of regional tensions and disruption to crude supplies.Brent crude rose to a peak of $69.50 a barrel…

Venezuela Alters Oil Royalty Formulas, Driven by IMO 2020

© Parilov / Adobe Stock

Venezuela has changed the formulas for calculating royalties energy companies pay the government to remove references to fuel oil and some crude grades, driven by stricter rules governing marine fuel emissions, according to a document seen by Reuters.A ban by the United Nations shipping agency…

US Oil Workers Leaving Iraq After Air Strike

©  katwijksenieuwe / Adobe Stock

Dozens of U.S. citizens working for foreign oil companies in the southern Iraqi oil city of Basra were leaving the country on Friday, the Oil Ministry said, after a U.S. air strike killed a top Iranian commander in Iraq.The U.S. embassy in Baghdad urged all its citizens to leave Iraq immediately…

Iraq's Nassiriya Oilfield Resumes Operations

© Darbaz / Adobe Stock

Operations resumed at Iraq's southern Nassiriya oilfield on Monday, the oil ministry said, but it will take up to two days for output to be fully restored, two oil sources said.Protesters broke into the oilfield, which produces 80,000-85,000 barrels of oil per day…

Angola Seeks to Reduce Gas Flaring to Capture Revenue

© Igor Kardasov / Adobe Stock

Angola wants to cash in on the roughly 3 billion cubic feet per day of associated natural gas it produces, most of which is now flared, the petroleum minister said on Wednesday.The announcement of efforts to generate more revenues by reducing…

Russia: Saudi Oil C-Suite Changes Won't Impact Cooperation

Saudi Arabian oil industry: under new management.

(Photo: © Adobe Photo Stock / Phattana)

Changes in the management of its oil ministry by Saudi Arabia will not impact cooperation between Russia and the Middle East kingdom, Russian Energy Minister Alexander Novak stated today, adding that he plans to meet his Saudi counterpart Khalid…

Bribery Probe Slows Petrofac Sales

Petrofac Ltd on Wednesday reported a fall in first-half order intake and forecast lower 2020 revenue, citing uncertainty relating to an investigation into the oilfield services company's dealings in Saudi Arabia and Iraq.Petrofac, which designs…

Boskalis to Build Offshore Oil Export Installation for Iraq

Iraq's government has authorized the oil ministry to sign an initial agreement with Dutch maritime services company Boskalis to build an offshore oil export installation, it said on Thursday.Prime Minister Adel Abdul Mahdi said on Tuesday his government was seeking to diversify export routes.(Report