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The Latest Breaking News from Petroleum

Nigeria opens Africa’s biggest oil refinery as it tries to boost struggling sector

Nigerian President Muhammadu Buhari has opened Africa’s biggest oil refinery, with hopes it will help the country achieve self-sufficiency and become a net exporter of refined petroleum products

The Independent UK

Territorial Army resumes fuel and LPG supplies in Manipur

The Territorial Army (TA) stepped in and took control of oil installations in Manipur which were not operational, and augmented manpower where there is a shortage to ensure supplies of essential petroleum and oil products

The Hindu

Dangote launches Africa's biggest oil refinery - 4 ways it will affect Nigeria

Nigeria’s new Dangote petroleum refinery is Africa’s biggest – it will produce 650,000 barrels a day, giving it the potential to address the country’s energy supply crisis. First product from the refinery is expected to hit the market by the end of July 2023.

The Conversation

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Crude Oil- Back in the U.S. Administration’s Buying Zone

In October 2022, the Biden administration told the crude oil market that the target range for replacing barrels sold from the U.S. Strategic Petroleum Reserve was $67 to $72 per barrel. The price is back at its buying level, and time will tell if the administration pulls the trigger to…

Barchart

Angus Taylor signals Coalition may reject Labor changes to petroleum resource rent tax

Move may mean government must deal with Greens to pass PRRT reforms as shadow treasurer warns against gas industry’s ‘death by a thousand cuts’

The Guardian - AU

EU Foreign Minister says Europe should stop entry of Indian products made from Russian oil

Earlier this month, the Petroleum and Natural Gas Ministry strongly denied a Finland-based think tank’s report alleging that India led five countries that acted as “laundromats” to buy Russian oil and sell refined products to European countries

The Hindu

Occidental Petroleum's Free Cash Flow and Buybacks Interest Value Investors

Occidental Petroleum reported sizeable Q1 free cash flow and spent $732 million on share buybacks. At that rate, it will buy back 5.9% of its market cap annually which greatly interests value buyers.

Barchart

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‘No Renewables’: Texas House Republicans Block Clean Energy in Political Ploy

Petroleum industry supports tax breaks for renewable energy projects but legislators refuse.

Capital & Main

Do the PRRT changes in the budget go far enough to fix a 'broken' Petroleum Resource Rent Tax?

Economists and energy experts say the government is short-changing Australians with planned changes to the Petroleum Resource Rent Tax that will only raise an additional $2.4 billion over five years.

ABC News

2 Energy Stocks to Turbocharge Your Returns

Soaring oil and gas demand and tight supply are anticipated to keep the energy sector well-positioned for considerable growth in the upcoming months. Given this backdrop, quality energy stocks Marathon Petroleum (MPC) and Permianville Royalty Trust (PVL) might be solid buys now. Read on….

StockNews.com

IOCL mobilises additional cylinders from neighbouring States to bring down backlog in delivery

In an effort to reduce the backlog in the delivery of liquefied petroleum gas (LPG) cylinders, Indian Oil Corporation Ltd. (IOCL) is bringing in refills from Karnataka, Kerala, Telangana and Puducherry

The Hindu

The Best Oil and Gas Stock to Buy Right Now

Constrained supplies and soaring demand for oil and gas have created enduring tailwinds for the energy sector. In addition to the industry tailwinds, prominent energy stock Marathon Petroleum’s (MPC) impressive fundamentals could make it a solid buy this summer. Read on….

StockNews.com

Option Volatility And Earnings Report For May 8 - 12

It’s a slightly quieter week on the earnings front but we still have a few key names reporting. These include Disney, PayPal, Airbnb, Duke Energy, Occidental Petroleum and Palantir.

Barchart

Fresh data rejigs drag down 2022-23 export-import tally by $3 billion

India’s goods trade numbers for February and March 2023 have been revised by over $10 billion from initial estimates, and the overall export-import figures for last year have been scaled down by around $3 billion dollars each.

The Hindu

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The New Daily

Producers welcome Treasurer’s budget tweak to petroleum resource rent tax

An overhaul of the petroleum resource rent tax will help get Australia's finances back on track, Treasurer Jim Chalmers says.

The Guardian - AU

Federal budget: Labor to collect billions more in petroleum resource rent tax

Treasurer Jim Chalmers and finance minister Katy Gallagher announce changes ahead of budget tipped to be at or near surplus

The Guardian - UK

E-fuels: how big a niche can they carve out for cars?

Sections of industry back synthetic alternatives to fossil fuels, but case is much stronger for aviation

Asharq Al-Awsat

Egypt Raises Diesel Prices, Keeps Gasoline Unchanged

Egypt's fuel pricing committee raised its diesel prices by EGP 1 to EGP 8.25 ($0.2666) per liter but kept gasoline prices unchanged, Egypt's petroleum ministry said early on Thursday. Prices of 80-Octane, 92-octane and 95-octane petrol remained at EGP 8.75 ($0.2827), EGP 10.25 ($0.3312) and EGP 11.50 ($0.3716) respectively, the…

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Bangkok Post

PTTEP set to miss sales target

PTT Exploration and Production (PTTEP) expects its oil and gas sales in 2023 to tally 456 kilo-barrels of oil equivalent per day (KBOED), down from a target of 470 KBOED, because of various factors including a production decrease at some petroleum sites.

The Hindu

BPCL to set up plant in Kochi to make compressed biogas from garbage

The State government has arrived at an in-principle understanding with the Bharat Petroleum Corporation Limited (BPCL) to set up a plant in Kochi to produce compressed biogas through waste processing.

ABC News

Helium production in Australia is set to end. Could another source fill the gap?

Since 2010, a by-product from a Darwin LNG plant has been Australia's only helium source. But with the feedstock for the gas plant due to run out in the coming months, we're about to begin importing it all.

The Hindu

Road transport, highways sector has maximum number of delayed projects: Govt. report

The road transport and highways sector has the maximum number of delayed projects followed by railways and petroleum industry

Newslaundry

Activists booked, externment orders: Facing local resistance, Maharashtra refinery project back in focus

Over two months after a journalist was murdered allegedly over a report linked to the project, a proposed petroleum refinery project in Maharashtra’s Ratnagiri and the agitation against it is again in the news.

Asharq Al-Awsat

OPEC: We Do Not Target Oil Prices, IEA Should be 'Very Careful'

The International Energy Agency (IEA) should be "very careful" about discouraging investment in the oil industry, which was vital for global economic growth, announced OPEC Secretary General Haitham al-Ghais. Ghais warned that such statements could lead to oil market volatility in the future. He said that the Organization of the…

The Independent UK

Man killed in petroleum plant blast was also wrestling coach

Authorities say a man killed in an explosion at a suburban Chicago petroleum refinery was working at the plant as a contractor and was also a high school wrestling coach

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