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The Latest Breaking News from Petroleum

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 - AU

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

The Guardian - UK

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…

Asharq Al-Awsat

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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.

Bangkok Post

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.

The Hindu

Commercial LPG cylinder prices slashed by Rs 171.5 per unit

NEW DELHI: Petroleum and oil marketing companies have slashed the price of Commercial LPG cylinders by Rs 171.50 with immediate effect, according to sources on Monday.

The Times of India

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.

ABC News

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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

The Hindu

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.

Newslaundry

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…

Asharq Al-Awsat

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

The Independent UK

Replacing methane with hydrogen to heat homes is a bad idea -- here's why

Hydrogen is an energy-rich gas, which releases no carbon emissions when burned. It can be used in most equipment where fossil fuels such as natural gas (methane) or LPG (liquefied petroleum gas) are currently used. In your home, that might mean a gas boiler, heater, cooker or all three.

The Conversation

Oil Rises as Falling US Inventories Refocus Market on Demand

Oil rose on Wednesday after plunging more than 2% in the previous session as reports of falling US crude oil and fuel inventories refocused investors on robust demand in the world's top oil consumer. Brent crude climbed by 30 cents, or 0.4%, to $81.07 a barrel by 0358 GMT. US…

Asharq Al-Awsat

Tax shield on super gas profits leaves Australians looking like 'chumps', economist says

It was once described as world-leading, but calls are growing louder for changes to Australia's super gas profits tax amid claims it is collecting "beer nuts".

ABC News

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The Independent UK

1 dead, 1 injured in blast at Chicago area petroleum plant

Authorities say an explosion at a suburban Chicago petroleum plant killed one person and injured a second Tuesday morning

Chicago Sun-Times

Federal safety agency investigating explosion at Lemont refinery that killed a man and injured another person

An asphalt tank exploded at the refinery in the 12000 block of South New Avenue about 10 a.m. Tuesday, according to the Will County sheriff’s office.

Daily Mirror

Explosion at Seneca Petroleum Lemont: One person killed in horror chemical plant blast

Pictures from the Seneca Petroleum Company in Lemont, Illinois, show the blaze leaping above industrial containers as firefighters use cranes to tackle the blaze

The Hindu

Host of activities lined up in Telangana for Saksham 2023

A comprehensive plan has been drawn up by the participating companies — Indian Oil, HPCL, BPCL and GAIL — in partnership with Petroleum Conservation Research Association to reach out to various sections of society with activities to create awareness.

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Barchart

Crude Oil and the U.S. SPR

The U.S. SPR has dropped steadily and stood at the lowest level since October 1983 on April 14, 2023. The Biden administration authorized an unprecedented SPR release and sale following Russia’s invasion of Ukraine that drove crude oil prices to over $130 per barrel in March 2022, the highest price…

The Times of India

Bureaucrat Ashish Kundra’s new book ‘A Resurgent Northeast: Narratives of Change’ launched in New Delhi

Author, IAS officer, and senior bureaucrat Ashish Kundra's new book on the history of Northeast India and its people, ‘A Resurgent Northeast: Narratives of Change’, was released on April 21, 2023, at an event in New Delhi. The book was launched in the presence of Kiren Rijiju- Union Minister of…

Reuters

Exclusive-Pakistan makes its first purchase of discounted Russian oil

Pakistan has placed its first order for discounted Russian crude oil under a deal struck between Islamabad and Moscow, the country's petroleum minister said, with one cargo to dock at the port of Karachi in May.

AAP

Petroleum tax hike a bandaid budget fix: Woodside boss

Tinkering with the petroleum resource rent tax could cause long-term harm to the gas and oil industries, Woodside chief Meg O'Neill says.

StockNews.com

2 of the BEST S&P 500 Stocks by One-Year Performance

While macroeconomic uncertainties have fostered market volatility, the S&P 500 gained 7.8% year-to-date. We think fundamentally strong S&P 500 stocks Gilead Sciences (GILD) and Marathon Petroleum (MPC), which have gained more than 30% over the past year, could be worth buying now. Read more.

The Guardian - AU

Changes to petroleum resource rent tax estimated to net Australian government $94.5bn

Greens to use Parliamentary Budget Office costing to push Labor to clamp down harder on tax concessions for gas producers

Birmingham Post

Big rise in value of exports but Wales still has a trade deficit of £3bn

Firms in Wales exported £20.5bn worth of goods to markets around the world in 2022

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