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The Latest Breaking News from Petroleum

U.S. House passes bill banning exports of reserve oil to China

The U.S. House of Representatives overwhelmingly passed a bill on Thursday to ban releases of oil from the U.S. Strategic Petroleum Reserve from being exported to China, though the measure faces an uncertain future in the Senate.

Reuters

Egypt to Benefit from Mining in the Golden Triangle

Egyptian Minister of Petroleum Tarek El-Molla has said that the development of the Golden Triangle region requires the participation of all sectors to attract foreign and domestic investments. The Golden Triangle project is one of the major mining projects intended to be established between Qena, Safaga, and al-Qusayr.

Asharq Al-Awsat

Call for Cambodian gas talks

Momentum is growing for the resumption of long-delayed talks between Thailand and Cambodia on joint petroleum exploration in the Gulf of Thailand, after the two countries showed interest in pushing ahead with the project.

Bangkok Post

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Oil fund considering second B30bn loan

The Oil Fuel Fund Office (Offo) is considering seeking an additional 30-billion-baht loan within March to repay debts incurred by using the fund to subsidise diesel and liquefied petroleum gas (LPG) prices.

Bangkok Post

Plans proceeding for joint petroleum production with Cambodia

The government is proceeding its years-long plan for joint production of petroleum resources in the Gulf of Thailand together with Cambodia, according to government sources.

Bangkok Post

Iraq Oil Revenues Top $115 Billion in 2022

Iraq's oil revenues in 2022 exceeded $115 billion, according to preliminary figures announced by the oil ministry on Tuesday -- a four-year high following a collapse in prices during the coronavirus pandemic. Oil production accounts for some 90 percent of Baghdad's income, and the country is the second largest producer…

Asharq Al-Awsat

The 3 Top Energy Stocks to Buy for 2023

The energy sector is anticipated to perform well in the foreseeable future as the Chinese economy recovers from COVID-19 and demand rebounds. Given this backdrop, quality energy stocks Marathon Petroleum (MPC), Berry Corporation (BRY), and Adams Resources & Energy (AE) might be solid buys for 2023. Read on….

StockNews.com

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Attack Kills 10 in Syria, Kurdish Forces Arrest 52 Militants

A militant rocket attack in eastern Syria on Friday targeted a bus with oil industry employees, killing at least 10, the government said. To the north, Syrian Kurdish-led forces announced they arrested 52 militants in an operation against ISIS sleeper cells. According to Syria’s petroleum ministry, the rocket struck in…

Asharq Al-Awsat

Egypt’s Natural Gas Export Revenue Spikes 171%

The Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla said on Wednesday that Egypt’s output of petroleum products amounted to around 79.5 MT in 2022, including around 50.6 MT of natural gas. Egypt’s exports of natural gas rose to $8.40 billion in 2022, a surge of 171 percent from…

Asharq Al-Awsat

Egypt: New Bid at 12 Blocks in Mediterranean, Nile Delta on Oil and Gas Exploration

Egypt has set a new international tender for oil and gas exploration rights in the Nile Delta and Mediterranean sea, the petroleum minister announced on Tuesday. Tarek El-Molla said the tender was set for 12 blocks, split evenly between onshore and offshore. According to the Egyptian digital portal for exploration…

Asharq Al-Awsat

The 2 Best Energy Picks for Big Gains in 2023

Despite the recent decline in oil and gas prices from their peaks, analysts remain bullish on the sector’s performance for the following year. Given this backdrop, it could be wise to buy fundamentally sound energy stocks Marathon Petroleum (MPC) and Adams Resources & Energy (AE), which look poised to soar.…

StockNews.com

Riyadh to Host First Gathering of Energy Economies in the Middle East

Preparations are underway in Riyadh to host the Energy Economics Conference, which is being organized by the International Association for Energy Economics (IAEE), for the first time in the Middle East and North Africa region. Under the slogan, “Pathways to a Clean, Stable and Sustainable Energy Future”, the conference will…

Asharq Al-Awsat

Truck with liquified gas explodes in South Africa; 8 killed

A truck carrying liquified petroleum gas has exploded in the South African town of Boksburg, east of Johannesburg, killing at least 8 people and injuring 50 others on Saturday

The Independent UK

Expanded Egyptian Investment Plans to Demarcate Western Maritime Borders with Libya

Egyptian President Abdel Fattah al-Sisi discussed on Thursday “current and future investment plans for research and exploration in the eastern and western regions of the Mediterranean” as part of efforts to demarcate the marine borders with Libya. Petroleum and Mineral Resources Minister Tarik Al Mulla stressed that all “activities carried…

Asharq Al-Awsat

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Bangkok Post

PTT sets out stance on Myanmar after fund exit

PTT Group has clarified its stance amid violence in Myanmar, which reportedly led to the withdrawal of an investment fund from its subsidiary PTT Oil and Retail Business Plc (OR), which is operating a petroleum business in the country.

Reuters

Oil tank in Colombia's Barranquilla explodes into flames, one dead

A fuel tank exploded into flames in Colombia's Caribbean city of Barranquilla early on Wednesday, killing a firefighter who fell during the explosion, local authorities said.

StockNews.com

3 Energy Stocks That Are Big Buys Right Now

Despite energy prices coming under pressure due to interest rate hikes and the strengthening of the dollar, several factors, including the price cap on Russian crude, are expected to keep the energy market hot. Hence, quality energy stocks Marathon Petroleum (MPC), Valero Energy (VLO), and Adams Resources & Energy (AE)…

Asharq Al-Awsat

Saudi Arabia, China to Implement Refining and Petrochemical Projects

Saudi Arabia and China intend to explore cooperation opportunities in refining and petrochemical projects after the significant energy companies signed memorandums of understanding (MoU) to implement several projects. Saudi Aramco, Chinese Petroleum and Chemical Corporation (Sinopec), and SABIC are exploring cooperation opportunities in refining and petrochemical projects in China and…

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StockNews.com

2 Momentum Stocks to Buy Before 2022 Ends

Marathon Petroleum (MPC) and Unit Corporation (UNTC) have maintained strong momentum despite the market fluctuations this year. With the market expected to remain under pressure in the near term, it could be wise to buy these stocks, which are expected to sustain their momentum based on their fundamental strength. Let’s…

Ballotpedia

Campaign behind a California oil and gas veto referendum submits nearly 1 million signatures

On Dec. 13, California Independent Petroleum Association (CIPA), which is leading the Stop the Energy Shutdown campaign, announced that the campaign to place a veto referendum to repeal recently passed oil and gas regulations on the 2024 ballot had collected over 978,000 signatures.

Bangkok Post

Group maintains LPG prices at 408 baht

The Energy Policy Administration Committee (Epac) has decided to continue capping the price of liquefied petroleum gas (LPG), which is used as cooking gas, at 408 baht per 15-kilogramme cylinder until the end of next month in a bid to slow rising living costs.

Asharq Al-Awsat

OPEC Sees Robust Global Oil Demand Growth in 2023

OPEC on Tuesday said it expected to see robust global oil demand growth in 2023 with potential economic upside coming from a relaxation of China's zero-COVID policies, which this year have pushed the country's oil use into contraction for the first time in years. World oil demand in 2023 will…

Bangkok Post

Prima to expand fleet of vessels

SET-listed Prima Marine, a provider of marine transport and crude oil and petroleum product storage, is expanding its fleet of vessels to serve growing demand for transport services in Southeast Asia.

Bangkok Post

Why does Biden want to buy Venezuelan oil again?

The fix is in. During the Thanksgiving holiday, the Biden administration announced it was quietly reversing policy and allowing limited petroleum imports from Venezuela. The Treasury Department lifted restrictions permitting a six-month deal to ease sanctions so that Chevron petroleum may buy and then ship Venezuelan crude oil to American…

Asharq Al-Awsat

Saudi Energy Minister: OPEC+ Adopts Economic Approach that Keeps Politics Out

Saudi Energy Minister Prince Abdulaziz bin Salman said that the OPEC+ operated according to a purely economic perspective, without entering into political aspects and alliances. “OPEC+ operates from an economic position and does not get involved in political aspects,” he said on Sunday. The minister’s comments came during the sessions…

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