The Trump administration has finalized a plan that will open up more land for oil and gas drilling in the Alaska Petroleum Reserve, the Bureau of Land Management said this week, adding that the plan covers 18.6 million acres in the reserve. At the same time, the BLM closed 4 million acres to oil and gas drilling, including the habitats…
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South Korea has dispatched military forces to the Strait of Hormuz after the Iran Revolutionary Guard seized a Korean-flagged oil tanker yesterday. According to Arirang News, the dispatched force is South Korea’s anti-piracy unit. It comprises a 300-strong force, a helicopter, and a 400-ton destroyer. “The South Korean tanker was stopped in the waters of the Persian Gulf” because of…
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Members of the opposition in Somalia warned this week that the country’s federal government is about to sign a secret petroleum exploration and drilling agreement with two foreign companies a month before its term in office expires, which would “pose a great danger” to the future of Somalia and its natural resources. The opposition has received information that Somalia’s Ministry…
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2018 was a very bad year for one-time commodity trading wunderkind, Pierre Andurand, who back in April of 2018 bet oil could soon hit $100 a barrel (and even said $300 oil is “not impossible”), but watched as his billion Andurand Commodities Fund suffered its largest monthly loss ever just a few months later as oil closed the year at…
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Oil edged higher ahead of a resumption of OPEC+ talks that were unexpectedly suspended due to a disagreement over whether to raise output in February as the coronavirus continues to surge. Futures in New York gained toward $48 a barrel after dropping the most in 2 weeks on Monday. Discussions will restart on Tuesday after a majority of members, including…
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Trafigura Group’s purchase of a stake in Rosneft PJSC’s flagship Arctic oil project was funded by a $7 billion loan organized by a Russian bank, according to documents that shed new light on the trading house’s biggest-ever deal. The two companies last week said they had completed a deal for a 10% stake in Vostok Oil, without providing a value.…
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KARACHI: Oil sales increased 12 percent to clock in at 9.8 million tons in the first half of the current fiscal year (1HFY21), mostly owing to the reopening of economy after the first wave of the COVID-19 pandemic, latest data issued by oil companies showed on Monday. According to number released by Oil Companies Advisory Committee (OCAC), major contribution to…
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ISLAMABAD: The fertiliser industry has protested over a recent decision of the Cabinet Committee on Energy (CCoE) to divert natural gas to pipeline system from Mari Gas and has sought its reconsideration to ensure required fertiliser production and protect the country’s agriculture sector. The “decision of the CCoE, whereby gas is being provided from the Mari Gas fields to the…
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Recently the news of appointment of Sui Northern Gs Pipelines (SNGPL) Managing Director made waves as the Company got MD from the corporate sector hence the appointment of Ali J Hamdani came as a big surprise for all those familiar with the oil and gas sector in Pakistan. Unlike in most of the cases, this was a pleasant surprise as…
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The Transport and Mass Transit Department of Sindh in a letter written to the PSO chief executive officer has asked the oil and gas marketing company to ensure that oil tankers having no or fake fitness certificates are not allowed to hit the road in the province. The secretary of the department stated that vehicles owned or hired by oil…
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