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updated Wed. April 4, 2018

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Approval requirement Under Section 10-12(1) of the Petroleum Act (Act 72/1996), the transfer of a Petroleum licence (or a participating interest in such a licence)(2) cannot occur without the Ministry of Petroleum and Energy's approval. The approval requirement applies to all types of Petroleum ... government
Matra Petroleum ("Matra") plans to double its capital expenditures in 2018 to MUSD 11 (2017: MUSD 5.2) and accelerate drilling and development activities on the company's leases in the Texas Panhandle. Starting in May through 2018, the company plans to drill 24 new wells to increase oil and ...

Hibiscus Petroleum secures second revenue stream with completion of the transaction to acquire 50% participating interests in the North Sabah PSC from Shell. Operatorship of the assets have been transferred from Shell to SEA Hibiscus. Significant boost in Hibiscus Petroleum's oil production and ...
BENGALURU: Bangalore Chamber of Industry and Commerce has sought the intervention of GST Council to arrest the rising prices of petroleum products by bringing petroleum products under the GST. In the two-month span, petroleum prices have increased by Rs.15 per litre of petrol in Bangalore while ...
20 action, with the majority arguing Trio Petroleum had followed all the county's guidelines in pursuing the test wells and there was no legitimate reason to deny the use permit application. The test well permit is good for 18 months of operation per well, and if any of them show enough promise to ...

With the Rays set to take on the Yankees in a rainy, windy and cold Yankee Stadium on Tuesday, Tampa Bay outfielder Kevin Kiermaier needed to come up with a way to stay warm. Enter: petroleum jelly. #Rays Kiermaier will try something new today to combat cold weather vs #Yankees - covering ...
OPINION: Pare petroleum taxes -- but not just yet New Delhi: As news of petroleum fuel retail prices hitting new highs every passing day hits the consumer, expectation builds up that the government would cushion the impact by paring the tax component in the final retail price. The government should ...
The Petroleum Building project is keeping in pace with development downtown. "This is how we'd like to see it grow, and this certainly fits within that picture" Hara added. The process of turning the Petroleum Building into a 49 unit apartment building will begin approximately summer 2019. The ...
The Petroleum Hub, which is a twelve-year development project, if established is expected to increase the presence of major international oil trading and storage companies, create regional trading champions and encourage joint ventures between local and international companies for Foreign Direct ...
ISLAMABAD, Apr 1 (UrduPoint / Pakistan Point News - 1st Apr, 2018 ):Government has announced to decrease the prices of petroleum products for this month. According to a notification of Finance Ministry, price of Petrol has been reduced by 2.07 rupees per liter bringing it to 86 rupees, Radio Pakistan ...
The government Saturday decided to reduce prices of petrol and diesel by Rs 2.07 and Rs 2.00 per litre respectively for the month of April 2018. ISLAMABAD, (UrduPoint / Pakistan Point News - 31st Mar, 2018 ):The government Saturday decided to reduce prices of petrol and diesel by Rs 2.07 and Rs 2.00 ...
The federal Bureau of Land Management has published a draft environmental impact statement for ConocoPhillips' proposed Greater Mooses Tooth 2 development in the northeastern National Petroleum Reserve-Alaska. The EIS supplements an earlier EIS, published by BLM in 2004, for the development ...
It could be a sign of a toughening of enforcement in Canada. A company in Saskatchewan was recently fined $150,000 for improper storage of petroleum hydrocarbons under the Storage Tank Systems for Petroleum Products and Allied Petroleum Products Regulations, made pursuant to the Canadian ...
In 2006, following 35 years of declining U.S. oil production, net monthly imports of crude oil and finished products had climbed to more than 13 million barrels per day (BPD). What's happened since is nothing short of amazing. Last week, the Energy Information Administration (EIA) reported that U.S. crude ...
The long-awaited Petroleum Industry Governance Bill (PIGB), is set for a second trip to the presidency following its passage by the National Assembly. A joint Conference Committee headed by Senator Donald Alasodura- Ondo Central, presented its report to a joint seating of the National Assembly, after ...

Continuing our weekly series, Open Insights, we'll take a look at the EIA's Weekly Petroleum Status Report (“WPSR”) for the week of March 23, 2018. EIA reported a crude inventory build of 1.6M barrels for the week as imports climbed to an above average amount and despite refinery utilization and crude ...
Oil marketers and the Organised Private Sector [OPS] on Sunday, canvassed for two regulatory bodies to regulate the oil industry under the Petroleum Industry Governance Bill [PIGB] currently before the National Assembly. The oil marketers disclosed this at a joint media briefing with the OPS in Lagos.
The Group Managing Director, Nigerian National Petroleum Corporation, Maikanti Baru, has lamented the incessant vandalism of the Aba-Enugu products' pipeline, which has suffered about 700 breaches. According to him, this has hampered efficient supply and distribution of petroleum products not only ...
The federal government is planning to toughen up on allowable deductions under the Petroleum Resources Rent Tax but is expected to exempt existing projects from the new regime to avoid the creation of sovereign risk. Sources have said the changes, to be announced at or around the May budget, will ...
The Ministry for Petroleum & Natural Gas has to persuade not only the investors, but also the South Block, which houses the Prime Minister's Office, for making the oil and gas exploration business lucrative. A major challenge coming in the way has been the existing norm that restricts the contractor from ...
Muscat: The total production of refineries and petroleum industries rose 25.8 per cent at the end of February 2018 compared to the output recorded during the same period in 2017, according to statistics ... The Sultanate's production of the liquefied petroleum gas (LPG) rose 51 per cent to 944,000 barrels.
The Alaska Department of Natural Resources, Division of Oil and Gas, said March 15 that it intends to evaluate an oil and gas exploration license proposal for the Nenana area. The division put out a call for proposals for oil and gas exploration licenses in the Nenana area in January, following a pr.
CPG will also take advantage of PDI Petronet—a customer portal designed to reduce the strain on petroleum marketers' accounts receivable departments and better manage their dealer, cardlock, commercial and residential customer relationships in a web-based environment. In addition, the company will ...
Crude prices that have rebounded from their steep decline have helped fuel a sharp increase in the Texas Permian Basin Petroleum Index. Karr Ingham, the Amarillo economist who prepares the index, reported the January index posted its 16th consecutive monthly increase and is 29.6 percent higher than ...
The Petroleum Corporation of Jamaica (PCJ) is assuring that environmental preservation will be the highest priority during the entity's search for oil and gas on Jamaica's south coast. Speaking at a recent JIS Think Tank at the Agency's head office in Kingston, PCJ's Oil and Gas Manager, Brian Richardson, ...
A month ago, Cheniere Energy signed a 25-year LNG supply deal with state-owned China National Petroleum Corp. for 1.2 million metric tons a year ... Interest in B.C. has also been attracted by a prospective shuffle of assets involving Chevron and Australia's Woodside Petroleum, which are looking for a ...
But environmentalists say Norway fails to adequately consider the role its petroleum plays in propping up global dependence on fossil fuels. For all its greenness, Norway has not been a good member of the global "keep it in the ground" climate movement, preferring instead to take it out of the ground — or ...
The stock of SHAMARAN PETROLEUM CORPORATION ORDINARY (OTCMKTS:SHASF) registered a decrease of 5.61% in short interest. SHASF's total short interest was 58,900 shares in March as published by FINRA. Its down 5.61% from 62,400 shares, reported previously. With 5,500 shares average ...
For Whiting Petroleum Corporation, irrespective of whether the earnings move was up or down, if we waited two calendar days after the stock move, and then sold a one-month out of the money put spread, the results were simply staggering. We use two-days to allow the stock to fully reach equilibrium post ...
National Oil Companies (“NOCs”) in conjunction with International Oil Companies (“IOCs”) typically develop these petroleum resources and the legal regime governing the relationship between a NOC and an IOC varies depending upon the project, the resource and the host country. Historically, host ...
KARACHI: Byco Petroleum Pakistan Limited, while re-commissioning its oil refinery, has announced that it will set up two more refineries to capitalise on domestic demand for petroleum products. Byco re-commissioned a catalytic reformer at its oil refinery, ORC-2, enabling the company to convert 24,000 ...
Not many know that Occidental Petroleum (OXY) is the largest operator by far in the Permian Basin. Occidental has a long history there as an operator. There are two large divisions in the Permian. The EOR (Enhanced Oil Recovery) focuses on flooding techniques to literally "wash out" older zones.
While the government is considering whether to make changes amid declining revenue from the Petroleum Resource Rent Tax (PRRT), major companies like Chevron Australia Pty Ltd, ExxonMobil Australia Pty Ltd, Shell Australia Pty Ltd, and Woodside Energy Limited have pushed hard against a major ...
The Ghana National Petroleum Corporation (GNPC) has released $1m for the establishment of a Research Chair in Petroleum Commerce at the Institute ... Professor Joseph Ghartey Ampiah, and the Chief Executive of the Ghana National Petroleum Corporation (GNPC), Dr K. K. Sarpong, in Cape Coast on ...
Iranian Artists Forum will have a single screening of 'There Will Be Blood', helmed by Paul Thomas Anderson on March 21. Silver miner Daniel Plainview leads a hardscrabble life with his son. When he hears about oil oozing from the ground near the western town of Little Boston, Daniel takes his son on a ...
Whiting Petroleum (WLL) is definitely not looking like it can thrive or even survive in the longer term in current oil price conditions, given its past financial performance. All the stories of shale resilience seem very misplaced when looking at the operating results of companies such as this one. There are ...
Rusty Hutson from Diversified Gas & Oil (LON:DGO) tells Proactive daily gas production has doubled following the acquisition of Appalachian Basin gas producer Alliance Petroleum. The deal has now completed for a total consideration of US$95mln (£66.9mln) comprising the purchase price of US$70mln ...
(RTTNews) - The economic upturn in Norway will be driven by increase in investment in the petroleum industry and higher global growth, Statistics Norway said in a report on Thursday. Although investment in the petroleum industry continued to decrease throughout 2017, the decline appears to be at an ...
WELLINGTON, March 8 (Xinhua) -- Higher sales volumes for petroleum and coal product manufacturing helped boost manufacturing in the December 2017 quarter, New Zealand's statistics department Stats NZ said on Thursday. The total volume of manufacturing sales rose 1 percent in the December ...
THE Government on Tuesday signed an agreement with Mexico for that country to provide the Jamaican petroleum industry with training opportunities and technical services. The agreement came after the Ministry of Foreign Affairs and Foreign Trade wrapped up bilateral talks with Mexican officials that had ...
Rusty Hutson, chief executive, said: “Alliance Petroleum adds high-quality assets that complement our existing portfolio, as well as an experienced operating team. “Collectively, we now turn our attention to the integration and optimisation of these assets, leveraging our expanded footprint to drive ...
Stakeholders in Jamaica's petroleum industry are to benefit from training and technical services from experts out of Mexico. Foreign Secretary of Mexico, His Excellency Dr. Luis Videgaray Caso, who is in the island for a working visit, and Minister of Science, Energy and Technology, Dr. the Hon. Andrew ...
New Delhi [ India], Mar. 06 (ANI): The Petroleum Employees Union (PEU) on Tuesday wrote to Oil and Natural Gas Corporation (ONGC), after five ONGC employees died in a Pawan Hans chopper crash on January 13, seeking enhanced safety measures and referred Pawan Hans helicopters as 'flying coffins'. They have ...
As such , motor oil consumption as well as imports have been increasing year after year, Myanmar Petroleum Trade Association Secretary U Win Myint said. According to the statistics from the Ministry of Commerce, during the 10 month-period of this fiscal year, $ 2.3 billion worth of motor oils were imported, ...
An indigenous oil logistics firm called for quick passage of the Petroleum Industry Bill (PIB) to support local capacity building in the oil and gas sector to thrive. Speaking on the benefits of the Nigerian Local Content Act, while briefing the media in Lagos on Monday, the Chief Executive Officer of Fortune ...
A woman leads donkeys with loads of firewood sourced from the Mau Forest, one of Kenya's water towers. The government needs to honour and protect the country's unique natural heritage — the rivers, forests, parks, streams and lakes, which are the people's treasure. FILE PHOTO | NATION MEDIA ...
"No matter what you want to use petroleum for—whether fuel, feedstock, or making synthetic organic chemicals—you want to use it as efficiently, as cost effectively, and in as an environmentally benign a way as possible," said Peter Kilpatrick, a professor at Notre Dame. Specifically, Kilpatrick and Ph.D.
The Ministry of Trade, Industry & Energy announced on March 5 that South Korea's petroleum product production, consumption and exports as well as crude oil imports hit all-time highs last year unlike petroleum product imports. Specifically, crude oil imports increased 3.7% year on year and reached 1.12 ...


 

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