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The Latest Breaking News from Petroleum

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

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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

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 New Daily

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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

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

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

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

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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

The Conversation

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.

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Asharq Al-Awsat

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…

ABC News

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".

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.

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…

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