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The Latest Breaking News from Petroleum

Revealed: The top global performers in the E2E International 100

The E2E International 100 features the 100 fastest-growing companies in the UK, who have made their mark in the international marketplace. Now, in association with The Independent, E2E reveal the companies that are topping this prestigious list as Prax Petroleum Limited, Argent Energy Limited and OS Phoenix Holdco Limited.

The Independent UK

Do not turn away customers who pay using ₹2000 notes: Consortium of Indian Petroleum Dealers

The Consortium of Indian Petroleum Dealers (CIPD), a body representing over 60,000 fuel outlets across the country, has urged dealers not to turn away customers who pay using ₹2,000 notes and, instead, handle them on a case-by-case basis to avoid complaints

The Hindu

Nigeria opens Africa's biggest oil refinery in drive to self-sufficiency

Nigeria has opened an oil plant billed as Africa's largest refinery. Outgoing President Muhammadu Buhari inaugurated the new facility in Lagos, calling it a "game-changer". With a capacity of 650,000 barrels a day, the $19 billion plant built by Aliko Dangote – Africa's wealthiest man – could help Nigeria's drive…

France 24

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China's Sinopec signs agreement to enter retail fuel market in crisis-hit Sri Lanka

Chinese petroleum giant Sinopec has signed an agreement with Sri Lanka to enter its retail fuel market

The Independent UK

Nigeria opens Africa’s biggest oil refinery as it tries to boost struggling sector

Nigerian President Muhammadu Buhari has opened Africa’s biggest oil refinery, with hopes it will help the country achieve self-sufficiency and become a net exporter of refined petroleum products

The Independent UK

Territorial Army resumes fuel and LPG supplies in Manipur

The Territorial Army (TA) stepped in and took control of oil installations in Manipur which were not operational, and augmented manpower where there is a shortage to ensure supplies of essential petroleum and oil products

The Hindu

Dangote launches Africa's biggest oil refinery - 4 ways it will affect Nigeria

Nigeria’s new Dangote petroleum refinery is Africa’s biggest – it will produce 650,000 barrels a day, giving it the potential to address the country’s energy supply crisis. First product from the refinery is expected to hit the market by the end of July 2023.

The Conversation

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Crude Oil- Back in the U.S. Administration’s Buying Zone

In October 2022, the Biden administration told the crude oil market that the target range for replacing barrels sold from the U.S. Strategic Petroleum Reserve was $67 to $72 per barrel. The price is back at its buying level, and time will tell if the administration pulls the trigger to…

Barchart

Angus Taylor signals Coalition may reject Labor changes to petroleum resource rent tax

Move may mean government must deal with Greens to pass PRRT reforms as shadow treasurer warns against gas industry’s ‘death by a thousand cuts’

The Guardian - AU

EU Foreign Minister says Europe should stop entry of Indian products made from Russian oil

Earlier this month, the Petroleum and Natural Gas Ministry strongly denied a Finland-based think tank’s report alleging that India led five countries that acted as “laundromats” to buy Russian oil and sell refined products to European countries

The Hindu

Occidental Petroleum's Free Cash Flow and Buybacks Interest Value Investors

Occidental Petroleum reported sizeable Q1 free cash flow and spent $732 million on share buybacks. At that rate, it will buy back 5.9% of its market cap annually which greatly interests value buyers.

Barchart

‘No Renewables’: Texas House Republicans Block Clean Energy in Political Ploy

Petroleum industry supports tax breaks for renewable energy projects but legislators refuse.

Capital & Main

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

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The Hindu

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

StockNews.com

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….

Barchart

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.

The Hindu

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.

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The New Daily

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 Guardian - AU

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 - UK

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

Asharq Al-Awsat

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…

Bangkok Post

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.

The Hindu

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 Times of India

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.

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