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The Latest Breaking News from Petroleum

Morrison's offshore drilling veto could be overturned

The Federal Court could overturn a controversial call by former prime minister Scott Morrison to veto a gas drilling project off the NSW coast.

AAP

Egypt Cabinet Approves 13 Draft Agreements to Explore Oil, Gas

The Egyptian Cabinet approved on Wednesday 13 draft agreements between the Egyptian General Petroleum Corporation, the Egyptian Natural Gas Holding Company, and a number of international companies. Under the deals, the Egyptian General Petroleum Corporation will be responsible for oil exploration in areas west of Wadi Natrun, east of Siwa,…

Asharq Al-Awsat

How Vicki Hollub's Occidental Petroleum rejoined the ranks of the World's Most Admired Companies

Occidental Petroleum made it back on Fortune's list of the World's Most Admired Companies after a challenging two years away.

Fortune

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ALECSO Partners with Saudi Arabia’s SNC on Major Int’l Education Conference

The Arab League Educational, Cultural and Scientific Organization (ALECSO), in cooperation with the Saudi National Commission for Education, Culture and Science (SNC), is set to host the inaugural edition of a major international conference on culture, science and education in the 21st century. The conference, ‘Future of Education, Science, and…

Asharq Al-Awsat

Saudi TAQA Completes Acquiring 100% of Mansoori Petroleum Services

The Industrialization and Energy Service Company (TAQA) announced the closure of its 100 percent acquisition of al-Mansoori Petroleum Services, expanding TAQA Well Solutions business internationally. The acquisition is funded by a capital increase led by TAQA's existing significant shareholders. The investment brings to TAQA a long-established, well-diversified MENA-based business with…

Asharq Al-Awsat

OPEC Oil Output Falls as Iraqi Exports Decline

OPEC oil output fell in January, a Reuters survey found on Tuesday, as Iraqi exports declined and Nigerian output did not recover further while Gulf members maintained strong compliance with an OPEC+ deal on production cuts to support the market. The Organization of the Petroleum Exporting Countries (OPEC) pumped 28.87…

Asharq Al-Awsat

New Venezuela opposition leader confident U.S. will protect assets

The new president of Venezuela's opposition legislature is confident the United States will back the body by continuing to protect foreign assets like oil refiner Citgo Petroleum from creditors, she said on Friday.

Reuters

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The No. 1 Energy Stock to Buy for 2023

Oil & Gas company Marathon Petroleum’s (MPC) impressive third-quarter results added to its stellar track record. With supplies constrained amid rising energy demand from Asia and Europe, the fundamentally strong company seems well-positioned to capitalize on opportunities to keep filling the gap and deliver impressive returns on investment. Read on….

StockNews.com

House GOP aims to tie oil reserve sales to public land drilling

WASHINGTON — The House on Wednesday may begin consideration of a bill that would alter the president’s authority to tap the Strategic Petroleum Reserve. President Joe Biden has said he would veto it.

Tribune News Service

House GOP aims to tie oil reserve sales to public land drilling - Roll Call

The House is expected to consider legislation that would limit sales from the Strategic Petroleum Reserve.

Roll Call

US Increases Pressure on China to Stop Iran Oil

The US said it will increase pressure on China to stop buying Iranian oil, as the White House seeks to enforce sanctions aimed at curbing the Iran's nuclear activities. This comes two weeks before the anticipated visit of US Secretary of State Antony Blinken to Beijing. “China is the main…

Asharq Al-Awsat

Rayong residents seek B5bn for spill damage

Hundreds of residents and small business owners in Rayong have filed lawsuits for damages worth 5 billion baht against Star Petroleum Refining (SPRC), PTT Global Chemical (PTTGC) and government agencies over an oil spill last year.

Bangkok Post

Bay Area Plans to Refine Biofuels Could Derail Climate Goals, Warn Environmentalists

Oil companies may end up relying on environmentally questionable crop-based fuels.

Capital & Main

Egypt Signs $1.5 Bln Financing Agreement with ITFC

Egypt has signed a $1.5 billion financing agreement with the International Islamic Trade Finance Corporation (ITFC). The deal aims to fund Egypt's trade needs, including for importing energy products and essential commodities, CNBC Arabia wrote on Twitter, citing the ITFC’s chief executive officer. Last year Egypt signed a similar agreement,…

Asharq Al-Awsat

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Bangkok Post

PTTEP to sell Australian gas field in 2023

PTT Exploration and Production Plc (PTTEP) is continuing to refocus its investments on new petroleum sites, with the latest plan to sell the Cash and Maple gas and condensate field in Australia.

Tribune News Service

Yellen sees success in extending Russia price cap, despite risks

U.S. Treasury Secretary Janet Yellen expressed confidence that restrictions on Russian sales of crude oil can be expanded to refined petroleum products in February, while acknowledging that the task will be more complicated.

Reason

Republicans Want More Control Over America's Oil Reserve. They Should Scrap It Instead.

The Strategic Petroleum Reserve is supposed to insulate the U.S. from oil embargoes and foreign wars. More often, it has been used like an insurance policy for private companies.

Asharq Al-Awsat

Egyptian Exports Grow to $54 Bln

Egyptian Prime Minister Mostafa Madbouly said Wednesday initial figures show that Egyptian exports reached $53.8 billion in 2022, an increase of 20 percent from last year. For his part, Egyptian Minister of Trade and Industry Ahmed Samir stated that despite the challenging global circumstances, the non-petroleum exports of Egypt registered…

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StockNews.com

Marathon, Valero and 1 Other Energy Stock to Purchase in 2023

With the sustained energy demand and an anticipated surge in oil prices, energy stocks will likely outperform the broader market again this year. Therefore, it seems wise to invest in fundamentally strong energy stocks Marathon Petroleum (MPC), Valero Energy (VLO), and Adams Resources & Energy (AE) to garner solid returns.…

Bangkok Post

Gulf gas talks could restart in months

A date for talks between Thailand and Cambodia to explore a new petroleum source in the Gulf of Thailand's overlapping claim area (OCA) should emerge in two months, says the Department of Mineral Fuels.

Bangkok Post

PTTEP exits Brazil with new focus on Asia

PTT Exploration and Production Plc (PTTEP) has exited its petroleum exploration and production business in Brazil by dissolving its subsidiary Participations and Explorations Corporation (PEC), as the company aims to focus more on investments in Asia.

StockNews.com

The Top 3 Oil and Gas Stocks to Buy in 2023

A tight supply and China’s recovering demand are expected to keep oil prices high in the foreseeable future. Given this backdrop, fundamentally strong energy stocks Marathon Petroleum (MPC), Berry Corporation (BRY), and Unit Corporation (UNTC) might be solid buys in 2023. Read on….

Reuters

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.

Asharq Al-Awsat

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.

Bangkok Post

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.

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