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The Latest Breaking News from Petroleum

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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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.

Bangkok Post

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.

Tribune News Service

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.

Reason

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…

Asharq Al-Awsat

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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.…

StockNews.com

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.

Bangkok Post

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….

StockNews.com

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.

Reuters

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.

Asharq Al-Awsat

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.

Bangkok Post

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Bangkok Post

Oil fund considering second B30bn loan

The Oil Fuel Fund Office (Offo) is considering seeking an additional 30-billion-baht loan within March to repay debts incurred by using the fund to subsidise diesel and liquefied petroleum gas (LPG) prices.

Bangkok Post

Plans proceeding for joint petroleum production with Cambodia

The government is proceeding its years-long plan for joint production of petroleum resources in the Gulf of Thailand together with Cambodia, according to government sources.

Asharq Al-Awsat

Iraq Oil Revenues Top $115 Billion in 2022

Iraq's oil revenues in 2022 exceeded $115 billion, according to preliminary figures announced by the oil ministry on Tuesday -- a four-year high following a collapse in prices during the coronavirus pandemic. Oil production accounts for some 90 percent of Baghdad's income, and the country is the second largest producer…

StockNews.com

The 3 Top Energy Stocks to Buy for 2023

The energy sector is anticipated to perform well in the foreseeable future as the Chinese economy recovers from COVID-19 and demand rebounds. Given this backdrop, quality energy stocks Marathon Petroleum (MPC), Berry Corporation (BRY), and Adams Resources & Energy (AE) might be solid buys for 2023. Read on….

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Asharq Al-Awsat

Attack Kills 10 in Syria, Kurdish Forces Arrest 52 Militants

A militant rocket attack in eastern Syria on Friday targeted a bus with oil industry employees, killing at least 10, the government said. To the north, Syrian Kurdish-led forces announced they arrested 52 militants in an operation against ISIS sleeper cells. According to Syria’s petroleum ministry, the rocket struck in…

Asharq Al-Awsat

Egypt’s Natural Gas Export Revenue Spikes 171%

The Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla said on Wednesday that Egypt’s output of petroleum products amounted to around 79.5 MT in 2022, including around 50.6 MT of natural gas. Egypt’s exports of natural gas rose to $8.40 billion in 2022, a surge of 171 percent from…

Asharq Al-Awsat

Egypt: New Bid at 12 Blocks in Mediterranean, Nile Delta on Oil and Gas Exploration

Egypt has set a new international tender for oil and gas exploration rights in the Nile Delta and Mediterranean sea, the petroleum minister announced on Tuesday. Tarek El-Molla said the tender was set for 12 blocks, split evenly between onshore and offshore. According to the Egyptian digital portal for exploration…

StockNews.com

The 2 Best Energy Picks for Big Gains in 2023

Despite the recent decline in oil and gas prices from their peaks, analysts remain bullish on the sector’s performance for the following year. Given this backdrop, it could be wise to buy fundamentally sound energy stocks Marathon Petroleum (MPC) and Adams Resources & Energy (AE), which look poised to soar.…

Asharq Al-Awsat

Riyadh to Host First Gathering of Energy Economies in the Middle East

Preparations are underway in Riyadh to host the Energy Economics Conference, which is being organized by the International Association for Energy Economics (IAEE), for the first time in the Middle East and North Africa region. Under the slogan, “Pathways to a Clean, Stable and Sustainable Energy Future”, the conference will…

The Independent UK

Truck with liquified gas explodes in South Africa; 8 killed

A truck carrying liquified petroleum gas has exploded in the South African town of Boksburg, east of Johannesburg, killing at least 8 people and injuring 50 others on Saturday

Asharq Al-Awsat

Expanded Egyptian Investment Plans to Demarcate Western Maritime Borders with Libya

Egyptian President Abdel Fattah al-Sisi discussed on Thursday “current and future investment plans for research and exploration in the eastern and western regions of the Mediterranean” as part of efforts to demarcate the marine borders with Libya. Petroleum and Mineral Resources Minister Tarik Al Mulla stressed that all “activities carried…

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