Pakistan’s fuel oil shipments have increased more than fivefold as the country moves away from the dirtier alternative to nuclear power for power generation. The South Asian nation exported about 277,000 tonnes of surplus fuel oil in the year ended June, compared with 54,000 tonnes a year ago, as its use declined, according to data from the Advisory Council of Oil Companies. Pakistan’s power generation from fuel oil fell 62% last year compared to the previous year, while coal use fell 22%, according to a report by the local securities firm Arif Habib Ltd. last month. Meanwhile, its use of…
Author: Automotivedealernews.com
Ring Energy has completed the acquisition of Founders Oil & Gas IV’s Central Basin Platform (CBP) assets located in the Permian Basin in Ector County, Texas. Ring Energy said in its press release that CBP operations are focused on developing approximately 3,600 net acres that are similar to Ring’s CBP assets acquired in 2022 from Stronghold Energy Operating II. The company noted that the acquisition is immediately accretive to its production, reserves and adjusted free cash flow. In addition, it will accelerate Ring’s ability to repay debt and increase the company’s inventory of low-risk, high-rate-of-return drilling sites, allowing for flexibility…
The shock favorite in Argentina’s presidential elections, libertarian Javier Milei, would eliminate state intervention in the country’s giant agricultural industry to trigger an export boom. Milei, a devotee of the free market, promised to quickly dismantle the policies that have held back agricultural investment this century. It would unify exchange rates, eliminate taxes and export quotas, and eliminate direct interference in food prices. “It’s part of our deregulation program,” Milei said in an interview at Bloomberg’s offices in Buenos Aires on Wednesday. “These are all regulations that we need to get rid of as soon as possible.” Argentina is one…
The head of one of China’s top oil companies said demand growth will slow for the rest of this year and raised the possibility that it may have already peaked for good. Poorer-than-expected economic data for the second quarter will dampen oil and gas demand growth for the rest of the year, Cnooc Ltd. Chief Executive Officer Zhou Xinhuai said on a conference call on Friday . Meanwhile, forecasts that China’s oil demand will reach an all-time high this year have garnered broad industry consensus, he said. Zhou did not explain the reasons why oil demand could exceed this year.…
US Senator Bill Cassidy is leading a group of US senators to ask the US Department of the Interior (DOI) to extend the public comment period for the proposed Outer Continental Shelf Financial Assurance (OCS) rule ) to enable a more detailed and robust audience. record on its impact on small businesses. Senators Bill Cassidy, Joe Manchin, Ted Cruz and John Kennedy wrote a letter to DOI Secretary Debra Haaland to extend the comment period for the notice of proposed rulemaking, entitled Risk Management and Assurance financial for the OCS lease and subsidy obligations, at 120 days. starting in 60…
Equinor has made a new discovery in the Troll/Fram area in the northern North Sea, the company revealed in a statement published on its website, which was translated from Norwegian. Discovery volumes are estimated to range from nine to 35 million barrels of oil equivalent, according to the statement, which notes that both oil and gas have been found. This is the ninth find in 12 attempts in the area since 2019, Equinor highlighted in the statement. “The licensees consider the find to be commercial and will assess connections with other finds and existing infrastructure in the area,” Equinor said…
HF Sinclair Corporation is acquiring Holly Energy Partners (HEP) by purchasing the remaining stake it does not own with a combination of the former’s common stock and cash, the two parties said in separate press releases. HF Sinclair has entered into a definitive merger agreement to acquire all outstanding common units of HEP not owned by HF Sinclair or its affiliates in exchange for a combination of HF Sinclair common shares, par value 0 $.01 per share and cash, the company. said The proposed transaction is expected to close in the fourth quarter of 2023, subject to the approval of…
American Electric Power has closed the sale of its 1,365 megawatt (MW) unregulated contracted renewable energy portfolio to IRG Acquisition Holdings (IRGAH), a partnership owned by Invenergy, CDPQ and funds managed by Blackstone Infrastructure, for a enterprise value of $1.5 billion. including project debt, according to separate press releases from AEP and Invenergy. Upon closing the transaction, AEP said it earned approximately $1.2 billion net in cash after taxes, transaction fees and other customary adjustments. The sales portfolio includes 14 projects, representing 1,200 MW of wind and 165 MW of solar in 11 states. The projects’ renewable energy is contracted…
Oil posted its first weekly loss since June as low trading volumes left the market vulnerable to macroeconomic concerns, overshadowing signs of a tight physical environment. West Texas Intermediate settled just above $81 a barrel, down nearly $2 on the week, as poor economic data and a widening housing slump in China weighed on risk assets. The gloom overshadowed signs of a tighter crude market, including US stockpiles falling to their lowest level since January. Aggregate open interest in West Texas Intermediate fell to its lowest level since January on Thursday. In the US, Federal Reserve policymakers have signaled they…
Argentina has set the price of oil received by drillers at $56, well below international levels, as it struggles to prevent inflation from spiraling out of control after this week’s currency devaluation, according to two people familiar with the matter. topic Crude drillers in the growing Vaca Muerta shale patch will get $56 a barrel through Oct. 31. Argentine oil prices were already decoupled from global markets, but Thursday night’s decision means shale companies will receive 11% less than the $63 local light crude was trading at. in the second trimester. The new price is also a big departure from…