China has begun drilling a 10,000-meter hole into the ground for the second time this year as it searches for ultra-deep natural gas reserves. China National Petroleum Corp. began drilling the Shendi Chuanke 1 well in Sichuan province on Thursday, with a design depth of 10,520 meters (6.5 miles), Xinhua news agency reported. The project follows a similar-sized well that CNPC began drilling in Xinjiang in May, described at the time as the deepest ever drilled in China. While the previous well was described as experimental in nature, with the project designed to test drilling technologies and provide data on…
Author: Automotivedealernews.com
State-owned Indian Oil Corp. Ltd. (IOCL) has signed a $7-9 billion deal with Abu Dhabi National Oil Co. (ADNOC) for the supply of liquefied natural gas (LNG) from the Emirates to India. The 14-year deal has secured up to 1.2 million metric tonnes per annum (mtpa) of fuel for the South Asian country, ADNOC Gas PLC said in a press release. “The deal, valued at $7 billion to $9 billion (AED 25.7 billion to AED 33 billion) over its 14-year term, marks a major step forward in the partnership between the two industry leaders,” ADNOC Gas said, calling IOCL “India’s…
Baker Hughes remains positive on its outlook for 2023 despite a decline in its net profit in the second quarter. The company reported a net profit of $410 million for the second quarter, down 29 percent from the $576 million reported in the first quarter of the year. However, compared to the second quarter of 2022, when the company posted a loss of $839 million, it’s a turnaround. “We are pleased with our second quarter results and remain optimistic about the outlook for 2023. We have maintained our strong order momentum in Industrial & Energy Technology (IET) and Oilfield Services…
Venezuela has only one working gasoline refinery as it struggles to repair two key plants, creating shortages that have forced drivers and truckers to queue for hours, even days, for fuel. A gasoline-making unit at the Puerto La Cruz refinery, which accounts for just 14 percent of Venezuela’s gas refining capacity, is the only one left operating in the country after pump and compressor problems brought down the Cardon and Amuay refineries last week and repair attempts failed, according to people familiar with the matter who asked not to be named because the information is not public. Despite containing the…
Petrochemical maker INEOS has signed an agreement to acquire Naphtachimie, Appryl and Gexaro, which are 50-50 joint ventures between the company and TotalEnergies, they said in a joint press release. The planned acquisitions will fully integrate the petrochemical businesses, assets and infrastructure of Naphthachimie, Gexaro and Appryl into INEOS Olefins & Polymers South in Lavera, southern France. Lavera’s petrochemical complex is the largest in southern France, the announcement notes. Gexaro is located at the Lavera refinery site and will continue to be operated by Petroineos, INEOS said. Naphtachimie operates one of Europe’s largest steam crackers with an annual capacity of…
Oil posted a fourth weekly gain amid lower summer trading volumes and tentative signs that global markets are tightening. Russia has shown signs of reducing crude exports as it belatedly fulfills a pact with Saudi Arabia and the OPEC+ alliance to help balance global markets. China, the world’s largest crude importer, has also stepped up efforts to boost its economic recovery. This week, oil continued to follow the whims of broader market sentiment due to reduced liquidity. Crude oil volumes are often reduced during the summer holiday period, and traders have been reducing their exposure, sharply curbing open interest in…
It wasn’t that many years ago when seeing women in the auto repair industry was practically unheard of. But what has often been seen as a male-dominated field is now opening up to women as well. Today we’ll take a closer look at what’s causing the shift that’s allowing more women to feel comfortable in this important field. Next, we’ll look at the types of jobs that women in the auto repair industry can expect to have. Why is the number of women in the automotive industry increasing? A general change in perception is perhaps the most driving force behind…
Trillion Energy International Inc. said on Thursday that it is exploring energy opportunities in Bulgaria and Turkey with a “global energy trading company”. The name of Trillion’s potential partner was not disclosed as the parties had signed non-disclosure agreements “to confidentially share information about potential new business opportunities that can be advanced together,” the Vancouver-based oil and gas producer said in a press release. However, Trillion said its goal is to advance the Vranino 1-11 exploration block in Bulgaria, which has coalbed methane natural gas exploration potential, as well as opportunities in Turkey. The company said its recent technological success…
A clear roadmap with specific goals is needed to achieve a just and effective energy transition, according to Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and Chairman and CEO of QatarEnergy. Speaking at the 12th LNG Producers and Consumers Conference in Tokyo, Japan, Al-Kaabi said the world should consider the need for a just and effective transition with a realistic and stable path and that this transition must prioritize the needs of the poorest countries. “This highlights the need for a realistic and determined energy transition, starting with a solid integration of natural gas in the energy…
The U.S. Department of the Interior (DOI) announced Thursday that it proposed changes to leasing regulations for oil and gas development on public lands, with the goal of raising rent and royalty rates for the first time in decades, as well as strengthening bond requirements. The amendments, introduced by the department’s Bureau of Land Management (BLM), also seek to keep fossil fuel extraction away from wildlife habitats and culturally important sites. The plan, now in the consultation phase, “would ensure a balanced approach to development, provide a fair return to taxpayers and ensure that drilling does not conflict with the…