Month: August 2020

Chevron’s True Motive Behind Its Noble Acquisition

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Chevron’s interest in the giant offshore Leviathan gas field in the Mediterranean is the starting point for what ended as a $5-billion acquisition of Noble Energy, Reuters reports, citing a regulatory filing. The filing reveals that Chevron initially planned to take a 50-percent stake in the Israeli field that Noble Energy is developing in partnership with local Delek. The field’s development will cost billions of dollars, so Noble was on the prowl for a partner to shoulder part of the burden. But things worsened. As the oil industry collapsed this year…

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U.S. Shale Drilling Unlikely To Rebound In 2020

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U.S. horizontal drilling activity in oil basins, which has plummeted due to the Covid-19 pandemic, is not likely to materially recover this year, a new Rystad Energy analysis shows. Drilling permits, which are increasingly reliable indicators of future activity levels, dipped to a 10-year monthly low this July, with only 454 awards. July’s drilling permits number is the lowest since September 2010, when horizontal permits in oil basins amounted to 438. But unlike the current situation, activity then was on the increase, while the current downturn is still under way. Comparing to…

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Cabinet approves appointment of Shahid Mahmood Khan as PARCO managing director

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ISLAMABAD: Opposing the recommendations of the Petroleum Division, the federal cabinet has approved the appointment of Shahid Mahmood Khan as the Managing Director of Pak Arab Refinery Limited (PARCO). Shahid Mahmood Khan is a Chartered Accountant with an experience of around 30 years in the fields of finance, general management, supply chain, government liaison, corporate planning, business development in petroleum, automobile and accountancy services.  Khan is currently engaged with PARCO Coastal Refinery (PCR) Ltd as its project director. PCR is a proposed Pakistani oil refinery situated at Khalifa Point in Lasbela,…

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Mari Petroleum appoints MD

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Faheem Haider has been appointed as new managing director/CEO of Mari Petroleum Company Limited (MPCL). He will assume his duties from August 12, 2020. Haider comes with a rich background and experience of exploration and production sector. In his illustrious career of over 27 years, he has held various leadership and staff positions with Union Texas Petroleum Inc Karachi, Nutricon Union Ltd Islamabad, OMV Exploration GmbH Islamabad, Helix RDS Ltd, Aberdeen BG Group, (Oman) and Neptune Energy (Cairo, Paris, London). He possesses sound knowledge and experience of exploration and production…

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Russia’s Oil Product Exports To The U.S. Jump To 16-Year High

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Russia’s exports of petroleum products to the United States more than doubled in the first half of 2020 compared to the same period last year, reaching their highest levels since at least 2004, Russian outlet RBC reported, citing Russian customs data. Russia’s oil products exports to the U.S. jumped to 9.1 million tons between January and June 2020, up from 4 million tons for the same period in 2019. The U.S. was Russia’s second-largest buyer of oil products – accounting for 12 percent of Russia’s petroleum products exports – after…

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