Mexican Energy Minister: Pemex Is Open To Working With Foreign Oil Companies

The Mexican government is ready to review offers for so-called farm-outs with Pemex if the projects proposed are feasible, Reuters has reported, quoting Energy Minister Rocio Nahle. This is a marked departure of Nahle’s previous skepticism about the benefits of Pemex working with foreign oil companies. In fact, just last month the Mexican government said it was working on a new infrastructure plan that, according to reports, would not include any new contract possibilities for oil and gas exploration and production. This has not helped troubled Pemex, which is the most indebted…

Read More

BP Beats Forecasts To Return To Small Profit In Q3

BP (NYSE: BP) avoided a second consecutive loss and beat analyst estimates as it reported on Tuesday a small profit for the third quarter after oil prices stabilized at around $40 a barrel from the slump in Q2. The UK-based supermajor, which is in the process of slashing 10,000 jobs, reported an underlying replacement cost profit—its proxy for net profit—of US$86 million for Q3, compared with a loss of US$6.7 billion for the second quarter of 2020 and US$2.3 billion profit for the third quarter of 2019. Analysts had expected…

Read More

Washington Slaps More Sanctions On Iranian Oil Sector

The U.S. Treasury Department announced new sanctions on Iranian entities, this time including the Petroleum Ministry, the National Iranian Oil Company, and the National Iranian Tanker Company. These were sanctioned for “their financial support to Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF),” according to a Treasury statement. Senior NIOC and NITC personnel have worked closely with Rostam Ghasemi, a senior IRGC-QF official and former Minister of Petroleum who was designated in 2019, and who has assumed a portion of former IRGC-QF Commander Qasem Soleimani’s role in facilitating shipments of oil…

Read More

Oil Demand In Doubt As COVID Cases Climb

The average energy capacity cost of utility-scale battery storage has declined from $2,152 per kilowatt-hour in 2015 to just $625/kWh in 2018. As of the end of 2018, the U.S. had 869 MW of installed energy storage capacity. The U.S. added 152 MW in 2019. In the first 7 months of 2020, the U.S. added 301 MW of energy storage capacity. Market Movers Cenovus Energy (TSE: CVE) and Husky Energy (TSE: HSE) were upgraded to Buy from Hold at Stifel, after Cenovus said it would buy Husky (more on that…

Read More

Asad Umar, KP CM discuss provincial projects under CPEC

Khyber Pakhtunkhwa Chief Minister Mahmood Khan called on the Federal Minister for Planning, Development and Special Initiatives Asad Umar on Thursday to discuss priority projects of Government of Khyber Pakhtunkhwa for inclusion in the China Pakistan Economic Corridor (CPEC) portfolio. Senior officials from federal and provincial governments attended the meeting. The meeting discussed projects of energy, infrastructure, communications and agriculture sectors. The Minister directed that project proposals may be refined and finalized to ensure their early processing. He said that the respective Joint Working Groups (JWGs) should discuss the projects…

Read More

Italy augments participation at WETEX; seeks incremental opportunities in the renewable sector

The Italian Trade Agency (ITA), the official Agency of the Italian Government which promotes the globalization of Italian firms under the aegis of the Ministry of Foreign Affairs, in collaboration with the Embassy of Italy in the UAE, presents the Italian expertise on sustainable and renewable technology at the virtual edition of Water, Energy, Technology, and Environment Exhibition (WETEX). Today marks the official opening day of the first-ever carbon neutral 3D virtual exhibition which runs until October 28, and Amedeo Scarpa, Italian Trade Commissioner to the UAE, Oman and Pakistan…

Read More

Today’s Oil and Gas Update – IGAS Energy plc; Mosman Oil & Gas and more…

Market Update: Monday 26 October 2020  President Energy (AIM:PPC): Positive strides amid difficult climate IGAS Energy plc (AIM:IGAS): Partnership with Bayotech to produce hydrogen   Mosman Oil & Gas* (AIM:MSMN): Significant additional interest acquired in the Cinnabar Market Update: Monday 26 October 2020  President Energy (AIM:PPC): Positive strides amid difficult climate IGAS Energy plc (AIM:IGAS): Partnership with Bayotech to produce hydrogen   Mosman Oil & Gas* (AIM:MSMN): Significant additional interest acquired in the Cinnabar Lease Energy Prices          Brent Oil US$41.7/bbl vs US$40.7/bbl on Friday WTI Oil US$39.4/bbl vs US$40.4bbl on…

Read More

Global Drag Reducing Agent for Oil & Gas Market (2020-2025) Industry Status And Outlook : ExxonMobil, Flowchem, Baker Hughes, Innospec

Latest Research on Global Drag Reducing Agent for Oil & Gas Market Provide Forecast Report 2020–2025 presents an in-depth analysis of the Drag Reducing Agent for Oil & Gas which researched industry situations, market Size, growth and demands, Drag Reducing Agent for Oil & Gas market share, business strategies, competitive analysis by Drag Reducing Agent for Oil & Gas market vendors, development models, opportunities, future development, value chain, major manufacturers profiles. The report also presents forecasts for Drag Reducing Agent for Oil & Gas investments from 2020 till 2025. Report Scope: Attribute Details Base…

Read More

Saudi Energy Minister: Getting Rid Of Oil And Gas Is ‘’Unrealistic’’

Getting rid of oil and gas is “far-fetched and unrealistic,” Saudi Energy Minister, Prince Abdulaziz bin Salman, said on Monday, adding that companies and governments should be thinking about how to reduce emissions from fossil fuels instead. “Let’s not focus on the fuel of choice but rather how we can mitigate and adapt to these realities without showing any preferences,” Prince Abdulaziz bin Salman said at the Singapore Energy Summit, as carried by Reuters. Saudi Arabia and its oil giant Aramco continue to say that peak oil demand is still…

Read More

KSE-100 climbs 585 points

Stocks were in the green on Monday with the benchmark KSE-100 index climbing 585 points, to close at 41,850 – up 1.4 per cent.Pakistan Stock Exchange (PSX) buoyed up by cement stocks and an encouraging Financial Action Task Force (FATF) announcement on Friday. The market optimism was primarily driven by the appreciation of cement and construction-related stocks. Southern cement manufacturers’ decision to increase per bag prices by Rs10 coupled with the news on shortages in some cities have pushed up the prices of cement stocks.On the other hand, the largest…

Read More