Category: News & Announcement

ExxonMobil is set to post its third straight loss in its upstream business this year, as lower oil demand continues to hurt oil companies’ profitability. In an SEC filing on Thursday, Exxon provided a Q3 earnings considerations update of its expectations for the third-quarter results relative to the second quarter. The U.S. supermajor is reporting Q3 financials on October 30. Exxon’s upstream business, which booked a loss of US$1.7 billion in Q2, will see its exploration and production division get a boost of between US$1.4 billion and US$1.8 billion in…

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Researchers at the University of Queensland in Australia mapped the countries and regions within them that will likely become mining hotspots as the world moves towards a low carbon future. In a paper published in the journal Nature Communications, the researchers explain that this exercise led them to conclude that such a transition is expected to lead to more mining in high-risk areas. In these places, competition over resources such as water and land may negatively impact surrounding communities. “Past research has raised concerns about the environmental, social and governance…

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Deadly clashes between Armenia and Azerbaijan are unlikely to result in major disruptions to energy production and supplies, analysts say, despite the region being a critical corridor for pipelines transporting oil and gas to the global markets. “There is not really much anticipation that this will boil over into something more serious for oil and commodity markets,” Edward Bell, a senior director at Dubai-based Emirates NBD bank, told CNBC. “If the geopolitical premium is not already in the price, I don’t think we’re going to see much reaction here on…

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Oil prices edged up on Monday as global equities rallied on hopes for another U.S. stimulus package, but rising virus cases fed concerns about fuel demand and kept oil futures from moving higher. Brent crude settled 51 cents, or 1.22%, higher at $42.43 per barrel. West Texas Intermediate settled 35 cents, or 0.9%, higher at $40.60 per barrel. “There is some renewed hopes that the Democrats and the Republicans can get a relief bill put together and that seems to be raising expectations that the (oil) demand outlook is going…

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ISLAMABAD: A team of the Oil and Gas Regulatory Authority (OGRA) has initiated on-site audit of the Sui Northern Gas Pipeline Limited (SNGPL) for the first time. Member Gas Muhammad Arif along with OGRA experts visited the SNGPL where they studied internal business control, systems and procedures adopted by the SNGPL relating to the regulated activity. The team reviewed and studied internal working of the SNGPL, and focused on the gas company’s measures to control UFG losses. The SNGPL extended all possible cooperation, and shared whatever information was requested by…

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