Austria Looks to Lower the Windfall Tax Threshold for its Oil and Gas Industry The Austrian government is looking to lower the threshold for a windfall tax it imposed on oil and gas companies last year. That’s according to a new Bloomberg report, which noted that until now the threshold for the windfall tax, which…
Chinese Refining Giant Sees Profits Decline 20% as Fuel Demand Disappoints China Petroleum & Chemical Corporation, or Sinopec, reported this weekend a 20.1% decline in its net profit for the first half of 2023, amid lower international crude oil prices and weaker-than-expected fuel demand recovery in China. The net profit of Sinopec, the world’s top…
Saudi Arabia Considers Chinese Bid for Nuclear Plant –WSJ Saudi Arabia is considering a Chinese bid to build it a nuclear power plant, the Wall Street Journal reported on Friday, a decision that could derail U.S. plans in the kingdom. State-owned China National Nuclear Corp has bid to build a nuclear plant in Saudi Arabia’s…
NSA COMMENDS GOVERNMENT SECURITY FORCES, COMMUNITY SECURITY CONTRACTORS, AND NNPC LTD FOR STEPPING UP THE FIGHT AGAINST CRUDE OIL THEFT President Bola Tinubu dispatched a high-powered delegation to the Niger Delta for stakeholder engagements on-the spot assessment on the fight against crude oil theft in the Niger Delta. The delegation led by Ministers of Defence,…
U.S. Oil Industry Sues Biden Administration Over Gulf of Mexico Lease Sale The American Petroleum Institute (API), U.S. supermajor Chevron, and the state of Louisiana are suing the Biden Administration after the federal government reduced the area to be offered in the next Gulf of Mexico oil and gas lease sale by 9% to safeguard…
UK Oil and Gas Giant Cuts Investments And Defers Projects Over Windfall Tax Ithaca Energy, one of the largest oil and gas producers in the UK, has reduced investments and is deferring some projects this year and next, due to the burden of the windfall tax Britain has levied on the industry. The windfall tax,…
Tinubu Approves CNG Initiative – Targets Nationwide Adoption with Workshops for Smooth Transition to CNG-Fueled Vehicles In furtherance of his commitment to easing the impact of fuel subsidy removal on Nigerians by reducing energy costs, President Bola Tinubu has approved the establishment of the Presidential Compressed Natural Gas Initiative (PCNGI). This transformative initiative is poised…
Russia’s Lukoil plans to buy back shares from foreign investors – Ifax cites sources Russian oil major Lukoil is asking Russian authorities for permission to buy back up to 25% of its shares from foreign investors at a discount of at least 50%, the Interfax news agency reported on Tuesday, citing sources. Lukoil’s shares were…
Saudi Aramco Cancels McDermott Contracts worth $1.8 Billion Saudi Aramco has canceled three contracts with U.S. McDermott for the expansion of the Zuluf field, which will cost several billion dollars. The contracts themselves were worth some $1.8 billion, Oil and Gas Middle East reports. The news follows a report earlier this month from Energy Intelligence,…
Goldman Sachs: Large Inventory Draws Limit Downside Risk to Oil Prices Larger than previously expected oil inventory draws in developed economies could limit downside risks to oil prices and add $2 a barrel to Goldman Sachs’s end-year call for $86 per barrel Brent, the bank said in a note. Commercial oil stocks in the OECD…