News August 6, India, vice minister of Ministry of Oil said Thursday Jitin Prasada, India is expected to import crude oil dependence in the April 1, 2014 fiscal year starting from the closing of the March 31, 2009 the previous financial increased to 77% of the annual total demand of about 80%.
Jitin Prasada letter to the House of Representatives of the legislators said that India's recent financial year, net imports of crude oil increased by more than 6 percent last year to 1.0951 million tons or 2.19 million barrels a day. He said that the 4-June last year, the import volume increased by 15% to 2,832 million tons. Government of India will take several measures to reduce the country's import dependence, including the auction more oil and gas exploration block to prevent the decline in output of aging oil fields.
Aug. 8, 2009
Nigeria embarked on the reform of the petroleum industry
Federal Government of Nigeria recently announced a draft oil and gas reform, if passed by Parliament, will serve as new legal norms in the country oil and gas industry. Owing to the importance of Nepal and the two boards, respectively, before the Subcommittee held a hearing on foreign oil companies can take advantage of this opportunity to raise public criticism and questions.
In accordance with federal requirements, relevant departments of the drafting of a new Nigeria's oil and natural gas bills. The core of the reform is to promote the privatization of the oil industry, while strengthening the supervision of foreign countries in order to change the situation of long-term poor management. Bill includes the following major provisions:
First, the state-owned Nigerian National Petroleum Corporation (NNPC) will be divided into several independent companies, including a dedicated pursuit of the national oil company profits; national oil companies can raise funds by listing no longer rely on existing Government financial input; national oil company initially 100% owned by the Government, but the future may be open to the Nigerian part of the shares.
Second, some deep-sea oil production contracts, the need to renegotiate, the federal government can charge higher royalties and taxes; next signed a contract oil and gas development and production should be added to the "renegotiation" clause.
Third, the Government has the right to oil exploration for a long time the land is not available to new foreign investors, development and exploration is not forthcoming in the ranks; encouraging national oil companies and foreign oil companies at least 50% of the exploitation of crude oil to stay extraction in Nigeria.
Fourth, the establishment of the National Petroleum Authority, the Ministry of Oil to replace the original, the establishment of industries to upstream, midstream and downstream at the same time monitoring the implementation of the specialized agencies.
Aug. 5, 2009
In accordance with federal requirements, relevant departments of the drafting of a new Nigeria's oil and natural gas bills. The core of the reform is to promote the privatization of the oil industry, while strengthening the supervision of foreign countries in order to change the situation of long-term poor management. Bill includes the following major provisions:
First, the state-owned Nigerian National Petroleum Corporation (NNPC) will be divided into several independent companies, including a dedicated pursuit of the national oil company profits; national oil companies can raise funds by listing no longer rely on existing Government financial input; national oil company initially 100% owned by the Government, but the future may be open to the Nigerian part of the shares.
Second, some deep-sea oil production contracts, the need to renegotiate, the federal government can charge higher royalties and taxes; next signed a contract oil and gas development and production should be added to the "renegotiation" clause.
Third, the Government has the right to oil exploration for a long time the land is not available to new foreign investors, development and exploration is not forthcoming in the ranks; encouraging national oil companies and foreign oil companies at least 50% of the exploitation of crude oil to stay extraction in Nigeria.
Fourth, the establishment of the National Petroleum Authority, the Ministry of Oil to replace the original, the establishment of industries to upstream, midstream and downstream at the same time monitoring the implementation of the specialized agencies.
Aug. 5, 2009
U.S. commercial crude oil inventories last week rose 4.1 million barrels
July 28 New York news, the American Petroleum Institute (API) 7 28 in here, due to increased imports of crude oil and the oil refineries to reduce their volume of crude oil processed last week, U.S. crude oil inventories have increased accidents . American Petroleum Institute in its report a week, said that the U.S. commercial crude oil inventories last week increased by 4.1 million barrels, the total commercial inventories of crude oil reached 3.524 million barrels, the same period last year increased the inventory levels of 49.8 million barrels a day.
According to Reuters, industry analysts recently made a survey of oil analysts had expected U.S. commercial crude oil last week, the Treasury will be reduced by 1.3 million barrels a day. Petroleum Institute in the United States after the publication of the current weekly U.S. crude oil prices dropped 1.67 U.S. dollars a barrel, fell to 66.71 U.S. dollars.
Jul. 30, 2009
According to Reuters, industry analysts recently made a survey of oil analysts had expected U.S. commercial crude oil last week, the Treasury will be reduced by 1.3 million barrels a day. Petroleum Institute in the United States after the publication of the current weekly U.S. crude oil prices dropped 1.67 U.S. dollars a barrel, fell to 66.71 U.S. dollars.
Jul. 30, 2009
OPEC worried about the next few weeks will be a sharp decline in oil prices
Organization of Petroleum Exporting Countries (OPEC) is prepared the next few weeks a drastic drop in oil prices due to the large number of petroleum-based fuels continues to increase reserves and storage of these fuels will be finished consumption. U.S. diesel fuel inventories and civilian for 24 years at the highest level, as from the industry and by the global economic downturn hit consumer demand strong enough. Futures market traders make very profitable storage of these fuels.
So far, OPEC cut production by large-scale to prevent the continued drop in oil prices, the United States has ignored the over-supply of oil, but from the rising stock market and investor expectations of economic recovery in the price of finding clues. However, if the expected economic upturn has not materialized for the large number of absorbing the growing supply of these forces, as some OPEC officials are worried that as the supply will be more large-scale growth, then despite the efforts of OPEC will be. However, oil prices will inevitably fall sharply affected.
24, the New York Mercantile Exchange crude oil futures rose 89 cents to 68.05 U.S. dollars / barrel.
A senior OPEC official said, when people realize that the dawn of recovery does not arise, "such a large number of storage will become a drag on fuel prices a major factor." Such concerns are part of OPEC members to consider further production cuts. OPEC has not ruled out the official September 9 at the next policy meeting on the agreement reached in production.
Jul. 25, 2009
So far, OPEC cut production by large-scale to prevent the continued drop in oil prices, the United States has ignored the over-supply of oil, but from the rising stock market and investor expectations of economic recovery in the price of finding clues. However, if the expected economic upturn has not materialized for the large number of absorbing the growing supply of these forces, as some OPEC officials are worried that as the supply will be more large-scale growth, then despite the efforts of OPEC will be. However, oil prices will inevitably fall sharply affected.
24, the New York Mercantile Exchange crude oil futures rose 89 cents to 68.05 U.S. dollars / barrel.
A senior OPEC official said, when people realize that the dawn of recovery does not arise, "such a large number of storage will become a drag on fuel prices a major factor." Such concerns are part of OPEC members to consider further production cuts. OPEC has not ruled out the official September 9 at the next policy meeting on the agreement reached in production.
Jul. 25, 2009
China, Ecuador to negotiate again with the "loans-for-oil"
Ecuador Economy Minister Diego Borja policy Monday that negotiations with China is a two-year oil supply contract, Ecuador would receive one billion U.S. dollars in advance.
After the negotiated agreement, it will be the sixth this year to pen "loans-for-oil" agreement. Prior to China one after another with Russia, Venezuela, Angola, Kazakhstan and Brazil, the five countries signed a total of up to 45 billion U.S. dollars of "loans-for-oil" agreement. Under these agreements, the next 15-20 years, China will be the country's oil to provide loans in exchange for about 30 million tons per year of crude oil supply.
Borja said that one billion U.S. dollars is a down payment on the sale of oil. Ecuador plans to level the day of oil daily supply of 96,000 barrels per day in China for a period of 24 months.
Jul. 21, 2009
After the negotiated agreement, it will be the sixth this year to pen "loans-for-oil" agreement. Prior to China one after another with Russia, Venezuela, Angola, Kazakhstan and Brazil, the five countries signed a total of up to 45 billion U.S. dollars of "loans-for-oil" agreement. Under these agreements, the next 15-20 years, China will be the country's oil to provide loans in exchange for about 30 million tons per year of crude oil supply.
Borja said that one billion U.S. dollars is a down payment on the sale of oil. Ecuador plans to level the day of oil daily supply of 96,000 barrels per day in China for a period of 24 months.
Jul. 21, 2009
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