In the first half of 2016 India’s Iran oil imports surged by about 58 percent to about 342,000 bpd in comparison with 216,500 bpd in the same period last year.
“If we start making ethanol from bamboo in North-East, lakhs will get employment and several industries will come up,” Gadkarisaid.
Prime Minister Narendra Modi has made a priority of cleaning up the balance sheets of India’s banks which carry more than $120 billion in troubled loans.
Gas prices touched nearly $3 per thousand cubic feet Thursday, the highest in a year © Getty
Keith Meyer, the new president of the Alaska Gasline Development Corp., told a joint House-Senate Resources committees meeting June 29 that with infrastructure-type financing AGDC could step into the lead on the Alaska LNG Project, maintaining momentum in an unfavorable market.
Under the plan which…
Gov. Bill Walker signed a new law June 29 sharply cutting oil and gas exploration tax credits and also vetoed $430 million in funding for the credits.
Walker acted to stem red ink as Alaska faces multibillion-dollar budget deficits due to low oil prices.
Alaska industry officials reacted in dismay….
Canadian Prime Minister Justin Trudeau has given a broad hint that his government is prepared to approve at least one new export pipeline out of the oil sands.
In ruling out any prospect of reaching ‘100 percent unanimity’ among governments, industry, local communities, First Nations and environment…
Aurora Gas LLC entered bankruptcy protection earlier this year after three creditors petitioned a bankruptcy court, claiming nearly $400,000 in combined unpaid debt.
In a statement filed with the United States Bankruptcy Court for the District of Alaska, Aurora Gas President J. Edward Jones reported…
88 Energy Ltd. is planning a second well at its Icewine prospect.
Through its subsidiary Accumulate Energy Alaska Inc., the Australian independent is permitting and fundraising for the proposed Icewine No. 2-H well at the onshore prospect covering nearly 272,000 acres in the central North Slope, sou…
The Energy Information Administration’s newly published Energy Outlook 2016 report foresees in its reference case an oil price of $52 per barrel in 2017, rising to about $100 in 2030. But, when introducing the new report on June 28, EIA Administrator Adam Sieminski cautioned about the huge uncertain…
Cook Inlet Energy is protesting the new tariff for the Cook Inlet Pipe Line the company uses to ship its crude oil on the west side of Cook Inlet to market.
A protest filed with the Regulatory Commission of Alaska in December by Brena, Bell and Clarkson on behalf of CIE said a settlement reached betw…
The Alaska Department of Natural Resources’ Division of Oil and Gas has issued a decision of no substantial new information for the state’s fall areawide oil and gas lease sales – Beaufort Sea, North Slope and North Slope Foothills.
The division said June 24 that it only received one timely comment…
House Resources Co-Chair David Talerico is closing out his freshman term on an intense note, serving as chair for the conference committee that hashed out differences on HB 247, Gov. Walker’s oil tax credit bill.
Talerico’s work may not be done yet, depending on what Walker brings forth in the comi…
In a June 21 tariff advice to the Regulatory Commission of Alaska, Chugach Electric Association has asked for approval for a price of $5.57 per thousand cubic feet for gas that the utility obtains from its share of the Beluga gas field on the west side of Cook Inlet. Although gas production costs ma…
The state Division of Oil and Gas is extending the comment period on two matters – a request from ConocoPhillips Alaska Inc. to expand the Colville River unit and a request from Hilcorp Alaska LLC to expand and rename the South Middle Ground Shoal unit.
The state will now accept comments on both pro…
There was a little rain and it was a bit breezy, but otherwise a fine day for BlueCrest Energy’s June 25 ceremonial opening of its Cosmopolitan oil gas production facilities near Anchor Point, on the Kenai Peninsula.
Thirty-five to 40 Alaskans had been invited to see BlueCrest’s production facilitie…
Doyon Ltd. thinks that there is a one-in-two chance of finding a viable gas resource and a one-in-four chance of finding commercial oil in the prospect being tested by the Native regional corporation’s Toghotthele No. 1 well in the Nenana basin in Alaska’s interior, James Mery, Doyon’s vice presiden…
TransCanada has shed its cool and calm exterior by claiming US$15 billion in damages from the Obama administration’s rejection of the Keystone XL pipeline.
In applying for arbitration under the North American Free Trade Agreement, TransCanada has argued its proposal for the pipeline was delayed more…
Alaska’s Department of Environmental Conservation will be rolling out new regulations this fall requiring registration of fuel tanks from the 1,000-gallon to 420,000-gallon size.
In concept form the plan will be made public in July, said Kristin Ryan, director of DEC’s Division of Spill Prevention.
…
There were major changes to Gov. Bill Walker’s cabinet on June 23, with announcements that the attorney general and the acting Natural Resources commissioner were leaving their posts.
Walker also appointed a new natural resources commissioner. No replacement was named for attorney general.
All the…
Alyeska Pipeline Service Co. completed a 36-hour major maintenance shutdown of the trans-Alaska oil pipeline June 25-26.
North Slope field operators typically schedule maintenance work around the annual pipeline shutdown and to take advantage of milder summer weather.
Both BP and ConocoPhillips ha…
The federal Bureau of Safety and Environmental Enforcement has announced an increase in the maximum civil penalty for violations of the Outer Continental Shelf Lands Act. In an interim final rule that will become effective on July 18, the maximum penalty will increase from $40,000 to $42,017 per day…
As one of a couple of bills signed by Gov. Bill Walker on June 23 to increase state revenues, Senate Bill 170, authorizing Alaska’s Division of Geological and Geophysical Services to set and collect fees for the use of the Geologic Materials Center in Anchorage, has become law.
‘With a $4 billion b…
From a Texas oilman discovering rich mineral prospects at Tetlin while investigating the natural gas potential of these Native owned lands to a royalty company setting aside its business model to get in on the ground floor of what is shaping up to be a multimillion-ounce deposit of high-grade gold l…
Coventry Resources Ltd. June 23 reported the arrival of a second diamond core drilling rig to expedite an 8,000-meter drill program targeting zones of high-grade copper at Caribou Dome, a road-accessible property located about 155 miles north of Anchorage, Alaska. The first rig, which arrived earlie…
The U.S. Department of Labor’s Mine Safety and Health Administration June 27 unveiled plans to begin enhanced enforcement of ‘Rules to Live By,’ an initiative focused on preventing mine fatalities. Joseph Main, assistant secretary of labor for mine safety and health, said ‘mine operators need to con…
Hecla Mining Company June 27 reported a takeover bid for all of the outstanding shares of Dolly Varden Silver Corp. that it does not already own. At C69 cents per share, Hecla’s offer reflects roughly a 97 percent premium based on the volume-weighted average price of the Dolly Varden shares on the T…
Aston Bay Holdings Ltd. June 28 said a C$4 million exploration program at its Storm copper project is set to begin in early July. The program includes roughly 2,000 meters of drilling; re-logging of existing core mapping; soil sampling; and prospecting. ‘As the operator of the project, Aston Bay is…
Dominion Diamond Corp. June 27 said the processing plant at its Ekati diamond mine in Northwest Territories is out of operation due to a June 23 fire. The blaze was quickly extinguished and all personnel were safely evacuated from the plant without injury. The damages were limited to a small area of…
Seabridge Gold Inc. June 28 reported that it has begun robust environment remediation of historical mining activity at its newly acquired Iskut property in northwestern British Columbia, including the historical Johnny Mountain Mine. The Tahltan Central Government, the administrative governing body…
Commander Resources Ltd. June 23 said it has finalized an agreement to acquire four mineral exploration properties from Bearing Resources Ltd., including the Flume gold property in Yukon Territory, two in British Columbia and one in Mexico. Three royalties, including a production-defined royalty on…
Imperial Metals Corp. June 23 reported that the British Columbia Ministry of Energy and Mines and the Ministry of Environment have authorized the Mount Polley Mine to return to normal operations making use of its repaired and buttressed tailings storage facility. Imperial said the management and sta…
Lenders to , one of the biggest independent oil companies in the UK North Sea, has agreed to waive its covenants for six months as the struggling company looks for more time to reduce debt.
The company announced on Friday that the tests on its banking facility, which were due to be met by the end of this month, would now be moved to the end of the year.
Like other independent North Sea producers, Premier has struggled as the slumping oil price has taken its toll and debt levels have climbed.
Speaking to the Financial Times in February, , the chief executive, said: “By the midyear, with oil at $45 a barrel, we do not have a covenant issue. But if it stays at $35, we do.”
Since then the price of a barrel of Brent crude has risen to just under $50.
Despite this rise, Mark Wilson, an analyst at Jefferies, said he expected a banking covenant would have been breached if tested this month. Mr Wilson said he expected the company’s net debt, which was $2.2bn earlier this year, would be over five times its earnings before tax, interest, depreciation and amortisation by June 30. Its covenants say that ratio should not exceed 4.75 times.
The company is trying to renegotiate those banking terms — discussions it says it expects to conclude in the third quarter of this year. It added that it expected to provide extra security for those new terms, though it did not say how much.
David Round, an analyst at BMO, said: “Whilst Premier has been confident of an agreement with lenders, and today’s announcement should be no surprise given we have reached the mid-year with no outcome as yet, the time it has taken to reach an agreement appears to be confirmation of difficult and unpredictable discussions.”
Meanwhile , another independent oil producer in the same region, said it had confirmed a small discovery at its Eagle exploration well close to its Kittiwake platform. It said it expected the discovery to provide roughly an additional 6m barrels.
It also said its development wells at Scolty and Crathes had both been completed ahead of schedule and under budget.
Shares in Enquest rose 6 per cent on Friday morning, while shares in Premier Oil were flat.
India is expected to surpass Japan as the world’s third-largest oil user this year and will be the fastest-growing crude consumer in the world through 2040.
Nigeria says it has signed provisional agreements worth $80bn with Chinese companies to upgrade its oil and gas infrastructure, in a sign of Beijing’s willingness to bolster Africa’s largest economy as it grapples with its
The memorandums of understanding cover all aspects of Nigeria’s energy sector, from rehabilitating decaying refineries and building new pipelines to developing the neglected gas and power sectors, the country’s state oil company NNPC said in a statement.
The agreements were reached during a visit this week to Beijing by Emmanuel Ibe Kachikwu, Nigeria’s oil minister. NNPC said 38 Chinese companies were involved in the agreements, including Sinopec, an oil group, and Norinco, a weapons maker.
However, it was not immediately clear how the deals would be financed and industry observers are waiting to see if the agreements are implemented.
Nigeria badly needs investment to boost oil production and improve fuel and power supplies for its 180m people. In spite of its oil riches, the country because its rundown refineries cannot process crude.
“Clearly this shows that China is interested [in investing in Nigeria’s oil and gas sector] — there isn’t the same appetite from the west,” said Dolapo Oni, head of energy research for Ecobank in Lagos.
Nigeria has historically been Africa’s top oil producer, but in the Niger Delta this year has slashed output to its lowest level in 25 years. The government said this week that production had returned to a healthy 1.9m barrels per day, but industry insiders say that figure seems too high as one of the country’s biggest export terminals — the Shell-operated Forcados facility — remains closed after an attack.
The violence has coincided with the slump in oil prices that has plunged Nigeria — which relies on petrodollars for 90 per cent of its export earnings — into a deepening economic crisis.
Muhammadu Buhari, Nigeria’s president, first turned to China for support during a visit to the country in April, when he secured $6bn in loan pledges for infrastructure and agreed a currency-swap deal. However, there has been no news since of when either deal will be implemented.
Mr Buhari, who took office last year, has pledged to overhaul the NNPC and reform Nigeria’s oil industry, which is notorious for corruption and wastage. But there is still confusion among western oil majors and other would-be investors over crucial issues such as the future structure of joint ventures.
Amid this uncertainty in the sector, observers are sceptical about the implementation of the agreements announced this week.
“If you’re an investor looking at Nigeria, you probably want to hold back on the sidelines and see how it all pans out before you go in and spend lots of money,” said Gail Anderson, lead Nigeria analyst at Wood Mackenzie.
“The government is reorganising NNPC and trying to do multiple other reforms at the same time, but this is an ongoing process.”
