Energy Bangla

Bangladesh Petroleum Corp (BPC) has received offers in its first tender to buy fuel oil at premiums lower that its term deals, two company sources said on Sunday. The tender was issued as part of an effort to move away from direct-term deals with fuel products suppliers to try to buy at cheaper rates. A total of nine international oil and trading companies have been competing to win the tender... »

The rig count has rebounded from the lows seen in late May, a small indication that oil companies in the U.S. could begin drilling anew. Shale drilling is a short-cycle prospect, requiring only a few weeks to drill and bring a well online. Because of this, the collective U.S. shale industry has been likened to the new “swing producer”: low oil prices force quick cutbacks but higher prices trigger new... »

Bargain-hunting investors helped to support world oil prices Monday despite deep uncertainty following Britain’s vote to quit the EU. Oil prices had slumped more than five percent on Friday following the British referendum. They slid again as trading opened in Asia on Monday, rebounded hours later, and then came under fresh pressure in European business. At around 1035 GMT, Brent crude was up six cents at $48.47, while US benchmark... »

More than a number of 2.5 thousands of ‘audit objections’ have been filed at the Bangladesh Petroleum Corporation (BPC) and the number is like ever increasing. However, complaints are there that the authority has a lack of sincerity to resolve those issues. As the time passes by, the unresolved objections get tangled, making the situation more complicated. The accumulated amount for each of the objections worth more than 65 thousand... »

The impact of rising oil prices on North American light tight oil (LTO) production is said to be a “Catch 22”, the title of Joseph Heller’s popular 1961 novel set in WWII. The premise was you could get out of the army if you were crazy but you weren’t crazy to try to get out of the army. So this avenue to escape the war didn’t work for the book’s... »

Oil prices fell in Asia Tuesday, snapping two days of gains, ahead of a report on US crude inventories and the British referendum on whether to stay in the European Union. Worries that Britons will vote to leave the EU on Thursday has frayed nerves, and global investment titans Li Ka-shing and George Soros warned of economic doom if the country exits. ‘Uncertainty around the outcome of the EU referendum... »

Bangladesh Petroleum Corporation is set to log in profit of Tk 12,186 crore for fiscal 2015-16, which is three times more than in the previous year, in spite of the recent price cuts, according to the finance ministry’s provisional estimate. After five consecutive years of losses, BPC last year made a profit of Tk 4,126 crore. The fuel price has been on a slide since June 2014 in the international... »

After linking the power networks, India and Bangladesh will hold official-level talks here on June 12 to discuss the nitty-gritties of linking their LPG (liquefied natural gas) networks. The Bangladesh energy secretary will be visiting Delhi on June 12 for discussions with our petroleum secretary KD Tripathi. The proposal draws upon the strength of our bilateral ties and will benefit people of both the countries,” oil minister Dharmendra Pradhan said... »

Total global oil production could decline for the next several years in a row as scarce new sources of supply come online. According to data from Rystad Energy, overall global oil output will fall this year as natural depletion overwhelms all new sources of supply. But the deficit will only widen in the years ahead due to the dramatic scaling back in spending on new exploration and development. Statoil says... »

OPEC member Kuwait has earmarked 34.5 billion dinars ($115 billion) to spend on oil projects over the next five years, despite the slump in oil prices, a senior executive said Sunday. “We have earmarked 34.5 billion dinars for spending on oil projects over the next five years,” Wafa al-Zaabi, head of planning at Kuwait Petroleum Corp, told an oil conference. “Over 30 billion dinars ($100 billion) will be spent on... »