Energy Bangla

The government is set to appoint Project Management Consultant (PMC) for second unit of the Eastern Refinery Limited (ERL) this month involving Taka 8,949 crore. “To meet the growing needs of refined oil and strengthen the energy security in the country, the government is setting up the second unit of ERL,” Secretary of Energy Division under the Ministry of Power, Energy and Mineral Resources Md Abubakar Siddique told here today.... »

The government is virtually giving up to private companies the entire business of furnace oil import for power plants established in both public and private sectors as the energy division is planning to stop importing furnace oil from 2016. ‘We are planning to stop importing furnace oil from the next year as the operation has become complex and expensive for Bangladesh Petroleum Corporation…We will soon instruct BPC to take necessary... »

The undisputed king of oil and gas is making some moves that could change the face of the global refining sector. In June 2015, Saudi Arabia pumped a record 10.564 million barrels a day, a record level. As if being the world’s biggest exporter of oil was not enough, the desert kingdom is now looking to conquer the refining sector as it has quickly become the fourth largest refiner in... »

The cabinet has given its seal of approval to a draft bill styled ‘The Petroleum Law 2015’ aimed at regulating import, transport and storage of petroleum efficiently through making the existing law modern. Earlier, law ministry vetted the final draft of the proposed law. The council of ministers gave their approval at the weekly cabinet meeting at the secretariat on Monday with Prime Minister Sheikh Hasina in the chair. Briefing... »

With the recently concluded nuclear deal between Iran and the P5+1 countries, oil prices have already started heading downward on sentiments that Iran’s crude oil supply would further contribute to the already rising global supply glut. The economic crisis in Greece, OPEC’s high production levels and China’s market turmoil have created more pressure on oil prices, making a price rebound look highly unlikely in the near future. So, with the... »

In the past, I documented the overstatements by both the IEA and EIA in 2014 & 2015 in terms of supply, inventory and understatements of demand. Others also noticed these distortions and, whether intentional or not, they exist and they are very large in dollar terms. These distortions, which are affecting price through media hype and/or direct/indirect price manipulation, are quite possibly the largest in financial history. Putting numbers behind... »

What OPEC countries fear most is a follow-up technological revolution that will lead to a second oil boom in the U.S., and that fear is now being realized. A technological revolution spurred the U.S. oil boom that resulted in the greatest increase in domestic oil production in a century, and while that has stuttered in the face of a major oil price slump and an OPEC campaign to maintain a... »

Bangladesh Petroleum Corporation (BPC) is unhappy over the stockpile of imported petroleum fuel as it has been paying demurrage charges for delay in unloading the fuel meant to be used by power plants. BPC finance director Abdur Rauf has already sent a letter to Bangladesh Power Development Board (BPDB) and sought over $39.40 lakh in compensation for the demurrage fees it had to pay for the delay in unloading imported... »

SINGAPORE: Oil prices fell in Asia on Monday as Iran and major western powers said they were closer than ever to a landmark nuclear deal that would lift sanctions and see Tehran’s crude exports return to global markets. A forecast by the International Energy Agency (IEA) for slower world oil demand next year and slumping Chinese trade data were also weighing on the market, analysts said, reports AFP. US benchmark... »

SINGAPORE, July 6, 2015 (BSS/AFP) – Oil fell in Asia today as investors digested the implications of Greece rejecting tough austerity demands from creditors which could send the debt-strapped nation crashing out of the eurozone, analysts said. Greek voters overwhelmingly rejected the bailout terms demanded by international creditors, with official figures from Sunday’s referendum showing 61.31 percent voting “No” and 38.69 percent voting “Yes”. “The result of the Greek referendum... »