Energy Bangla

Finance Minister AMA Muhith on 20th december said there was no possibility of slashing the prices of fuel oil in Bangladesh despite their steep fall in the international market. The oil price is never set in Bangladesh in keeping with the international market, he told journalists after inaugurating the newly repaired Presbyterian Church at Nayasarak in the capital. We always sell oil at a cheaper price. But it sees a... »

The shale revolution’s sweet spot is oilfield services, the lower-risk backbone of the American oil and gas boom that pays off regardless of a play’s economics.Behind the stardom of the explorers and producers who have put themselves on the revolutionary shale map and absorb most of the risk—are the service providers who make up a highly lucrative market segment.The US land-based rig count rose 3% over the last quarter, reaching... »

The demand for oil in 2015 will drop to its lowest level since 2002 because of an oversupply of crude and stagnant economies in China and Europe, according to OPEC’s latest forecast. And that’s just one of several sour estimates. OPEC’s monthly report said demand for the cartel’s oil will fall to 28.9 million barrels per day next year, 280,000 barrels lower than its previous forecast and the lowest in... »

The growth outlook for developing Asia remains steady, even though momentum slowed in the second half of 2014, but the declining oil prices represent a golden opportunity for many beneficial reforms, the Asian Development Bank (ADB) says in a new report. In a supplement to its Asian Development Outlook 2014 Update, ADB forecasts gross domestic product (GDP) growth for the region of 6.1% in 2014, down from 6.2% expected in... »

New oil projects are being scrapped in Norway amid falling production and low oil prices. Long held up as the model for managing oil abundance, Norway has painstakingly sought to prevent the problems that occur with other natural resource-based economies, such as corruption, slow economic growth, currency appreciation, and subsequently, deindustrialization. Since 1990, Norway has diverted much of its oil earnings to a sovereign wealth fund, which has become the... »

India will export petroleum products to Bangladesh through its (India’s) first cross-country pipeline, an Indian daily reported yesterday. Daily Business Standard said Assam-based Numaligarh Refineries Limited (NRL), a subsidiary of Bharat Petroleum Corporation Limited (BPCL), will shortly begin work on laying a product pipeline from Shiliguri in West Bengal to Parbatipur in Bangladesh, reports BSS. “The pipeline would allow BPCL to penetrate the Bangladeshi market and ensure sustained supply of... »

By. James Burgess: The future of oil exploration lies in new technology – from massive data-processing supercomputers to 4D seismic to early-phase airborne spy technology that can pinpoint prospective reservoirs. Oil and gas is getting bigger, deeper, faster and more efficient, with new technology chipping away at “peak oil” concerns. Hydraulic fracturing has caught mainstream attention, other high-tech developments in exploration and discovery have kept this ball rolling. Oil majors... »

By Nicholas Cunningham: The confrontation between Russia and the West took a turn for the worse with the downing of a Malaysian airliner on July 17, and that could spell trouble for several major oil companies operating in Russia. Just one day earlier, U.S. President Barack Obama slapped sanctions on Russia over its ongoing role in the destabilization of Ukraine. The sanctions prohibited American banks from issuing loans with a... »

By Claude Salhani: For the terrorist group known as the Islamic State, Syria and Iraq were a good place to start their campaign, but in order to survive and prosper it knew from the outset that it had no choice but to set its sights on the ultimate prize: the oil fields of Saudi Arabia. It is in that direction that the battle for control of the world’s largest oil... »

By Nick Cunningham: The number of active rigs drilling for oil and gas fell by their most in two months, according to the latest data from oil services firm Baker Hughes. There were 19 oil rigs that were removed from operation as of Oct. 17, compared to the prior week. There are now 1,590 active oil rigs, the lowest level in six weeks. “Unless there’s a significant reversal in oil... »