Energy Bangla

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... »

Bangladesh Petroleum Corporation (BPC) has sought Tk 600 crore from its enterprises — Padma, Meghna and Jamuna — for importing petroleum fuel to avoid huge bank loan interests. “We have already sought Tk 200 crore each from Padma, Meghna and Jamuna oil companies to meet the immediate fund crisis,” BPC Chairman Eunusur Rahman has said. He said the BPC has sought Tk 4,721.73 crore from the Finance Division. Of the... »

The government does not plan to raise prices of fuel oil anytime soon, Finance Minister AMA Muhith has said He said the Cabinet Committee on Government Purchase did not discuss fuel price in its Thursday’s meeting. “It really depends on the international market,” Muhith said. He said the committee would not take any steps to raise or decrease fuel oil prices unless the energy ministry sent a proposal. “We will... »

NEW YORK, Aug 23, 2014 (BSS/AFP) – Oil prices retreated yesterday as investors focused on the prospect of having too much oil supply amid weakening demand in the global market. US benchmark West Texas Intermediate for October delivery finished trade at $93.65 a barrel, down 31 cents from Thursday’s close. Brent North Sea crude for October, Europe’s main futures contract, dropped 34 cents to settle at $102.29 a barrel in... »