Energy Bangla

US oil and player Apache has made what is being feted by some as potentially Australia’s largest oil discovery in the last 30 years, fuelling hopes of a new oil province located off the north-west coast. The field found by the Phoenix South-1 well, which was targeting gas rather than oil, could have potentially up to 300 million barrels of oil in place, according to Apache. Only a portion of... »

While we fixate on sexy headlines about Chinese military threats in the South China Sea, for instance, or Washington ‘lifting the ban’ on crude oil exports, we miss the bigger stories—and we miss the reality. China’s relentless resource quest has the greatest impact on trading prices, which may not make for headline news, but is a very important reality, while the stories about the US lifting the crude oil ban... »

By Chris Dalby: The debate over the impact of peak oil has been raging for decades. Although few deny that the end of mass oil consumption is drawing nearer, educated estimates now range between 2020 and 2030. But more important than the timeframe of peak oil are its consequences. Some seek to spell the end of life as we know it, so reliant is the world upon black gold. Others,... »

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... »

ondon based energy company Tullow Oil said Wednesday it received a favorable ruling from a London court of appeals in a simmering dispute over Ugandan assets. “Tullow Oil plc is pleased to announce that Tullow Uganda Ltd., its Ugandan subsidiary, has received judgment in its favor in the proceedings against Heritage Oil and Gas Ltd and Heritage Oil Plc in the Court of Appeal in London,” Tullow said in a... »

Tullow Oil plc announce that its subsidiaries operating in Uganda have received a ruling from the Tax Appeals Tribunal (TAT) in Uganda relating to Capital Gains Tax (CGT). Following the completion of the farm-down of 66% of its assets in Uganda to CNOOC and Total in 2012, Tullow was issued with a CGT assessment by the Uganda Revenue Authority (URA) of approximately $472m. Tullow paid 30% of the assessment (approximately... »

By James Stafford: Much larger than Eagle Ford and once thought to have reached peak production, new technology has brought us full circle back to the Permian Basin in Texas and New Mexico, where the recent shift to horizontal well drilling has rendered this play the unconventional ground zero. Determining where the next real oil boom will be depends largely on following the technology, and while the Permian Basin has... »

Tullow Oil plc announces that the Gardim-1 exploration well, drilled on the eastern flank of the Chew Bahir Basin in the South Omo licence, onshore Ethiopia, has reached a total depth of 2,468 metres in basement, without encountering commercial oil. The well intersected lacustrine and volcanic formations, similar to those found in the Shimela-1 well on the north-western flank of the basin. Minor intervals with thermogenic gas shows were intersected... »

State-owned Bangladesh Petroleum Corp plans to import around 1.58 million mt of oil products from eight term suppliers during the second half of 2014, down 31.30% from the first half, a senior BPC official told. BPC completed term negotiations with eight Asian companies last week, he said. The drastic fall in imports of 180 CST high sulfur fuel oil with up to 3% sulfur and 0.25% sulfur gasoil are behind... »

By Chris Dalby: These Are The 5 Countries Most Plagued by Oil Theft. These are Nigeria, Mexico, Iraq, Russia and Indonesia. Nigeria: As much as 400,000 barrels of oil a day are stolen in Nigeria. This equates to losses of $1.7 billion a month for Africa’s new largest economy. This represents 7.7 percent of its GDP vanishing, or more than the country spends on education and healthcare. These numbers paint... »