Author: omc_admin

TechnipFMC has been awarded a major(1) integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract by Shell for its Gato do Mato greenfield development offshore Brazil. In addition to integrated execution, the project will utilize Subsea 2.0® configure-to-order (CTO) subsea production systems. Combining both offerings will enable streamlined project management through a single interface and accelerate time to first oil. “Throughout our 30-year partnership with Shell, we have built an overwhelmingly strong record of delivery,” commented Jonathan Landes, President, Subsea at TechnipFMC. “Our success in integrating and industrializing innovative solutions gives us the utmost confidence in providing the schedule…

However, Apple (AAPL) and Amazon.com (AMZN) fell 3.78% and 3.21%, respectively, in after-hours trading after earnings misses, potentially impacting Asian tech stocks on Friday, May 2. Despite weakness in select megacaps, broader optimism held on rate cut hopes. US Jobless Claims Spike as Recession Fears Mount Initial jobless claims jumped from 223k (week ending April 19) to 241k (week ending April 26). A weaker labor market may slow wage growth, potentially softening consumer spending and dampening inflationary pressures, signaling a more dovish Fed stance. The ISM Manufacturing PMI fell from 49 in March to 48.7 in April, remaining below the…

Oil prices pulled ahead in early Asian hours on Friday after China said its door is open for talks with the United States, raising hopes of a de-escalation in a bitter trade war between the world’s two largest economies.Brent crude futures rose 38 cents, or 0.6%, to $62.51 a barrel by 0136 GMT, while U.S. West Texas Intermediate crude futures added 38 cents, or 0.6%, to $59.62 a barrel. China’s commerce ministry on Friday said the United States has recently taken steps to open a dialogue with Beijing by conveying information through relevant parties.Concerns that the broader trade war could…

Bharat Petroleum Corporation Ltd (BPCL) has given Sanjay Khanna the additional charge of the company’s chairman and managing director.Khanna is currently director (refineries) in the state-run company. He is a chemical engineering graduate from National Institute of Technology, Tiruchirapalli, and a postgraduate in finance management from Mumbai University.Khanna has more than three decades of experience in refinery operations and technical services. He has anchored several projects for setting up processing units in Mumbai, Kochi and Numaligarh refineries, according to a BPCL statement.Prior to becoming director (refineries), Khanna headed the Kochi and Mumbai refineries of BPCL. He also serves as a…

NEW DELHI: Petrol sales grew 4.6 per cent and diesel 4 per cent in April over the same month last year, according to the provisional consumption data released by the oil ministry.Aviation turbine fuel (ATF) sales expanded 3.2 per cent and LPG 6.7 per cent . The sales trend in April significantly varied from March when petrol sales had grown 5.7 per cent year-on-year, diesel by 0.9 per cent , ATF by 5.7 per cent and LPG by 4.2 per cent . Diesel’s 4 per cent sales jump has come as a surprise as it recorded barely 2 per cent…

Ministry of Commerce says ‘door is open’ to talks, but it is willing to ‘fight to the end’ otherwise.China has said it is considering proposals by the United States to begin negotiations on US President Donald Trump’s sweeping tariffs. The US has “recently, through relevant channels, actively conveyed messages to China, expressing a desire to engage in talks”, China’s Ministry of Commerce said in a statement on Friday. “China is currently evaluating this.” Beijing’s remarks come after Chinese state media reported earlier in the week that the Trump administration had “proactively reached out” through multiple channels. Trump’s trade war with China has…

The Railroad Commission of Texas assessed $1,372,720 in enforcement docket fines against operators and businesses at the Commissioners’ open meeting on Tuesday.  The Commission has primary oversight and enforcement of the state’s oil and gas industry and intrastate pipeline safety. Master Default Orders for operators that failed to appear at Commission enforcement proceedings can be found on the RRC Hearings Division web page. Master Agreed Orders in which operators were ordered to come into compliance with Commission rules can be found on the RRC General Counsel web page.  About the Railroad Commission: The Railroad Commission of Texas acts…

The US justice department on Wednesday filed lawsuits against Hawaii and Michigan over their planned legal action against fossil fuel companies for harms caused by the climate crisis, claiming the state actions conflict with federal government authority and Donald Trump’s energy dominance agenda.The suits, which legal experts say are unprecedented, mark the latest of the Trump administration’s attacks on environmental work and raise concern over states’ abilities to retain the power to take climate action without federal opposition.In court filings, the justice department said the Clean Air Act – a federal law authorizing the Environmental Protection Agency (EPA) to regulate…

Bullish Hammer Pattern There is a possible one-day bullish hammer reversal candle to be established today. If so, a breakout above today’s high confirms the pattern. It shows sellers being in control earlier in the day’s trading session as crude oil dropped below yesterday’s low and signaled a bearish continuation. But sellers could not maintain control and the price of crude subsequently advanced following a $56.67 low. Thursday’s trading range was relatively wide, from $56.67 to $59.33, and it occurred within a sharp three-day decline contained within a larger bearish trend. Therefore, it wouldn’t be surprising to see a day…

bp today announced an oil discovery at the Far South prospect in the deepwater U.S. Gulf of America/Gulf of Mexico. bp drilled the exploration well in Green Canyon Block 584, located in western Green Canyon approximately 120 miles off the coast of Louisiana in 4,092 feet of water. The well was drilled to a total depth of 23,830 feet. The Far South co-owners are bp (operator, 57.5%) and Chevron U.S.A. Inc. (42.5%). Both the initial well and a subsequent sidetrack encountered oil in high-quality Miocene reservoirs. Preliminary data supports a potentially commercial volume of hydrocarbons. This discovery in…