Author: omc_admin

PESHAWAR, Pakistan (AP) — Flash floods triggered by pre-monsoon rains swept away dozens of tourists in northwest Pakistan on Friday, killing at least eight people. The nationwide death toll from rain-related incidents rose to 18 over the past 24 hours, officials said.Nearly 100 rescuers in various groups rescued a total of 58 people and were searching for the missing tourists who were swept away while picnicking along the Swat River in Khyber Pakhtunkhwa province, said Shah Fahad, a spokesman for the provincial emergency service. He said only 3 people belonging to an extended family of 16 could be rescued and…

Subscribe To NotificationsScan QR code to install appImportant DisclaimersThe content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you,…

PT Medco Energi Internasional Tbk. has agreed to acquire Fortuna International (Barbados) Inc. from Repsol E&P S.a.r.l. The company said in a media release it will shell out $425 million in the process. It expects to close the transaction in the third quarter of 2025. MedcoEnergi said Fortuna International holds an indirect 24 percent interest in the Corridor Production Sharing Contract (PSC). The Corridor PSC has seven producing gas fields and one producing oil field, all located onshore in South Sumatra, Indonesia, MedcoEnergi said. The gas is sold under long-term contracts to high-quality buyers in Indonesia and Singapore, it said.…

(WO) — Ashtead Technology has signed a collaboration agreement with Ocean Science Consulting Ltd. (OSC) to deliver combined environmental monitoring, mitigation and compliance services for offshore wind and oil-and-gas operators. Under the deal, Ashtead will supply and manage subsea sensors and other equipment, while OSC will handle underwater-noise monitoring, data analysis and regulatory reporting. The companies say the single-vendor approach will help developers meet strict marine-environment standards throughout an asset’s life cycle. Offshore projects—whether decommissioning pipelines, laying cables or installing turbines—must limit subsea noise to protect marine life. The new partnership “significantly enhances our ability to deliver end-to-end…

An unexpected move by the United Arab Emirates to cut volumes of a key oil grade sold to project partners including BP Plc and TotalEnergies SE is set to put a dent in some trading books. The hit stems from a mismatch in positions taken in the derivatives market to hedge against their expected supply of Murban crude for July, according to people familiar with the matter. The discrepancy may have led to losses as high as $12 a barrel for some equity shareholders, which is considered steep given profits can be as little as a few cents for each…

By Irina Slav – Jun 27, 2025, 12:48 AM CDT Crude oil prices are on track for a weekly decline as reduced geopolitical tensions in the Middle East ease fears of supply disruptions. Despite recent draws in US crude and fuel inventories, the market’s focus is shifting to potential tariff removals and the upcoming OPEC+ meeting in early July. Analysts anticipate that increased OPEC+ production could lead to a significant oil market surplus by the end of the year, assuming continued regional stability. Crude oil prices were set to end the week lower than they started it as Israel…

Domestic natural gas price is set to rise to the government-set ceiling of $6.75 per mmbtu next month, from $6.41 currently, as the rate is linked to crude prices, which surged this month due to the Iran conflict.The Centre revises the Administered Price Mechanism (APM) rate every month based on the average crude price of the preceding month. The price is set at 10 per cent of the price of the Indian crude basket, subject to a ceiling of $6.75 per mmbtu. At June’s average crude price of $70 per barrel, the effective rate for July will be $6.75 per…

Oil and Natural Gas Corporation Limited (ONGC) in coordination with international well control specialists from CUDD Pressure Control, achieved a key breakthrough on Thursday in its ongoing operations at Well RDS#147A. It hopes to successfully cap the well by Friday.A statement issued by the ONGC said this on Thursday and added that this critical step culminated in the safe removal and dragging out of the rig substructure, thereby creating clear access to the wellhead and enabling preparations for the upcoming snubbing operation, an essential part of the final well control process.”Arrangements for the deployment of snub lines and other preparatory…

In March, I visited a strange place in the high desert east of Reno, Nevada.This is where JB Straubel’s startup Redwood Materials is turning a vast hoard of old batteries into valuable ingredients that power electric vehicles and other new devices.The weirdest part: Redwood’s HQ was surrounded by massive new data center projects. Right opposite, a ginormous Google complex rose up from the scrub and brush. And the hills around were flattened like pancakes, awaiting even more of these beasts.The demand for data centers is exploding because of generative AI. The GPUs and other gear required to train and run…

Ethane traders Satellite Chemical USA and Vinmar International have received US government letters allowing them to load ethane on vessels destined for China but prohibiting unloading ethane in China without authorisation, sources familiar with the matter said.The letters received Wednesday from the US Department of Commerce follow a licensing requirement imposed several weeks ago on ethane exports to China, stalling shipments and leading vessels to drift or anchor around the US Gulf Coast. The letter could be perceived as the administration preparing to lift the restriction, industry sources and analysts said. Even so, there would likely still be some reluctance…