Author: omc_admin

New Delhi: State-owned GAIL (India) Ltd plans to expand its Dabhol liquefied natural gas (LNG) terminal’s capacity to 12.5 million tonnes per annum (mtpa) by 2031-32, up from the planned 6.3 mtpa by mid-2027, according to a senior company official.GAIL’s Director (Business Development) Rajeev Kumar Singhal said the company has received five proposals for equity stakes in US LNG projects, each tied to offers for long-term LNG supply contracts.GAIL had last month floated a tender seeking up to 26 per cent stake in a US LNG project, bundled with a 15-year LNG supply agreement. The latest process is a revival…

(BOE Report) – Kayne Anderson has closed its third energy income fund with $2.25 billion of total capital committed, the investment firm said, far exceeding an initial target as investors show renewed appetite for oil and gas assets. The fund, Kayne Private Energy Income Fund III, will invest in high-quality private companies focused on producing oil and natural gas from wells that generate stable cash flows, according to a statement seen by Reuters. This type of production suits income-focused strategies, where investors are regularly paid out a portion of an investment’s earnings, on top of the traditional private equity return…

RIYADH, SAUDI ARABIA — U.S. Secretary of Energy Chris Wright today signed a Memorandum of Understanding (MOU) on energy cooperation and a Memorandum of Cooperation (MOC) on critical minerals with the Kingdom of Saudi Arabia’s Minister of Energy H.R.H. Prince Abdulaziz bin Salman Al Saud and H.E. Minister of Industry and Mineral Resources Bandar Alkhorayef, respectively. Secretary Wright signed the documents as a member of the United States delegation led by President Donald J. Trump. The intention to sign the MOU was announced during Secretary Wright’s trip to Saudi Arabia in April of this year. The signings coincided with President Trump’s…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 4.287 million barrels in the week ending May 9—a shock after analysts had estimated a 2.4-million-barrel draw. The API reported a 4.49 million barrel inventory decrease in the prior week.So far this year, crude oil inventories are up more than 23 million barrels, according to Oilprice calculations of API data.Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 500,000 barrels to 399.6 million barrels in the week ending May 9. Inventory levels in…

(World Oil) – Brazil’s state-controlled oil producer Petrobras approved dividends slightly below expectations amid a trade war that has created economic uncertainty and undermined oil prices. Petrobras will pay $2.1 billion USD (11.72 billion reais) in first-quarter dividends, it said in a filing Monday. Expectations were for a $2.2 billion payout, according to an average of six analyst forecasts reviewed by Bloomberg. Brazil’s oil giant has been showering shareholders with robust dividends even though the policy has come under political attack and contributed to the downfall of the company’s previous chief executive officer last year. Investors have been concerned that…

Bulls in Charge Tuesday’s advance becomes more interesting when noticing the relatively bearish potential shooting star candle pattern from yesterday. It looks like bullish momentum went away. Now that it is back the momentum of the upswing has the potential to intensify. As the price of crude rises and takes out higher potential resistance zones, the potential for it to continue to rise improves. Not only because of the potentially bearish behavior on Monday but also the higher daily high and higher low established today along with a likely strong bullish closing price. At the time of this writing crude…

ZENRG Services, Inc., the nation’s leading provider of recompression services for the energy sector and T.D. Williamson (TDW), a global leader in pipeline technology and services, announce a Strategic Alliance Agreement.  This partnership combines the specialized expertise of both companies to deliver comprehensive cross-compression services. The alliance integrates ZENRG’s industry-leading cross-compression capabilities with TDW’s extensive pipeline service offerings, including hot tapping and isolation, pigging, in-line inspection and repair. Both organizations share an unwavering commitment to safety and operational excellence, enabling customers to achieve project objectives while maintaining product in the pipeline—enhancing both safety and environmental performance. “Since our founding at…

PetroChina Dagang Petrochemical Co. has achieved 1,000 continuous operating days on its Ionikylation unit equipped with composite ionic liquid (CIL) alkylation technology for production of high-octane alkylate at the operator’s 5-million tonne/year (tpy) refinery in Dagang, Tianjin, on northeastern China’s Dagang field along the Bohai Sea coast (OGJ Online, Aug. 26, 2022). Commissioned in mid-August 2022, the 150,000-tpy CIL unit—which produces high-octane alkylate with a RON of 98 to ensure the site’s 1.5-million tpy production of gasoline meets China’s current National VI (equivalent to Euro 6) emission standard—reached the operating milestone as of May 12, said Well Resources Inc., global…

Major tech companies could receive an unexpected victory in President Donald Trump’s signature “Big Beautiful Bill” but they shouldn’t start celebrating just yet.House Republicans squeezed a provision into part of the sweeping tax, immigration, and defense legislation, which would prohibit states from regulating artificial intelligence for a decade.”Except as provided in paragraph (2), no State or political subdivision thereof may enforce any law or regulation regulating artificial intelligence models, artificial intelligence systems, or automated decision systems during the 10-year period beginning on the date of the enactment this Act,” the bill reads. The text, first noticed by 404 Media, would…

Microsoft is slashing thousands of jobs to try to increase what it calls “span of control,” or the number of employees who report to each manager.The software giant on Tuesday confirmed the cuts, which Business Insider first reported in April. Microsoft said about 3% of its global workforce, roughly 6,000 employees, will be affected.Microsoft’s attempt to flatten management layers follows similar announcements from big tech peers. Amazon has been trying to increase the ratio of individual contributors to managers. Google CEO Sundar Pichai in December told staff that the company cut vice president and manager roles by 10% as part…