AsianOil - Asia Oil & Gas
Despite the relative stability of crude prices in recent days, more news of activity cutbacks, earnings losses and demand weakness continues to come in, and all eyes are turning to the forthcoming OPEC+ meeting.
Chinese officials are reportedly calling on the government to ramp up crude oil stockpiling to capitalise on low prices, just days after it emerged that domestic financial investors were doing just that.
Australian junior Oilex has found another buyer for its interests in the Cooper-Eromanga Basin after its first deal fell through in April.
Pakistan’s Oil and Gas Regulatory Authority (OGRA) has reportedly called for retail gasoline prices to be reduced despite warnings of a looming fuel shortage.
India’s refinery runs fell 28.8% year on year to 14.75mn tonnes (3.6mn barrels per day) in April as the country’s prolonged coronavirus (COVID-19) lockdown drove down oil product demand.
Indonesian national oil company (NOC) Pertamina said this week that it intended to restart its Balikpapan refinery from June 1 as Indonesia weighs up plans to ease or even exit its lockdown.
Australian independent Santos has completed its acquisition of US super-major ConocoPhillips’ northern Australia and Timor-Leste assets for a reduced upfront price.
Conrad Petroleum’s Mako natural gas field offshore Indonesia has seen its resources upgraded significantly following an independent audit, junior partner Coro Energy said this week.
Petronas intends to cut spending across the board after low energy prices more than halved the company’s bottom line in the first quarter.