OIL IN GUYANA
The game in Guyana: Why Modi visited this small Caribbean country
Indian Prime Minister Narendra Modi is on a visit to Guyana. This is the first visit by an Indian Prime Minister in 56 years. Guyana has recently discovered large oil reserves. It is expected to become a major oil producer soon. India is looking to buy oil from Guyana. India also wants to invest in Guyana's energy sector.
Oil prices to remain stable in India with various crude supply options: Union Minister Hardeep Puri
India's oil prices are expected to remain stable despite global geopolitical tensions due to the country's diverse crude oil suppliers and the global oil supply outpacing demand. Union Minister Hardeep Singh Puri emphasized India's successful energy security strategy under Prime Minister Narendra Modi, highlighting the country's focus on affordability, availability, and sustainability.
As crude fades, Big Oil must borrow to pay investors
Four of the five supermajor oil companies are likely borrowing to fund $15 billion in share buybacks due to weakening crude prices and refining margins. With expected earnings dips and decreased free cash flow, doubts grow over the long-term sustainability of these payouts.
Oil minister Hardeep Singh Puri hopes global oil prices will come down
India's Minister of Petroleum and Natural Gas, Hardeep Singh Puri, expressed optimism that global oil prices will decrease despite ongoing geopolitical tensions, citing increased supply from countries like Brazil and Guyana. He emphasised that there is currently no shortage of oil globally and stated, "Prices should hopefully come down, and that's my personal opinion."
IEA cuts 2024 oil demand growth view, sees surplus looming
The International Energy Agency reduced its global oil demand growth forecast for 2024 due to weak demand in China. The IEA highlighted that Chinese demand fell for the fourth consecutive month, impacting overall growth. A surplus in the oil market is expected by 2025 without major supply disruptions.
Indian plans to keep buying cheap Russian oil, Hardeep Puri says
India will continue buying oil from Russian companies not under sanctions due to low prices, says Oil Minister Hardeep Singh Puri. With 88% of its oil needs imported, India seeks the cheapest suppliers. India also plans to expand its refining capacity and increase natural gas usage if prices stabilize.
Oil¡¯s hot summer is ending, posing risks for majors and OPEC+
Oil prices declined over 10% from July highs due to China's economic issues and anticipated American supply increases. OPEC+ confronts a tough choice on production levels as demand stabilizes but supply rises. The outcome impacts oil majors' profits and shareholder returns, presenting a crucial juncture for the global oil market.
OPEC+ has limited scope to increase supplies to oil market : BP chief economist
Oil producer club OPEC+ faces limited scope to increase supply as US, Brazil, and Guyana boost output, meeting global demand growth, BP's Spencer Dale states. OPEC+ has kept 5.8 million barrels per day off the market and plans to gradually return supply starting October. Dale believes OPEC will maintain influence in the oil market despite rising non-OPEC supplies. He predicts EVs will impact oil demand significantly by the 2040s, with rapid electric vehicle adoption in China.
Oil surplus looms if OPEC+ hikes supply, IEA data show
Oil Supply: The International Energy Agency indicated that global oil markets may move from a deficit to a surplus in the coming quarter if OPEC+ implements its plan to boost supply. While oil demand in China has decreased, it remains high in developed nations like the US. OPEC+ might adjust its plans based on market conditions.
Guyana diaries: Bhojpuri nights, ubiquitous Hindu temples & booming economy
Guyana exudes a strong sense of Indianness that resonates deeply with visitors from India, particularly noticeable in Georgetown, its capital and the only English-speaking country in South America. The Providence Cricket Stadium greets visitors with a prominent "Bhojpuri Nights" banner, reflecting the cultural blend. Nearby, ISKCON stands as one of Georgetown's largest temples, underscoring the presence of Indian culture. Renowned eateries like the one owned by former West Indies cricketer Ramnaresh Sarwan offer a taste of familiar cuisine.
'Are you in their pockets?': Guyana's President Irfan Ali accuses reporter of 'western hypocrisy' in climate debate
Guyana's President Irfan Ali's heated exchange with BBC journalist Stephen Sackur over climate change has gone viral. The video shows President Ali challenging Sackur's authority on the topic, suggesting bias due to historical environmental degradation by Western nations. The discussion centered on Guyana's plans for oil and gas extraction and its impact on carbon emissions. President Ali defended Guyana's environmental efforts, highlighting its substantial forest cover that stores 19.5 Gigatons of carbon. He criticized what he perceived as hypocrisy from developed nations and called for them to take responsibility for reducing carbon emissions.
India talking to Guyana, Suriname, Namibia for oil import: Hardeep Singh Puri
India has been talking to Guyana, Suriname and Namibia regarding oil cooperation, informed Union Petroleum Minister Hardeep Singh Puri on Monday while asserting that there is no shortage of crude oil globally.
OPEC to Extend Oil Production Cuts Through June
The decision to keep output cuts in place was expected and appears intended to bolster what might otherwise be weak oil prices. Some analysts forecast that the supply of oil will exceed demand in the first half of this year. Without continued cuts, prices might sink.
India wants multi-year oil purchase deal with Guyana: Guyana minister
India is considering a multi-year oil purchase agreement with Guyana and aims to acquire stakes in the South American nation's exploration areas, according to Guyana's minister for natural resources, Vickram Bharrat. This decision is part of India's efforts to diversify its sources of crude oil. The potential deal with India would need approval from Guyana's cabinet.
Cabinet approves MoU between India, Guyana on cooperation in hydrocarbons
The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the signing of a Memorandum of Understanding (MoU) between the Ministry of Petroleum and Natural Gas, India and the Ministry of Natural Resources, Guyana, on cooperation in the hydrocarbon sector.
Chevron's game-changing $53 billion deal with Hess Corp: A bold step into Guyana's oil boom
Chevron Corp has announced a $53 billion all-stock deal to acquire its smaller rival, Hess Corp, in a move that will reshape the energy landscape. The acquisition will give Chevron a 30% ownership stake in 11 billion barrels of oil equivalent in discovered recoverable resources in Guyana, as well as control over 465,000 net acres of high-quality, long-term inventory in Bakken. Experts believe that the deal will transform the competitive landscape and mark a transformative moment in the energy sector, particularly in the rapidly growing oil region of Guyana.
Chevron to buy Hess Corp for $53 bln in all-stock deal
Chevron has announced its plans to acquire Hess in a $53 billion all-stock deal, aiming to expand its presence in the oil-rich region of Guyana. This move will pit Chevron against Exxon Mobil in the shale and Guyana oil basins, two of the world's fastest-growing oil regions. Guyana has emerged as a significant oil producer in recent years, with Exxon Mobil, Hess, and CNOOC collectively producing 400,000 barrels per day.
The Guyana Way: How Indian oil reserves could act as a big ticket for global investment
Guyana is currently the fastest-growing economy in the world, with its GDP expected to grow by 38% in 2023. The country's rapid growth is attributed to its expanding oil sector. India, on the other hand, is heavily dependent on oil imports, which puts pressure on its current account deficit, inflation, and fiscal position. To ensure macro stability, India should increase domestic oil production to reduce its dependence on imports. Although India's geology may pose challenges, the example of Guyana shows that with the right policies and investment, significant oil reserves can be discovered.
Indian, European oil firms evaluating bids for Guyana blocks
The South American country wants to quickly expand its oil industry and recruit developers to counterbalance an Exxon Mobil Corp-led consortium that now controls all production. The Exxon group has outlined plans to install at least seven vessels to tap more than 11 billion barrels discovered to date.
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