Another week almost down in the books. Friday is so close I can almost taste it. If you’ve been reading The Morning Surge, I want to thank you for the support over these past few weeks.
If you’re joining me today for the first time, welcome!
The deal is Doug Krintzman and I each cover twelve hours of oil and gas news per day. He does the evening, and I do the morning. That way you never miss the biggest headlines circulating the industry. Pretty good deal, right?
Let’s get into this morning’s news.
India Approves Drilling rights For 31 Oil & Gas Fields
In their most recent effort to boost local oil production, India sold off 31 oil and gas fields to a variety of buyers. This is their first auction in six years.
“These fields hold potential for a lot of investments in India over the next decade,” the head of the DGH, Atanu Chakraborty, said in a phone interview on Wednesday. “It will open new avenues for jobs and create entrepreneurs.”
The Economic Times reports that this is all part of Prime Minister Narendra Modi’s plan to reduce oil imports by 10 percent before 2022.
“It is exciting that a lot of new players are coming — it’s very healthy for the industry,” P. Elango, managing director of Hindustan Oil Exploration said. “It creates a new set of players in the market, which can fuel the next wave of growth in the industry.”
UK Government Under Attack For “Shameful” Energy Policy Track Record
According to Scottish Politician Callum McCaig, the UK government has a horrible track record on energy policy.
He’s a little angry because the Peterhead’s future gas-fired power station is under threat.
“The UK government has a shameful track record on energy policy and any threat to Peterhead would just be the latest in a long list. They need to act and help create a positive role and future at Peterhead,” McCaig said.
Rigzone reports he wants some common sense injected into the Business and Energy Department, which also affects the economy in Scotland down the line. This would explain his outrage.
Oil Price Rises On News That OPEC Could Extend Production Cuts
Oil prices rose Thursday morning after OPEC sources said they could extend their oil supply-reduction pact with non-members.
“There’s a good chance and high odds that the group (OPEC) decides that they want to continue this process,” Richard Mallinson, Energy Aspects analyst, said.
Reuters reports that Brent crude was up 40 cents to $56.15 a barrel and U.S. light crude picked up 30 cents to $53.41 per barrel.
“Prices have not seen this kind of stability for several years,” managing director of Vienna-based consultancy JBC Energy, David Wech, said.