Sonali Paul Illustration only - An FPSO - Credit: SimonPeter/AdobeStock
U.S. oil majors Exxon Mobil Corp and Chevron Corp on Thursday branded Australia s proposed industry-wide levy to cover the cost of decommissioning an offshore oil field, which neither has had any stake in, as arbitrary and disappointing .
The planned levy to remove facilities and plug abandoned wells at an oil field in the Timor Sea, off the northwest coast, could be a precedent-setting move with significant implications for extractive industries in Australia.
The government decided to impose the levy as it did not want taxpayers to have to cover the cost of rehabilitating the Laminaria-Corallina field in the Timor Sea after the owner, Northern Oil & Gas Australia (NOGA), went into liquidation in 2019.
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NEW YORK (Reuters) - Oil prices rose on Wednesday on an upbeat forecast for global economic recovery and as U.S. gasoline inventories plummeted, but prices were limited due to a surge in crude oil inventories in the aftermath of last month’s Texas winter storm.
FILE PHOTO: The sun sets behind the chimneys of the Total Grandpuits oil refinery, southeast of Paris, France, March 1, 2021. REUTERS/Christian Hartmann
Brent crude settled at $67.90 a barrel, gaining 38 cents, or 0.6%. U.S. West Texas Intermediate crude settled at $64.44 a barrel, rising 43 cents, or 0.7%.
U.S. gasoline stocks dropped by 11.9 million barrels last week and distillates, which include diesel and heating oil, fell 5.5 million barrels, the Energy Information Administration said, sharper than analysts’ expectations in a Reuters poll for a 3.5 million-barrel drop each. [EIA/S]
Oil slips for third session before U.S. inventories EIA data
By Florence Tan
Reuters
SINGAPORE (Reuters) - Oil fell for a third straight session on Wednesday as investors took profits while looking ahead to U.S. inventories data due later in the day for pointers on where prices will head next.
Brent crude for May dropped 56 cents, or 0.8%, to $66.96 a barrel by 0414 GMT, while U.S. West Texas Intermediate crude for April was at $63.56 a barrel, down 45 cents, or 0.7%.
Prices gained support last week from the OPEC+ decision to largely maintain production cuts in April. They then initially jumped on Monday, with Brent rising above $70 a barrel, after attacks by Yemeni Houthis on Saudi s oil heartland, before settling back as the alarm subsided.
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