US Commercial Oil inventory drops surprisingly by 6.8 million barrels | NZX Market Update

  • Jul 29, 2020 NZST
  • Team Kalkine

Blackstone Group signs a primary deal to raise its stake in a drilling project at the Gulf of Mexico.

The Israel-based Navitas Petroleum mentioned that the Blackstone Group is aiming to raise its current stake at the Gulf of Mexico from 16 per cent to 47 per cent.

Navitas had partnered with LLOG- a U.S-based oil firm and Beacon Offshore Energy- a portfolio company of Blackstone for drilling at the Shenandoah discovery, which holds 431 million barrels of oil.

As per Navitas, Blackstone is now buying 31 per cent of LLOG’s holdings in the USD 250 million project.

Oil prices rebound over a surprise decline in the commercial crude oil inventory across the United States.

Internet service provider, MyRepublic has been penalised by the Commerce Commission for violating statutory obligations under the Telecommunications Development Levy (TDL).

MyRepublic was penalised after it failed to provide the required information by the due date and the Company only did so following persuasion by the Commission for numerous months.

In response to the latest breach, the Commission has decided to issue a civil infringement notice, carrying a fixed pecuniary penalty of $2,000.

Notably, the Company was furnished a written warning for a similar breach in 2018.

#NewZealand #Blackstone #Navitas #Kalkine


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