TOKYO: Oil prices drifted lower on Friday, pausing after three days of gains, as producers prepared to resume operations in the Gulf of Mexico and data showed Saudi Arabian exports rose from record lows. Brent crude was down 6 cents at $43.24 a barrel by 0112 GMT, while US oil futures dropped 6 cents to…
Crude oil prices are falling again, on word of OPEC member Libya’s plan to reopen its oil ports as soon as this coming weekend. As of this writing late on Monday afternoon, Texas Intermediate (WTI) and Brent crude futures are lower, with WTI October deliveries down to $37.26 per barrel, while Brent November deliveries are…
LAUNCESTON: If 2020 had been anything close to a normal year, the oil and gas industry would have just wrapped up its annual gathering in Singapore, most likely reassured of its ongoing essential role in humanity’s future.But this is far from a normal year, and the Asia Pacific Petroleum Conference (APPEC) was a virtual event…
OPEC and its allies, led by Russia, pressed for better compliance with oil output cuts on Thursday against the backdrop of falling crude prices as uncertain reigns over the global economic outlook. The group, known as OPEC+, warned that rising COVID-19 cases in some countries could curb energy demand despite initial indications of a decline…
A prospect being drilled offshore South Africa is likely to contain more oil than an earlier discovery in the same region, according to Canadian firm Africa Energy, which is part of the operating consortium. Drilling began at the Luiperd well in block 11B/12B on 28 August. It is near Brulpadda, where consortium leader Total made…
New Delhi: After facing years of payment default, the country’s largest oil and gas explorer Oil and Natural Gas Corporation has finally exited from Sudanese oilfields, relieving itself of yet another toxic overseas asset. Company sources said that all the three overseas investors in the Sudanese oilfield including ONGC Videsh Ltd (OVL), the overseas investment…
Singapore — The increase in tax on natural gas in Andhra Pradesh, a key state in India where domestic gas produced from the Krishna Godavari basin is sold, would make domestic gas less competitive for end-buyers and pose a challenge in the central government’s bold ambition to raise gas’s share in the energy mix to…
An investment of ₹4.74-lakh crore is required to achieve the balance renewable energy capacity addition target of 86 gigawatt (GW) by March 2022.Responding to questions in the Lok Sabha, RK Singh, Minister of State (Independent Charge) for Power and New and Renewable Energy, said a cumulative renewable energy capacity of 88,793.39 MW has been installed…
NEW DELHI – The West Indian Sugar Mills Association has written to the food ministry for permission to use maize as a feedstock for ethanol production when there is shortage of sugarcane due to drought, an industry source said. “WISMA, Maharashtra has written in support of this to the food ministry saying that in years…
A statement from the Associated Chambers of Commerce and Industry of India (Assocham) quoting Tarun Kapoor, Secretary, Ministry of Petroleum and Natural Gas, said, “The Petroleum Ministry will also provide whatever relief such as extending timelines, try and reduce penalties wherever possible and take other such measures.” Kapoor was speaking at a webinar organised by…
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