September 2020 - Page 12 of 19

Crude oil futures rise on spot demand

CRUDE OIL NEWSBy admin September 22, 2020 Leave a comment

New Delhi: Crude oil prices on Wednesday rose by Rs 44 to Rs 2,872 per barrel as participants widened their positions on firm spot demand.On the Multi Commodity Exchange, crude oil for delivery in September traded higher by Rs 44, or 1.56 per cent, at Rs 2,872 per barrel in 4,307 lots. Analysts said raising…

Oil jumps as hurricane hits US output while crude stocks decline

CRUDE OIL NEWSBy admin September 22, 2020 Leave a comment

Oil rose for a second day on Wednesday, gaining more than 2%, as a hurricane closed US offshore oil and gas production and an industry report showed US crude inventories decreased. More than a quarter of US offshore output was shut on Tuesday due to Hurricane Sally. The American Petroleum Institute on Tuesday said crude…

LNG-fuelled tankers to more than double by 2030: Petronas exec

INTERNATIONAL NEWSBy admin September 22, 2020 Leave a comment

SINGAPORE: The number of ships fuelled by liquefied natural gas (LNG) is expected to more than double by 2030, driven by the shipping industry’s desire to cut emissions, a senior executive at Malaysia’s Petroliam Nasional Bhd (Petronas) said on Wednesday. Currently, less than 400 out of a total of more than 80,000 registered ships, run…

Oil refiners shut plants as demand losses may never return

INTERNATIONAL NEWSBy admin September 22, 2020 Leave a comment

Oil refiners are permanently closing processing plants in Asia and North America and facilities in Europe could be next because of the uncertain prospects for a recovery in fuel demand after the coronavirus pandemic cut consumption. The pandemic initially cut global fuel demand 30% and refiners temporarily idled plants. But consumption has not returned to…

Opec struggling to rebalance the oil market

INTERNATIONAL NEWSBy admin September 22, 2020 Leave a comment

These are, for sure, bad times for the oil market. Global demand will tumble by 9.46mn bpd this year, the Organisation of the Petroleum Exporting Countries said in a monthly report on Monday. The decline is more than the 9.06mn bpd drop expected a month ago. Oil prices have collapsed ever since the coronavirus crisis…

SC upholds foreign tribunal award in favour of Vedanta for developing Ravva oil and gas fields

EXPLORATION NEWSBy admin September 22, 2020 Leave a comment

The Supreme Court Wednesday upheld the foreign arbitration tribunal award in favour of Vedanta Ltd (formerly Cairn India Ltd) and Videocon Industries Ltd to recover USD 476 million from the government, instead of USD 198 million capped by it, for developing Ravva oil and gas fields. In a set back to the Centre, the top…

Fugro secures ONGC integrated survey services contract offshore India

EXPLORATION NEWSBy admin September 22, 2020 Leave a comment

Dutch global geological survey firm Fugro has secured a fourth consecutive contract from India’s state-owned Oil & Natural Gas Corporation (ONGC) to provide integrated survey services. Under the three-year contract, Fugro will provide infield developments on the east and west coasts of India. Work on the latest contract is currently underway.Survey services under the contract…

BP Bombshell: India’s Oil Demand May Peak In 2025

NATIONAL NEWSBy admin September 22, 2020 Leave a comment

The world’s third-largest oil importer, India, will be the biggest source of energy demand growth through 2050 in any scenario about government policies about the energy transition. However, India may not be as key a driver of global oil demand growth as previously thought. This was one of the messages in the BP Energy Outlook…

DBT for power sector may face operational challenges, say experts

NATIONAL NEWSBy admin September 22, 2020 Leave a comment

Mumbai, Sep 16 (PTI) The proposed amendment in the Electricity Act 2003 providing subsidy on power to farmers through direct benefit of transfer may not be practically possible, say experts. In the draft amendment, the power ministry has proposed to initiate direct benefit transfers (DBT) in the power sector by making payment of the subsidy…

Frustrated with non-payment of dues, ONGC exits from Sudan

NATIONAL NEWSBy admin September 22, 2020 Leave a comment

NEW DELHI : India’s Oil and Natural Gas Corp (ONGC) has exited from Sudan oilfields after the African nation refused to pay for oil it lifted from the fields.ONGC Videsh Ltd (OVL), the overseas investment arm of the state-owned firm, as also its Chinese partner CNPC and Malaysia’s Petronas have withdrawn from the block, a…

Monthly Archives: September 2020