23 Sept. 2020-MUMBAI: India’s natural gas production fell 13.2% during April-August compared to a 1% fall registered in the corresponding period last fiscal, said Care Ratings in a note.The cumulative fall in production was primarily a result of restricted or negligible offtake by consumers due to the pandemic and ensuing lockdowns. While domestic production from…
23 Sept. 2020-The Ministry of Petroleum and Natural Gas (MoPNG) is coming up with a fresh strategy to increase hydrocarbon production in the country. It is likely to open bidding for production enhancement contracts (PECs) of old oil blocks of Oil India (OIL) and Oil and Natural Gas Corporation (ONGC). It is also planning to…
23 Sept. 2020-In November 2018, the three oil marketing companies (OMCs) – Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) – had come out with an advertisement floating tenders for 78,493 petrol pumps across the country. This move, which came just before the polls, was pitched as a step to…
23 Sept. 2020-NEW DELHI: LNG imports have shot past domestic supplies for the first time in India, creating ground for decontrolling the market even as local producers feel hamstrung by below-cost prices dictated by government formula. Domestic gas met 47 per cent of demand in 2019-20, while a spurt in import of cheap cargos pushed…
23 Sept. 2020-Hyderabad: On Tuesday, the High Court bench headed by Chief Justice Raghavendra Singh Chauhan and Justice Bollam Vijaysen Reddy heard a public interest litigation seeking to direct the State Government to withdraw the proposal to install an electrical substation, which is part of the transmission system. The allegation of the petitioner is that…
23 Sept. 2020-NEW DELHI: The government plans to set targets for hydrogen energy development, which is currently not included in its plan to develop 175 Gigawatts of renewable power by 2022. A committee of officials has been formed to set specific targets to develop this source of energy, Indu Shekhar Chaturvedi, secretary, ministry of new…
Oil futures fell Monday, sending U.S. prices down by more than 4%, on expectations Libyan crude will soon return to the market, while worries over a rise in European COVID-19 cases and a global equity market selloff added to the negative tone.“Oil prices are lower on turmoil, whether it be from mother nature or politics,”…
Oil prices plunged about 5 per cent on Monday, weakening as rising coronavirus cases stoked worries about global demand, and a potential return of Libyan production bolstered oversupply fears. Crude oil followed other equities and commodities markets in turning risk-averse on Monday as rising Covid-19 infection rates in Europe and other countries prompted renewed lockdown…
All OPEC’s interests and goals in its 60 year-activity are based on unity, solidarity and cooperation and the transformation of the OPEC’s idea into reality is also the result of trust among the oil countries, Azerbaijani Energy Minister Parviz Shahbazov said, Trend reports referring to the Azerbaijani Energy Ministry. “While fulfilling its regulatory mission in…
OPEC and its allies are watching efforts to resume oil output in Libya very closely, OPEC sources said on Monday, although producers should wait to see if there is a sustainable restart before reacting. OPEC member Libya is exempt from cutting oil output under a deal by the Organization of the Petroleum Exporting Countries and…
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