Venezuela sits atop the largest proven oil reserves in the world, clocking in at a whopping 300 billion barrels. But years of domestic economic mismanagement, corrupt international banking, and strict international sanctions have brought the Venezuelan economy–and oil industry–to its knees. Earlier this summer, the country’s once-mighty oil sector became the ultimate metaphor for…
The refinery, to be built in Fao in the Basra Governorate, will be offered under the Build Operate Transfer or Build Own Operate Transfer investment model, Ihsan Ismaael said in a statement. A petrochemical facility could be integrated into the refinery at a later stage, he added. Iraq wants to reach a throughput of…
No public consultations were held before granting environmental clearance for the proposed drilling operations inside Assam’s Dibru-Saikhowa National Park, Oil India Limited (OIL) said in an affidavit filed in the Gauhati high court on Tuesday. OIL maintained that existing rules do not require it to conduct public consultations and added that oil and gas exploration and…
Oil Minister Dharmendra Pradhan asked exploration companies to consider farming out their acreages to global players with advanced technology to expedite development and raise oil and gas output. India, the world’s third-biggest oil importer and consumer, depends on foreign purchases for more than 80% of its oil needs. The nation’s oil and gas output…
In a letter to Tarun Kapoor, secretary, Ministry of Petroleum and Natural Gas, DN Pathak, executive director of SOPA, said the association has been informed by many of its members that they are not getting adequate supply of hexane. Soya processing is in its peak season with prior commitments of processors to meet the…
The government has said that adequate interest has been received for the strategic disinvestment of public sector refiner Bharat Petroleum Corporation Ltd (BPCL) with several suitors submitting expressions of interest (EoI). The transaction will move to the second stage after scrutiny by the transaction adviser, said a tweet from the Twitter handle of the…
In the last week of October 2020, the Union Government stated that taxes on petrol and diesel will be increased to mobilise additional revenue for Covid-19 relief. Even if there is no immediate change in retail prices as clarified by oil companies, the likelihood of a tax increase after the festive season is high…
TOKYO- Oil prices fell on Wednesday after a bigger-than-expected build in U.S. crude stockpiles stoked fears for weak fuel demand and a potential supply glut, but hopes that OPEC and its allies will postpone a planned January increase to oil output braked losses. Brent crude futures for January dropped 14 cents, or 0.3 per…
Oil prices slipped on Tuesday as worries that lockdowns to fight a new surge in coronavirus cases could hit short-term demand outweighed hopes for a vaccine and the possibility of tighter OPEC+ supply policies.Brent futures fell 38 cents, or 0.9 per cent, to $43.44 a barrel by 1-52 p.m. EST (1852 GMT), while U.S.…
U.S. environmental activists are heaping pressure on Democratic president-elect Joe Biden to avoid cabinet appointees with fossil fuel ties, with one group on Tuesday slamming his pick of a congressman who received donations from the oil and gas industry. The pressure reflects the environmental lobby’s desire to push the incoming administration to take aggressive…
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