Petroleum minister Dharmendra Pradhan on Tuesday urged domestic oil and gas producers to rope in international oil majors to bring in new technology to the sector.He was addressing the contract signing ceremony of the fifth bid round under the Open Acreage Licensing Policy (OALP). Under the OALP round V, state-run Oil and Natural Gas…
New Delhi- The strategic disinvestment of Bharat Petroleum Corporation Limited has moved to the second stage after it received multiple expressions of interest, Finance Minister Nirmala Sitharaman said on Monday. “Strategic disinvestment of BPCL progresses- Now moves to the second stage after multiple expressions of interest have been received,” Sitharaman tweeted. Earlier, the Department…
Slumping fuel consumption during the pandemic is accelerating the long-term shift of refining capacity from North America and Europe to Asia, and from older, smaller refineries to modern, higher-capacity mega-refineries. The result is a wave of closures, often centring on refineries that only narrowly survived the previous closure wave in the years after…
OPEC expects coronavirus to curb oil demand recovery into 2021 Global oil demand will rebound more slowly in 2021 than previously thought because of rising coronavirus cases, OPEC said on Wednesday, hampering efforts by the group and its allies to support the market. Demand will rise by 6.25 million barrels per day (bpd) next…
A Canadian offshore oil regulator has accepted a bid from BP Canada to explore a portion of an environmentally sensitive marine refuge in the Atlantic Ocean for drilling. The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) announced Nov. 4 that it had accepted a bid from the energy company for 264,500 hectares of…
U.S. crude, fuel inventories fall in latest week -APIU.S. crude oil and fuel stocks fell sharply last week, data from industry group the American Petroleum Institute showed on Tuesday. Crude inventories fell by 5.1 million barrels in the week to Nov. 6 to about 482 million barrels, compared with analysts’ expectations in a…
Prime Minister Shri Narendra Modi inaugurated Office-cum-Residential Complex of Cuttack Bench of Income Tax Appellate Tribunal through video conference today. Shri Ravi Shankar Prasad, Union Minister for Law & Justice and Communications and Electronics & Information Technology, Shri Dharmendra Pradhan, Union Minister of Petroleum & Natural Gas and Steel, Shri Naveen Patnaik, Chief Minister…
The relationship between Qatar and India is an old and enduring one. According to the ministry of external affairs data, the total bilateral trade between both countries reached USD 12.33 billion in FY 2018-2019. However, the Foreign Direct Investment (FDI) of Qatar into India has been a modest one, but its contribution to India’s…
New Delhi: The government on Wednesday approved a Production-Linked Incentive (PLI) scheme for ten key sectors, including telecom, automobiles and pharmaceuticals, taking the total outlay for such incentives to nearly Rs 2 lakh crore over a five-year period. The scheme will help encourage domestic manufacturing, reduce imports and generate employment as the…
India’s flagship overseas firm ONGC Videsh Ltd on Wednesday announced the acquisition of Australian firm FAR Ltd’s stake in the USD 4.2-billion Sangomar oil project off Senegal’s shore for USD 45 million. This is the first acquisition by OVL, the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), in…
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