Addressing the India Energy Forum meet by CER AWeek, the company’s chief executive officer Bernard Looney said, “GST has been a very welcome federal initiative to ease trade in India. We believe it would make sense to incorporate gas in that.” At present, petrol, diesel, jet fuel, crude oil and natural gas fall…
New Delhi: Prime Minister Shri Narendra Modi today interacted with CEOs of leading oil & gas companies in the annual event organized by NITI Aayog and Ministry of Petroleum and Natural Gas. During the interaction, Prime Minister highlighted that energy is at the centre of human development, which is why conversations around…
In a big reform initiative, the government on Wednesday decided to put domestically produced gas under a standard price discovery mechanism to help scale up local production from fields of ONGC, OIL, Reliance and Vedanta and help create a uniform gas market. Accordingly, the Union Cabinet approved a standard e-bidding procedure for market-based price discovery…
New Delhi: Crude oil futures on Monday fell by 0.57 per cent to Rs 2,952 per barrel as participants reduced their positions on low demand.On the Multi Commodity Exchange, crude oil for October delivery eased by Rs 17, or 0.57 per cent, to Rs 2,952 per barrel with a business volume of 2,971 lots. Crude…
Oil prices were steady on Monday but on track for their first monthly fall since April as rising coronavirus cases continued to spur concerns about demand. Brent crude LCOc1 rose 12 cents, or 0.3%, to $42.04 a barrel by 1151 GMT. U.S. West Texas Intermediate CLc1 was at $40.36 a barrel, up 11 cents or…
OECD commercial oil inventories are expected to stand slightly above the five-year average through Q1 2021, before dropping below that benchmark for the remainder of the year, OPEC Secretary General Mohammed Barkindo said. The projections are based on latest forecasts, which expect world oil demand in 2020 to contract by 9.5 million b/d, while non-OPEC…
The oil and gas industry has grown accustomed to experiencing shocks throughout the decades, yet the demand contraction of more than 10 million barrels a day in the first half of 2020 during the peak of lockdown provided a glimpse of what a new baseline could look like. In response, according to analysis by Accenture,…
All players on the global energy market need to act together to tackle the effects of the pandemic on oil demand, Russia’s Energy Minister Alexander Novak said at a virtual meeting of G20 energy ministers this weekend. “Our task, as the leaders of the energy industry, is to show stamina and solidarity in the face…
OSLO: Equinor and its partners in Norway’s Breidablikk oil discovery have agreed on an 18.6 billion Norwegian crowns ($1.95 billion) development plan for the North Sea field, the state-controlled company said on Monday. Partners in the field are ConocoPhillips, Petoro and Vaar Energi, a unit of Eni.”The Breidablikk field is one of the largest undeveloped…
Crude oil production in Libya jumped nearly threefold from below 100,000 barrels per day last week to around 250,000 bpd now – a week after the blockade on Libya’s oil ports was lifted. While the restart of Libya’s oil industry and exports are welcome news for the country, which has lost more than US$10 billion…
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