Petronet to set up 1,350 LNG dispensing stations across major highways

Mumbai: Petronet LNG Ltd, the country’s biggest liquefied natural gas infrastructure company, will adopt a three-pronged strategy to expand its business in the country after the government last month allowed marketing and distribution of LNG by any entity. As part of this strategy, the company will set up 1,350 LNG dispensing stations across major national…

IOC, ONGC implementing projects worth Rs 3.57 trn to boost economy – Govt

Oil PSUs such as IOC and ONGC are implementing about Rs 3.57 trillion worth of projects across the entire hydrocarbon value chain that will further enhance energy accessibility, create jobs and boost the economy, the Petroleum Ministry said on Monday. In Twitter posts, the Ministry of Petroleum and Natural Gas said out of Rs 3.57…

Oil prices mixed as coronavirus spike casts shadow over U.S. demand

SINGAPORE – Oil prices offered up a mixed market snapshot on Monday, with Brent crude edging higher, supported by tighter supplies, while U.S. benchmark WTI futures dropped on concern that a spike in coronavirus cases could curb oil demand in the United States. Brent crude LCOc1 rose 11 cents, or 0.3%, to $42.91 a barrel…

Lebanon, Iraq discuss exchanging oil for food

Lebanese Prime Minister Hassan Diab and Iraqi Oil Minister Ihsan Abdul Jabbar discussed on Friday exchanging Iraq’s oil with Lebanon’s food and other industries, news agencies reported.According to Anadolu Agency, the discussions took place during Jabbar’s visit to Beirut and his meeting with Diab and other Lebanese ministers. In a press conference held after the…

Nigerian crude grades yet to rally because of U.S Shale

Crude oil prices for lighter Nigerian grades have not experienced the rally its category is presently having, despite significant draws on stockpiles in Europe, as cheaper substitutes like U.S Shale continue to be more attractive to importers, according to a report released by Reuters. Bonny light, according to oilprice.com, sold for $43.33, far below the…

Saudi Arabia and Kuwait restart production at huge shared oil field

Saudi Arabia and Kuwait have restarted production at the Al-Khafji oil field in the neutral zone between the two countries, Turkey’s Anadolu Agency reported, citing a statement by the acting CEO of the Kuwait Gulf Oil Company. An earlier report by Argus News from late June said Saudi Arabia and Kuwait had plans to restart…

HOEC temporarily suspends operations at PY-1 field

The field will resume operations once the Covid-19 situation situation in Tamil Nadu is improved.Hindustan Oil Exploration Company (HOEC) has temporarily suspended operations at PY-1 field from 3 July 2020 considering the Covid-19 situation in Tamil Nadu. The precautionary measure is for ensuring the safety of employees. PY-1 field is in the offshore part of…

India’s oil demand from cars to factories limps toward normalcy

The world’s fastest-growing oil market is showing an uneven recovery two months after easing demand-destroying virus-control measures. Provisional fuel sales in June had climbed within 88% of 2019 levels from less than half in April in the midst of the world’s biggest lockdown, the oil ministry said citing sales of the three major state-owned retailers.…