Oil prices crawl up on demand recovery, tempered by virus outbreaks

MELBOURNE: Oil prices rose in early trade on Friday, extending gains from the previous day on optimism about recovering fuel demand worldwide, despite surges in coronavirus infections in some US states and indications of a revival in US crude production. US West Texas Intermediate (WTI) crude futures gained 15 cents, or 0.4 per cent, to…

Guyana short-lists 19 companies to market its oil

A group of 19 companies including oil majors, trading houses and state-run firms were approved by Guyana’s government for the next phase of a competitive process aimed at selecting an agent for marketing its share of crude produced in the country. PetroChina Co, Sinochem International , China Offshore Oil, ExxonMobil Corp, BP Plc , Total…

Oil refiners adapt to post-lockdown shift to gasoline from diesel: Kemp

LONDON, Petroleum consumption is rising around the world as the major economies exit from lockdowns imposed to control the coronavirus epidemic, but the uneven recovery presents challenges for fuel refiners. Refiners must cope with a much stronger rebound in demand for gasoline compared with diesel and jet fuel, reconfiguring their equipment to shift the yield…

Singapore light fuels inventories fall but supply still ample

SINGAPORE: Singapore light distillates inventories were at a four-week low of 14.95 million barrels in the week to June 24, official data showed on Thursday.However, European barrels arriving in the island reflected weak gasoline demand in the West, according to industry sources. The data from Enterprise Singapore showed that about 41,000 tonnes of gasoline had…

Norway wants more renewable power for oil platforms, major industry

OSLO, Norway could cut its carbon dioxide emissions by 4 million tonnes per year, or nearly 8% of the total, by providing more renewable electricity for major industrial plants and offshore oil and gas platforms, two government agencies said on Friday. While Norway is a major producer of petroleum, it has also signed up to…

DGH cuts time from discovery to production; eases rules

New Delhi: India’s upstream oil regulator DGH has pruned processes and procedures to allow oil and gas finds to be put into production soon after they are discovered. Issuing guidelines for early monetization of hydrocarbon discoveries, the Directorate General of Hydrocarbons (DGH) said companies can straight away start commercial production from any oil and gas…

Government permits faster monetisation of oil and gas discoveries

New Delhi: The government has allowed companies to monetise oil and gas discoveries without undergoing the time-consuming procedure of government approvals for field development plans and other bureaucratic process. “There are no restrictions on monetization of discovery at an early stage within these timelines (provided under the contracts); rather it would be in public interest…

India to end federal control of gas prices, lift LNG transport use

NEW DELHI: India will gradually end federal controls on gas pricing as it seeks to attract foreign investment and technology to lift local output, oil minister Dharmendra Pradhan said on Friday. India, which is a large emitter of greenhouse gases and has multiple gas pricing regimes, aims to raise the share of gas in its…

IOC and Sun Mobility to install battery swapping stations for Evs

Indian Oil Corporation Ltd – country’s leading oil marketing company – on Friday announced collaboration with Sun Mobilty, to install lithium-ion battery swapping stations for electric vehicles in fuel stations across the country. First such battery swapping station was installed at one of IOC’s fuel station in Chandigarh. Lack of charging stations has been a…