Flexibility helps RIL beat peers, achieve 90-100% capacity under lockdown

Operational flexibility to shift from the domestic to export market and higher petrochemical production helped Reliance Industries (RIL) to operate at 90-100 per cent capacity even amid the lockdown in April and May. In comparison, large public sector refiners operated at a combined average capacity of 59 per cent in April. RIL produced more chemicals…

Govt seeks $520 mn from Cairn Oil & Gas; co slaps arbitration notice

The government has slapped a USD 520 million (around Rs 3,941 crore) demand notice on billionaire Anil Agarwal’s oil and gas unit Cairn after an audit found alleged discrepancies in cost recovery in the Rajasthan oil and gas fields operated by the company, sources said adding the firm has disputed the demand and initiated arbitration…

Crude oil prices slide on US-China tensions, doubts about Russian output cuts

NEW YORK: Oil futures tumbled on Wednesday after US President Donald Trump said he was working on a strong response to China’s proposed security law in Hong Kong and as some traders doubted Russia’s commitment to deep production cuts. Many worried that Russia may not agree to extending production cuts ahead of the meeting in…

Russia plans to drill oil wells and pump in 2022 when OPEC+ deal expires

MOSCOW: The Russian government has tentatively approved a plan on drilling idle oil wells in order to prepare for restoration of oil production once the global deal on output curbs expires in 2022, according to a government statement published on Tuesday. Russia has agreed to cut its oil production by around 2.5 million barrels per…

Lockdown fails to hit oil & gas production

Jaisalmer: While many sectors were affected due to the countywide lockdow, the oil and gas production continued in Barmer and Jaisalmer.The employees worked taking full precautions against coronavirus for two months and now many of them will be sent back home. Cairn India in Barmer and Oil India Limited in Jaisalmer worked efficiently despite the…