The Supreme Court Wednesday upheld the foreign arbitration tribunal award in favour of Vedanta Ltd (formerly Cairn India Ltd) and Videocon Industries Ltd to recover USD 476 million from the government, instead of USD 198 million capped by it, for developing Ravva oil and gas fields. In a set back to the Centre, the top…
Dutch global geological survey firm Fugro has secured a fourth consecutive contract from India’s state-owned Oil & Natural Gas Corporation (ONGC) to provide integrated survey services. Under the three-year contract, Fugro will provide infield developments on the east and west coasts of India. Work on the latest contract is currently underway.Survey services under the contract…
The world’s third-largest oil importer, India, will be the biggest source of energy demand growth through 2050 in any scenario about government policies about the energy transition. However, India may not be as key a driver of global oil demand growth as previously thought. This was one of the messages in the BP Energy Outlook…
Mumbai, Sep 16 (PTI) The proposed amendment in the Electricity Act 2003 providing subsidy on power to farmers through direct benefit of transfer may not be practically possible, say experts. In the draft amendment, the power ministry has proposed to initiate direct benefit transfers (DBT) in the power sector by making payment of the subsidy…
NEW DELHI : India’s Oil and Natural Gas Corp (ONGC) has exited from Sudan oilfields after the African nation refused to pay for oil it lifted from the fields.ONGC Videsh Ltd (OVL), the overseas investment arm of the state-owned firm, as also its Chinese partner CNPC and Malaysia’s Petronas have withdrawn from the block, a…
New Delhi: Petrol sales have fully recovered to pre-Covid level and diesel is down just about 6 per cent in the first half of September from a year earlier, signalling people and industry were eager to get on with their lives despite a record jump in infection rates. In the first fortnight of September, petrol…
16 Sept 2020-TOKYO: Oil prices inched lower on Tuesday as a bleaker outlook for global fuel demand prompted fresh selling, but short-covering ahead of a meeting later this week of OPEC and its allies, known as OPEC+, limited losses. Brent crude was down 3 cents, or 0.1 per cent, at $39.58 a barrel by 0102…
16 Sept 2020-of OPEC and its allies, known as OPEC+, limited losses. Brent crude was down 3 cents, or 0.1%, at $39.58 a barrel by 0102 GMT, reversing earlier gains. U.S. West Texas Intermediate (WTI) crude futures were down 2 cents, or 0.1%, at $37.24 a barrel. Both contracts ended slightly lower the previous day.…
16 Sept 2020-NEW YORK: US oil output from seven major shale formations is expected to decline by about 68,000 barrels per day (bpd) in October to 7.64 million bpd, the US Energy Information Administration (EIA) said in its monthly productivity report on Monday.That would be the first decline in production since May, according to revised…
16 Sept 2020-Crude oil prices are falling again, on word of OPEC member Libya’s plan to reopen its oil ports as soon as this coming weekend. As of this writing late on Monday afternoon, Texas Intermediate (WTI) and Brent crude futures are lower, with WTI October deliveries down to $37.26 per barrel, while Brent November…
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