New Delhi: Shri Dharmendra Pradhan deeply appreciates the efforts of our Ambassador in Israel Sanjeev Singla for following up on the MoU between IOCL and Phinergy, an Israeli startup company, signed in July 2017 during the visit of Hon’ble PM Shri Narendra Modi to Israel to collaborate in new clean energy technologies. He…
Crude oil futures rise on spot demandCrude oil prices rose by Rs 17 to Rs 3,888 per barrel on Thursday as participants widened their positions on firm spot demand. On the Multi Commodity Exchange, crude oil for Thursday delivery traded higher by Rs 17, or 0.44 per cent, at Rs 3,888 per barrel in…
The American Petroleum Institute (API) today hosted its annual State of American Energy address, where it outlined actions the natural gas and oil industry is taking to support the nation’s economic recovery and a vision for an affordable, reliable and cleaner energy future. API President and CEO Mike Sommers headlined the event that drew more…
Days before the end of the current Administration, a U.S. banking industry regulator finalized a rule under which large American banks cannot deny lending money to oil and gas companies. The Office of the Comptroller of the Currency (OCC) released on Thursday its finalized rule to ensure the so-called fair access to banking services,…
Angola, as the second-largest oil producer in sub-Saharan Africa, holds approximately 8.2 billion barrels of proven oil reserves. Contributing to 50% of gross domestic product and nearly 90% of national exports, oil represents an invaluable resource to the domestic economy. The country also holds the fourth-largest proven natural gas reserves in Africa – approximately 343…
Spot crude prices settled sharply higher in December, extending the previous month’s gains, buoyed by a further improvement in physical market fundamentals and strong crude buying from the Asia Pacific region. The OPEC Reference Basket increased by $6.56, or 15%, month-on-month (m-o-m), to stand at $49.17/b in December. However, in annual terms, the ORB…
Apache Corporation (Nasdaq: APA) and Total S.A. (NYSE: TOT) today announced an oil discovery at the Keskesi East-1 exploration well in Block 58 offshore Suriname. Keskesi East-1 encountered targets in the upper Cretaceous-aged Campanian and Santonian intervals. The shallower Campanian interval contains 58 meters (190 feet) of net oil, volatile oil and condensate pay…
MOSCOW — Russian state oil major Rosneft is courting investments from global trading houses to help develop one of the world’s biggest oil deposits, after talks with other possible partners stalled following a collapse in oil prices, four sources told Reuters. Rosneft is in discussions with Vitol, Glencore and Gunvor, among others, over investments…
New Delhi: The government proposes to appoint independent operators of gas pipelines in the country to operationalise the common carrier principle that will allow all consumers and producers access to fuel transport infrastructure. Petroleum Secretary Tarun Kapoor told IANS that the ministry was taking approvals for segregating the existing gas pipeline infrastructure to identify…
Domestic natural gas production fell 11.4% year-on-year (y-o-y) to 27,642 million metric standard cubic metre (mmscm) in 2020 as operations became increasingly unviable for energy production companies with government lowering selling prices. The 2,426 mmscm of natural gas produced in December was however the highest monthly output recorded in the ongoing fiscal, with the…
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