It’s been a wild and bumpy ride for OPEC+ this year. The consortium, consisting of the traditional members of the Organization of the Petroleum Exporting Countries plus oil and gas superpower Russia, was largely responsible for the huge collapse in oil prices toward the end of April. After a huge drop in oil demand corresponding…
Drillers cut exploration in US oil fields to a 15-year low as billions of barrels from old discoveries became worthless and explorers abandoned growth plans. The number of active oil rigs in the US fell by four to 176, the lowest since 2005, according to Baker Hughes Co. data released Friday. Energy companies have been…
Oil India Limited(OIL) said on Saturday that well-head and well plinth have been made ready for well control operation at Baghjan oil well in Tinsukia district.The capping Blow out preventer (BOP) stack with kill lines has been tested successfully. The Baghjan Oil blowout incident crossed 74th day on Saturday but still, the fire has been…
10th Aug 2020:GUWAHATI, The biorefinery at Numaligarh, which will produce ethanol and other platform chemicals using bamboo as feedstock, is likely to commence commercial production from 2022. Numaligarh Refinery Limited (NRL), Finland’s Chempolis Ltd and Finnish energy company Fortum 3 BV had established a joint venture Assam Bio Refinery Private Limited (ABRPL) in 2018 for…
10th Aug 2020:New rule has been issued for cooking gas. You will not get cylinder if you do not have one-time password (OTP). Now the OTP has become mandatory to get the gas cylinder. The rule has been issued with an aim to provide fast and hi-tech services to the customers and to check irregularities…
10 Aug 2020:Jaipur: Work on the Rs 43,123-crore refinery at Pachpadra may have stalled due to lockdown, but with a little over two years left to meet the deadline for completion of the project, now there is a race to accelerate construction activities. Before the Covid outbreak, 3,800 people were working on the site, but…
10th Aug 2020:The 73 per cent decline in quarterly profit of Saudi Aramco may force the oil giant to refrain from its promised investment in India for quiet sometime. The Saudi Kingdom-controlled company had announced two major investment plans in the country — the strategic investment in the greenfield petroleum refinery in Maharashtra and the…
Oil dipped below $45 a barrel on Friday on worries that a demand recovery would slow due to a resurgence of coronavirus cases, although a pledge from OPEC member Iraq to cut oil output further in August provided support. The resurgence of infections remains a key issue for the market and demand outlook. Tallies show…
NEW YORK : Oil in New York fell as US President Donald Trump’s latest attack on Chinese tech companies stoked tensions between the two countries, weighing on risky assets. Futures traded below $42 a barrel as Trump signed executive orders prohibiting US residents from doing business with WeChat, TikTok or the apps’ Chinese owners. The…
WASHINGTON: The Interior Department on Friday announced a new proposal to ease a regulation on royalties for sales of coal, oil and gas extracted from federal and tribal land after a court struck down its initial repeal of the Obama-era rule last year. The changes to the Office of Natural Resources Revenue’s (ONRR) regulations lift…
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