Is This The World’s Riskiest Oil Frontier?

Somalia’s government has announced that it would hold its first-ever offshore licensing round this August, marking the starting point of Africa’s perhaps most adventurous oil frontiers. Still recovering from the disastrous consequences of the Civil War, Somalia currently produces no oil whatsoever and has no exploratory activity taking place. This does not hold back the…

Greece Warns Turkey Over Oil, Gas Research Mission

Greece has warned it will do “whatever is necessary” to defend its sovereign rights in response to plans by neighbor Turkey to proceed with an oil-and-gas research mission south of Greek islands in the Eastern Mediterranean. The dispute over seabed mineral rights has led to increased navy deployments by both NATO members in the region,…

Work on capping Assam gas well fire resumes day after explosion

Work on plugging the natural gas well in Assam’s Baghjan where a fire has been raging since June 9, resumed on Thursday, a day after three foreign experts suffered burn injuries at the site following an explosion. The experts from a Singapore-based firm suffered minor burn injuries on Wednesday while removing the tubing head spool…

Petronet plans to cancel 10-year LNG import tender

NEW DELHI/SINGAPORE: India’s top gas importer Petronet LNG is set to cancel its offer to buy an annual 1 million tonnes of liquefied natural gas (LNG) for 10 years, two sources said, as signing long-term contracts are not attractive in the current scenario. India is scouting for cheap gas for price-sensitive consumers as Prime Minister…

Government likely to extend deadline for BPCL bidding for third time

The government is likely to extend the deadline for bidding for the privatisation of Bharat Petroleum Corporation (BPCL) for the third time in a row, from the current date of July 31. According to sources, the extension of the timelines for expression of interest (EoI) may well be until international airline services are back in…

India’s crude processing extends recovery in June

India’s crude oil processing gathered pace in June, rising 10.9 percent from May to 4.29 million barrels per day, as further easing of coronavirus-led curbs lifted fuel demand. Indian refiners’ crude processing posted its biggest drop in at least nearly two decades in April but rebounded to 3.87 million barrels per day (bpd) in May,…

Govt invites suggestions for inclusion of hydrogen-CNG as automative fuel

New Delhi: In another step towards promoting green fuel, the government on Thursday said it has invited suggestions from stakeholders for inclusion of hydrogen-enriched CNG as an automative fuel. The Ministry of Road Transport and Highways has issued a draft notification seeking comments and suggestions from the public and all stakeholders for amendment to the…

Oil prices change in different directions in the course of trading

The day oil prices changed in different directions, WTI crude oil, recouping part of the losses, tried to correct by raising, while Brent rose in price. The cost of the September futures for Brent crude on the London ICE Futures exchange to 14:26 totaled $accounting period by 43.46 per barrel, or $0,17 (0,39%) above the…

Oil falls 3% as resurgent pandemic prompts worries about US demand

NEW YORK: Oil prices fell about 3% on Thursday as investors worried that renewed lockdowns to contain the spread of coronavirus in the United States would again sink fuel consumption. Brent crude futures fell $1.11, or 2.6%, to $42.18 a barrel by 10:43 a.m. EDT (1443 GMT), after gaining 0.5% on Wednesday. U.S. West Texas…