GUWAHATI: ONGC’s Executive Director Tarun Malik said that companies in the Northeast region are giving renewed thrust on enhanced Oil Recovery (EOR) schemes after Government of India announced renewed policy framework by the for incentivising production through improved recovery schemes in domestic fields. Malik, while speaking at a virtual platform on “Consultation on Hydrocarbon and…
India is on its way to make its biggest savings in the oil import bill this year with Covid-19 related disruptions and sluggish demand conditions squeezing down the country’s crude payments to a fourth of previous years’ level in the first two months of current fiscal. In the period of April-May 2020-21, India’s oil import…
India, the third biggest oil consumer, expects fuel demand to return to normal earlier than projections by the International Energy Agency and OPEC. “If you look at the trend of the past few weeks, I’m confident that by the end of second quarter, demand will be as usual,” India’s Oil Minister Dharmendra Pradhan said at…
New Delhi: Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited (RIL), has said that instead of treating carbon dioxide (CO2) as a liability, one can use it as a raw material.Ambani made these remarks at the FII Investment Institute Conference on “Don’t Forget Our Planet” on Thursday. The other participants in the conference…
Guwahati/Agartala, The northeast region holds 18 per cent of the country’s hydrocarbon resources with a large area not yet surveyed. The government could use it to meet demand of neighbouring countries. Speaking at a “Consultation on Hydrocarbon and Industries in NorthEast”, Tripura Deputy Chief Minister Jishnu Dev Varma said on Saturday the annual demand for…
Oil prices reference marks are moved to lower after rising earlier in the trading and may suffer weekly losses. Record growth in the number of new infections coronavirus infection COVID-19 in the United States and the increase of cases in other countries indicate a long-term obstacle to the recovery in oil demand, says MarketWatch. “The…
MELBOURNE: Oil prices rose in early trade on Friday, extending gains from the previous day on optimism about recovering fuel demand worldwide, despite surges in coronavirus infections in some US states and indications of a revival in US crude production. US West Texas Intermediate (WTI) crude futures gained 15 cents, or 0.4 per cent, to…
A group of 19 companies including oil majors, trading houses and state-run firms were approved by Guyana’s government for the next phase of a competitive process aimed at selecting an agent for marketing its share of crude produced in the country. PetroChina Co, Sinochem International , China Offshore Oil, ExxonMobil Corp, BP Plc , Total…
LONDON, Petroleum consumption is rising around the world as the major economies exit from lockdowns imposed to control the coronavirus epidemic, but the uneven recovery presents challenges for fuel refiners. Refiners must cope with a much stronger rebound in demand for gasoline compared with diesel and jet fuel, reconfiguring their equipment to shift the yield…
SINGAPORE: Singapore light distillates inventories were at a four-week low of 14.95 million barrels in the week to June 24, official data showed on Thursday.However, European barrels arriving in the island reflected weak gasoline demand in the West, according to industry sources. The data from Enterprise Singapore showed that about 41,000 tonnes of gasoline had…
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