MOSCOW: The Russian government has tentatively approved a plan on drilling idle oil wells in order to prepare for restoration of oil production once the global deal on output curbs expires in 2022, according to a government statement published on Tuesday. Russia has agreed to cut its oil production by around 2.5 million barrels per…
LONDON – Saudi Arabia and its allies in the expanded OPEC+ group of oil-exporting nations have only just started to implement output cuts, so it might seem premature to start talking about the need for an exit strategy. But an important part of being a successful market manager is about knowing when to increase production…
Jaisalmer: While many sectors were affected due to the countywide lockdow, the oil and gas production continued in Barmer and Jaisalmer.The employees worked taking full precautions against coronavirus for two months and now many of them will be sent back home. Cairn India in Barmer and Oil India Limited in Jaisalmer worked efficiently despite the…
Amassive explosion took place at the production well of Baghjan 5 under Baghjan oil field of Oil India Ltd (OIL) in Tinsukia on Wednesday at 10.30am when operational work was on. A tree on the top of the well was blown out in the impact of the blast. It is suspected that negligence of the…
NEW DELHI: The government is considering bringing natural gas within the ambit of goods and services tax (GST) and offer pricing freedom to gas producers, Oil Secretary Tarun Kapoor told an industry webinar on Wednesday. Ficci, the organiser of the webinar, quoted Kapoor as saying that the government was targeting gas as it would be…
State-owned ONGC and others impacted by the slump in global crude prices are likely to get some relief from the government that is considering waiving the cess and royalty. Sources said the oil ministry was in talks with the finance ministry in waiving the oil cess and royalty demands due to the slump in global…
NEW DELHI – Chennai Petroleum Corp Ltd’s proposed mega project to replace its 1-mtpa Cauvery Basin refinery at Nagapattinam in Tamil Nadu with a new 9-mtpa refinery is likely to receive the official nod from the boards of the company and its parent–state-owned Indian Oil Corp Ltd–within three to four months, sources in the know…
The government has for the second time extended the deadline for bidding for privatisation of India’s second-biggest oil refiner Bharat Petroleum Corp Ltd (BPCL) by over a month to July 31. While the Cabinet had in November last year approved the sale of government’s entire 52.98 per cent stake in BPCL, offers seeking expression of…
NEW YORK: Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up with coronavirus restrictions easing. Brent crude futures were up 2 cents at $35.55 a barrel by 11:11 a.m. EDT (1511 GMT). US West Texas Intermediate (WTI) crude futures…
Black gold rises in price against the background of a gradual easing of restrictions imposed in connection with the pandemic coronavirus that spur demand for petroleum products. The surplus on the oil market reduced in recent weeks that also has quotes of support. The oil market is finally will soon be balanced,’ ‘“ said the…
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