India may remain invested in Farzad-B without development rights

India’s quest for building its energy security may see it continue to pursue investment opportunity in Farzad-B gas field in Iran even though ONGC Videsh Ltd (OVL) may not get to develop the block that it discovered over a decade ago. Highly placed sources in the oil ministry said that Indian consortium including Indian Oil,…

NGT asks CPCB to ensure states, UTs ban use of petcoke, furnace oil

NGT asks CPCB to ensure states, UTs ban use of petcoke, furnace oilNew Delhi: The National Green Tribunal (NGT) has asked the Central Pollution Control Board (CPCB) to ensure that states and Union Territories (UTs) ban the use of petcoke and furnace oil as fuel to prevent damage to the environment and public health. A…

Crude oil futures slip 1.22%, Brent trades below $43 a barrel

Crude oil futures eased to Rs 2,998 per barrel on July 7 as participants increased their short positions. The black gold pared morning gain on concerns of increasing coronavirus cases worldwide. Tapan Patel, Senior Analyst (Commodities), HDFC Securities, said crude oil prices traded weak on concerns over demand growth on record virus cases. “The recent…

Taiwan to cut gasoline exports by half on slow demand recovery

SINGAPORE: Taiwan’s gasoline exports this year are expected to fall by 50 per cent versus 2019 as its two refiners scale back supplies to combat slow demand, a move that could help keep excess supplies down, industry sources said. Taiwan is the fourth-largest gasoline exporter after China, India and South Korea, and a reduction in…

Brazil’s Petrobras starts decommissioning Campos Basin platforms

SAO PAULO, Brazilian oil major Petroleo Brasileiro, known as Petrobras, said on Tuesday it has started to decommission its platform P-12 on the Campos basin after receiving permission from the Navy and environment and oil agencies. The company also said it would decommission platforms P-07 and P-15 on the Campos Basin by this year, according…