Tepid response: Only one private bid for oilfields in 5th OALP round

For the smallest oil field offered in this OALP round, the director general of hydrocarbons (DGH) has received bids from Invenire Petrodyne and ONGC.This block in Gujarat is spread over only 18.4 sq km while the cumulative area of the oil fields offered in the auction is 19,789 sq km. The Union government received bids…

Oil rises on signs of economic recovery, but new infections loom

LONDON – Oil prices rose on Wednesday on a string of positive manufacturing data and a drawdown in U.S. crude inventories, both indicating an economic recovery, however, fears of surging coronavirus infections capped the gains. Brent crude LCOc1 was up 67 cents, or 1.6%, at $41.94 a barrel at 1336 GMT, and U.S. crude was…

US negotiates North American rival to OPEC as Trump trade deal takes effect

The historic United States-Mexico-Canada Agreement, which goes into effect on Wednesday, could lay the groundwork to reshape the global energy market and create even more challenges for the once-dominant OPEC. The three countries are negotiating on an “American pact that will work together to protect American production against foreign forces that are detrimental against our…

Opec cuts output to lowest since 1991 as virus slams oil demand

Opec slashed oil production to the lowest level since the Gulf War in 1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand again. Saudi Arabia faithfully delivered the extra curbs promised in June, and the laggards, though still trailing in implementing the cuts, stepped up…

Tepid response: Only one private bid for oilfields in 5th OALP round

For the smallest oil field offered in this OALP round, the director general of hydrocarbons (DGH) has received bids from Invenire Petrodyne and ONGC.This block in Gujarat is spread over only 18.4 sq km while the cumulative area of the oil fields offered in the auction is 19,789 sq km. The Union government received bids…

Shrikant Madhav Vaidya takes over as Indian Oil Corporation chairman

CHENNAI: Shrikant Madhav Vaidya took over as the chairman of Indian Oil Corporation Ltd on Wednesday. He will also be the chairman of Chennai Petroleum Corporation Ltd, a stand-alone refining subsidiary of IndianOil and Indian Oiltanking Limited, another joint venture providing terminalling services. He will also be on the board of Hindustan Urvarak & Rasayan…

Reaching pre-lockdown level, India’s petroleum product demand touches 88% in Jun

India’s petroleum product consumption has sharply recovered from the lowest slump recorded since 2007, after the world’ longest lockdown ended and reached 88% last month, the petroleum ministry said on Wednesday. Also, the demand for bitumen used in road construction has gone up by 32% in June as compared to last year, due to the…