New Delhi: India’s upstream oil regulator DGH has pruned processes and procedures to allow oil and gas finds to be put into production soon after they are discovered. Issuing guidelines for early monetization of hydrocarbon discoveries, the Directorate General of Hydrocarbons (DGH) said companies can straight away start commercial production from any oil and gas…
New Delhi: The government has allowed companies to monetise oil and gas discoveries without undergoing the time-consuming procedure of government approvals for field development plans and other bureaucratic process. “There are no restrictions on monetization of discovery at an early stage within these timelines (provided under the contracts); rather it would be in public interest…
NEW DELHI: India will gradually end federal controls on gas pricing as it seeks to attract foreign investment and technology to lift local output, oil minister Dharmendra Pradhan said on Friday. India, which is a large emitter of greenhouse gases and has multiple gas pricing regimes, aims to raise the share of gas in its…
Indian Oil Corporation Ltd – country’s leading oil marketing company – on Friday announced collaboration with Sun Mobilty, to install lithium-ion battery swapping stations for electric vehicles in fuel stations across the country. First such battery swapping station was installed at one of IOC’s fuel station in Chandigarh. Lack of charging stations has been a…
New Delhi: Oil Minister Dharmendra Pradhan on Friday said there is no going back on the decision to privatise the country’s largest oil marketing company BPCL in view of the slump in global energy prices. Speaking at the BNEF Summit, he however said the timing of the privatisation would be decided by the finance ministry.…
Oil pared its decline from a three-month high as investors turned their attention back to improving demand and easing supply after the market was momentarily roiled by US-China trade confusion. Futures in New York recovered most of its earlier losses after President Donald Trump said the trade deal with Beijing was “fully intact” following remarks…
NEW YORK: Oil prices edged higher in a volatile session on Thursday, finding support from signs of a marginal improvement in the US economy but rising cases of COVID-19 in some states capped gains. Brent crude rose 24 cents, or 0.6 per cent, to $40.55 by 11:14 a.m. ET (1514 GMT), after trading as low…
Chinese refiners have stopped importing US crude oil since early 2019 amid an increasingly bitter trade dispute between Washington and Beijing.There had been expectations of a resumption in the trade at the start of the year following the phase one trade deal between the world’s two largest economies. However, the coronavirus pandemic has ratcheted tensions…
Optimism is supposedly back in oil markets, with the Global Research team at Bank of America lifting its oil price forecast for this year and next as demand recovers from coronavirus-linked shutdowns, the OPEC+ output cut deal curtails supply, and producers slash capital expenditure. The bank now sees Brent crude oil averaging $43.70 per barrel…
LONDON/NEW YORK – After U.S. crude futures took an historic plunge into negative territory in April, the two top oil price reporting agencies said on Thursday they will start new benchmarks reflecting the price of Gulf Coast-traded crude on tankers, a break from the old landlocked system. The two agencies are battling for primacy to…
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