Amassive fire broke out at the Baghjan oil well after an explosion on Tuesday afternoon and spread to nearby areas, burning houses and trees and prompting a second round of exodus after the recent blowout-driven evacuation. Television images showed flames leaping 30-40ft into the sky and ending in a plume of black smoke that people…
The dispute arises out of the production sharing contract between Cairn India and the government over exploration of the Ravva oil fields in the shallow offshore area of the Krishna-Godavari basin on the eastern coast of India between 2000 and 2007.The company had claimed that it had to incur more cost of exploration than what…
After a brief hiatus following the signing of the Phase One Trade Agreement in January, tensions between Washington and Beijing have once again reached a fever pitch. The two countries have little room to defuse tensions after U.S. President Trump announced he would end Hong Kong’s special status, saying he would sanction Chinese officials responsible…
India’s sovereign rating downgrade has created six “fallen angels”, or companies in the non-financial sector whose ratings have dipped to just one notch away from being considered junk, global ratings agency Moody’s Investors Service said on Tuesday. Companies that move from investment grade category to sub-investment grade are sometimes referred as “Fallen Angels”.All these six…
After French energy major Total SA, more foreign investors have shown interest in partnering Adani group in its renewable energy business, its chairman Gautam Adani said on Tuesday. In April, Total invested around Rs 3,707 crore for 50 per cent partnership with Adani Green Energy for a joint venture that will house 2.148 gigawatts (GW)…
Oil prices were little changed on Thursday as investors awaited a decision from top crude producers on whether to extend record output cuts.The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a group known as OPEC+, are debating when to hold ministerial talks to discuss a possible extension of the existing…
NEW YORK: Oil prices fell on Thursday on doubts over the ability of top crude producers to agree to extend record output cuts, heightened by worries over a build in US fuel inventories. Brent crude futures were down 48 cents, or 1.2 per cent, at $39.31 a barrel by 11:17 a.m. ET (1517 GMT). US…
OPEC is in negotiations with its members to find the best way forward, but talks appear to have stalled over one laggard, Iraq, which has failed to live up to its agreement under the cartel’s production cut deal. Does this give OPEC cover for meeting delays and overall noncompliance, or is it a sincere effort…
LONDON: Brimming diesel inventories and stronger oil prices are driving down refining profits, stifling incentives to hike production even as fuel demand recovers from the coronavirus hammering.European cracks, the profit margin for producing diesel from crude, has hit an all-time low, while cracks in the US and Asia have also plummeted. With diesel accounting for…
DUBAI/MOSCOW/LONDON – OPEC+ oil producers could still hold a ministerial video conference this week if Iraq and others which have not fully complied with existing supply cuts agree to boost their adherence, three OPEC+ sources told Reuters on Thursday. The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as…
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