Pertamina Hulu Mahakam (PHM), a subsidiary of state-owned oil company Pertamina, is opening up a new oil and gas field in the country to find new reserves despite a sharp fall in crude oil prices. PHM began on May 21 drilling a new oil and gas exploration well in the Peciko Field, Mahakam Block, which…
US drilling industry says offshore ban would crush jobs, government revenuesA US ban on new offshore drilling in the Gulf of Mexico, which presidential hopeful Joe Biden promised to enact if elected, would lead to hundreds of thousands of job losses and billions in lost government revenue over 20 years, an offshore drilling industry group…
The central government is assessing the cash position of state-owned companies and will ask them to ramp up dividend payouts and share buybacks as much as possible, Business Standard has learnt. This comes at a time when the Covid-19 pandemic and the nationwide lockdown has ensured that revenue from sources like taxes and divestment may…
We are exploring whether we can store some of our investment in a different country. We are looking at the US if we can store some of the low-priced oil minister Dharmendra Pradhan told a television channel. The plan could be similar to the one of Australia, which last month said it would build up…
Mumbai: The second-largest national oil marketing company Bharat Petroleum Corp Ltd (BPCLNSE -0.65 %) on Tuesday announced a new customer-friendly initiative with the launch of cooking gas booking through Whatsapp across the country.Bharat Petroleum, which was on the sell-off block last fiscal, has over 71 million LPG customers, making it the second-largest player after Indian…
It is set to adopt a balanced approach towards capital spending, and expects the government to take favourable policy measures to boost the company performance. ONGC per-barrel production cost is in the range of $35-40 and global crude prices have been trading at below this rate for a long time. ONGC as per-barrel production cost…
MELBOURNE – Oil prices rose on Tuesday on clear signs that producers are sticking to commitments to cut crude supply as more cars get back on the road with coronavirus lockdowns easing around the world. U.S. West Texas Intermediate (WTI) crude CLc1 futures gained 2.3%, or 75 cents, to $34.00 as of 0057 GMT.…
LONDON- Oil prices, which have been driven higher for the past four weeks, were steady on Monday, with holidays in Singapore, London and New York dampening trade, as rising concerns over demand recovery offset supply cuts. Brent was flat at $35.13 a barrel by 1315 GMT, while U.S. oil gained 10 cents, or 0.3%…
BRUSSELS – Eight European countries have urged the European Union to include natural gas in future funding, as the bloc’s executive prepares to unveil its plan for a green economic recovery from the coronavirus pandemic. The European Commission will present on Wednesday its trillion-euro proposal for the bloc’s next budget, alongside a coronavirus Recovery…
DUBAI – The first of five Iranian tankers carrying fuel to Venezuela has moored at Venezuela’s El Palito refinery, Iran’s English-language Press TV reported on Monday. Iran is providing Venezuela with 1.53 million barrels of gasoline and components in a move criticised by U.S. authorities as both nations are under U.S. sanctions, according to…
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