Indians pay among the highest prices for petrol globally, because of taxes, even as oil is close to multi-year lows. How can these two extremes be aligned? The ongoing turmoil in the oil markets due to the pandemic and under-utilised supply presents a long-term opportunity for India to secure its energy future. Simply,…
Prime Minister Narendra Modi on Tuesday set out his government’s energy roadmap, envisaging more than double the share of cleaner natural gas in the consumption basket, diversifying sources of energy, connecting the nation with one gas pipeline grid and bringing affordable fuel to people and industry. Inaugurating a 450-km natural gas pipeline between…
The American Petroleum Institute (API) on Tuesday reported a decrease of 1.663 million barrels of crude oil in the U.S. crude oil inventories for the week ending Jan. 1. API reported a decrease of 4.785 million barrels of crude oil inventories for the previous week ending Dec. 25, while the U.S. Energy…
KUWAIT CITY – Kuwait Foreign Petroleum Exploration Company K.S.C.C. (“KUFPEC”) in partnership with Total 35% Operator, Shell 30%, and Tharwa 10% is pleased to announce that it has signed an Exploration and Production Agreement with the Egyptian Natural Gas Holding Company (“EGAS”) for the North Ras Kanayis Offshore block located in the Herodotus…
The Trump administration’s unprecedented auction of Arctic drilling rights Wednesday netted just $14.4 million from three bidders, with major oil companies steering clear of the sale. Amid low crude prices, fears about a backlash from the public and the prospect of regulatory uncertainty, just two oil companies placed bids on leases in the…
CAIRO: Egypt has witnessed a 13 percent surge in the discovery of oil and gas reserves in 2020 compared with the previous year.According to the country’s Ministry of Petroleum and Mineral Resources, 62 oil and gas reserves were found in 2020, a year in which the global economy struggled due to the coronavirus pandemic.…
Asia had the highest crude oil refinery capacity under maintenance (both planned and unplanned) globally in 2020. The region had a refining capacity of 11,524 thousand barrels per day (mbd) under both planned and unplanned maintenance in 2020, according to GlobalData, a leading data and analytics company. The company’s report: ‘Global Crude Oil…
India on Wednesday welcomed the restoration of diplomatic ties between Qatar and four other Arab countries that had imposed an embargo on it in 2017, saying such a move would give a boost to peace and stability in the region. Saudi Arabia’s foreign minister Prince Faisal bin Farhad said on Tuesday that Bahrain,…
India in no hurry to seek US nod for oil supplies from Iran, VenezuelaNew Delhi: India may not push for resumption of oil supplies from sanction-hit Iran and Venezuela once the Joe Biden administration take charge in the US but would rather wait for it to clear its stand on the issue before making…
There is growing consensus that India could see GDP growth as high as 9% in 2021 as New Delhi steps up efforts to bring the economy out of the painful period witnessed in 2020 due to the pandemic. And some of the initial indicators — such as vehicle sale numbers and industrial output data…
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