The quality of oil that ONGC has discovered in the Bengal basin is superior to Brent and on a par with West Texas Intermediate (WTI) — the world’s best-known benchmark crude oils. The small quantity of oil, being lifted from Ashoknagar -1 block in South 24-Praganas, has an API gravity of 40-41,…
Given the need to accelerate hydrocarbon explorations in the country, the Ministry of Petroleum & Natural Gas is considering creating an autonomous body that will mine the data, which is the key for improving India’s strike rate in the sector. “An institutionalised approach is needed to generate exploration data to significantly de-risk exploration…
Oil futures turned slightly higher Wednesday, as hopes built for progress toward another economic relief package from Washington and data from the U.S. government revealed a weekly decline in crude inventories. The continued rollout of the U.S. COVID-19 vaccine to help restore economic growth also provided support, but recent forecasts for weaker demand limited…
Crude oil futures rise on spot demandNew Delhi: Crude oil prices on Wednesday rose by Rs 22 to Rs 3,512 per barrel as participants widened their positions on firm spot demand. On the Multi Commodity Exchange, crude oil for delivery in December traded higher by Rs 22, or 0.63 per cent, at Rs 3,512…
After a year of depressed prices and dramatic price swings oil industry, officials expect to ring out the old when clocks around the world strike midnight on New Year’s Eve. Though economies across the globe are still struggling with the devastating impact of the COVID-19 pandemic, analysts foresee oil prices will move modestly higher…
China’s LNG imports could hit record high in Dec as demand bounces backSINGAPORE/BEIJING: China’s liquefied natural gas (LNG) imports could hit a record in December on strong industrial demand and a continued gasification push, trade sources said. The world’s second largest LNG importer after Japan is on track to import its highest monthly volumes since…
World faces long-term oil supply gap despite COVID demand destructionLONDON – Inadequate investment in exploration and new drilling may leave the world without enough oil in 20 to 30 years despite a shift towards renewable power sources, top energy analysts say. The long-term outlook contrasts with today’s situation where plunging oil demand due to…
Oil market optimism risks derailing its own recovery, with the recent rise in crude prices above $50/b possibly harming demand and incentivizing additional supply. Hopes that vaccines will revive the global economy, coupled with the OPEC+ decision to delay bringing back much of the extra 2 million b/d of oil planned for January, are…
U.S. oil output from shale formations is expected to decline by about 136,000 barrels per day (bpd) in January to 7.44 million bpd, the lowest since June, the U.S. Energy Information Administration (EIA) said in a monthly forecast on Monday, as reported by Reuters. Refinery File..png Output at nearly all seven major formations is…
PetroTal has submitted reference terms to Peru’s environmental certification service for sustainable investments (Senace) to conduct exploration at Amazon block 95. The work entails the acquisition of 2D seismic covering 1,200km across 94 seismic lines on the acreage in the northeast region of Loreto. The project will take an estimated 200 days. Once approved,…
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