LONDON: Oil prices eased on Friday, but were set for a sixth week of gains as progress towards novel coronavirus vaccination programmes fed hopes that demand for fuel would rebound next year. Brent was down 18 cents, or 0.4%, at $50.07 a barrel at 1242 GMT, after rising above $51 a barrel…
SINGAPORE –Oil retreated in London, slipping from a nine-month high and cooling a rally that has added more than 40% to crude prices since early November.Prices erased earlier gains on Friday as the dollar climbed and equities fell. Brent crude had topped $50 on Thursday, though it settled technically overbought, suggesting a pullback…
European Union leaders early Friday gave the green light for the expansion of sanctions against Turkey over its exploration of gas reserves in Mediterranean waters claimed by EU members Greece and Cyprus. Regrettably, Turkey has engaged in unilateral actions and provocations and escalated its rhetoric against the EU, EU member states and European…
The UAE Ministry of Energy and Infrastructure, along with the Israeli Ministry of Energy, held their first natural gas and petroleum working group meeting to discuss opportunities for cooperation and collaboration. Following the signing of the historic Abraham Accords in Washington earlier this year, representatives from the UAE and Israel welcomed the opportunity…
After a week of contentious OPEC+ discussions, in which the UAE played a key role, it appears that the Abu Dhabi National Oil Company (ADNOC) is now aggressively pursuing market share. The UAE was very vocal during the OPEC+ meeting about its resentment of having to carry the burden of COVID-19 demand destruction…
MOSCOW – Lukoil plans to sell its 50% stake in Turgai Petroleum, its oldest oil asset in Kazakhstan, as Russia’s No 2 producer seeks to boost its revenues by focusing on more profitable fields, four industry sources told Reuters on Friday. Lukoil, Russia’s top private oil company, entered neighbouring Kazakhstan in 1995, but…
Hindustan Oil Exploration Company Limited (HOEC) on Friday increased its participating interest in Block-80 field to 60% from 50% and has also secured a medium-term loan facility of Rs150cr. In its regulatory filing, HOEC informed that a Deed of Assignment and Assumption is executed with Adbhoot Estates Private Limited (Adbhoot) for assigning 10%…
Vijayawada: The Cairn Oil & Gas, a division of Vedanta Limited, is all set to begin oil and natural gas exploration in Krishna district. The Oil and Natural Gas Corporation (ONGC) has already completed the ground work and identified the drilling area for the purpose. The ONGC had drilled three exploratory wells back…
Domestic natural gas production fell 9.1% year on year (YoY) to 2,333 million metric standard cubic metre (mmscm) in November. The 2.5 million tonne (MT) of crude oil produced in the country during the month was also 4.5% lower than the production in the year-ago period. Indigenous natural gas production caters to about…
Ahmedabad, Dec 11 (PTI) The Gujarat government on Friday said it wishes to develop the Mandal-Becharaji Special Investment Region (SIR) as a model industrial developed city across the nation. Gujarat Chief Minister Vijay Rupani made this statement after virtually inaugurating the Mandal-Becharaji SIR Development Authority’s building, built at a cost of Rs…
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