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Category Archives: News

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  3. (Page 43)

How Saudi Arabia Put OPEC’s Future At Stake

INTERNATIONAL NEWSBy adminSeptember 24, 2020Leave a comment

24 Sept. 2020-OPEC’s 60th birthday should have been reason for celebration, but its largest producer Saudi Arabia is increasingly putting its own interests before the cartel’s objectives and has put the very existence of OPEC at stake on a number of occasions Founded 60 years ago this month by Iran, Iraq, Kuwait, Saudi Arabia, and…

Africa Is The Undeniable Final Frontier For Oil

EXPLORATION NEWSBy adminSeptember 24, 2020Leave a comment

24 Sept. 2020-The pandemic has been devastating for the oil industry globally. Explorers suspended drilling, producers idled wells, Big Oil majors put up assets for sale. But the world continues to need oil, albeit lower amounts of it than a year ago, and it will continue to need it. Exploration is not dead. It is…

Newbies bid for small oil fields only to get bogged down in red-tape

EXPLORATION NEWSBy adminSeptember 24, 2020Leave a comment

24 Sept. 2020-When the first round of auctions for discovered small fields (DSF-I) took place in 2016, the event was described as the entry point for India’s future oil and gas barons. Indeed, promoters and executives from companies in sectors as diverse as steel, power, software, iron ore, textile and education turned up to bid.…

Petroleum Ministry yet to recover ₹3,652.64 crore from exploration firms, says CAG report

NATIONAL NEWSBy adminSeptember 24, 2020Leave a comment

24 Sept. 2020-The CAG also said that as on September 2019, the cost of unfinished minimum work programme for nine blocks is yet to be worked out by Directorate General of Hydrocarbons (DGH).The Centre has awarded 254 blocks under the New Exploration and Licensing Policy (NELP) I to IX rounds for exploration of oil and…

Cess not getting transferred to dedicated funds: CAG

NATIONAL NEWSBy adminSeptember 24, 2020Leave a comment

24 Sept. 2020-New Delhi, Funds collected by the Centre as cesses for specific purposes, such as the mineral trust, oil industry development and infrastructure, have not been fully transferred to dedicated funds, the Comptroller and Auditor General of India (CAG) said, while pointing out deficiencies in the collection, transfer and utilisation of these levies. In…

Gujarat: Massive fire, several explosions rock ONGC plant in Surat; fire tenders on spot

NATIONAL NEWSBy adminSeptember 24, 2020Leave a comment

24 Sept. 2020-A massive fire broke out in Gujarat’s Surat early on Thursday. The blaze was reported from an Oil and Natural Gas Corporation (ONGC) plant in the city. According to the details, several explosions was also reported from the site. The fire brigade had received a call about the blaze at nearly 2:30 am…

Experts to lay roadmap for rapid city gas expansion in India

NATIONAL NEWSBy adminSeptember 24, 2020Leave a comment

24 Sept. 2020-New Delhi: Prominent leaders from the global and domestic City Gas Distribution (CGD) industry would convene Thursday on ETEnergyworld Virtual CGD Summit to lay a roadmap for the rapid growth and expansion of city gas network across India. Key decision makers and private sector executives would discuss threadbare the challenges and opportunities for…

Oil rises as U.S. storm eases, but demand worries linger

CRUDE OIL NEWSBy adminSeptember 23, 2020Leave a comment

23 Sept. 2020-MELBOURNE: Oil rose in early trade on Tuesday, paring sharp overnight losses, as the latest tropical storm in the Gulf of Mexico lost strength, but worries about fuel demand persisted with flare-ups around the globe in coronavirus cases. U.S. West Texas Intermediate (WTI) crude futures for October, due to expire on Tuesday, rose…

Oil prices recover despite increasingly nervous market

CRUDE OIL NEWSBy adminSeptember 23, 2020Leave a comment

23 Sept. 2020-Oil prices recovered on Tuesday in a “nervous” market attentive to the demand for black gold, which could be seriously affected by possible new confinements.Around 9:35 AM GMT (11:35 AM in Brussels), a barrel of North Sea Brent for delivery in November was worth $41.99 (€35,76) in London, up 1.33% compared to the…

China’s storing of crude oil eases for a second month: Russell

INTERNATIONAL NEWSBy adminSeptember 23, 2020Leave a comment

23 Sept. 2020-LAUNCESTON: China’s rate of storing crude oil slowed for a second month in August, as the massive of surge of imports started to ease in a trend likely to extend in the coming months. The flow of crude into commercial and strategic stockpiles was around 1.1 million barrels per day (bpd), according to…

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