New Delhi: Reliance Industries has overtaken ExxonMobil to become the world’s second most valuable energy company after its market capitalisation scaled to a record high of over Rs 14 lakh crore.The oil-to-telecom conglomerate is now ranked 46th globally on market cap, according to stock market data. On Thursday, Reliance was ranked 48th and was behind…
New Delhi: India’s biggest asset sale program is drawing interest from global investors despite the volatility in the oil markets and devastating fallout of the coronavirus pandemic. As many as 81 queries were sent by prospective bidders vying for state-owned oil refiner-cum-fuel retailer Bharat Petroleum Corp., according to officials with knowledge of the matter. While…
SINGAPORE: Oil prices lost more ground on Thursday, with the market weighed down by a surprise increase in U.S. crude oil reserves as the coronavirus pandemic hits fuel consumption. U.S. crude and distillate inventories rose unexpectedly and fuel demand slipped in the most recent week, the Energy Information Administration said on Wednesday, as a sharp…
NEW YORK: Oil were mostly steady on Thursday as rising US fuel inventories and concerns about the impact of surging coronavirus cases on energy demand offset a weaker dollar, which is usually supportive. Brent futures fell 8 cents, or 0.2%, to $44.21 a barrel by 11:57 a.m. EDT (1557 GMT), while US West Texas Intermediate…
Spending on oil and gas, and coal is still higher among members of G20 than spending on renewable energy, a data update from the Energy Policy Tracker has revealed. Across the group, since the start of the pandemic, governments had pledged at least $160.95 billion in fossil fuel investments, versus $123.75 billion in renewable energy…
Venezuelan opposition leader Juan Guaido’s U.S. envoy pledged on Thursday to investigate the possibility that Cuba is reselling oil and fuel the South American country ships to its political ally under favorable terms. Carlos Vecchio, whom Guaido named his ambassador to Washington after being recognized as Venezuela’s rightful president by dozens of countries, said President…
Somalia’s government has announced that it would hold its first-ever offshore licensing round this August, marking the starting point of Africa’s perhaps most adventurous oil frontiers. Still recovering from the disastrous consequences of the Civil War, Somalia currently produces no oil whatsoever and has no exploratory activity taking place. This does not hold back the…
Greece has warned it will do “whatever is necessary” to defend its sovereign rights in response to plans by neighbor Turkey to proceed with an oil-and-gas research mission south of Greek islands in the Eastern Mediterranean. The dispute over seabed mineral rights has led to increased navy deployments by both NATO members in the region,…
Work on plugging the natural gas well in Assam’s Baghjan where a fire has been raging since June 9, resumed on Thursday, a day after three foreign experts suffered burn injuries at the site following an explosion. The experts from a Singapore-based firm suffered minor burn injuries on Wednesday while removing the tubing head spool…
NEW DELHI/SINGAPORE: India’s top gas importer Petronet LNG is set to cancel its offer to buy an annual 1 million tonnes of liquefied natural gas (LNG) for 10 years, two sources said, as signing long-term contracts are not attractive in the current scenario. India is scouting for cheap gas for price-sensitive consumers as Prime Minister…
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