The world’s top oil and gas companies locked in cheap borrowing rates to raise a record amount of debt in the second quarter of 2020 and boost cash reserves as a buffer against a collapse in revenues because of Covid-19. The dash for debt piles pressure on company balance sheets and the issue is particularly…
Russia is eyeing the possibility of launching a ‘Gas OPEC’, Vedomosti reports, noting that Russian Deputy Minister of Energy Anatoly Yankovsky mentioned this prospect in early June, while Minister of Energy Alexander Novak stated last week that the creation of a coordinating body that would regulate the volume of gas sales and prices “has been…
SAO PAULO, Brazilian oil major Petroleo Brasileiro, known as Petrobras, said on Tuesday it has started to decommission its platform P-12 on the Campos basin after receiving permission from the Navy and environment and oil agencies. The company also said it would decommission platforms P-07 and P-15 on the Campos Basin by this year, according…
MOSCOW – Rosneft (ROSN.MM) is set to buy a drilling business from IDS Group, a letter to IDS staff seen by Reuters showed, as the Russian oil giant continues its push into oilfield services to help reduce costs. The Rosneft logo is pictured on a safety helmet in Vung Tau, Vietnam April 27, 2018. REUTERS/Maxim…
A Mumbai-based private company has allegedly cheated a department of the Ministry of Petroleum and Natural Gas to the tune of Rs 7.2 crore by purportedly submitting a fabricated bank guarantee for a contract it had bid for, according to the FIR filed by the Delhi Police Economic Offences Wing (EOW). According to police, the…
The Deendayal Port Trust (DPT) will develop three new oil jetties at a cost of over Rs 550 crore, which will help double its present liquid cargo handling capacity at Kandla in Gujarat. DPT, one of the 12 major ports in India, operates six oil jetties at Kandla which can handle 12 million metric tonne…
Markets regulator Sebi is looking at permitting futures trading in petrol and diesel, an official said emphasising that there has been no disruption in commodities derivatives trading during the Covid-19 crisis. The Securities and Exchange Board of India (Sebi) is also looking at re-allowing futures trade in tur and urad, which were banned in 2007…
Mumbai: UK oil major BP, on Tuesday, said it will invest into the Green Growth Equity Fund (GGEF) in India. The fund, established in 2018, is focused on identifying, investing and supporting growth in zero carbon and low carbon energy solutions in the country. With a commitment of $70 million, BP after its investment later…
New Delhi, In yet another reform initiative in the oil and gas sector, the government is set to throw open city gas distribution (CGD) networks across the country to competition, allowing participation of more than one player in a circle vying to attract consumers. “We have finalised regulations on allowing competition in CGD areas that…
NEW YORK – Oil rose slightly on Monday as positive economic data supported prices, while a spike in coronavirus cases that could curb fuel demand in the United States limited gains. “Energy is still correlating more to the coronavirus,” said Bob Yawger, director of energy futures at Mizuho in New York. “The coronavirus situation kills…
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