For the smallest oil field offered in this OALP round, the director general of hydrocarbons (DGH) has received bids from Invenire Petrodyne and ONGC.This block in Gujarat is spread over only 18.4 sq km while the cumulative area of the oil fields offered in the auction is 19,789 sq km. The Union government received bids…
CHENNAI: Shrikant Madhav Vaidya took over as the chairman of Indian Oil Corporation Ltd on Wednesday. He will also be the chairman of Chennai Petroleum Corporation Ltd, a stand-alone refining subsidiary of IndianOil and Indian Oiltanking Limited, another joint venture providing terminalling services. He will also be on the board of Hindustan Urvarak & Rasayan…
India’s petroleum product consumption has sharply recovered from the lowest slump recorded since 2007, after the world’ longest lockdown ended and reached 88% last month, the petroleum ministry said on Wednesday. Also, the demand for bitumen used in road construction has gone up by 32% in June as compared to last year, due to the…
New Delhi: International Energy Agency (IEA) and Ministry of Petroleum and Natural Gas of India, today organized a joint webinar on “Building a Natural Gas‑Based Economy in India Amidst a Changing Global Gas Market Landscape”. The Workshop, inaugurated in the presence of Minister of Petroleum and Natural Gas & Steel Dharmendra Pradhan, and Executive Director…
MUMBAI : An Oil India Ltd and Engineers India Ltd-led consortium will buy 48% stake in the Bharat Petroleum Corporation Ltd’s subsidiary, Numaligarh Refinery Ltd (NRL).State-run refiner Bharat Petroleum Corporation Ltd (BPCL) holds 61.65% stake in NRL, while Oil India holds 26% and the government of Assam owns 12.35%. The consortium may have to shell…
NEW YORK Oil prices slipped on Tuesday as investors worried that rising COVID-19 cases would hurt demand while supply could rise with a potential resurgence of Libyan oil production, which has slowed to a trickle since the start of the year. The more-active September contract for Brent LCOc2 was down 5 cents at $41.80 a…
LONDON: Oil prices slipped on Tuesday amid rising COVID-19 cases and a possible return of Libyan oil production, which has been down to a trickle since the start of the year. The more-active September contract for Brent fell 22 cents, or 0.5 per cent, to $41.63 a barrel by 0832 GMT, paring Monday’s 92 cent…
The oil markets are not “out of the woods” just yet, OPEC’s Secretary General Mohammad Barkindo told a virtual panel organized by the Canada-UAE Business Council, cited by The National. The UAE’s Energy Minister Suhail Al Mazrouei, also on the panel, echoed the sentiment, saying that the oil industry was “still in the woods.”The sober…
The company predicted the write-down for the quarter and said it continues “to adapt to ensure the business remains resilient” in challenging times. Shell writes down oil and gas assets by $22 billion Energy producer Royal Dutch Shell warned Tuesday it will slash the value of its assets by $22 billion to account for lower…
Saudi Arabia seems to have made good on its promise to cut oil production by a record amount in June. Observed Saudi crude exports for this month fell to 5.7 million barrels a day through June 29, the lowest since Bloomberg began tracking the flows at the start of 2017. That compares with 6.2 million…
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