NEW DELHI : The Union cabinet on Wednesday approved an extension till end September for availing free cooking gas cylinders under the marque Pradhan Mantri Ujjwala Yojana (PMUY). The earlier announced Pradhan Mantri Garib Kalyan Yojana (PMGKY) package included providing women of 83 million below poverty line (BPL) families with free cooking gas cylinders for Read more

City gas distribution stocks are feeling the heat this week. Shares of Indraprastha Gas Ltd (IGL), Mahanagar Gas Ltd (MGL) and Gujarat Gas Ltd have declined in the range of 6-8% since Friday. Concerns over competition and the resultant adverse impact on profitability have weighed on investor sentiment. In a conference call with investors and Read more

New Delhi, Indian Oil Corporation (IOC), the nation’s biggest oil firm, on Wednesday said with easing of lockdown restrictions, it has resumed work on projects worth ₹1.04 lakh crore which will help address future energy demand as well as kickstart the economy. IOC said it is on track to achieve its planned capital spending of Read more

Oil prices started the week down slightly on Monday as investors remained alert to the progression of the COVID-19 pandemic, a compass for anticipating the evolution of demand for black gold. At around 5:45 a.m., a barrel of North Sea Brent for September delivery was worth $ 42.87 in London, down 0.63% from Friday’s close.In Read more

NEW YORK – Oil prices were little changed on Monday as coronavirus cases increased in many countries, though cautious investor optimism about a potential COVID-19 vaccine and ongoing talks over a European Union fund to revive economies hit by the pandemic curbed losses. Brent crude was down 6 cents, or 0.1%, at $43.08 per barrel Read more

LAUNCESTON: China’s refineries imported and processed record amounts of crude oil in June, and while these are undoubtedly bullish economic signals, it’s worth noting that flows into storage tanks were also likely at an all-time high. The massive amount of crude being stored in China may end up weighing on oil imports from August onwards, Read more

Brazil’s crude oil exports to Asia increased during the first half of the year as most of the country’s competitors for the Asian market cut production to match the slump in oil demand driven by the coronavirus outbreak. Reuters reports that Brazilian oil exports to Asia averaged 1.07 million bpd during the first half of Read more

JERUSALEM: The Israeli government on Sunday approved an agreement with European countries for the construction of a subsea pipeline that would supply Europe with natural gas from the eastern Mediterranean. The Eastmed pipeline, which has been in planning for several years, is meant to transport gas from offshore Israel and Cyprus to Greece and on Read more

ISTANBUL: Turkey’s Fatih vessel has begun drilling for oil and natural gas in the Black Sea for the first time, Energy Minister Fatih Donmez said on Monday. Donmez said on Twitter that the ship began drilling in the Tuna-1 region. Fatih was located some 100 nautical miles north of Turkey’s Black Sea coastal province Zonguldak, Read more

Researchers from the University of Hyderabad (UoH), the National Institute of Oceanography (NIO) and the Oil and Natural Gas Corporation (ONGC) have discovered a geological faultline that could trigger a major coastal hazardous event in and around Visakhapatnam. The research team, comprising Prof K.S. Krishna and Dr M. Ismaiel from UoH, Dr K. Srinivas from Read more

The Malacca Strait one of the most congested waterways in the world. Reports say around 75,000 ships pass through the Strait.The India-US drills on the high seas is a move to deter China. In fact, naval power could be India’s answer to Chinese aggression. The exercises help New Delhi to only project its power but, Read more

India and the United States have signed a Memorandum of Understanding to develop a strategic petroleum reserve, as talks between the two countries towards allowing India to create a stockpile of oil and house it in US facilities reached an advanced stage, according to Union Minister of Petroleum and Natural Gas Dharmendra Pradhan. The minister Read more

NEW DELHI: Refinery run rates are falling again after nearing pre-Covid levels, which may reduce crude oil imports as local lockdowns, monsoon and record prices hit demand. Average capacity utilisation at Indian Oil Corp NSE 1.61 %, India’s largest refiner, has declined from 94% to 85% in a week, as domestic demand recovery stalled in Read more

Nuclear Power Corporation of India, Antrix Corporation and PowerGrid will be among a small handful of state-owned companies to continue to enjoy immunity from privatisation under the government’s new, explicit privatisation policy. Others, including the PSU biggies in the energy, engineering and capital equipment sectors, not to mention those in non-strategic sectors like hotel and Read more

Nigeria’s flagship bonny light lost some ground at the last trading session, as concerns about the rise in COVID-19 cases raised bearish sentiments that the world’s energy demand will falter as major oil-producing countries including Nigeria get ready to increase in output for next month. On Saturday, the world’s biggest economy’s COVID-19 related deaths exceeded Read more