New Delhi, The Union Minister of Petroleum and Natural Gas, Dharmendra Pradhan, on June 25 announced the government will buy home-made biogas from people of Uttar Pradesh.“We are also setting up 5000 biogas plants. People can make compressed biogas from house and agricultural waste and sell it to us. We’ll buy at fair price,” he Read more

Business models across industries have had to adapt to the ‘new normal’ as the world begins to learn and live with the coronavirus until a vaccine is discovered. If a business does not have strong distancing and safety standards, it perhaps does not have customers. In its bid to make fuel filling stations safer, Bharat Read more

India’s largest private refinery halted purchases of Venezuelan oil, putting additional pressure on the Latin American country’s beleaguered oil industry. Reliance Industries Ltd, which runs the biggest refinery in the world in Jamnagar and accounted for 25% of Venezuela’s exports last year, has no plans at the moment to make future purchases, according to people Read more

Oil prices fell $2 a barrel on Wednesday, as investors worried about record high crude inventories and feared that a second wave of the coronavirus pandemic could stall the reopening of global economies and cut fuel demand. Brent crude was down $2.04, or 4.8 per cent , to $40.59 a barrel by 11:03 a.m. EDT Read more

LONDON: Oil prices fell on Wednesday, reversing the previous session’s surge as worries about a second wave of the coronavirus pandemic outweighed support from a gradual reopening of global economies.Brent crude, which on Tuesday rose to its highest level since a price plunge began in March, slipped 47 cents, or 1.1 per cent, to $42.16 Read more

MOSCOW: Russia is taking a leaf out of the US shale playbook so it can ramp up oil production quickly and hang on to its share of the global market when demand finally recovers after the coronavirus pandemic. At least two state-owned banks, Sberbank and VEB, plan to lend oil firms some 400 billion roubles Read more

Refiners such as HollyFrontier Corp and CVR Energy are exploring opportunities to produce renewable diesel to save money on less profitable refineries and offset compliance costs associated with U.S. blending laws.The product, however, currently only occupies a tiny corner of diesel production – and logistical hurdles are likely to limit its growth in coming years. Read more

WARSAW: Poland has signed contracts worth 1.9 billion zlotys ($483 million) to expand its liquefied natural gas (LNG) terminal in Swinoujscie on the Baltic Sea to 8.3 billion cubic metres (bcm) by 2023 from 5 bcm now in response to increasing domestic demand. An LNG unit of Poland’s gas infrastructure operator Gaz-System and the ports Read more

OSLO: Norway plans to offer up to 136 new oil exploration blocks in a major new licensing round, of which 125 lie in the Arctic Barents Sea, the country’s Ministry of Petroleum and Energy said on Wednesday. Norway’s 25th licensing round would open eight new regions of the Barents Sea that have so far been Read more

PSU major Oil India on Wednesday said it continues to lose production due to protests that started after a gas well in Baghjan caught fire, following a major blowout.In a statement, the company said there was an output drop of 103 MT of crude oil and 0.14 MMSCM of natural gas on Tuesday due to Read more

New Delhi: Giving a push to infrastructure development across sectors, the government on Wednesday approved a proposal for additional investment to be made by ONGC Videsh Ltd (OVL) in the development of an oil and gas project in neighbouring Myanmar. As per the clearance given by the Cabinet Committee on Economic Affairs (CCEA), OVL will Read more

The government has collected about Rs 40,000 crore from excise duty on petrol and diesel in the first two months of the fiscal, or about 16 percent of its full-year target. The exchequer’s collection rose three times in May, when the government mopped up Rs 29,396 crore (vs Rs 10,560 crore in April) following a Read more

NEW DELHI : Indian Oil Corporation Ltd (IOC), the country’s largest fuel retailer on Wednesday said that transportation fuel prices may continue to go up due to international crude oil prices being on an upswing. IOC, also the country’s largest refiner said that demand recovery has been faster than anticipated, and its capacity utilization, which Read more

NEW DELHI – The decision to build Chennai Petroleum Corp Ltd’s new refinery through a joint-venture with parent Indian Oil Corp Ltd will allow the project to go ahead without any need for fresh equity from National Iranian Oil Co, which is part of the former’s promoter group, sources in the know told Cogencis. National Read more

On the new York Mercantile exchange, WTI crude for delivery in August traded at the price of 40.16 USD. per barrel at the time of writing this review down by 1.40%. The low of the session was the mark of$. per barrel. At the time of writing, WTI crude oil found support at the level Read more