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

On Friday, both US and UK crude oil futures’ prices scheduled to be expired on July 20 had winded down the day marginally lower as fears over another round of forced business closure due to a recent spike in pandemic cases had taken a heavier toll on investors’ mind. In point of fact, contemplating the Read more

BAKU – Azerbaijan warned on Saturday about security risks to the oil and gas it supplies to European markets due to the outbreak of hostilities at its border with Armenia. Elshad Nassirov, vice president of Azeri state energy company SOCAR, said on a conference call some of the energy infrastructure involved in shipping Caspian oil Read more

The media — at least in Europe — seems to be abuzz with talk about green hydrogen. As an energy source, backers envision hydrogen powering everything from aircraft, to steel mills, to global shipping fleets, cars, and homes. The catalyst (no pun intended) came from the E.U.’s recent greenhouse gas emission policy review. The review Read more

High Representative of the European Union (EU) for Foreign Affairs and Security Policy Josep Borrell has said he was deeply concerned over the growing use of sanctions, or the threat of sanctions, by the US against European companies and interests. “We have witnessed this developing trend in the cases of Iran, Cuba, the International Criminal Read more

The Organization of the Petroleum Exporting Countries and other nations agreed during a video conference last week to ease up on cuts. Ministers from the OPEC cartel have agreed to allow more oil to flow from the taps, saying demand for oil is growing as economies take steps to reopen. But they also cautioned that Read more

While massive effort is on to douse the roaring fire and cap the gas well head at Baghjan by Oil India Limited, Prime Minister Narendra Modi today took a stock of the progress in this regard and also expressed his concern towards its affected people. Prime Minister Modi had a conversation with Assam Chief Minister, Read more

India’s quest for building its energy security may see it continue to pursue investment opportunity in Farzad-B gas field in Iran even though ONGC Videsh Ltd (OVL) may not get to develop the block that it discovered over a decade ago. Highly placed sources in the oil ministry said that Indian consortium including Indian Oil, Read more

The privatisation of BPCL is expected to benefit from the growing forebodings among oil multinationals about investment in China in the wake of its failings to disclose the coronavirus pandemic. Besides, the fuel market in the country — India is the world’s third largest consumer — is a big attraction that should ensure aggressive bidding Read more