DUBAI, IOC Middle East FZE, Dubai, a wholly-owned subsidiary of IndianOil Corporation, India’s largest refiner and marketer of petroleum products, and RR Holdings Ltd, Ras Al Khaimah, UAE, the holding company of Beximco LPG of Bangladesh, have signed an agreement for the formation of a 50:50 Joint Venture Company (JVC) for LPG business in Bangladesh. Read more

NEW DELHI: Consumption of petroleum products was estimated at 11.8 million tonnes in June, which is 88% of the level seen a year ago, indicating that economic activity was limping back towards normalcy. In June, petrol consumption is estimated to have reached 85% of last year’s level, while diesel was at 82%. “The sales of Read more

New Delhi: India’s latest oil and gas block bid round attracted only 12 bids for the 11 areas on offer, with 10 of them getting single bids from state-owned ONGC and Oil India Ltd, upstream regulator DGH said. The government had offered 11 blocks for exploration and production of oil and gas in the fifth Read more

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 Read more

LONDON – Oil prices rose on Wednesday on a string of positive manufacturing data and a drawdown in U.S. crude inventories, both indicating an economic recovery, however, fears of surging coronavirus infections capped the gains. Brent crude LCOc1 was up 67 cents, or 1.6%, at $41.94 a barrel at 1336 GMT, and U.S. crude was Read more

NEW YORK: Oil prices rose about 1 per cent on Wednesday following a drawdown in US crude inventories from record highs and a string of positive manufacturing data, but a surge in coronavirus cases tempered gains. Brent crude rose 55 cents, or 1.3 per cent, to $41.82 a barrel by 11:08 a.m. EDT (1508 GMT). Read more

The historic United States-Mexico-Canada Agreement, which goes into effect on Wednesday, could lay the groundwork to reshape the global energy market and create even more challenges for the once-dominant OPEC. The three countries are negotiating on an “American pact that will work together to protect American production against foreign forces that are detrimental against our Read more

India, the third-biggest oil consumer, expects fuel demand to return to normal earlier than projections by the International Energy Agency and OPEC. “If you look at the trend of the past few weeks, I’m confident that by the end of second quarter, demand will be as usual,” India’s Oil Minister Dharmendra Pradhan said at the Read more

Opec slashed oil production to the lowest level since the Gulf War in 1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand again. Saudi Arabia faithfully delivered the extra curbs promised in June, and the laggards, though still trailing in implementing the cuts, stepped up Read more

New Delhi: India’s latest oil and gas block bid round attracted only 12 bids for the 11 areas on offer, with 10 of them getting single bids from state-owned ONGC and Oil India Ltd, upstream regulator DGH said. The government had offered 11 blocks for exploration and production of oil and gas in the fifth Read more

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 Read more

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 Read more

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 Read more

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 Read more

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 Read more