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

Crude oil futures rose to Rs 3,106 per barrel on June 23 due to build-up of long positions. The black gold continued its uptrend with prices hitting its highest levels in three months.The commodity is likely to take further cues from the American Petroleum Institute’s (API) weekly inventory report scheduled to be released later in Read more

In his relatively brief stint in power, Saudi Crown Prince Mohammed bin Salman (MbS) has managed to destroy the Saudi economy in record time while also sullying his own reputation and endangering Saudi Arabia’s geopolitical relations with the murder of journalist Jamal Khashoggi. Now, it appears that there is another calamity in the making for Read more

The Abu Dhabi National Oil Company said it attracted significant capital from Global Infrastructure Partners, Brookfield Asset Management, GIC, Ontario Teachers’ Pension Plan Board, NH Investment & Securities and Snam. Abu Dhabi National Oil Company (ADNOC) said on Tuesday it went into a $20.7 billion partnership with a group of six global investors in order Read more

Kazakh Energy Minister Nurlan Nogayev participated in the 19th Organization of Petroleum Exporting Countries’ (OPEC) Joint Ministerial Monitoring Committee (JMMC) meeting which was held via videoconference, during which the world’s oil producers agreed to extend production cuts through July, based on their original agreement in April. On June 23, the Kazakh government adopted a decree Read more

Even though 10 percent of global oil comes from the U.S. shale market, U.S. shale makes up 40 percent of global oil extraction activity and 100 percent of the growth in U.S. midstream and petrochemical sectors over the past 10 years, the report said. The U.S. shale industry, hammered by low demand, international competition and Read more

India’s biggest upstream producer state-controlled ONGC has stopped operating two offshore drilling rigs at its major Mumbai High and Bassein areas after several employees tested positive for Covid-19. The company is operating the remaining 34 rigs in the areas and the temporary closure has not affected production. The fields off India’s west coast are ONGC’s Read more

New Delhi: Indian oil refineries improved operating run rate to an average of 77 per cent of capacity in May as easing of lockdown restrictions helped bring back some of the lost fuel demand, according to oil ministry data. Refineries, which had in April cut down operating rate to as low as 30-40 per cent Read more

Fuel prices continued to pinch pockets of the common man for the 17th consecutive day on Tuesday, with the price difference between petrol and diesel narrowing down to a mere 36 paise. Though oil marketing companies (OMC) raised prices, they are seeing a demand recovery for petrol and diesel in June at 85 per cent Read more