Residents of Baghjan in Tinsukia district of Assam on Monday staged a dharna for six hours demanding immediate compensation to those affected by the blowout and subsequent fire at a Oil India Limited gas well, a day after chief minister Sarbananda Sonowal promised a development package and “maximum compensation” and action against those found guilty Read more

The onslaught of coronavirus is delaying drilling of an exploratory well by India’s ONGC Videsh Ltd, or OVL, at Kanchan under shallow sea block SS-04.The Indian firm has already informed state-run Petrobangla about the novel coronavirus issue and cited it as the cause for delay in initiating the drilling programme. Earlier, a dispute over advance Read more

NEW DELHI: The Andaman and Nicobar (A&N) islands are set go green as state-run NTPC Ltd is poised to call bids to set up a floating micro-liquefied natural gas (LNG) terminal to power the Indian archipelago, said two people aware of the development. Not only will it reduce the carbon footprint by ending the practice Read more

Liquefied natural gas (LNG) terminal owners, state-run GAIL (India) Ltd and Petronet LNG Ltd (PLL), have joined India’s first natural gas exchange that went online on Monday, said Rajesh Kumar Mediratta, director, Indian Gas Exchange. With others such as Manikaran Power, Torrent Power and Adani Gas on board, the exchange will help revive stranded gas Read more

MUMBAI: Alternate channels of cash withdrawals like Aadhaar-enabled Payment System (AePS) and point of sale (PoS) terminals grew faster during the lockdown than traditional ATMs, latest RBI data showed. Data from Reserve Bank of India (RBI) showed that cash withdrawals automated teller machines (ATMs) declined by 47% to 286 million in April. At the same Read more

Union Petroleum Minister Dharmendra Pradhan on Monday said the ministry was considering the bifurcation of GAIL, a step towards bringing transparency to India’s gas market.He also batted for a market-driven pricing mechanism by introducing a new tariff policy for natural gas soon. The government is planning to unbundle GAIL into two companies for gas transmission Read more

Oil was little changed on Friday and logged a first weekly decline since April as new US coronavirus cases spiked, stoking fears of a second wave of the virus hitting fuel demand. Brent settled at $38.73 a barrel, up 18 cents, while West Texas Intermediate (WTI) settled at $36.26 a barrel.   Both benchmarks logged Read more

NEW YORK: Oil was little changed on Friday and logged a first weekly decline since April as new U.S. coronavirus cases spiked, stoking fears of a second wave of the virus hitting fuel demand.   Brent settled at $38.73 a barrel, up 18 cents, while West Texas Intermediate settled at $36.26 a barrel, down 8 Read more

RIYADH : Saudi Aramco bought 2.1 billion Saudi Basic Industries (SABIC) shares on the Saudi stock market, Tadawul, on Sunday, according to a Reuters report quoting sources and market data.The acquisition was part of a deal agreed upon in 2019 with Saudi Aramco to buy 70 percent of the petrochemical giant, sources added.   Four Read more

United Nations Secretary-General Antonio Guterres has told the Security Council in a report quoted by Reuters that cruise missiles used in attacks on Saudi oil facilities last year were of Iranian origin.   Reuters said it had seen the report delivered by the UN chief and that several items recovered in U.S. seizures of weapons Read more

An OPEC+ monitoring panel will meet next week to discuss the ongoing record production cuts to see how laggards in compliance are doing with making up for flouting quotas, but will not be making any decisions regarding the collective cut that was just extended through the end of July, five OPEC+ sources told Reuters on Read more

BOGOTA, Colombia’s majority state-owned oil company Ecopetrol denounced on Sunday the sabotage of 31 wells at an oil field in the northeast of the country, which put the wells offline and led to oil being spilled.The acts of sabotage took place at Ecopetrol’s La Cira-Infantas oil field, near the city of Barrancabermeja, which produces around Read more

Hit badly by the lower crude oil price, state-run Oil and Natural Gas Corporation (ONGC) has sought a price assurance of $45 a barrel from the government. Owing to the lockdown and Covid-19 impact, the company has also cut its capital expenditure by over 15 per cent or Rs 5,000 crore for 2020-21.   The Read more

Privatisation of any public sector bank (PSB) during the current fiscal is very unlikely due to their low valuations and mounting stressed assets amid the COVID-19 crisis, sources said.   At present, four public sector banks are under the RBI’s Prompt Corrective Action (PCA) framework, which puts several restrictions on them, including on lending, management Read more

Union Petroleum Minister Dharmendra Pradhan on Saturday met Assam Chief Minister Sarbananda Sonowal and discussed the fire incident that took place at Baghjan gas well of Oil India Limited on June 9. During the meeting at the Sonowal’s official residence at Brahmaputra State Guest House in Guwahati, both Chief Minister and the Union Minister decided Read more