US drilling industry says offshore ban would crush jobs, government revenuesA US ban on new offshore drilling in the Gulf of Mexico, which presidential hopeful Joe Biden promised to enact if elected, would lead to hundreds of thousands of job losses and billions in lost government revenue over 20 years, an offshore drilling industry group Read more

The central government is assessing the cash position of state-owned companies and will ask them to ramp up dividend payouts and share buybacks as much as possible, Business Standard has learnt. This comes at a time when the Covid-19 pandemic and the nationwide lockdown has ensured that revenue from sources like taxes and divestment may Read more

We are exploring whether we can store some of our investment in a different country. We are looking at the US if we can store some of the low-priced oil minister Dharmendra Pradhan told a television channel. The plan could be similar to the one of Australia, which last month said it would build up Read more

Mumbai: The second-largest national oil marketing company Bharat Petroleum Corp Ltd (BPCLNSE -0.65 %) on Tuesday announced a new customer-friendly initiative with the launch of cooking gas booking through Whatsapp across the country.Bharat Petroleum, which was on the sell-off block last fiscal, has over 71 million LPG customers, making it the second-largest player after Indian Read more

It is set to adopt a balanced approach towards capital spending, and expects the government to take favourable policy measures to boost the company performance. ONGC per-barrel production cost is in the range of $35-40 and global crude prices have been trading at below this rate for a long time. ONGC as per-barrel production cost Read more

MELBOURNE – Oil prices rose on Tuesday on clear signs that producers are sticking to commitments to cut crude supply as more cars get back on the road with coronavirus lockdowns easing around the world.   U.S. West Texas Intermediate (WTI) crude CLc1 futures gained 2.3%, or 75 cents, to $34.00 as of 0057 GMT. Read more

LONDON- Oil prices, which have been driven higher for the past four weeks, were steady on Monday, with holidays in Singapore, London and New York dampening trade, as rising concerns over demand recovery offset supply cuts.   Brent was flat at $35.13 a barrel by 1315 GMT, while U.S. oil gained 10 cents, or 0.3% Read more

BRUSSELS – Eight European countries have urged the European Union to include natural gas in future funding, as the bloc’s executive prepares to unveil its plan for a green economic recovery from the coronavirus pandemic.   The European Commission will present on Wednesday its trillion-euro proposal for the bloc’s next budget, alongside a coronavirus Recovery Read more

DUBAI – The first of five Iranian tankers carrying fuel to Venezuela has moored at Venezuela’s El Palito refinery, Iran’s English-language Press TV reported on Monday.   Iran is providing Venezuela with 1.53 million barrels of gasoline and components in a move criticised by U.S. authorities as both nations are under U.S. sanctions, according to Read more

Qatar, the largest producer of liquefied natural gas (LNG) in the world, has no plans to reduce its production, and maintains plans to increase LNG capacity from the current 77 million tons per year to 110 million t/y by 2025 and 126 million tons per year by 2027, press service, Qatar Petroleum are the words Read more

BAGHDAD, Iraq’s Finance Minister Ali Allawi, who is acting oil minister, said the country had agreed to allow Saudi companies to invest in its western Akkas gas field, Saudi news channel Al Arabiya reported on Saturday.   The news channel provided no further details. The Akkas field in western Anbar province and bordering Syria is Read more

A VIRTUAL roadshow will soon be hosted by Bahrain in a bid to attract international companies for the development of new oil reserves.Oil Minister Shaikh Mohammed bin Khalifa Al Khalifa said the companies would be invited to work with national firms to explore the 2,000sqkm tight oil and deep gas resources in the Khalij Al Read more

A month after settling the crude oil contracts in the negative, India’s largest commodity derivative segment, MCX, has released a new application programming interface (API) which will facilitate a negative price on its software. When the WTI crude oil futures fell to a negative $37.63 per barrel in the month of April, MCX settled the Read more

As oil prices start firming up from decades low, experts are suggesting the Indian government hedge part of its oil import to lock in the low price for the future.Admittedly, hedging of oil by importing countries is not common, but gaining traction. Egypt, Ghana, Jamaica, etc, have started hedging. Neighbouring Pakistan is also contemplating hedging Read more

NEW DELHI: The government is stitching together a package of measures to help domestic oil producers pull through the price crash and the uncertainty in the global oil market as heavy losses on each barrel they pump threaten the commercial viability of projects.   “The pandemic and lockdowns (around the world) have created very challenging Read more