PNGRB’s draft amendment proposes that unified tariff would be applicable only on the integrated trunk pipeline network of state-run GAIL and Gujarat State Petronet Ltd (GSPL), leaving out 30% of the current gas pipeline capacities. Industrial consumers of natural gas have objected to the government’s plan to rationalise gas pipeline tariffs, claiming that the new Read more

NEW DELHI: Indian refiners are cutting crude processing and shutting units for maintenance as local fuel demand falls and global refining margins are weak, officials at the companies said. Fuel demand in Asia’s third largest economy had been rising since May from historic lows in April, when a nation-wide lockdown to stem the spread of Read more

NEW DELHI – India’s oil imports fell in June, hitting their lowest since October 2011, as refiners curbed purchases due to maintenance turnarounds and weaker fuel demand, data from industry sources showed. India, the world’s third biggest oil consumer and importer, received 3.2 million barrels per day (bpd) oil in June, a decline of 0.4% Read more

New Delhi: Reliance Industries has overtaken ExxonMobil to become the world’s second most valuable energy company after its market capitalisation scaled to a record high of over Rs 14 lakh crore.The oil-to-telecom conglomerate is now ranked 46th globally on market cap, according to stock market data. On Thursday, Reliance was ranked 48th and was behind Read more

New Delhi: India’s biggest asset sale program is drawing interest from global investors despite the volatility in the oil markets and devastating fallout of the coronavirus pandemic. As many as 81 queries were sent by prospective bidders vying for state-owned oil refiner-cum-fuel retailer Bharat Petroleum Corp., according to officials with knowledge of the matter. While Read more

SINGAPORE: Oil prices lost more ground on Thursday, with the market weighed down by a surprise increase in U.S. crude oil reserves as the coronavirus pandemic hits fuel consumption. U.S. crude and distillate inventories rose unexpectedly and fuel demand slipped in the most recent week, the Energy Information Administration said on Wednesday, as a sharp Read more

NEW YORK: Oil were mostly steady on Thursday as rising US fuel inventories and concerns about the impact of surging coronavirus cases on energy demand offset a weaker dollar, which is usually supportive. Brent futures fell 8 cents, or 0.2%, to $44.21 a barrel by 11:57 a.m. EDT (1557 GMT), while US West Texas Intermediate Read more

Spending on oil and gas, and coal is still higher among members of G20 than spending on renewable energy, a data update from the Energy Policy Tracker has revealed. Across the group, since the start of the pandemic, governments had pledged at least $160.95 billion in fossil fuel investments, versus $123.75 billion in renewable energy Read more

Venezuelan opposition leader Juan Guaido’s U.S. envoy pledged on Thursday to investigate the possibility that Cuba is reselling oil and fuel the South American country ships to its political ally under favorable terms. Carlos Vecchio, whom Guaido named his ambassador to Washington after being recognized as Venezuela’s rightful president by dozens of countries, said President Read more

Greece has warned it will do “whatever is necessary” to defend its sovereign rights in response to plans by neighbor Turkey to proceed with an oil-and-gas research mission south of Greek islands in the Eastern Mediterranean. The dispute over seabed mineral rights has led to increased navy deployments by both NATO members in the region, Read more

Work on plugging the natural gas well in Assam’s Baghjan where a fire has been raging since June 9, resumed on Thursday, a day after three foreign experts suffered burn injuries at the site following an explosion. The experts from a Singapore-based firm suffered minor burn injuries on Wednesday while removing the tubing head spool Read more

NEW DELHI/SINGAPORE: India’s top gas importer Petronet LNG is set to cancel its offer to buy an annual 1 million tonnes of liquefied natural gas (LNG) for 10 years, two sources said, as signing long-term contracts are not attractive in the current scenario. India is scouting for cheap gas for price-sensitive consumers as Prime Minister Read more

The government is likely to extend the deadline for bidding for the privatisation of Bharat Petroleum Corporation (BPCL) for the third time in a row, from the current date of July 31. According to sources, the extension of the timelines for expression of interest (EoI) may well be until international airline services are back in Read more

India’s crude oil processing gathered pace in June, rising 10.9 percent from May to 4.29 million barrels per day, as further easing of coronavirus-led curbs lifted fuel demand. Indian refiners’ crude processing posted its biggest drop in at least nearly two decades in April but rebounded to 3.87 million barrels per day (bpd) in May, Read more

New Delhi: In another step towards promoting green fuel, the government on Thursday said it has invited suggestions from stakeholders for inclusion of hydrogen-enriched CNG as an automative fuel. The Ministry of Road Transport and Highways has issued a draft notification seeking comments and suggestions from the public and all stakeholders for amendment to the Read more