New Delhi: After facing years of payment default, the country’s largest oil and gas explorer Oil and Natural Gas Corporation has finally exited from Sudanese oilfields, relieving itself of yet another toxic overseas asset. Company sources said that all the three overseas investors in the Sudanese oilfield including ONGC Videsh Ltd (OVL), the overseas investment…
Singapore — The increase in tax on natural gas in Andhra Pradesh, a key state in India where domestic gas produced from the Krishna Godavari basin is sold, would make domestic gas less competitive for end-buyers and pose a challenge in the central government’s bold ambition to raise gas’s share in the energy mix to…
An investment of ₹4.74-lakh crore is required to achieve the balance renewable energy capacity addition target of 86 gigawatt (GW) by March 2022.Responding to questions in the Lok Sabha, RK Singh, Minister of State (Independent Charge) for Power and New and Renewable Energy, said a cumulative renewable energy capacity of 88,793.39 MW has been installed…
NEW DELHI – The West Indian Sugar Mills Association has written to the food ministry for permission to use maize as a feedstock for ethanol production when there is shortage of sugarcane due to drought, an industry source said. “WISMA, Maharashtra has written in support of this to the food ministry saying that in years…
A statement from the Associated Chambers of Commerce and Industry of India (Assocham) quoting Tarun Kapoor, Secretary, Ministry of Petroleum and Natural Gas, said, “The Petroleum Ministry will also provide whatever relief such as extending timelines, try and reduce penalties wherever possible and take other such measures.” Kapoor was speaking at a webinar organised by…
New Delhi: Crude oil prices on Wednesday rose by Rs 44 to Rs 2,872 per barrel as participants widened their positions on firm spot demand.On the Multi Commodity Exchange, crude oil for delivery in September traded higher by Rs 44, or 1.56 per cent, at Rs 2,872 per barrel in 4,307 lots. Analysts said raising…
Oil rose for a second day on Wednesday, gaining more than 2%, as a hurricane closed US offshore oil and gas production and an industry report showed US crude inventories decreased. More than a quarter of US offshore output was shut on Tuesday due to Hurricane Sally. The American Petroleum Institute on Tuesday said crude…
SINGAPORE: The number of ships fuelled by liquefied natural gas (LNG) is expected to more than double by 2030, driven by the shipping industry’s desire to cut emissions, a senior executive at Malaysia’s Petroliam Nasional Bhd (Petronas) said on Wednesday. Currently, less than 400 out of a total of more than 80,000 registered ships, run…
Oil refiners are permanently closing processing plants in Asia and North America and facilities in Europe could be next because of the uncertain prospects for a recovery in fuel demand after the coronavirus pandemic cut consumption. The pandemic initially cut global fuel demand 30% and refiners temporarily idled plants. But consumption has not returned to…
These are, for sure, bad times for the oil market. Global demand will tumble by 9.46mn bpd this year, the Organisation of the Petroleum Exporting Countries said in a monthly report on Monday. The decline is more than the 9.06mn bpd drop expected a month ago. Oil prices have collapsed ever since the coronavirus crisis…
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