US drilling industry says offshore ban would crush jobs, government revenues

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…

Govt to ask Central PSUs to ramp-up dividend payouts, share buybacks

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…

BPCL launches cooking gas booking via WhatsApp

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…

Domestic oil and gas companies may soon get cess and royalty relief

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…

Eight countries say gas deserves help as EU readies ‘green recovery’ fund

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…

Iranian fuel tanker has moored at Venezuela’s El Palito refinery

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…