India plans to take advantage of low prices for oil from Saudi Arabia and the United Arab Emirates to top up its strategic petroleum reserves (SPR), two sources familiar with the matter said on Monday. Global oil prices have fallen around 40 per cent in March as the impact of the coronavirus pandemic has destroyed […]Continue Reading... No Comments.
Oil and Natural Gas Corp (ONGC) has begun gas production from its most promising block in the Krishna Godavari basin in the Bay of Bengal and is planning a ramp up production in coming weeks, officials said. ONGC’s KG-DWN-98/2 or KG-D5 block, which sits next to Reliance Industries’ flagging KG-D6 area, holds key to the […]Continue Reading... No Comments.
Russia’s budget revenues from selling oil and gas are set to be 3 trillion roubles ($39.01 billion) lower than previously expected due to the slump in crude prices, Finance Minister Anton Siluanov said on Wednesday. Siluanov’s previous estimate was for a 2 trillion rouble budget revenue shortfall, with a budget deficit that could reach 0.9% […]Continue Reading... No Comments.
Royal Dutch Shell’s Indian arm Shell Energy India Private has signed a pact with Inox India for door-step delivery of liquified natural gas (LNG) from its terminal in Gujarat through road to customers who are not connected to pipelines. Shell Energy owns and operates an LNG terminal in Hazira, which has a capacity of five […]Continue Reading... No Comments.
Saudi Aramco on Sunday said it plans to cut capital spending in the wake of the coronavirus outbreak, and also posted a plunge in profit for last year, missing forecasts in its first earnings announcement as a listed company. Saudi Arabia’s decision last year to float shares in its state oil company – the most […]Continue Reading... No Comments.
Bills of natural gas consumers, be it residential or industrial, are set to get lighter with the benefit of lower gas prices expected to be passed on to consumers from April. Apart from individual consumers, reduced gas prices augur well for industries, gas-based power projects and city gas distribution (CGD) companies. Globally, natural gas prices […]Continue Reading... No Comments.
Oil fell on Monday as an emergency rate cut by the US Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus, while a price war between top producers added to a growing supply glut. Brent crude fell $2.07 to $31.78 a barrel by 0729 GMT, extending last week’s […]Continue Reading... No Comments.
India can afford to give consumers a boost. An effective month-long ban on foreign tourist visas goes into force on Friday as the government seeks to limit the spread of the coronavirus. Travel restrictions make sense to prevent a big outbreak in a poor nation with a weak health system, but the move will hurt […]Continue Reading... No Comments.
You may have to pay as much as Rs 8 per liter less for petrol and diesel from next week, as per media reports. While some reports said that petrol and diesel could get cheaper by as much as Rs 5-6 in the next week itself, Hindustan Times went on to claim fuel prices could […]Continue Reading... No Comments.
The government could hope to get much better valuation for its share in Bharat Petroleum Corporation (BPCL), if the current trend of low global oil prices continues well into 2020 as it will positively impact the marketing margin of the oil marketing company (OMC). As per the market assessment By Reliance Securities, for every $1 […]Continue Reading... No Comments.