Category: Oil & Gas

The Uttar Pradesh Government has decided to set up five biofuel projects in the State, Governor Ram Naik said on Tuesday. The projects will involve an investment of Rs. 1,700 crore. “The projects are expected to be set up in five districts — Sitapur, Hapur, Meerut, Bareilly and Muzaffarnagar,” he said addressing the valedictory session […]

Rosneft-controlled Nayara Energy is in talks with domestic City Gas Distribution (CGD) operators to offer natural gas retailing services at its auto fuel retailing outlets. “We are in talks with Adani, IGL (Indrapastha Gas Ltd) and MGL (Mahanagar Gas Ltd) among others to offer compressed natural gas retailing at our petrol pumps. The new CGD […]

Oil prices rose on Tuesday amid OPEC-led supply cuts and US sanctions against Iran and Venezuela, although surging US production and concerns over economic growth kept markets in check. US West Texas Intermediate (WTI) crude oil futures were at $52.50 per barrel at 0102 GMT, up 9 cents, or 0.2 per cent, from their last […]

Scared by looming US anti-cartel legislation for the oil industry, the Organisation for the Petroleum Exporting Countries and its allies such as Russia have decided against creating a formal body, at least on paper. A draft of a document — setting up a new alliance and dated January 2019 — and seen by Reuters carefully […]

Moving towards liberalising the natural gas retailing segment, the Ministry of Petroleum and Natural Gas has launched the Dealer Owned Dealer Operated (DODO) model for setting up CNG stations. Gas-based economy Speaking at the launch on the sidelines of Petrotech – 2019, Minister for Petroleum and Natural Gas, Dharmendra Pradhan, said, “The country is moving […]

Crude oil futures plunged by Rs 49 to Rs 3,711 per barrel on Monday as speculators reduced bets amid a weakening trend overseas.

The crude oil market has been groping for direction since the beginning of the year. There is no fresh market moving trigger to influence price direction. The market is currently seen to be in consolidation mode in the vicinity of $60 a barrel for Brent.

Oil markets dipped on Friday, dragged down by concerns over a global economic slowdown although supply cuts led by producer club OPEC and US sanctions against Venezuela provided crude with some support.

Oil prices fell on Thursday after US crude inventories rose and the country’s production held at record levels, but OPEC-led supply cuts and Washington’s sanctions against Venezuela supported markets.

Mangalore Refinery and Petrochemicals Ltd (MRPL) registered a loss of ₹267.72 crore in the third quarter of 2018-19 as against a net profit of ₹969.88 crore in the third quarter of 2017-18. The company registered a net profit of ₹13.08 crore during the first nine months of 2018-19 as against ₹1682.04 crore in the corresponding […]

GAIL had last year awarded a portion of the 2,655-km of the Pradhan Mantri Urja Ganga project to IL&FS

Oil prices edged up on Tuesday, buoyed by expectations of tightening global supply due to US sanctions on Venezuela and production cuts led by OPEC.