Billionaire Anil Agarwal’s Vedanta on Monday said it has made a natural gas discovery in a block in Gujarat that it had won in the open acreage licensing policy (OALP) round. In a regulatory filing, the firm said it has “notified the DGH and Ministry of Petroleum and Natural Gas on August 23, 2021, of […]
Category: Oil & Gas
I Squared Capital invests $200 mn in Singapore-based AG&P City Gas
After showing interest in Bharat Petroleum Corporation (BPCL) stake sale through its arm Think Gas, private equity major I Squared Capital has invested approximately $200 million in Singapore-based AG&P City Gas, which is developing twelve city gas distribution networks in India. The investment has been made through ISQ Global Infrastructure Fund III and ISQ Growth […]
Oil prices rebound from 7-day losing streak as investors snap up bargains
TOKYO (Reuters) – Oil prices reversed out of a seven-day losing stretch on Monday as investors punted on crude at bargain levels, though lingering fears over how a surge in globalCOVID-19 cases might affect fuel demand combined with a firmer U.S. dollar to limit gains. Brent crude futures climbed 60 cents, or 0.9%, to $65.78 […]
Petrol price cut by 20 paise a litre, first reduction in over a month
Petrol and diesel prices were cut by 20 paise per litre each on Sunday – the first reduction in petrol rate in over a month, and the fourth in case of diesel in less than a week. Petrol price in Delhi was cut to Rs 101.64 a litre and diesel to Rs 89.07 per litre, […]
Oil posts biggest week of losses in nine months as Delta variant spreads
NEW YORK (Reuters) -Oil prices closed out their biggest week of losses in more than nine months with another down day on Friday, as investors sold futures in anticipation of weakened fuel demand worldwide due to a surge in COVID-19 cases. The crude market has now posted seven consecutive days of losses. Numerous nations worldwide […]
Adani Total Gas buys 50% stake in gas meter manufacturing firm
Adani Total Gas Ltd – the city gas joint venture of Adani Group and TotalEnergies of France – has acquired 50 per cent stake in a company that manufactures gas meters to aid its gas retailing business. The firm bought 50 per cent in Smartmeters Technologies Pvt Ltd(SMTPL) for Rs 1 crore, according to a […]
Oil rises but set for 5% weekly drop as Delta variant of Covid-19 spreads
SINGAPORE (Reuters) – Oil prices steadied on Friday, clambering away from three-month lows, but they were still on track for a weekly loss of more than 5% as new lockdowns in countries facing surging cases of the COVID-19 Delta variant dampened the outlook for fuel demand. Broader investor risk aversion also weighed on oil with […]
Oil drops towards $66, lowest since May on demand concerns amid Covid surge
Oil dropped towards $66 a barrel on Thursday to its lowest since May, pressured by concerns about weaker demand as Covid-19 cases rise, a stronger US dollar and a surprise increase in US gasoline inventories. Circulation of the Delta variant in areas of low vaccination is driving transmission of Covid-19, the World Health Organization said. […]
Oil slumps over 3%, hits May lows as losses extend to a sixth day
NEW YORK (Reuters) -Oil prices skidded on Thursday for a sixth session, hitting lows not seen since May, pressured by a stronger U.S. dollar and concerns about weaker demand as COVID-19 cases rise. The oil market rallied throughout the first half of 2021, but the newest wave of coronavirus infections throughout the world has sapped […]
Diesel price cut by 20 paisa for second consecutive day, petrol unchanged
The price of diesel was lowered by 20 paisa a litre for the second consecutive day on Thursday. After the price revision, diesel sold at Rs 89.47 a litre in the national capital, 40 paisa lower than the record high of Rs 89.87 a litre. Petrol price has remained unchanged at Rs 101.84 a litre, […]
ONGC offers 43 of its fields to operators for enhancing production
Oil and Natural Gas Corporation (ONGC) is seeking partners for enhancing production at its oil fields. These ‘marginal’ fields were given to ONGC on a nomination basis. A company statement said that this is in line with its goal of maximising recovery from its producing fields. According to ONGC, eleven on-land contract areas consisting of […]
ONGC seeks partners to raise production from 43 oil, gas fields
State-owned Oil and Natural Gas Corp (ONGC) on Thursday invited bids from private companies for handing over operations of 43 small and marginal oil and gas fields with a view to raising production. The 43 onland fields have been clustered into 11 contract areas that will be bid out to companies offering the highest oil […]