Category: Oil & Gas

They are slowly plowing their way across thousands of miles of ocean toward America’s Gulf of Mexico coastline. As they do, twelve empty supertankers are also revealing a few truths about today’s global oil market. In normal times, the vessels would be filled with heavy, high sulfur Middle East oil for delivery to refineries in […]

The government on Thursday announced new rules for future exploration and production of oil and gas blocks in its efforts to attract private investment and increase domestic production. India imports four out of every five barrels of crude oil it consumes and is likely to shell out more than $100 billion on oil purchases in […]

Shares of Oil and Natural Gas Corporation (ONGC) were trading higher for the fifth straight session, rising 2 per cent to Rs 146 apiece on the BSE in intra-day trade after the company reported a strong December 2018 (Q3FY19) result. In past one week, the stock of state-owned oil exploration firm outperformed the market by […]

The government has asked state-owned Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) to sell out 66 of their small oil and gas fields to private firms as it brought in a new policy to boost domestic production and cut imports, Petroleum Minister Dharmendra Pradhan said Thursday. To quickly bring all sedimentary […]

Saudi Arabia’s Crown Prince Mohammed bin Salman said on Wednesday he expected investment opportunities worth more than $100 billion in India over the next two years as he began his first official visit amid tensions between arch foes India and Pakistan. India rolled out the red carpet for the crown prince as it seeks diplomatic […]

Oil prices hovered close to 2019 highs on Thursday, bolstered by OPEC-led supply cuts and US sanctions on Venezuela and Iran, but were prevented from rising further by slowing growth in the global economy. US West Texas Intermediate (WTI) crude oil futures were at $57.33 per barrel at 0256 GMT, 17 cents, or 0.3 percent, […]

Shares of oil and gas exploration companies rose as much as 20% in intra-day trade on Wednesday as the government decided to offer bigger oil and gas areas that currently belong to its companies Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) to the private sector on relaxed conditions. “To enhance production from […]

The world’s largest oil exporter, Saudi Aramco, on Wednesday said it was in talks with Mukesh Ambani-led Reliance Industries (RIL) and other companies to invest in India’s petrochemical and oil refinery sectors. This is in addition to the $44-billion Ratnagiri refinery in Maharashtra, for which Saudi Aramco and UAE’s Adnoc are partnering with Indian oil […]

State-run Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) are likely to come out with bids offering their fields to private sector companies in the next six months. At least 54 fields included in the initial list belong to the country’s largest oil and gas producer ONGC. The Union Cabinet allowed the two […]

Shares of Oil and Natural Gas Corporation (ONGC) were trading higher for the fifth straight session, rising 2 per cent to Rs 146 apiece on the BSE in intra-day trade after the company reported a strong December 2018 (Q3FY19) result. In past one week, the stock of state-owned oil exploration firm outperformed the market by […]

Oil prices were mixed on Tuesday as concerns about global crude oil demand and uncertainty over the latest round of US-China trade talks countered investor optimism around tightening supplies. Brent crude slipped 5 cents to settle at $66.45 a barrel, hovering below its 2019 high of $66.83 reached on Monday. US crude was up 50 […]

A French researcher has claimed that he found a security lapse that allegedly exposed millions of Aadhaar numbers of dealers and distributors associated with Indane, an LPG brand owned by the Indian Oil Corporation (IOC). Baptiste Robert, who goes by the online handle Elliot Alderson and has exposed Aadhaar leaks in the past, wrote in […]