Category: Oil & Gas

India on Sunday launched its third round of petroleum and natural gas auctions under the open acreage licencing policy (OALP) in which a total of 23 blocks are up for bidding by global oil and gas majors. Interestingly, this comes at a time when production from OALP-1 is expected to start only in 2025.

Legislation that would allow the US government to sue Opec for inflating oil prices cleared a key hurdle in the new session of Congress.

Even as growth in the renewables and electric vehicles (EVs) segment threatens the conventional energy land scape, oil marketing companies (OMCs), oil and gas producers, and policy makers remain confident that demand for hydrocarbons is here to stay.

Oil fell about 2 percent on Thursday as the market was weighed down by concerns that global demand growth would lag in the coming year.

Oil fell more than 2 percent on Thursday as the market confronted concerns that global demand growth would lag in the coming year.

Indraprastha Gas rose 2.19% to Rs 305 at 10:01 IST on BSE after the company reported 19.33% rise in net profit to Rs 197.99 crore on 28.82% rise in total income to Rs 1548.74 crore in Q3 December 2018 over Q3 December 2017.

NEW YORK (Reuters) – Oil prices rose about 1 percent on Wednesday, boosted by signs of strong U.S. demand for distillate products and tightening global crude supply, but gains were capped by a rising U.S. dollar and ongoing concerns about a global economic slowdown.

SINGAPORE (Reuters) – Oil prices fell on Thursday after U.S. crude inventories rose and as production levels in the country held at record levels, but OPEC-led supply cuts and Washington’s sanctions against Venezuela supported markets.

Essar Oil UK said in an announcement on Wednesday that it has signed an agreement to acquire a few assets owned by energy major BP. The deal includes a stake in the UKOP pipeline, a contractual joint venture and ownership of an oil terminal.

Indraprastha Gas Ltd, the retailer of CNG and piped natural gas in the national capital, on Wednesday reported a 19 per cent rise in its third-quarter net profit on higher sales.

State-owned gas utility GAIL India on Wednesday said it has terminated a Rs 270-crore pipe laying contract it had awarded to financially-troubled IL&FS and replaced it with another contractor.

Oil edged below $62 a barrel on Wednesday after a report showed a rise in U.S. crude inventories, countering expectations of a tightening market in 2019 due to OPEC-led supply cuts and U.S. sanctions on Venezuela.