Category: Oil & Gas

DUBAI: The oil market should reach a balance between supply and demand in the first quarter of this year, United Arab Emirates’ Oil Minister Suhail Al Mazrouei told Al-Arabiya television on Monday.

Scared by looming US anti-cartel legislation for the oil industry, the Organization for the Petroleum Exporting Countries and its allies such as Russia have decided against creating a formal body, at least on paper.

NEW DELHI: Venezuela wants to double its oil sales to India and is open to barter payment arrangements with the world’s third biggest crude consumer, Venezuelan Oil Minister Manuel Quevedo said on Monday.

NEW DELHI: Amid volatility in the crude oil market, state-run fuel retailers today refrained from changing the prices of petrol and diesel. The prices were increased marginally yesterday. Worries surrounding trade talks between the United States and China has left the crude market volatile. Brent was down by about 1% yesterday but regained most of […]

India is looking to expedite discovery efforts to establish the country’s shale oil and gas potential and has asked companies to submit a plan, two industry sources said on Sunday.

Analysts are excited about Indraprastha Gas Ltd’s (IGL’s) volume growth for the quarter ended December. The Delhi-based city distributor’s gas sales volume last quarter increased 12% over the same period last year.

India today launched the third bidding round under its open acreage licensing policy (OALP), at the 13th edition of Petrotech 2019, a strategic hydrocarbon event held in New Delhi.

NEW DELHI: Amid volatility in the crude oil market, fuel retailers did not change the prices of petrol and diesel today. Fuel prices were last increased on January 22 and since then the rates have either remained stagnant or fallen.

Ahmedabad/Mumbai: The Ruia-promoted Essar Oil UK, part of the Essar group, has acquired stakes in strategic assets from BP Plc in the UK. The acquisitions include a 11.5% stake in the United Kingdom Oil Pipeline (UKOP), a 45% share in the Kingsbury Terminal and a 100% interest in the Northampton Terminal, Essar Oil UK said.

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

Hindustan Petroleum Corp. Ltd (HPCL) reported an 87% drop in its net profit for the December quarter, which the markets welcomed by sending its shares up 4%. What’s going on? The relatively small profit of ₹248 crore, it turns out, was far better than the Street’s estimate of a small loss.

Essar Oil UK, part of the Ruias’ Essar Group, on Wednesday said it has acquired stakes in two terminals and one pipeline from BP Plc to expand its business in the UK.