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. Caracas, which buys medicines and other products from India, is looking for alternative payment methods after the United States imposed stringent sanctions on Venezuela’s […]
Category: Oil & Gas
All households to soon have clean cooking fuel, says Dharmendra Pradhan
After catapulting LPG coverage by about 40 percent in just 55 months, the government will soon make available clean cooking fuel to all households, Oil Minister Dharmendra Pradhan said Sunday.
Petrotech 2019: 23 hydrocarbon blocks put up for auction under revenue sharing model
The ministry of petroleum and natural gas on Sunday launched the third bidding round under the Open Acreage Licensing Policy (OALP), offering 23 hydrocarbon blocks covering over 31,000 sq km for exploration.
India sees higher domestic output and import cuts as 23 oil blocks goes up for bidding
India on Sunday offered 23 oil and gas and coal-bed methane blocks for bidding in the third round of Open Acreage Licensing Policy (OLAP) as it looks to more than double the area under exploration to raise domestic output and cut imports.
Fall of ‘fugitive batman’ puts global oil trading on the spot
To his friends, Rodrigo Berkowitz lived within his means in a rented house in the suburbs of Houston.
Oil prices: Doubters mount a comeback as rally stalls on global worries
Hedge funds reversed course on oil just in time, plowing back into bearish bets as crude skidded into a wall of economic worries. In a shift from four weeks of retreat, short-sellers boosted by 28 percent their wagers that Brent prices would fall in the week ended Feb. 5, according to data released Friday.
Indian Oil Corporation tops bidders’ list for city gas licenses followed by Adani, HPCL
State-owned Indian Oil Corp (IOC) has emerged as the biggest bidder for city gas licences in the 10th bid round that also saw Adani Group, Hindustan Petroleum Corp Ltd (HPCL) and Indraprastha Gas Ltd as the other prominent bidders, according to oil regulator PNGRB.
India’s oil trade with Venezuela has gone down since sanctions: Ambassador Augusto Montiel
India’s oil trade with Venezuela has gone down since sanctions were imposed on the Latin American country, its Ambassador to India Augusto Montiel said on Tuesday. Montiel, while speaking to reporters on the current situation in Venzuela, said the country is currently selling 400,000 barrels of oil per day to India.
GAIL reports 14.35% sequential decline in Q3 net at Rs 1,681.23 crore
Gas utility Gail (India) on Tuesday reported 14.35% sequential decline in net profit during the quarter ended December 2018 despite registering a 33% year-on-year (y-o-y) profit rise, riding on the increasing demand for natural gas in the country.
HPCL Q3 net falls 87% to Rs 248 crore on inventory loss
Inventory losses and lower refinery margins affected finances of state-run Hindustan Petroleum Corporation (HPCL), which on Tuesday announced a 87% year-on-year (y-o-y) fall in net profit to Rs 248 crore during the December 2018 quarter. The comparable figure a year ago was Rs 1,950 crore.
Oil holds gains on signs of shale slowdown as OPEC output falls
Oil held gains near a two-month high after data showed U.S. production growth slowing at a time when OPEC cuts and American sanctions on Venezuela have already eased concerns over a supply glut.
Oil hits 2019 high above $63 on Venezuela sanctions, OPEC
Oil hit a two-month high above $63 a barrel on Monday as OPEC-led supply cuts and U.S. sanctions against Venezuela’s petroleum industry offset forecasts of weaker demand and an economic slowdown.