Category: Oil & Gas

The Pakistan government has steeply hiked petroleum prices to implement the tough preconditions set by the International Monetary Fund (IMF) to revive the stalled USD 6 billion bailout package for the cash-strapped country. Prices of all petroleum products went up by about Rs14-19 per litre after the decision came into effect from midnight on Thursday. […]

The government on Friday slapped an export tax on petrol, diesel and jet fuel (ATF) shipped overseas by firms like Reliance Industries Ltd, and imposed a windfall tax on crude oil produced locally by companies such as ONGC and Vedanta Ltd. The government imposed a Rs 6 per litre tax on export of petrol and […]

Doctors and bankers were among the hundreds of Sri Lankans who marched on Wednesday to demand that the government resolve a severe fuel shortage at the heart of the worst economic crisis in decades or step down. Weeks of street demonstrations against cascading woes such as power cuts and shortages of food and medicine brought […]

The government on Wednesday allowed firms such as ONGC and Vedanta to sell locally produced crude oil to any Indian refinery. While contracts for oilfields awarded since 1999 gave producers the freedom to sell oil, the government fixed buyers for crude produced from older fields, such as Mumbai High of ONGC and Ravva of Vedanta. […]

Sri Lanka will allow companies from oil-producing countries to import and sell fuel, the power and energy minister said on Tuesday, ending a duopoly as it tries to overcome a shortage of petrol and diesel that is exacerbating an economic crisis. The cabinet decision came as the minister, Kanchana Wijesekera, headed to Qatar and a […]

Leaders of the Group of 7 nations are close to an agreement in principle to begin the process of potentially imposing price caps on Russian oil and are set to impose other new economic penalties on Moscow to support Ukraine, Biden administration officials said on Monday. The agreement on oil, which treasury secretary Janet L. […]

Crisis-hit Sri Lanka has hiked petrol price by LKR 50 and diesel by LKR 60 respectively, the third price revision in over two months, as the country continues to reel under the worst economic crisis in decades due to a crippling shortage of foreign exchange reserves. The price hike has come into effect from 2 […]

Russian gas supply to Europe via the Nord Stream 1 pipeline fell further on Thursday and Moscow said more delays in repairs could lead to suspending all flows, putting a brake on Europe’s race to refill its gas inventories. The faltering flows came as the leaders of Germany, Italy and France visited Ukraine, which is […]

The Adani group has joined hands with TotalEnergies of France in a green hydrogen venture, which will invest $50 billion over the next decade. Green hydrogen, produced using renewable energy, has some of the best environmental credentials of the various shades of the clean-burning fuel. TotalEnergies will acquire a 25 per cent minority interest in […]

India has become the world’s biggest market for Russian Urals crude oil and will likely be importing even greater quantities following the opening of a new, shorter route from St Petersburg to Nhava Sheva port on Tuesday. The route slashes the transportation time to just over three weeks from more than 10 weeks via the […]

Russia’s invasion of Ukraine triggered global condemnation and tough sanctions aimed at denting Moscow’s war chest. Yet Russia’s revenues from fossil fuels, by far its biggest export, soared to records in the first 100 days of its war on Ukraine, driven by a windfall from oil sales amid surging prices, a new analysis shows. Russia […]

The government has lost its appeal in the English High Court against a $111 million arbitration award in favour of Reliance Industries Ltd and Shell in a cost recovery dispute in the western offshore Panna-Mukta and Tapti oil and gas fields. On June 9, the high court judge Ross Cranston reportedly ruled that the government […]