Category: Oil & Gas

New Delhi/Mumbai: The government today lowered the price of domestically produced natural gas by over 10% to $5.02 per mmBtu from $5.6 per unit, the first ever reduction in the rates of the fuel. The new price will be effective from April 1. Natural gas price was raised from $4.2 per mmBtu to $5.61 per […]

Mumbai: The Cabinet Committee of Economic Affairs (CCEA) led by the Prime Minister Narendra Modi has approved a plan to use regassified LNG to restart stalled gas-based power projects in India. The plan was necessary as gas supply from Reliance’s Krishna – Godavari basin dried up and a large number of gas based plants shut […]

New Delhi: Crude oil futures soared by Rs 122 at Rs 3,216 per barrel today as speculators created fresh positions amidst a firming trend in Asian markets. At the Multi Commodity Exchange, crude oil for delivery in April gained Rs 122, or 3.94%, to Rs 3,216 per barrel, with a business turnover of 5,596 lots. […]

San Francisco: Oil prices could hit $100 a barrel by the end of next year, U.S. oil magnate T Boone Pickens said on Tuesday, revising his previous forecast which said they would reach that level as early as this year. “I think you could very well be at $100 a barrel by the end of […]

NEW DELHI: Cairn Energy of UK is seeking compensation from the Government of India for the loss in value it suffered due to an “unfair and arbitrary” Rs 10,247 crore tax demand raised using a retrospective tax law. Using the UK-India Investment Treaty, the Edinburgh-based firm filed a formal dispute notice against the tax demand […]

New Delhi: The joint venture between SENER and AFCONS, named AFCONS – SENER LNG Construction Projects Private Limited, has recently signed an EPC contract with H-Energy Gateway Private limited (HEGPL), a Hiranandani Group Company, for engineering, procurement and construction (EPC) of its LNG storage and re-gasification project in Jaigad, Maharashtra. The capacity of the plant […]

Singapore: Oil prices fell in Asian trade today after Saudi Arabia said it was pumping more oil, exacerbating a global supply glut, analysts said. US benchmark West Texas Intermediate (WTI) for May delivery was down 57 cents at $46.00 and Brent tumbled 43 cents to $54.89. Daniel Ang, an investment analyst with Phillip Futures in […]

Brussels: Ukraine and Russia have launched EU-brokered talks in Brussels aimed at supplying gas to Kiev through next winter and securing onward deliveries to Europe. A deal to ensure supplies for the current winter expires at the end of this month, and that agreement was only agreed after tense negotiations against the backdrop of the […]

NEW DELHI: Consumption of petroleum products grew more than 9% in February, the highest in two years, indicating an uptick in economic activity and rising car sales on the back of low oil prices. According to provisional data gathered by Petroleum Planning and Analysis Cell, the oil ministry’s market monitor, consumption of motor fuel and […]

Mumbai: The unravelling of crude oil prices has been the biggest story of 2014. A combination of factors has led to crude oil prices correcting sharply. While demand-supply mismatches happen to be a big reason for the fall, increase in output from non-OPEC oil producing countries have also played a big role in price movements. […]

New Delhi/ Mumbai: The petroleum ministry on Wednesday said it is still working out the new domestic natural gas price to be effective 1 April, rejecting as “mere speculation” the likely 10 per cent cut in the gas price, earlier quoted in a media report. In all likelihood the new gas price will be announced […]

SINGAPORE: Indian Oil Corp (IOC) is seeking 20,000 tonnes of superior kerosene oil for April, which traders said was rare. This came a week after it issued a rare import tender for jet fuel to plug a supply shortfall caused by refinery maintenance, they added. IOC is now looking to buy the superior kerosene oil […]