Page 12 - Oil And Gas

Economic recovery to stoke demand for petroleum products: A CRISIL analysis

Demand is expected to increase further by 6-8 per cent in FY23, driven by healthy demand growth in the liquid petroleum gas (LPG) and naphtha segments

India's gasoil sales rise in Dec, but Omicron seen dampening demand

Movement of gasoil-consuming trucks in India picked up in December as more fruits and vegetables were transported across the country than usual that month

Oil prices climb again as fall in US inventories boosts demand sentiment

Brent crude rose 26 cents, or 0.3%, at $79.20 a barrel by 0759 GMT. U.S. West Texas Intermediate (WTI) crude climbed 19 cents, or 0.2%, to $76.17 a barrel

Indian Oil Corp acquires 5% stake in IEX subsidiary Indian Gas Exchange

IOC joins the likes of oil and gas explorer ONGC, gas utility GAIL Torrent Gas Pvt Ltd and Adani Total Gas Ltd which already have acquired 5 per cent equity each in IGX

India refiners' November crude processing at near 2-year high

Refiners processed 5.25 million barrels per day (21.48 million tonnes) last month, up 5.9% from 4.96 million bpd in October

Oil Ministry launches seventh round for auction of oil and gas blocks

Since 2016, five rounds of Open Acreage Licensing Programme blocks have been concluded and 105 for Exploration and Production.

Oil prices slide as rapid Omicron spread dims fuel demand outlook

The oil and gas rig count, an early indicator of future output, rose by three to 579 in the week to December 17, representing its highest since April 2020

Bidding for DSF-III round to start on February 1, says DGH

From the previous two bid rounds, 29 field development plans entailing $1.76 billion investment have been submitted

OPEC+ produces below target in November as compliance rises

Compliance from the 10 OPEC countries participating in the production cuts reached 122%, with participating non-OPEC countries achieving 107%, data seen by Reuters showed

Oil prices slide as rapid Omicron spread dims fuel demand outlook

The Netherlands went into lockdown on Sunday and the possibility of more COVID-19 restrictions being imposed ahead of the Christmas and New Year holidays loomed over several European countries

India offers eight oil and gas blocks for bidding in latest round

Eight blocks have been offered in the seventh bid round of Open Acreage Licensing Policy (OALP), with bids due on February 15, 2022, the Directorate General of Hydrocarbons (DGH) said

Reliance eyes first oil cargo from UAE trade arm in Dec: Report

RIL aims to get about a 500,000 barrels cargo of United Arab Emirates' Das crude from Reliance International Ltd, says a source

Japan's Osaka Gas plans to enter India's city natural gas market

The Japanese city gas supplier aims to supply natural gas to vehicles, homes and industries in India, using lorries and pipelines

Oil slips over 1% on bets that crude supply growth will exceed demand

Brent crude futures fell 91 cents, or 1.2%, to $72.79 a barrel, after losing 69 cents on Tuesday

Oil prices edge higher, but Omicron coronavirus variant worries linger

Governments around the world, including most recently Britain and Norway, were tightening restrictions to stop the spread of the Omicron variant

Govt advised ONGC to get partners in Mumbai High, Bassein fields: Minister

The government has from time to time advised ONGC to have partnerships in its major fields including Mumbai High and Bassein & Satellite assets off the west coast with a view to raising output and technology infusion, Parliament was informed on Thursday. In a written reply to a question in the Lok Sabha, Minister of State for Petroleum and Natural Gas Rameswar Teli said national oil companies are free to choose field-specific models including farm out (giving stake) and joint venture/technical service model for enhancing production from their matured and aging fields. The government, he said, is keen that the domestic production of oil and gas should increase exponentially. "ONGC being the leading organisation has to play an important role," he said. "The government from time to time advises ONGC to increase exploration and production by having partnerships for its major fields including Mumbai High and Bassein & Satellite asset with the scope of enhancing recovery and ...

BPCL, Bina Refinery merger plan gets DIPAM go-ahead

The merger is likely to bring synergy in terms of raising the operational and financial efficiency of BPCL, including crude oil procurement, and the working capital requirements

IOC renews deal to buy up to 2 MT of oil from Russia's Rosneft

India has tied up supplies from Russia to the US in a bid to diversify its oil import basket, cutting reliance on the Middle East to meet its oil needs

Oil prices rebound towards $72 on Omicron hopes, Iran talks

Brent crude gained $1.85, or 2.7%, to $71.73 by 1135 GMT

Oil's Black Friday: Algos and options turn a tumble into a crash

What happens next depends on whether the direst predictions for Omicron's impact are realized