Page 16 - Oil And Gas
India's crude oil production falls 2.3% in August, gas output rises
India's crude oil production fell 2.3 per cent in August but natural gas output rose by more than a fifth on the back of output from KG-D6 fields of Reliance-BP
 "India's crude oil production falls 2.3% in August, gas output rises")
OPEC sees stronger demand for its crude oil this year and next
The latest data from the group indicate that the world will continue to face an oil supply deficit in the coming months even as its members revive idle production.
 "OPEC sees stronger demand for its crude oil this year and next")
Here's why US crude oil supplies took such a big hit from Hurricane Ida
The damage to offshore platforms, pipelines and even helipads was so severe that two out of every three barrels of crude normally pumped from the U.S. sector of the Gulf of Mexico are unavailable.
 "Here's why US crude oil supplies took such a big hit from Hurricane Ida")
OMCs continue to hold fuel price revision for sixth straight day
In the national capital, petrol was sold for Rs 101.19 per litre on Saturday.
 "OMCs continue to hold fuel price revision for sixth straight day")
Fossil fuels can still see a price boom in the decarbonisation era
The current price spike has multiple sources
 "Fossil fuels can still see a price boom in the decarbonisation era")
UAE oil producer Adnoc to list drilling unit in Abu Dhabi IPO
The proposed listing comes as Abu Dhabi tries to revive IPOs on its bourse
 "UAE oil producer Adnoc to list drilling unit in Abu Dhabi IPO")
ONGC evaluating stake buy in Russia's Vostok Oil project: OVL MD
Vostok is one of Russia's biggest oil projects
 "ONGC evaluating stake buy in Russia's Vostok Oil project: OVL MD")
Domestic LPG price hiked again by Rs 25 a cylinder
This is the third consecutive hike in domestic cooking gas prices
 "Domestic LPG price hiked again by Rs 25 a cylinder")
Oil prices jump as storm approaches Gulf of Mexico production hub
For the week, Brent is on track for a rise of 11%, its biggest weekly jump since June 2020. WTI is headed for a weekly gain of more than 10%, also the strongest since June 2020.
 "Oil prices jump as storm approaches Gulf of Mexico production hub")
IOC to invest Rs 1 trillion to expand refining capacity: Chairman
To raise its refining capacity by almost a third in the next 4-5 years
 "IOC to invest Rs 1 trillion to expand refining capacity: Chairman")
Adani Total Gas buys 50% stake in gas meter manufacturing firm
Adani Total Gas retails CNG to automobiles and piped natural gas to household kitchens and industries.
 "Adani Total Gas buys 50% stake in gas meter manufacturing firm")
Saudi Aramco aims to raise at least $17 billion from gas pipeline: Report
The deal size may include $3.5 billion of equity and the remainder will be funded by bank debt, one source said, while another source said the transact .
 "Saudi Aramco aims to raise at least $17 billion from gas pipeline: Report")
India and Russia discuss expanding cooperation in energy sector
India and Russia on Friday discussed expanding cooperation in the energy sector as New Delhi looks at newer sources of oil and natural gas to diversify its import basket. Oil Minister Hardeep Singh Puri held a video interaction with Russian Energy Minister Nikolay Shulginov on furthering energy cooperation between the two nations, the Indian minister tweeted. India's cumulative investment in oil and gas projects in Russia exceeds USD 15 billion. It is the single largest destination of Indian overseas investment in the oil and gas sector. Russian oil giant Rosneft and its partner in 2017 bought Essar Oil, renamed Nayara Energy, for USD 12.9 billion. "Had an engaging video interaction with HE Mr Nikolay Shulginov, Minister of Energy of the Russian Federation @MinenergoGov. Discussed ways to further expand bilateral energy cooperation, a key pillar of bilateral Special & Privileged Strategic partnership," Puri tweeted. Russia, he said, is the largest investor in India's energy sector
 "India and Russia discuss expanding cooperation in energy sector")
$300-400 million investment expected in latest oil, gas bid round
India is 85 per cent dependent on imports to meet its oil needs
 "$300-400 million investment expected in latest oil, gas bid round")
Oil prices drop towards $70 as Covid pandemic concerns weigh
Brent crude oil futures dropped by 38 cents
Petrol, diesel prices unchanged; here are the prices in your city today
In New Delhi, petrol is selling at Rs 101.84 per litre. In Mumbai, the price stands at Rs 107.83
 "Petrol, diesel prices unchanged; here are the prices in your city today")
Exxon posts highest profit in more than a year as demand recovers
Rebounding demand for oil, gas and chemicals helped
 "Exxon posts highest profit in more than a year as demand recovers")
IOC Q1 net jumps over three-fold to Rs 5,941 cr on refining margin boost
India's largest oil refiner earned $6.58 on turning every barrel of crude oil into fuel in the quarter as opposed to GRM of a minimum $1.98 a barrel a year back
Year after Baghjan blowout, oil and gas operations in India much safer
The safety measures have been recommended by a three-member committee of the ministry of petroleum and natural gas
 "Year after Baghjan blowout, oil and gas operations in India much safer")
Big Oil shows confidence that the era of large profits is back
BP Plc and Equinor ASA have already made incremental dividend increases and announced more modest buyback plans
 "Big Oil shows confidence that the era of large profits is back")