Page 24 - Oil And Gas

Exxon signals up to $20 billion writedown; will overwhelm 4th-qtr gains

The largest US oil producer has posted losses in the first three quarters of 2020

Oil and gas price volatility likely to continue in 2021, say experts

Experts say refiners in Asia may continue to see stressed crack spread

Shell to write down assets again, taking cuts to more than $22 billion

Shell said the post-tax charge was due in part to impairments on its Appomattox field in the US Gulf of Mexico

Royal Dutch Shell to write down up to $4.5 billion in oil and gas assets

Royal Dutch Shell said it will write down $3.5 to $4.5 billion in the value of oil and gas assets in 2021, the latest in a string of impairments this year as it adjusts to a weaker outlook

ONGC begins production in Bengal basin, making it India's eighth functional

There are 26 sedimentary basins in India covering 3.4 mn sq k,. Of these, 16 are on land basins, seven part on land and part offshore, and three completely offshore

Numaligarh Refinery signs MoU with OIL India to augment pumping capacity

This will help OIL to increase product evacuation from 1.72 million metric tonnes per annum (mmtpa) to 5.50 mmtpa through Numaligarh-Siliguri pipeline

Reliance, BP to get govt capped price of $4.06 for new gas from KG-D6

Reliance-BP in November 2019 auctioned initial gas from the R-Series field at a biddable percentage of Brent crude oil price

India, Qatar set up task force to identify projects for investment

India and its biggest LNG supplier Qatar on Friday agreed to set up a task force to identify projects in India for investment by the gas-rich Gulf nation, Oil Minister Dharmendra Pradhan said. India imports 8.5 million tonnes per annum of gas in its liquid form (LNG) from Qatar under a long-term contract. It also buys LPG to meet the fast-expanding cooking gas requirements in the country. "Had a telecall with HE Saad Sherida Al-Kaabi, Qatar's Minister of State for Energy Affairs and President & CEO Qatar Petroleum on promoting Qatari investments in the entire energy value chain in India," Pradhan tweeted. The call, he said, was a follow-up to Prime Minister Narendra Modi's discussion with the Emir of Qatar, Sheikh Tamin bin Hamad Al-Thani on December 8. "Minister Al-Kaabi and I have agreed to set up a Task Force on Energy, represented by VP of Qatar Petroleum and a senior officer from @PetroleumMin to identify specific projects in India's energy sector for Qatari investments," he .

L&T Tech Services wins $100 mn project from a global oil and gas major

L & T Technology Services (LTTS) said on Thursday it has been selected by a global oil and gas major to be the primary engineering partner for supporting two integrated refining and chemicals manufacturing facilities in the United States.It did not name the client but said the multi-year engagement has a potential value of more than 100 million dollars (about Rs 737 crore).Under the five-year contract, LTTS will provide multi-discipline plant engineering activities including site sustenance, discipline engineering and control automation support for both facilities.It will leverage in-house digital engineering tools and new-age technology & solutions to optimise project execution and drive efficiency improvements for the customer.The two sites covered under LTTS' scope are integrated refining, chemical and polymer complexes and are currently among the top 10 biggest downstream sites in the United States."Our focus on multi-vertical, large engagements with customer intimacy ...

ONGC Videsh makes fourth commercial oil find in its Colombian block

OVL is the operator in the block with a 70 per cent stake, along with its partner Geopark

Chevron cuts spending plans again, sets 2021 budget of $14 billion

The company said it now expects its total capital and exploratory budget through 2025 to be between $14 billion and $16 billion, down from an earlier forecast of between $19 billion and $22 billion.

Woodside Petroleum matches ONGC unit offer to buy FAR's Sangomar stake

FAR had said last month it would exit the troubled $4.2 billion Sangomar project off Senegal by selling its 15% stake to the ONGC unit for $45 million.

India to see $66 bn investment in gas infrastructure, says Pradhan

LNG import terminals and capacity additions are planned on both east and west coast.

3 bids for India's second-biggest fuel retailer BPCL: Oil minister Pradhan

BPCL is India's sixth-largest company by turnover.

Oil prices inch down as OPEC and allies seek consensus on output

Brent crude was down 19 cents at $47.69 a barrel by 1430 GMT and West Texas Intermediate was down 36 cents at $44.98.

ONGC doubles down on spending to make up for lost time due to Covid-19

The government is looking at increased public spending to give a boost pandemic-hit economy

Indian oil firms need to lure foreign players to unlock resources: Pradhan

India is the world's third biggest oil importer

Trump admin pushes to sell Alaska oil leases before Biden can block it

The administration's announcement establishes a tight timeline for lease sales, with the earliest they could occur being on or about Jan. 17

India Inc gains despite Covid-19 disruptions; combined profit at Rs 1.5 trn

In the manufacturing sector, earnings were also boosted by a sharp decline in input prices that expanded gross and operating margins in most sectors.

Govt invites foreign investment in India's strategic petroleum reserves

India wants to cut its carbon emissions and raise the share of gas in its energy mix to 15% by 2030 from the current 6.2%