Page 9 - Oil And Gas

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

Brent slumps under $80 as investors wary of new variant, Q1 surplus

Oil fell in tandem with other financial markets on fears that the new variant could slow economic growth and restrict movement again

Reliance, Aramco called off $15-bn deal amid valuation differences: Report

Talks broke down over how much Reliance's O2C business should be valued as the world seeks to move away from fossil fuels and reduce emissions, say sources

India's gas consumption to jump more than 3 times by 2030: GAIL Director

India's natural gas consumption is projected to rise to as much as 550 million standard cubic meters per day by the end of the decade as the user base expands GAIL India's E S Ranganathan said

Reliance to transfer Jamnagar asset to subsidiary for syngas production

The transfer will help "unlock the value of syngas" and will help the company's transition to renewables as its primary source of energy, said the company in a press release

Oil rises as investors sceptical about effectiveness of reserve release

Brent crude futures rose 13 cents, or 0.2%, to $82.44 a barrel by 0742 GMT

Explained: Why does India fail to attract foreign investments in oil & gas?

The scenario reflects the larger uncertainties in global fossil fuel investments and India's whimsical policy environment

US to release oil from reserves after OPEC+ rebuffs call for more crude

The White House issued the statement after a source in the U.S. administration said Washington had been hashing out a plan with major Asian energy consumers to drive down prices

US to release 50 mn barrels of oil from emergency reserve: White House

India will release 5 million barrels of oil from its strategic reserves in coordination with other buyers including US, others

Top headlines: Voda Idea too raises tariffs; NoBroker becomes an unicorn

Business Standard brings you the top stories on Tuesday

Oil prices decline on plans to tap emergency crude reserves

The United States is expected to announce a loan of crude oil from its emergency stockpile on Tuesday

Japan mulls releasing oil reserves to respond to increasing prices: Reports

Previously, Japan resorted to this measure only in case of natural calamities or disruptions in overseas supplies caused by unstable political situation

India's diesel demand dips in first half of November, show govt data

India's gasoil consumption, which accounts for about two-fifths of the country's fuel demand, typically rises during a month-long festival season that ended earlier this month

Oil prices bounce back on tight inventories, demand worries limit gains

Brent futures added 96 cents, or 1.2%, to $83.01 a barrel, as of 0712 GMT