Tag Archives: Oil

Secret oil shipments could help Iran cushion US sanctions blow

by Ellen MilliganDiscounts, bartering and smuggling are among the tactics Iran may lean on to keep almost 800,000 barrels a day of its oil exports flowing after U.S. sanctions resume in November. Iran’s Oil Minister Bijan Namdar Zanganeh alluded to … Continue reading

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India hopes to launch next round of auctions for oil exploration in few weeks: Government

NEW DELHI: India expects to launch a third round of auctions for the exploration of oil blocks under its open acreage licensing programme within next few weeks, according to a government statement Exploration blocks offered in the third round to … Continue reading

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ONGC Videsh discovers oil in Colombia

NEW DELHI: ONGC Videsh (OVL) has made a significant discovery of oil in its onshore block CPO-5 in Colombia, the company said in a statement. OVL, the overseas arm of ONGC, is the operator of the block and holds 70% … Continue reading

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Oil: The rollercoaster ride

It began the year at around $66, reached $80 by May, touched the four-year peak of $86 on October 3, and tumbled below $54 last week. Agencies Why Prices Rose? Fears that US sanctions against Iran would choke supplies Why … Continue reading

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IOC acquires stake in Israeli battery developer Phinergy

New Delhi: State-owned Indian Oil Corp (IOC) on Tuesday said it has acquired a minority stake in Israeli battery developer Phinergy Ltd for developing ultra lightweight metal-air batteries that can be used in electric vehicles (EVs). “To start with, IOC … Continue reading

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Crude story: Oil demand rises 1.8% during April-December

NEW DELHI: India’s oil demand rose 1.8% in the first nine months of the current fiscal, slower than 2.7% in the year-ago period. Dependence on oil imports also rose as domestic production fell 5.8% in the same period. Diesel sales, … Continue reading

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India’s fuel demand nearly halves in April amid lockdown

India’s fuel demand dipped 45.8% in April from a year earlier, as a nationwide lockdown and travel curbs to combat the spread of novel coronavirus eroded economic activity. Consumption of fuel, a proxy for oil demand, totalled 9.93 million tonnes … Continue reading

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New wave of lockdowns takes toll on diesel sales, puts spoke in India’s recovery wheel

Indian sales of diesel — the lifeblood of the Asian giant’s economy — appear to have fallen sharply last month as several provinces imposed small-scale lockdowns to curb record daily infection rates.Diesel sales at India’s three biggest fuel retailers dropped … Continue reading

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OIL draws up plans to fast track exploration in Arunachal Pradesh

GUWAHATI: Sushil Chandra Mishra, Chairman and Managing Director (CMD) of Oil India Limited (OIL) has said that the company has drawn up future plans, including fast tracking of exploration in Arunachal Pradesh and developing Baghewala heavy oil field in Rajasthan. … Continue reading

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India’s Petronet LNG renews investment deal with Tellurian Inc’s Driftwood project: Sources

NEW DELHI/NEW YORK: India’s top gas importer Petronet LNG has renewed its initial deal to consider investing $2.5 billion in U.S. liquefied natural gas (LNG) developer Tellurian Inc’s Driftwood project, Indian sources familiar with the matter said. Petronet and Tellurian … Continue reading

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