State-owned Oil and Natural Gas Corporation (ONGC) has reported 565% rise in standalone net profit at Rs 18,348 crore for the quarter ending September 30, 2021 as it made a one-time tax gain on opting for a lower rate regime. A year ago, ONGC reported net profit of Rs 2,758 crore during the same period. Revenue […]
The world’s most traded commodity got a major boost from the gas crunch in Europe and Asia, prompting forecasters to update their forecasts. One of the most bullish of all observers has been Goldman Sachs, whose commodity analysts have stuck to their price target of $80 for Brent crude regardless of the resurgence of Covid-19 in many key […]
China has discovered a new 900-million-tonne oil and gas field in the Tarim Basin in the northwestern Xinjiang after six years’ intensive exploration, Chinese media quoted China National Petroleum Corporation (CNPC), the country’s largest oil and gas producer, as saying. The well is located around the Manshen No.2 well in Fuman area, a 10,000-square-kilometer area […]
Global investment in energy is set to rebound by nearly 10% in 2021 to USD 1.9 trillion, reversing most of last year’s drop caused the Covid-19 pandemic, but spending on clean energy transitions needs to accelerate much more rapidly to meet climate goals, according to a new report from the International Energy Agency. With energy investment returning […]
Reliance-BP combine’s third deepwater field – KG D6 MJ field is expected to come onstream in the last Quarter of 2022. The previous two deepwater fields – R Cluster and Satellite Cluster fields – had become operational in December 2020 and April 2021 respectively. These are India’s first ultra-deepwater gas field and Asia’s deepest offshore gas fields. These fields are […]
In an unprecedented year for the oil and gas industry, oil production declined by 8% in 2020, while global gas flaring reduced by 5%, according to satellite data compiled by the World Bank’s Global Gas Flaring Reduction Partnership (GGFR). Oil production dropped from 82 million barrels per day (b/d) in 2019 to 76 million b/d in 2020, as […]
Reliance Industries Ltd (RIL) has sold three-fourth of the gas from coal seams in Madhya Pradesh to an affiliate of the company at a price of just over $6 per million British thermal unit (mmBtu) at current oil prices. India Gas Solutions Private Limited, a 50: 50 joint venture between RIL and UK’s BP, bought 0.62 million […]
India is not considering any proposal to bifurcate state-owned gas utility GAIL (India) Ltd; instead the company is focused on building pipelines to connect gas sources to consumers to accelerate gas usage, Oil Minister Dharmendra Pradhan said. GAIL is India’s biggest natural gas marketing and trading firm and owns 60 per cent of the country’s 26,284-km gas […]
Adani Welspun Exploration Ltd. (AWEL), a joint venture between the Adani Group and Welspun Enterprises Ltd., has made its first-ever gas discovery in the NELP-VII block MB-OSN-2005/2 located in Mumbai offshore basin. AWEL holds 100% participative interest (PI) and is the operator of this block. Spread across 714.6 sq.km., the block is located in the gas-prone […]
The recent record-high LNG spot prices in Asia highlighted the more stable prices of the gas for LNG buyers in long-term supply contracts compared to the much higher volatility in spot prices, says oilprice.com. However, long-term supply is indexed to the inherently volatile oil prices. Global natural gas demand is set to return to pre-crisis levels as […]
