OPEC+ unlikely to increase production to curb rising oil prices: Goldman Sachs

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 […]

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Global energy investments set to recover in 2021 but remain far from a net zero pathway, says IEA

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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 […]

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Reliance-BP combine ready to operationalize its third deep water gas fields in Krishna Godavari basin

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 […]

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India’s Oil Minister Dharmendra Pradhan rules out plans to split GAIL

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 […]

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Adani Welspun makes its first-ever gas discovery

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 […]

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Is another LNG glut round the corner?

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 […]

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