Iran claims to have found new oilfield with 53 billion barrels of crude reserves; Norway discovers 100 million barrels reserves

Iran has claimed to have discovered a new oilfield in the southwest of the country that has the potential to boost its reserves by about a third, President Hassan Rouhani said to Reuters. “Workers and the exploration arm of the National Iranian Oil Company…have found an oilfield with 53 billion barrels of reserves,” Rouhani said […]

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Indian government to invest Rs.25,000 crore in fisheries in 3-5 years

As part of the ambitious Blue Revolution project, the Union government has lined up Rs.25,000 crore to invest in different segments of the fisheries sector in the next three to five years. The funds will be used to build infrastructure. The government expects to double inland fish production to 6 million tonnes. Rajni Sikhri Sibal, Secretary, […]

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India urges basmati rice exporters to adhere to EU norms; exports set to grow

The Indian government has urged rice exporters to conform to the pesticides standards of the European Union (EU) for shipments to the bloc, Iceland, Liechtenstein, Norway and Switzerland. The European Commission had reduced maximum residues level for Tricyclazole to 0.01 parts per million (ppm) from 1 ppm for all crops effective January 1, 2018. Import […]

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South Africa oil discovery could be a game changer

One of the promising hotspots for oil and gas exploration drilling this year—South Africa’s offshore—has just yielded a massive natural gas and condensate find that could open a new exploration province for oil majors and change the energy fortunes of South Africa. France’s major Total said last week that it had made a significant discovery on the […]

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India rejects US warning that it has violated cotton MPS scheme

India has expelled a counter warning issued by the US claiming that New Delhi’s Market Price Support (MPS) for cotton has broken the allowed levels of trade-distorting domestic support in the past seven years at the World Trade Organization (WTO). The US has alleged that India paid trade-distorting subsidies to its cotton farmers well in excess of the limit […]

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Global oil discoveries witness remarkable recovery in 2018 – report

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Global discoveries of conventional oil and natural gas are seeing an exciting recovery with discovered resources already surpassing 4.5 billion barrels of oil equivalent (BOE) in the first half of 2018, Rystad Energy analysis shows. The average monthly discovered volumes YTD (year to date) are estimated at 826 million BOE, up approximately 30 per cent […]

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Record oil output from US, Brazil, Canada and Norway to keep global markets well supplied, says IEA

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Oil production growth from the United States, Brazil, Canada and Norway can keep the world well supplied, more than meeting global oil demand growth through 2020, but more investment will be needed to boost output after that, according to the International Energy Agency’s latest annual report on oil markets. Over the next three years, gains […]

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