India’s Oil and Natural Gas Corp has for the first time sold oil through a three-month local tender, commanding $5-$8 per barrel more than existing rates under new rules that allow producers marketing freedom, industry sources said in a Reuters report. ONGC, the country’s top oil explorer, accepted bids at that level through auction of […]
Oil prices were broadly stable as pressure from a strengthening dollar and crude storage builds was offset by U.S. production cuts caused by Hurricane Ian. Brent crude futures were up 5 cents, or 0.06%, at $86.32 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 9 cents, or 0.1%, at $78.41 per […]
The oil ministry has sought a review of the two-and-a-half-month old windfall profit tax on domestically produced crude oil saying it goes against the principle of fiscal stability provided in contracts for finding and producing oil. The ministry in a 12 August letter sought exemption for fields or blocks, which were bid out to companies under Production […]
OPEC and allied oil-producing countries are weighing how much crude to ship to a troubled global economy as recession fears have sent prices far down from summertime peaks. And that is a concern for producers like Saudi Arabia and Russia, whose state coffers benefited from oil prices that peaked in June at over $ 120 […]
The US has said it is “determined” to enforce a price cap on Russian oil announced by the G7 countries, terming it a “powerful tool” that will significantly reduce Moscow’s main source of funding for its “illegal war” in Ukraine and help fight global inflation. Members of the G7 grouping vowed on Friday to “urgently” […]
State-run Oil and Natural Gas Corporation (ONGC) has signed an initial pact with global petroleum giant ExxonMobil for deep-water exploration in India’s east and west coasts. “The collaboration areas focus on the Krishna Godavari and Cauvery basins in the eastern offshore and the Kutch-Mumbai region in the western offshore. There has been a scientific exchange of exploration […]
The UAE and Saudi Arabia’s oil production is nearing their limit, French President Emmanuel Macron told his U.S. counterpart during the G7 meeting this week. The French president was referring to a conversation he had with the rule of the Emirates, as reported by Reuters. According to the cited conversation, the UAE was already “at maximum,” […]
India finally deregulated sale of domestically produced crude oil. The government allowed firms like ONGC and Vedanta to sell locally produced crude oil to any Indian refinery for turning it into fuel, such as petrol and diesel. While contracts for oilfields awarded since 1999 gave producers the freedom to sell oil, the government fixed buyers […]
ONGC Videsh Limited (OVL), the wholly owned subsidiary and overseas arm of India’s national oil company Oil and Natural Gas Corporation Ltd., has made an oil discovery in the recently drilled well Urraca-IX in CPO-5 block, Llanos Basin, Colombia, a government statement said. It said the Urraca-1X was spudded on April 20 and drilled to […]
Russia has become China’s biggest supplier of oil, displacing Saudi Arabia, with record purchases rising to $7.47 billion in May or double the amount from a year ago as the Ukraine war entered a fourth month and other buyers continued to shy away from Russian energy products. According to data released by the Chinese General […]
