The global economic recovery from the crisis originated by the coronavirus pandemic may take as much as five years, the World Bank’s chief economist Carmen Reinhart said. “There will probably be a quick rebound as all the restriction measures linked to lockdowns are lifted, but a full recovery will take as much as five years,” […]
India plans to significantly increase new private players in the oil and gas industry to reduce imports, oil and gas secretary Tarun Kapoor said on Wednesday. “We would like the private sector to come in a big way,” Kapoor told a webinar on Atma Nirbhar Bharat (Self-reliant India). India is the third-largest importer of oil in the […]
Billionaire Anil Agarwal-led Cairn India’s Rajasthan oil block licence extension is stuck in a dispute over cost and the firm is literally surviving on monthly extensions by the government. The government had in October 2018 agreed to extend by 10 years the contract for Barmer fields in Rajasthan after the expiry of the initial 25-year […]
Moody’s Investors Service has revised its prospects for the global oil exploration and production industry to stable from negative. Industry earnings will slowly rise over the next 12 to 18 months on the back of slightly higher oil prices, while natural gas producers will continue to benefit from the reduced supply. “We expect E&P sector […]
Earnings before tax and depreciation (EBITDA) of the global oil and gas industry will be flat through to June next year and capital spending is likely to further decline, according to Moody’s. After an almost 70% drop in aggregate EBITDA in the second quarter of the fiscal year, the industry’s operational performance will likely see a gradual and uncertain […]
Five of India’s biggest state-owned oil and gas firms will be joining the International Solar Alliance (ISA)’s Coalition for Sustainable Climate Action (ISA-CSCA) as corporate partners as part of their effort to make a clean energy transition, the oil minister said. “In order to reduce carbon footprint, these companies will be focusing more on green […]
The global economy won’t return to pre-pandemic levels for another two years, according to the Organisation for Economic Co-operation and Development (OECD). The economies of the 37 developed nations that make up the group shrank an unprecedented 9.8% during April, May and June due to the impact of COVID-19. And the path to recovery is […]
Despite a purported trade war, U.S. crude oil exports to China grew by 139 per cent on the year in July 2020 thanks to bargain hunting among Chinese buyers, making the U.S. the fifth-largest supplier of oil to the critical Chinese market. Reuters reports that the United States exported a daily average of over 866,000 […]
Gross refining margins (GRMs) of Indian oil marketing companies will take longer than previously expected to recover, which increases the downside risks to their standalone credit profiles (SCPs), Fitch Ratings said. It said SCPs of Hindustan Petroleum Corporation Limited and Bharat Petroleum Corporation Limited faced risks, while headroom for Indian Oil Corporation remains limited. “However, […]
Oil market’s covid-induced disruption in the first half of this year will unsettle long-term energy consumption patterns in developed markets and heighten oil and gas price volatility, according to Moody’s. It expects growth will slow for the industry, which now faces more uncertainty about future demand. “We expect an uneven, extended recovery that depends on a […]
