Crude oil prices to stay at moderate levels while that of natural gas to remain muted in near term: ICRA

These are the results of a study commissioned by Petroleum Federation of India and carried out by ICRA on a comprehensive analysis of the impact of the meltdown of the global oil prices on the Indian Oil and Gas industry.

Crude oil prices to stay at moderate levels while that of natural gas to remain muted in near term: ICRA

Global crude oil prices have declined by ~60% from US$ 112/bbl (Brent) in June 2014 to US$ ~45-50/bbl now (as in May 2016 end) primarily due to the significant increase in supply due to the shale oil boom in the US, demand slowdown in Europe, Japan and China and, the decision of Saudi Arabia to protect market share rather than act as a swing producer of oil.

ICRA’s study on impact of falling oil prices on upstream/midstream and downstream sector

Fall in crude oil prices negative for upstream sector especially cos in pvt sector, extremely beneficial for downstream segment and moderate for midstream companies.

ICRA’s study on impact of falling oil prices on upstream/midstream and downstream sector

In response to decline in crude oil and gas prices, most global E&P companies have cut their budgets related to capex and accordingly drilling activity has shown a slowing trend, leading to a decline in the rates for drilling and other oil field services.

Ministry of Coal Shuns CAG’s Observations on E-Auction Of Coal Mines

Ministry of Coal Shuns CAG’s Observations on E-Auction Of Coal Mines

“Either you doubt that the process of auction was rigged, which the CAG has not said in this case”. Ïn any audit, it is mandatory to point out what is right and wrong….CAG has not done that… nowhere in its entire observations has the CAG mentioned that any law has been broken, what procedures have not been followed…and nothing of that sort is mentioned in the report.”

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