Bharat Petroleum Corp Ltd will shut its 120,000 barrels per day (bpd) joint venture Bina refinery from mid-September for 45 days to expand its capacity by 30 percent, its head of refineries said on Tuesday.
State-owned ONGC today said it will invest Rs 17,615 crore in the current fiscal to drill a record 535 wells to augment oil and gas production.
Nine companies have submitted 110 bids for prospecting 55 oil and gas blocks that were put up for the first auction by the government under the new Open Acreage Licensing Programme (OALP).
State-owned ONGC today bid for 37 oil and gas blocks, while Cairn India put in bids for all the 55 areas on offer under the first round of open acreage licensing policy (OALP). As many as 110 bids had been received, the Directorate General of Hydrocarbon (DGH) tweeted.
India’s first floating storage and regasification terminal or FSRU could begin importing LNG as early as the fourth quarter of this year on the country’s west coast, the project’s developer H-Energy Gateway Private Ltd and France’s Engie, said in separate statements this week.
Bullish sentiment fuelled by expectations of tight near-term supplies and rising seasonal demand helped boost the prompt-month 380-cst time spread and fuel oil crack on Wednesday, trade sources said.
Rising oil prices over the last two years have put the issue of demand destruction back on the agenda, as producers, traders and analysts try to estimate how consumers will respond.
The cost of the Indian basket of crude, which averaged $47.56 and $56.43 per barrel in FY17 and FY18, respectively, rose to an average of $69.30 in April 2018, according to data from the Petroleum Planning and Analysis Cell (PPAC). The price was $71.39 a barrel on 30 April. The Indian basket represents the average of Oman, Dubai and Brent crude.
Prime Minister Narendra Modi’s initiative to provide a shield to women and children from smoke, the Ujjwala Scheme, has been much admired in the new WHO pollution report. “Countries are taking measures to tackle and reduce air pollution from particulate matter.
Oil prices rose on Wednesday, lifted by concerns that the United States may re-impose sanctions on major exporter Iran, although soaring U.S. supplies capped gains.