India’s eight core industries grew 3.6 per cent in May led by increased output of coal, cement, fertilizers and electricity. Core sector had grown 4.6 per cent in April.
India will allow explorers to appraise for oil and gas in areas adjacent to their contracted blocks, where a discovery has been made, according to a notification on the oil ministry’s website.
In a bid to make it easier for explorers to find and produce more oil and gas, the Government has allowed companies to go beyond their allocated block boundaries if a discovery were to extend outside their contracted area.
The government is likely to award contracts for the first round of oil and gas auctions under its Open Acreage Licensing Policy (OALP) in the first week of July.
The government has deferred the bidding for 60 oil and gas fields being offered in the second round of bidding for Discovered Small Field (DSF) by a month.
The U.S.-led coalition in Syria said on Tuesday it had disrupted Islamic State’s funding by killing the man who ran its oil and gas network and other members of the group last month.
Oil and gas producer Devon Energy Corp said on Wednesday it plans to sell its interests in EnLink Midstream to an affiliate of fund manager Global Infrastructure Partners for $3.13 billion in cash.
After several years of oversupply, the oil and gas industry could very well be moving headlong into a supply crunch. This may seem hard to imagine, given the ramping up of U.S. oil production and the burgeoning sense of optimism that is sweeping the sector.
The cost of diesel per litre has also been increased to Rs 69.31 per litre in Delhi and Rs 73.79 a litre in Mumbai.
India’s oil demand expanded 5.3% in 2017-18, after rising 5.4% in 2016-17 and 11.6% in 2015-16. Growth in production of refined products lagged demand expansion in all three years.