ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), today reported a 29 per cent jump in its net profit for the fiscal year ending March 31, 2018 as it produced more crude oil and natural gas.
India’s crude oil production fell for the sixth straight year in 2017-18 to 35.68 million tonne, pushing the country’s import dependence for crude further to 82.8 per cent and dampening prospects for the centre’s plan to cut reliance on energy imports by 10 per cent through 2022.
Oil production for Angola, Africa’s No. 2 crude producer, averaged 1.632 million barrels per day in 2017, down from 1.72 million barrels the previous year, the chairman of the state-run oil company Sonangol said on Wednesday.
U.S. crude oil production is again on the rise, and exports of American crude are smashing records.
Brazil plans to boost oil exploration and production to seize on its reserves before the world enters the “renewable era” and other technologies hurt demand for the fossil fuel, Deputy Energy Minister Paulo Pedrosa told Reuters on Wednesday.
Tata Sons Ltd may shut down Tata Petrodyne Ltd (TPL), its oil exploration and production arm, as new chairman N. Chandrasekaran weeds out businesses that are unprofitable or lack scale
After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks.
Chevron Corp, the second-largest U.S.-based oil producer, is exploring the sale of its 20 percent stake in Canada’s Athabasca Oil Sands project, which could fetch about $2.5 billion, according to people familiar with the situation.
Oil prices on Wednesday extended gains from the previous session, lifted by supply disruptions in Libya and expectations that an OPEC-led output reduction will be extended into the second half of the year.
A joint committee of ministers from OPEC and non-OPEC oil producers recommended extending by six months a global deal to reduce oil output, a draft press release from their meeting on Sunday showed.