India will begin the auction of 55 oil and gas exploration blocks from Thursday under new rules, the country’s first licensing round after eight years, as it seeks to unlock its vast hydrocarbon resources, the upstream regulator said.
Oil hovered below a three-year high near $70 a barrel on Monday on signs that production cuts by OPEC and Russia are tightening supplies, but analysts warned of “red flags” due to surging U.S. production.
BP, Royal Dutch Shell, Goldman Sachs, Trafigura, Mangalore Refinery and Petrochemicals and Hindustan Petroleum Corp. have expressed interest in filling India’s strategic oil reserve at Padur in the southern Karnataka state – government report
Oil rose further above $68 a barrel on Tuesday, touching its highest since May 2015, supported by OPEC-led production cuts and expectations U.S. crude inventories fell for an eighth week.
Japanese trader Sumitomo Corp and India’s Jindal Steel and Power Ltd are among eight bidders competing for Indian Railways’ first global tender to supply 487,000 tonnes of rails, a government official told Reuters.
Oil rose above $65 a barrel for the first time since mid-2015 on Tuesday as an unplanned shutdown of the UK’s biggest North Sea oil pipeline supported a market already tightened by Opec-led production cuts.
Coal India Ltd, the world’s largest coal miner, will pay its executives about Rs 800 crore ($124.08 million) in salary rises retroactive from January this year, interim chairman Gopal Singh told Reuters.
India’s annual diesel consumption could rise to 150 billion litres by 2030 from 90 billion litres now, Oil Minister Dharmendra Pradhan said on Wednesday.
Siemens plans to cut about 6,900 jobs across its businesses supplying the power generation and oil and gas industries, which have been hit by the rapid growth of renewable energy.
British solar power projects developer Lightsource Renewable Energy and Australian bank Macquarie will jointly fund the development of large solar power projects in India, the bank said on Monday.