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Oil & Gas

Oct 17, 2019, 11.25 PM IST
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Adani partners UAE's Adnoc, Germany's BASF for $4 billion chemical venture

The total investment for establishment of the chemical complex in Gujarat's Mundra is estimated to be up to $4 billion (about Rs 28,400 crore), the companies said in a statement, but did not state which firm will hold how much stake.

North-East gas grid to get Rs 5,500 crore viability gap funding

The Modi govt wants to turn India into a gasbased economy and is encouraging massive investments in gas production, transportation and import terminals to have increased countrywide access to the fossil fuel.

India's fuel demand dips to lowest in over two years

Consumption of fuel has touched its lowest since July 2017 indicating that the economy is in the throes of a slowdown. Diesel, which is mostly used in commercial vehicles and farms, saw a drop in consumption of more than 3 per cent in September.

ONGC Videsh makes two new oil discoveries in Colombia, Brazil

ONGC Videsh struck an oilfield in Colombia and a major natural gas discovery in the deep offshore exploration in Brazil thereby strengthening its reserves in Latin America. Earlier in 2017 and 2018, OVL had discovered Mariposa-1 and Indico-1.

India urges against more output cuts; Opec won’t let slump recur

Opec has said that it will do whatever is possible to ensure that stability in oil production is sustained. India is a key consumer and has urged Opec members to avoid output cuts. Oil prices have come down $10 per barrel from a month ago.

Tellurian to sell LNG at a lower rate of $6 to India

US based Tellurian Inc has agreed to deliver liquefied natural gas to India at $6 per unit, which is significantly lower than the ceiling. Tellurian says that its price will still be competitive with its production cost ranging around $2/mmbtu.

Oil companies say Air India not honouring Rs 100 crore/month payment promise

Air India owes IOC about Rs 2,700 crore in unpaid fuel bills. This includes Rs 450 crore of interest. It's outstanding towards the three oil firms is about Rs 5,000 crore including interest.

Saudi Aramco interested in buying government's stake in BPCL

The Indian government is looking at selling its 53.29 per cent stake in BPCL to a strategic investor.

Reliance Industries resumes Venezuela oil imports in barter deal

RIL, which was forced to cap crude imports from Venezuela following pressure from the United States, can now resume crude imports under the barter system.

India to chart its own course of energy transition: Dharmendra Pradhan

Given its huge energy appetite and growth potential, India will be the key driver of global energy demand in the coming decades, the minister said.

Cabinet to consider splitting GAIL, pipeline business not to be sold before 2022

Cabinet to consider splitting GAIL, pipeline business not to be sold before 2022

To resolve the conflict arising out of the same entity owning the two jobs, splitting GAIL is being considered.

ExxonMobil, Indian Oil Corporation ink natural gas pact

ExxonMobil, Indian Oil Corporation ink natural gas pact

Indian Oil is the second-biggest gas marketer in the country. It operates an LNG terminal at Ennore on the east coast.

RIL, BP can sell natural gas from KG Basin to its affiliates: Bob Dudley

RIL, BP can sell natural gas from KG Basin to its affiliates: Bob Dudley

BP group chief executive Bob Dudley had said that it won’t violate the terms of production sharing contract with govt.

India expected to get $58B investment in upstream sector: Dharmendra Pradhan

India expected to get $58B investment in upstream sector: Dharmendra Pradhan

Pradhan was upbeat about fresh investments flowing into India’s energy sector.

Total, RIL unlikely to bid for BPCL; BP wants to see whats on offer

Total, RIL unlikely to bid for BPCL; BP wants to see whats on offer

The government is looking at selling its 53.29 per cent stake in BPCL to a strategic investor in the biggest privatisation bid in the history of India.

India holds 100 Tcf of gas reserves, enough to meet half of demand till 2050: BP chief

India holds 100 Tcf of gas reserves, enough to meet half of demand till 2050: BP chief

BP in partnership with Reliance Industries is investing about USD 5 billion to bring about 1 billion cubic feet a day of new domestic gas onstream beginning mid-2020, he said.

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