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Oil & Natural Gas

Oil prices fall in Asia

Oil prices fell sharply in Asian trade today, with investors still worried over the debt crisis in the eurozone and the weak US economy. New York’s main contract, light sweet crude was down 1.18 dollar to 86.78 dollar a barrel in morning trade. Brent North Sea crude slipped 95 cents to 111.27 dollar a barrel.

Oil & Natural Gas

Oil prices lower in Asian trade

Oil prices turned lower in Asian trade on Friday ahead of the release of a key US economic report traders were watching for signs on the health of the world’s biggest oil consumer. Analysts said investors were also monitoring a storm gathering in the Gulf of Mexico that threatens to disrupt oil supply in the […]

Oil & Natural Gas

Venezuela crude reserves surpass Saudi in 2010, says OPEC

Venezuela’s proven crude oil reserves surpassed those of Saudi Arabia last year, the Organisation of Petroleum Exporting Countries (OPEC) has said, confirming the South American nation’s claims. OPEC said in its annual statistical bulletin that Venezuela’s proven crude oil reserves reached 296.5 billion barrels in 2010, up 40.4 per cent year-on-year and higher than Saudi […]

Oil & Natural Gas

Honeywell Provides Integrated Automation Solutions To Korea Gas Corporation’s Terminals

Pune: Honeywell today announced that it has been selected by government-owned Korea Gas Corporation (KOGAS) to provide comprehensive automation solutions for its liquefied natural gas (LNG) terminals. The Honeywell solutions will ensure the seamless and efficient performance of the facilities. This marks another multi-million dollar project order with Honeywell Process Solution (HPS), and is the […]

Oil & Natural Gas

Govt approves 54 pc rise in cost of crude oil storage

The government has approved over 54 per cent increase in cost of the nation’s first strategic crude oil storage being built as insurance against supply disruptions. India, which is 75 per cent import dependent to meet its crude oil needs, is building under-ground storages at Visakhapatnam in Andhra Pradesh and at Mangalore and Padur in […]

Oil & Natural Gas

Oil up in Asia as investors seize cheaper crude

Oil was up in Asian trade on Thursday as traders engaged in bargain-hunting after crude prices slid below USD 95 per barrel in overnight trade, analysts said. New York’s main contract, West Texas Intermediate (WTI) light sweet crude for July delivery, rose 48 cents to USD 95.29 a barrel. Brent North Sea crude for delivery […]

Oil & Natural Gas

RIL sale of 30% stake in oil & gas blocks to BP cleared by MHA

Clearing the last hurdle, the Home Ministry has given unconditional approval for UK’s BP to buy a 30 per cent stake in Reliance Industries’ oil and gas blocks, including the showcase KG-D6 gas fields, for USD 7.2 billion. The Ministry of Home Affairs wrote a one-page letter to the Petroleum Ministry on 1st June giving […]

Oil & Natural Gas

Reddy meets Pranab to push for fuel price hike

With the government apparently dragging its feet on hiking fuel prices, Oil Minister S Jaipal Reddy on Friday took up with Finance Minister Pranab Mukherjee the Rs 450 crore per day loss oil firms incur on selling fuel below cost. Reddy met Mukherjee this afternoon to apprise him of the precarious financial state of the […]

Oil & Natural Gas

Oil up in Asia as OPEC keeps production steady

Oil rose in Asian trade on Thursday after OPEC failed to agree to raise output to aid a faltering global economy, analysts said. New York’s main contract, light sweet crude for July delivery, gained 49 cents to USD 101.23 a barrel and Brent North Sea crude for July delivery rose 27 cents to USD 118.12. […]

Oil & Natural Gas

Govt hikes upstream oil cos’ subsidy burden on fuel to 38.8 pc

In a move that may spook Oil and Natural Gas Corp’s (ONGC) planned public offering, the government has hiked the contribution of upstream oil companies toward fuel subsidies to 38.8 per cent for 2010-11 fiscal. Of the Rs 78,159 crore revenue that retailers lost on selling diesel, domestic LPG and kerosene below cost in the […]