Petroleum industry
A 20-million-tonne oil refinery is being planned on the coast of Maharashtra, with joint development by three national oil marketing companies: Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL), and Indian Oil Corporation (IOC). The refinery aims to cater to the growing demand for hydrocarbon-based fuels in the
Petroleum industry
India's ONGC Videsh Ltd (OVL) has initiated talks to increase its stake in Russia's second-largest oilfield, Vankor, while Indian Oil Corp and Oil India are negotiating for a stake in the Taas-Yuriakh Neftegazodobycha oilfield in East Siberia. These agreements are part of a larger effort to
Petroleum industry
The U.S. Senate has passed legislation that sets federal spending levels for the Fiscal Year 2016, including a provision that lifts the outdated trade restrictions on U.S. crude oil exports. This decision is a significant victory for independent oil and gas producers, who drill 95 percent of the
Petroleum industry
Argentina's state-owned oil company YPF has announced a joint investment with Dow Argentina, a subsidiary of Dow Chemical Co., of $500 million for shale gas exploration in 2016, in addition to the $350 million already invested in a joint venture. The total sum could rise to $2.5
Petroleum industry
Republicans leveraged the $1.15 trillion fiscal 2016 omnibus spending bill to include a provision to lift the ban on crude oil exports, a long-sought goal for the energy industry. The provision dominated the negotiations leading up to the draft text release, with Democrats using it as a negotiating chip
Petroleum industry
Oil drilling near Maine's coastline, specifically off the coast of Nova Scotia, has sparked concerns among fishermen and environmentalists due to its proximity to the Gulf of Maine and George's Bank, a crucial fishing ground for New England. Norway's Statoil has received a lease
Petroleum industry
U.S. stocks experienced a decline on Monday, following a significant drop in energy stocks due to a sharp decline in oil prices. The Dow Jones Industrial Average lost 117.12 points, or 0.66 percent, to 17,730.51, while the S&P 500 dropped 14.62 points,
Petroleum industry
The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite closed about 2 percent higher on Friday, with the S&P 500 index suffering its biggest daily drop since late September the previous day. The upside was driven by robust US jobs data, which suggested the economy
Petroleum industry
The U.S. House of Representatives voted overwhelmingly in favor of the North American Energy Security and Infrastructure Act of 2015, paving the way for increased domestic oil and gas production, job creation, and enhanced energy security. The bill, which includes amendments to lift the ban on crude oil exports
Petroleum industry
Pressure mounted on BTG Pactual, the Brazilian investment bank founded by Andre Esteves, after its CEO was arrested on allegations of obstructing justice in an investigation into a corruption scandal at Petrobras, the state-owned oil company. Rating agencies Fitch and Moody's have put their ratings for the lender
Petroleum industry
Marathon Petroleum Corp., a leading oil refining and marketing company, saw its stock price rise 1.89% to $58.27 in afternoon trading on Wednesday, as the US oil prices witnessed a rebound, erasing earlier losses. The US oil rig count declined, with nine rigs taken out of production this
Petroleum industry
Russia's largest companies have been ranked on their energy efficiency, with major players like Lukoil and Gazprom featuring prominently in the top ten. The Interfax-ERA rating agency assessed 4,696 enterprises across various sectors to compile the list, which is based on five criteria: energy efficiency, technological efficiency,
