Meil unveils indigenously made hydraulic rigs for oil, gas sector

Hyderabad-headquartered Megha Engineering and Infrastructure (Meil) unveiled the country’s first indigenously developed hydraulic rigs for the oil and gas sector on Wednesday. These rigs, designed with advanced hydraulic technology to drill oil wells to a depth of up to 6 km from the surface, began operations in the Kalol oilfield near Ahmedabad in Gujarat. The … Read more Meil unveils indigenously made hydraulic rigs for oil, gas sector

In February, output of core sectors contracts by 4.6%

The output of eight core sectors declined by 4.6% in February, the steepest contraction in the last six months, which, experts said, could drag the overall industrial production in the month into the negative territory. All the key segments, including coal, crude oil, natural gas, and refinery products, witnessed a decline in production, according to … Read more In February, output of core sectors contracts by 4.6%

Saudi Aramco to Cut Capital Expenditure, Reports 44.4% Drop in Profit for 2020

Saudi Arabian state oil giant Aramco said on Sunday it expects to cut capital expenditure after it reported a 44.4% slump in 2020 net profit, hit by lower crude oil prices and sales as the coronavirus pandemic depressed demand. The company lowered its guidance for spending to around $35 billion from a range of $40 … Read more Saudi Aramco to Cut Capital Expenditure, Reports 44.4% Drop in Profit for 2020

India should use oil it purchased last year at cheaper rates: Saudi Arabia

New Delhi: International oil prices rose after OPEC and its allies ignored India’s plea to ease production control, with Saudi Arabia asking New Delhi to instead use oil it bought at rock bottom rates last year.Brent crude, the most widely used benchmark, on Friday rose nearly 1 per cent to USD 67.44 a barrel after … Read more India should use oil it purchased last year at cheaper rates: Saudi Arabia

Upward spiral of diesel and petrol prices likely to continue

Fuel prices, which rose to fresh highs on Tuesday, are expected to continue their upward spiral with crude oil rising above $66 a barrel in the international market and no hint of tax cuts from the government. Wider vaccine roll out, falling Covid cases, increased economic activity and artificial supply restrictions by key producers are … Read more Upward spiral of diesel and petrol prices likely to continue

Petrol, diesel prices hiked further; no relief in sight yet

NEW DELHI: Fuel prices continued their upward march on Monday, with petrol going up by 26 paise to touch Rs 88.99 per litre here. Diesel price in the national capital also jumped 29 paise over yesterday’s rates to retail at Rs 79.35. In Mumbai, retail price for petrol today is at Rs 95.46 a litre, … Read more Petrol, diesel prices hiked further; no relief in sight yet

Reliance gets world’s first ‘carbon-neutral’ oil from US – Times of India

NEW DELHI: Billionaire Mukesh Ambani’s Reliance Industries Ltd has sourced the world’s first consignment of ‘carbon-neutral oil’ from the US as it looks to become a net zero-carbon company by 2035. Reliance, which operates the world’s largest single location oil refining complex at Jamnagar in Gujarat with capacity of 68.2 million tonnes a year, got … Read more Reliance gets world’s first ‘carbon-neutral’ oil from US – Times of India

Oil analysts see battle for Asian market ahead of peak demand

By Andres Guerra Luz A battle for oil market share in Asia may be coming to a head as the world’s largest crude producers prepare for peak demand, according to some analysts. Strong demand out of Asia has provided one of the few bright spots for an otherwise dreary 2020 for oil consumption as governments … Read more Oil analysts see battle for Asian market ahead of peak demand

Refiners’ October oil processing highest since March – Times of India

NEW DELHI: Crude oil processed by refiners rose to its highest in seven months in October as fuel demand picked up although throughput remained lower than a year earlier, hurt by the coronavirus pandemic’s impact on industrial and transport activity. Crude oil throughput in October dropped 16.1% from a year earlier to 4.35 million barrels … Read more Refiners’ October oil processing highest since March – Times of India

Diesel, Petrol prices remain unchanged after Diwali; check latest rates

New Delhi: The petrol and diesel prices remained unchanged on Sunday (November 15, 2020) as the country celebrated Diwali on Saturday. This is reportedly the 44th day without a change in the rates. The state-run oil marketing companies held the fuel prices steady despite the recent increase in crude oil prices. Here is a look at … Read more Diesel, Petrol prices remain unchanged after Diwali; check latest rates