Page 13 - Oil Production

Covid-19: Cairn invokes force majeure on exploration; seeks relief in OALP

The company wants an extension of timelines for the blocks it won under the Open Acreage Licensing Policy (OALP) rounds

OPEC+ debates biggest-ever oil cut as Covid-19 pandemic crushes demand

The oil market was dealt a heavy blow by the freefall in demand due to the coronavirus pandemic

Regulator asks states to treat oil production as essential service

The move will help Oil and Natural Gas Corporation (ONGC), Vedanta, Reliance Industries, Oil India and Hindustan Oil Exploration Company

Coronavirus impact: The world is running out of places to store its oil

This chaotic mismatch in supply and demand has benefited consumers, who have watched gasoline prices slide lower

India's oil production in February dips 6.4% on lower private sector output

ONGC reported a 4.64% rise in production at 1.67 million tonnes as output from its offshore fields saw a pick-up

Crude collapse exposes Big Oil's weak points as valuations crash

Producers have cut costs, sold assets and canceled projects to repair balance sheets following crude's 2014-17 slump.

Market rout: India should take advantage of falling crude oil prices

Easy liquidity available earlier is drying up, debt is piling up, debt repayments are due and a lot of investors are looking for profitability and not just production growth.

'Crazy' Saudi oil price cuts seen reigniting market share war with Russia

The battle ended when the Organization of the Petroleum Exporting Countries (OPEC) and Russia struck a deal to cut production

US-Iran war could lead to rise in crude prices, threaten Gulf oil exports

If the US killing of Iranian general Qasem Soleimani on Friday leads to conflict between Washington and Tehran, oil facilities could be targeted in Gulf states

Saudi Arabia, Kuwait end 5-year-long dispute over shared oil fields

Local media reported that about 300,000 barrels per day were being pumped from the area before the dispute halted production in early 2015

Centre's ambitious oil & gas output target hits environment hurdle

Several assets under the discovered small fields rounds (DSF I & II) and open acreage licensing policy (OALP) are facing hurdles in getting clearances from environment departments

Oil edges further above $65 a barrel on US, China trade deal, supply cuts

Brent crude rose 29 cents to $65.63 a barrel by 1305 GMT, while US West Texas Intermediate crude added 18 cents to $60.39

Citizenship Act stir: Oil production down 75%, gas output halted in Assam

The PSU major Indian Oil Corporation said vehicle fuel and LPG supply in Tinsukia, Dibrugarh, Sivasagar, Golaghat and Jorhat districts in upper Assam have been severely affected.

OPEC+ faces 'major challenge' from competitors' surging output: IEA

"The OPEC+ countries face a major challenge in 2020 as demand for their crude is expected to fall sharply," the Paris-based agency said in a monthly report

Oil gains as market awaits signals on US-China trade talk progress

Trump said on Saturday that talks with China were moving along "very nicely"

Petrol, diesel prices may come down as oil supply woes have subsided

India's diversified crude and product basket was one reason that helped India in avoiding the Saudi Aramco crisis.

Saudi drone attack: Where are we a week on and what happens next?

The attack could affect flows of both crude oil and refined products, as Saudi Arabia cuts deliveries to its own processing plants

Rising US oil output to outpace slow global demand in next 9 months: IEA

IEA also flagged weakness in European manufacturing and slower growth in Indian energy consumption

Damper for private oil firms as govt decides to retain higher profit share

New condition amounts to the ministry putting a cap on the share of oil and gas firms in profit petroleum