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India to gradually move to gas-based economy: Dharmendra Pradhan

May 06, 2016 at 14:48 | Source: FirstPost

India plans to shift to a gas-based economy by boosting domestic production and buying cheap liquefied natural gas (LNG) as the world's third-biggest oil importer seeks to curb its greenhouse emissions, oil minister Dharmendra Pradhan said.New Delhi ...

Factbox - Canada wildfire disrupts operations in oil sands region| Reuters

May 05, 2016 at 04:45 | Source: FirstPost

The wildfire that raged unchecked on Wednesday in the city of Fort McMurray in the heart of the Canadian oil sands region has disrupted oil company operations nearby.While oil sands facilities are not in the fire's path, a number of companies have cu...

Core sector expands by 6.4 percent in March, highest in 16 months

May 02, 2016 at 18:20 | Source: FirstPost

New Delhi: The eight core sectors expanded to 16-month high of 6.4 per cent in March due to pick-up in refinery products, fertilisers and cement production.The sectors - coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and ...

Delhi-Gurgaon route sees major traffic snarl as diesel taxi drivers protest CNG decision

May 02, 2016 at 11:29 | Source: FirstPost

New Delhi: Protesting against a Supreme Court decision to ban diesel taxis in the national capital, cab drivers, on Monday, locked traffic in Delhi's border areas, connecting Gurgaon and Noida."The taxi drivers on Monday morning blocked both the...

India ready to clear $6.5 billion of Iran's oil dues

May 01, 2016 at 15:54 | Source: FirstPost

New Delhi: Keen to step up engagement in the hydrocarbon sector with Iran, India has conveyed to the Persian Gulf nation that it was ready to clear nearly $6.5 billion of oil import dues from that country at the earliest, provided there was clarity o...

RIL entitled to recover cost on unviable gas discovery: PAC

Apr 28, 2016 at 19:27 | Source: FirstPost

New Delhi: Taking a diagonally opposite view to CAG, Parliament's Public Accounts Committee today said RILis entitled to recover all cost incurred on unviable gas discoveries as government's technical arm DGH had in the first place allowed it to reta...

Mexico's Pemex puts blast death toll at 13, blames leak| Reuters

Apr 22, 2016 at 02:16 | Source: FirstPost

MINATITLAN, Mexico A leak caused a deadly petrochemical plant blast that has killed at least 13 people and the toll could rise, Mexican oil company Pemex said on Thursday, the latest in a series of fatal accidents to batter the company.Pemex CEO Jose...

Turkey urges cooperation with Iran to fight terrorism, sectarian strife| Reuters

Apr 16, 2016 at 21:17 | Source: FirstPost

ANKARA Turkish President Tayyip Erdogan said on Saturday his country and neighboring Iran must work together to narrow their differences in order to tackle terrorism and sectarianism in the region. Ankara and Tehran are on different sides of Syria...

JPMorgan beats Wall Street expectations in tough quarter for banks| Reuters

Apr 13, 2016 at 23:30 | Source: FirstPost

JPMorgan Chase & Co, the No. 1 U.S. bank by assets, reported a quarterly profit that topped low market expectations as lower costs and better-than-expected trading revenue helped soften the blow from a fall in investment banking fees.The drop in ...

Reliance, BG to hand some Indian drilling assets to ONGC - sources| Reuters

Apr 13, 2016 at 23:15 | Source: FirstPost

MUMBAI A joint venture led by Reliance Industries and BG Group will hand drilling infrastructure from an abandoned Indian gas field to ONGC Ltd, a boost for ONGC's plans to develop a key gas reserve nearby, two company sources said.Executives from Re...

Italy's Renzi signs potentially huge business deals in Iran| Reuters

Apr 13, 2016 at 05:30 | Source: FirstPost

ROME Italy and Iran signed deals potentially worth billions on Tuesday when Prime Minister Matteo Renzi visited Tehran seeking a strong Italian foothold in a nation hungry for infrastructure investment as it emerges from financial isolation.Renzi was...

India links $20 bn oil and gas investment in Iran to favourable terms

Apr 11, 2016 at 08:43 | Source: FirstPost

Stepping up its energy ties with Iran, India has lined up $20 billion as investment in oil and gas as well as petrochemical and fertiliser projects in the Persian Gulf country subject to provision of concessional rights.Oil Minister Dharmendra Pradha...

Congress wants parliamentary probe into CAG report on KG basin gas blocks

Apr 05, 2016 at 22:24 | Source: FirstPost

New Delhi: Taking note of a CAG report on the KG basin gas blocks in which around Rs.19,576 crore was invested by the then Gujarat government led by Narendra Modi, the Congress on Tuesday sought a JPC probe into the matter.There was no 'commercial pr...

Wall Street ends flat after choppy session| Reuters

Mar 29, 2016 at 02:30 | Source: FirstPost

Wall Street was mixed on Monday as weaker-than-expected U.S. economic data reduced concerns about potential interest rate hikes and a dip in oil prices pushed down energy shares.U.S. consumer spending barely rose in February and inflation retreated, ...

Wall Street flat as consumer stocks gain, energy dips| Reuters

Mar 29, 2016 at 00:45 | Source: FirstPost

U.S. stocks swung between small gains and losses on Monday as consumer shares rose after encouraging data, offsetting the impact of a dip in crude oil prices on the energy sector.Data showed consumer spending rose marginally in February and overall i...

Wall St flat as consumer stocks gain, energy dips| Reuters

Mar 28, 2016 at 23:15 | Source: FirstPost

U.S. stocks were little changed on Monday as gains in consumer stocks following encouraging data offset the impact of a dip in crude oil prices on the energy sector.Consumer spending rose marginally in February and overall inflation retreated - facto...

OVL gets Russian govt nod for $1.268 bn Vankor deal

Mar 25, 2016 at 17:18 | Source: FirstPost

New Delhi: Russian government has approved ONGC Videsh Ltd's deal to buy 15 per cent in the country's second biggest oil field of Vankor from Rosneft for USD 1.268 billion.OVL, the overseas arm of the state explorer Oil and Natural Gas Corp (ONGC), h...

RIL, ONGC gas dispute: Govt extended the tenure of Shah panel by three months

Mar 22, 2016 at 14:15 | Source: FirstPost

New Delhi: Government has extended by three months the tenure of A P Shah Committee looking into the dispute over natural gas migrating from state-owned ONGC's idle blocks in KG basin to neighbouring fields of Reliance Industries.The committee has be...

Oil Minister Pradhan to visit Iran on 6-7 April, days after PM Modi's Saudi visit

Mar 21, 2016 at 17:22 | Source: FirstPost

New Delhi: In a fine balancing act, India will be sending Oil Minister Dharmendra Pradhan to Iran early next month, days after Prime Minister Narendra Modi's visit to the Middle East nation's rival Saudi Arabia.Pradhan is likely to visit Tehran on 6-...

India signs energy deals with Russia's Rosneft| Reuters

Mar 17, 2016 at 00:15 | Source: FirstPost

NEW DELHI/MOSCOW Indian state companies signed energy deals worth billions of dollars with Russia's Rosneft on Wednesday to buy into its most promising assets in Siberia, stepping up a drive to cut New Delhi's dependence on imports.Prime Minister Nar...

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