Energy Sector

Tensions Raise Specter of Gas at $5 a Gallon

Tensions Raise Specter of Gas at $5 a Gallon

Oil and gasoline prices in the US have been continuing a steady rise as tensions between Iran and the Western countries are still persistent.

According to fresh figures released by motorist group AAA, the nationwide average gasoline price jumped for the 23rd uninterrupted day to $3.74 per gallon on Thursday. The figure represented a jump of 0.7 per cent per gallon from Wednesday.

UK must keep its lead in marine energy drive: parliamentary committee says

UK must keep its lead in marine energy drive: parliamentary committee says

The UK Government should give priority to ensure that the country remains at the cutting edge of developments in the field of marine energy, the energy & climate change committee recommended.

The parliamentary committee warned that the country would squander the lead unless the Government focused on slashing costs and setting pushy deployment targets beyond 2020.

It reminded the Government that the UK lost its lead in wind power to Denmark in the 1980s, and now Denmark is enjoying a large share of the global turbine manufacturing market.

Average diesel price hit near record high

Average diesel price hit near record high

Diesel prices are closing in on the record of 143.04p per litre set last May and European countries’ tensions with Iran could push prices even higher.

According to figures released by motoring group AA, the average price of diesel jumped 0.8 per cent to 142.9p per litre over the last month, very close to the record of 143.04p.

The average price of petrol climbed 1.46p to 135p per litre during the same one month-period.

Oil companies may increase petrol prices by 2.10-2.13 a litr

Oil companies may increase petrol prices by 2.10-2.13 a litr

State-owned oil companies meet on the first and sixteenth working day of every month to revise rates of petrol, and weakening rupee will most likely force them to announce a further increase in petrol prices in their meeting on Monday.

Experts are expecting oil companies to increase petrol prices by Rs 2.10-2.13 per litre, though upcoming Assembly Elections in five states may also the government to leave the petrol prices untouched for the time being.

Indian oil companies not to raise petrol prices till New Year

Indian oil companies not to raise petrol prices till New Year

Indian oil companies on Friday decided to leave oil prices untouched at least for a fortnight as the political leadership advised them to wait and see the upshot of the central bank's recent steps to support struggling rupee.

Oil companies decided not to raise prices after a meeting with Oil Minister S Jaipal Reddy and Finance Minister Pranab Mukherjee.

Falling value of the Indian Rupee against dollar is putting burden on oil companies as more than 60 per cent of petroleum product needs in India are met by importing oil from abroad.

ONGC tapping global companies for tie-up in domestic deep-water hydrocarbons hunt

ONGC tapping global companies for tie-up in domestic deep-water hydrocarbons huntIn an attempt to fervently pursue its trail for domestic deep-water hydrocarbons, ONGC is turning to international companies for a possible partnership, and has written to 13 companies in the hope of a tie-up.

The partnership will pertain to as many as 19 oil and gas acreages - including ONGC’s East Coast ultra-deepwater gas discovery – which have been won by the public sector exploration through domestic licensing rounds.

Politics plays vital role in Indian oil economics

Politics plays vital role in Indian oil economicsIndian oil giants led by the Indian Oil Corporation recently hacked petrol price by a margin of Rs2.22, thanks to downhill glide in the international oil market.

The oil companies agreed to cut the petrol price just around two weeks after they hiked the price by Rs1.82 per litre.

India, Qatar disagree on LNG pricing

India, Qatar disagree on LNG pricing

India's talks with Qatar, for an additional 3-4 million tonnes liquefied natural gas (LNG) per year - over and above the current imports of 7.5 million tonnes of LNG a year by Petronet LNG Ltd -, reportedly came to a standstill on Friday over the crucial question about the pricing of the fuel.

According to the information shared by `inside' sources, the India-Qatar LNG negotiations - which were being held during Qatar Energy Minister Mohammed bin Saleh Al-Sada's India visit - got stuck when Qatar said that it wanted a price of $16 per million British thermal unit.

ONGC Shares Decline

ONGC Shares DeclineShares of ONGC, India's largest energy surveyor, were found in loss after news that they would increase the subsidy in order to reduce prices paid by consumers. The said subsidy would be somewhere around 470 billion rupees and it would not be the first time that the Delhi based company would do that as it had recently paid 248.9 billion rupees in March.

Private Equity Firm Bridgepoint Eyes 11 Wind Farms

n a strategic move to get a meaty share in the Spanish wind industry, the private equity firm, Bridgepoint has shown interest in acquiring 11 wind farms from the Spanish construction conglomerate ACS, which is reported to have installed capacity of 443mw.