The eighth phase of the Open Acreage Licensing Programme (OLAP) for international competitive bidding has been extended by the Ministry of Petroleum & Natural Gas (MoPNG) to include 10 oil and gas blocks. According to an announcement from the Directorate General of Hydrocarbons (DGH), the deadline for submitting bids is January 31. Under the Hydrocarbon…
The biggest oil and gas producer in India, ONGC, said on a conference call with investors that it would reverse years of production drop this year and progressively increase output going forward as it invests billions to produce from more recent discoveries. Oil and Natural Gas Corporation (ONGC) produced 21.707 million tonnes of crude oil…
Oil and gas geopolitics, which are a function of supply and demand, are becoming more volatile. Geopolitical conflicts or war in an energy-producing nation have a major impact on crude oil prices. Energy security, the balance of power between energy importers and exporters, and the military might of key states are all being affected. After…
The World Bank predicted on Wednesday that after this year’s 60% increase in response to Russia’s invasion of Ukraine, energy prices will fall 11% in 2023. However, slower global development and Covid limits in China could cause a deeper fall. In its most recent Commodity Markets Outlook, the bank predicted that the price of Brent…
