Last year oil and gas producing areas in the Gulf of Mexico were damaged by hurricane Katrina. This year, the fears are similar. The likely culprit this year was tropical Storm Ernesto. However, Ernes
Chevron and Petronas, the foreign oil firms operating in Chad face eviction orders from President Idriss Deby, because of non payment of taxes. A 24-hour deadline has been issued to the companies to leave the country.
Oil prices are rising again, climbing to $73 on Friday. The ascend has been due to coule of reasons such as storm brewing in the Caribbean, reduction in Nigeria's output capacity due to militant attacks, BP cutting its Prudhoe Bay production due to a technical fault and concerns over the possibility of Iran blocking oil exports if sanctioned are imposed on it by the United Nations over its nuclear program.
The rise in oil prices looks ominous. This is likely to stir up global inflation and create a challenge for policy makers to avoid a repeat of the 1970s' oil shocks,
Reliance Petroleum Ltd (RPL), an auxiliary company controlled by Reliance Industries Limited (RIL), has said today(Friday) that it has asked its bankers to arrange $1.5 billion (nearly Rs 6,900 crore) syndicated term loan facility to finance its 580,000 barrels per day (BPD) refinery and the 0.9 million tonne per annum polypropylene unit.
The government has decided to cancel the license of ONGC for exploration of 3 blocks in Krishna Godavari basin won by the company on a nomination basis a few years ago. The government has also rejecte
