Cash-strapped Venezuela has stopped payments of oil dues to ONGC Videsh Ltd (OVL), leading to a $450 million pile-up, its MD & CEO Narendra K Verma said. OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), has 40 per cent stake in Venezuela’s San Cristobal field, which produces around 18,000 barrels of […]
Day: June 1, 2018
Delhi HC orders extension of Cairn India contract by 10 years on same terms
The Delhi High Court has ordered extension of Cairn India Ltd’s Rajasthan oil block contract for 10 years beyond 2020 on old terms and conditions, the company said in a regulatory filing. The court in an order yesterday directed the government to extend till 2030 the Production Sharing Contract (PSC) for Rajasthan block on the […]
Oil minister calls late-night meeting to mull options to reduce fuel prices
Oil minister Dharmendra Pradhan burned the midnight oil on Thursday with his ministry officials and top honchos of oil companies in an effort to figure out a way to reduce fuel prices. The meeting discussed whether the government could ask ONGC to subsidise retailers by way of discount on crude or a windfall tax. However, […]
ONGC Q4 profit up 36% at Rs 59 bn on back of high oil prices, lower levies
The Oil and Natural Gas Corp has reported a 36 per cent jump in profit in the fourth quarter because of higher crude prices and lower statutory levies. According to a company release, profit rose to Rs 59.15 billion in the three months to March, while revenue from operations grew by ten per cent to […]
ATF price hiked by 7% to a four year high; LPG up by Rs 2 per cylinder
Jet fuel or ATF price was on Friday hiked by a steep 7 per cent to a four-year high, while subsidised cooking gas LPG rates increased by over Rs 2 per cylinder, reflecting trends in the international oil market. Aviation turbine fuel (ATF) price was raised by Rs 4,688 per kilolitre, or 7.17 per cent, […]
AirAsia case: CBI asks CEO Tony Fernandes to appear before it by June 6
The CBI has asked Malaysia-based AirAsia Group CEO Tony Fernandes to appear before it by June 6 to face queries relating to alleged bribery to get FDI rules tweaked. The Central Bureau of Investigation has alleged that bribe was paid to obtain a licence to operate international flights by the joint venture of AirAsia India […]