Oil drilling rig ‘Badrinath’ — owned by bankrupt fleet owner GOL Offshore Ltd — has been sold for scrap by an admiralty court in Mumbai for ₹9.01 crore in a case that demonstrates the pitfalls associated with disposal of vessels during liquidation of shipping firms.
Oil prices rose by 1 percent on Friday after a report from the Organization of the Petroleum Exporting Countries (OPEC) showed its production fell sharply last month, easing fears about prolonged oversupply.
The consolidated net profit of Reliance Industries Ltd, the oil to telecom conglomerate owned by Mukesh Ambani, rose 8.8 per cent in the October-December quarter to ₹10,251 crore, making it the first Indian private sector company to cross the ₹10,000-crore quarterly net profit mark.
The Centre has extended the deadline for submission of bids for round two of the discovered small-field auctions. Under this round, the Centre will offer 25 oil and gas fields that have been relinquished by ONGC and Oil India.
Investors with a short-term perspective can consider buying the stock of Hindustan Oil Exploration Company at current levels.
Oil prices dipped on Thursday as US crude production quickly approached an unprecedented 12 million barrels per day (bpd) just as worries about weakening demand emerge.
The Cabinet Committee on Economic Affairs has approved the tripling of Numaligarh Refinery’s capacity. An official statement said the capacity will be hiked from 3 million tonnes per annum (mtpa) to 9 mtpa.
Inflation in the ‘fuel and power’ basket in December slumped to 8.38 per cent, nearly half of 16.28 per cent in November due to lowering of prices of petrol and diesel.
US crude futures ended 3.2 per cent higher at $52.11 a barrel
Indian Oil Corporation (IOC) on Tuesday said it will raise $900 million through an overseas bonds issue to meet its working capital requirements.