Category: Oil & Gas

Crude oil volumes processed by Indian refiners rose to 23.4 million metric tonnes (MMT) in March, data released by the Petroleum Planning and Analysis Cell (PPAC) on Thursday showed. Processed volumes rose by 1.6 per cent compared to 23 MMT processed in March 2023. On a sequential basis, however, volumes rose by 11.9 per cent […]

Chennai Petroleum Corporation Ltd, a subsidiary of Indian Oil Corporation (IOC), on Wednesday reported 39 per cent drop in March quarter net profit on lower prices and foreign exchange loss. Consolidated net profit of Rs 627.89 crore in January-March FY24 was lower than Rs 1,012.81 crore earning in the same period last year, according to […]

Chennai Petroleum Corporation stock price soared 16.5 per cent to Rs 1,081.65 apiece, also its fresh record high, on the BSE in Wednesday’s intraday trade after the energy firm posted solid January-March quarter result (Q4FY24). That apart, the company’s 100 per cent rise in dividend payout further boosted investor sentiment. At 1:30 PM, Chennai Petroleum […]

Reliance Industries Ltd has got government approval for making additional investments in developing gas reserves in its KG-D6 block in the Bay of Bengal that can add 4 to 5 million standard cubic meters per day to the production, a company official said. Reliance and its partner bp Plc currently produce around 30 mmscmd or […]

Japan’s Mitsui & Co said on Tuesday nothing has been decided on a liquefied natural gas (LNG) project in the United Arab Emirates, after the Nikkei reported it was teaming up with Abu Dhabi National Oil Company (ADNOC) on it. The Nikkei reported ADNOC would have a stake of around 60% and Mitsui 10% of […]

Missing analysts’ estimate, Mukesh Ambani-promoted Reliance Industries Limited (RIL) on Monday reported a 1.8 per cent year-on-year (Y-o-Y) decline in its consolidated net profit (attributable to the owners of the company) for the quarter ended March 2024 (Q4FY24) because of higher tax expenses. At Rs 18,951 crore, the net profit, however, was nearly 10 per […]

Oil-to-telecom conglomerate Reliance Industries Limited (RIL) on Monday reported a consolidated net profit of Rs 18,951 crore for the quarter that ended on 31 March 2024 (Q4FY24). This was a 1.8 per cent decline in net profit compared to Rs 19,299 crore reported during the same period last year (Q4FY23), which was also the highest […]

India’s appetite may be waning for crude oil from Russia, the country’s biggest source, with discounts shrinking by 77 per cent from a record high in early 2023, and by 61 per cent from the months after the invasion of Ukraine in February, suggests exclusive data accessed by Business Standard. But even record-low discounts at […]

India’s appetite may be waning for crude oil from Russia, the country’s biggest source, with discounts shrinking by 77 per cent from a record high in early 2023, and by 61 per cent from the months after the invasion of Ukraine in February, suggests exclusive data accessed by Business Standard. But even record-low discounts at […]

Oil and LNG prices are likely to shoot up if Iran is to block Strait of Hormuz, through which countries like India import crude oil from Saudi Arabia, Iraq and UAE, leading to a spike in inflation, analysts said on the Iran-Israel conflict. The Iran and Israel conflict has escalated over the last few days. […]

Oil edged higher on Friday, following an earlier price spike of more than $3 a barrel, after Iran played down a reported Israeli attack on its soil, a sign that an escalation of hostilities in the Middle East might be avoided. Brent futures were up 59 cents, or 0.68 per cent, at $87.70 a barrel […]

Exxon Mobil Corp. surpassed Tesla Inc. in market value for the first time in more than a year after the electric vehicle maker’s sales slowed and investors bet on consumers’ reluctance to ditch gas-powered cars. Tesla is down 41 per cent in a punishing start to the year, marked by renewed growth worries, widespread job […]