India’s gas utilities and city gas distribution companies are expected to end the financial year 2023-24 with healthy growth primarily on the back of lower costs of gas and stronger volumes, as per analysts. “Lower gas costs, stronger volumes, offset by Rs 4-12 per kg price cut taken in CNG (compressed natural gas) by Indraprastha […]
Category: Oil & Gas
Upstream companies’ profitability ma take a hit on high windfall oil tax
The recent hike in the windfall tax by the government is likely to impact the profitability of the Indian upstream companies and their cash accruals but will keep their realisations healthy, well in the range of $70-75 per barrel, as per analysts. “I think the govt has maintained their (upstream companies’) realisations and have not […]
GAIL to commission its first green hydrogen project in April, sources say
State-run natural gas company GAIL (India) Ltd plans to commission its first green hydrogen project in central India in April, three company sources said. The 10-megawatt proton exchange membrane electrolyser for the green-hydrogen producing unit at the Vijaipur complex in Madhya Pradesh state has been imported from Canada, they added. “Once the initial hiccups are […]
Govt allows UAE’s Adnoc to export oil from Indian strategic storage
The government has allowed Abu Dhabi National Oil Company (Adnoc) to export crude oil it has stored in underground strategic storages at Mangalore to give operational flexibility to the foreign firm, an order of the Ministry of Commerce and Industry said on Saturday. At present, crude oil, which is the raw material for producing fuels […]
Brent Crude surges past $86 amidst ukraine attacks on Russian infrastructure
On Monday, Brent Crude momentarily surged past $86 per barrel, marking its highest point since November, before retreating slightly. This uptick came amidst intensified attacks by Ukraine on Russian energy infrastructure. Brent crude oil futures for May delivery rose by 51 cents to reach $85.85 per barrel at 1333 GMT. Meanwhile, the April contract for […]
Kerosene consumption falls sharply by 26 per cent CAGR during FY14-23: Govt data
Kerosene consumption in the country has declined sharply by 26 per cent CAGR between 2013-14 and 2022-23, mainly due to government policies to promote clean energy. The latest ‘Energy Statistics India 2024’ of the National Statistical Office (NSO) stated, “The impact of energy policies of recent time is evident on the consumption of kerosene as […]
Crude oil extends fall as China’s pledge to transform economy fails to impress
Oil prices fell for a second day on Tuesday as pledges by China, the world’s biggest crude importer, to transform its economy amid stuttering growth since the COVID pandemic failed to impress investors concerned about slower consumption. Brent futures for May fell 3 cents to $82.77 a barrel by 0159 GMT, while U.S. West Texas […]
Not worried about oil price rising on OPEC cuts: Puri
India’s dependence on imports of crude oil with the growth in economy will continue for a while, even as the country’s own production grows, Union Minister for oil and natural gas Hardeep Singh Puri said. Talking about the decision of OPEC (Organisation of Petroleum Exporting Countries and allies) of extending it’s output cut till the […]
Hiring trends: AI, Oil & Gas sectors post +20% hiring growth in Feb 2024; demand continues for senior professionals
Hiring sentiments in artificial intelligence (AI), Oil & Gas, and Pharma sectors have witnessed an optimistic growth in February 2024 in an otherwise cautious market, said Naukri JobSpeak Index, a job index for white collar hiring in India. The Naukri JobSpeak Index stood at 2780 in February 2024, registering an increase of 13 per cent […]
Swan LNG pre-pays loan of Rs 2,206 crore
Swan LNG (SLPL), a subsidiary of business conglomerate Swan Energy (SEL), has pre-paid its entire loan of Rs 2,206 crore along with interest to a consortium of banks. With the prepayment, the company will save around Rs 250 crore in interest payment. SEL’s debt has subsequently fallen to Rs 1,675 crore. The external debt position […]
Crude oil rises after OPEC+ extends output cuts
Oil prices rose on Monday after OPEC+ members agreed to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, largely in line with market expectations. Brent futures was 28 cents, or 0.3% higher, at $83.83 a barrel at 0134 GMT, while the U.S. West Texas Intermediate (WTI) rose 20 […]
Harnessing the power of cloud computing for enhanced collaboration and decision-making in upstream oil and gas
The oil and gas industry has always been characterized by its complex, geographically dispersed operations and its highly regulated environment. In recent years, the industry has been under increased pressure to streamline operations, enhance efficiency, and ensure regulatory compliance while also dealing with challenges such as low oil prices and an aging workforce. In response, […]