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 […]
Category: Oil & Gas
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, […]
India-UAE non-oil trade target of USD 100 billion by 2030 ambitious, but achievable: CII President
The target of USD 100 billion non-oil trade between India and the UAE by 2030 is ambitious but achievable as huge business opportunities are there in both the nations for sectors such as textiles, jewellery and pharma, CII President R Dinesh said on Sunday. He said that the free trade agreement between India and the […]
PM Modi unveils oil and gas projects worth Rs 1.62 lakh cr across India
Prime Minister Narendra Modi on Saturday unveiled a series of oil and gas sector projects worth about Rs 1.62 lakh crore across the country from Bihar’s Begusarai district. The projects are spread across various states like Bihar, Haryana, Andhra Pradesh, Maharashtra, Punjab and Karnataka. Speaking on the occasion, the PM said he arrived in Begusarai […]
Oil price rises as markets await OPEC+ decision on supply agreements
Oil prices edged up on Friday and were set to end the week modestly higher as markets awaited an OPEC+ decision on supply agreements for the second quarter amid differing demand indicators key consumers U.S. and China. Brent futures for May climbed 27 cents, or 0.33%, to $82.18 a barrel by 0403 GMT, while U.S. […]
Commercial LPG cylinder price hike today: Commercial LPG cylinders become dearer by Rs 25. Check out rates in major cities
Commercial LPG cylinder prices hiked: State-run oil marketing companies (OMCs) have announced the increase in prices of 19 kg commercial LPG gas cylinders by Rs 25 with effect from 1 March 2024. With this, the retail price of a commercial gas cylinder of 19 kg stands at Rs 1795 in Delhi, while in Mumbai, it […]
Government hikes windfall tax on petroleum crude
The government has hiked windfall tax on petroleum crude to Rs 4,600 ($55.51) a metric ton from Rs 3,300 with effect from March 1, according to a government order released on Thursday. The Centre also cut the windfall tax on diesel to zero from 1.50 per litre effective March 1, the order showed. The tax […]
Crude oil eases as Fed caution outweighs talk of OPEC+ cut extensions
Oil prices slipped in early Asian trade on Wednesday as the prospect of a delayed U.S. rate cutting cycle offset the boost provided by talk of extensions to production cuts from OPEC+. Brent crude futures fell 38 cents, or 0.45%, to $83.27 a barrel by 0110 GMT, while U.S. West Texas Intermediate crude futures (WTI) […]
Crude oil extends losses in early Asian trade
Oil prices fell in early Asian trading on Monday, extending losses from the previous session after oil ended the week 2-3% lower amid market concerns that higher-than-expected inflation could delay U.S. interest rate cuts. Brent crude futures fell 34 cents to $81.28 a barrel by 0121 GMT, while U.S. West Texas Intermediate crude futures (WTI) […]
IOC, GAIL, ONGC fined for third straight quarter for failure to appoint directors
State-owned oil and gas giants including IndianOil, ONGC and GAIL (India) have been slapped fines for the third straight quarter for failing to meet listing norm requirements of having the requisite number of directors on their board.Stock exchanges have fined oil refining and fuel marketing giant Indian Oil Corporation (IOC), explorers Oil and Natural Gas […]
Crude oil falls after US Fed governor says no rush to cut interest rates
Oil prices fell on Friday after a U.S. Fed official said interest rate cuts should be delayed at least two more months. Brent crude futures were down 25 cents, or 0.3%, at $83.42 a barrel at 0212 GMT, while U.S. West Texas Intermediate crude futures were 25 cents, or 0.3%, lower at $78.36. U.S. Federal […]