In a move to allow a bureaucrat to head the state-run ONGC Videsh Ltd (OVL), the government has permitted filling up of OVL managing director’s post on deputation so that the officer could go back to his service after a five-year stint. And to make the choosing process easier, the Appointments Committee of the Cabinet […]
Agricultural experts and farmer union leaders on Monday dismissed the state government’s budget as “deceptive”, adding that reducing diesel price by Re one while cutting petrol price by Rs five was a cruel joke on the ‘farming community’. While welcoming the allocation of Rs 3000 crore for waiving of loans of ‘landless farm labourers’ and […]
To ensure a steady inflow of crude oil at a time imports from Iran are falling, state-run Indian Oil Corp (IOC) has become the first domestic company to sign a long-term supply contract with the US. The oil marketing company, in a statement released on Monday, said the annual deal is worth $1.5 billion and […]
A Group of Ministers on Wednesday approved major game changers in oil and gas exploration and production sector, including asset stripping of state-run Oil & Natural Gas Corp and Oil India Ltd. Based on the proposal from the Petroleum Ministry, the GoM — headed by Finance Minister and assisted by Coal, Commerce, Power and Petroleum […]
Driven by higher net realisations and a sharp depreciation in currency, Oil and Natural Gas Corporation (ONGC) on Thursday reported a 65 per cent year-on-year (YoY) increase in profit to Rs 8,262.70 crore. The stock, which closed Thursday’s session down 1.12 per cent at Rs 132.10, is among the biggest underperformers. Since 2018, it has […]
Work on the right-turn underpass at Gurgaon’s IFFCO Chowk, that has been held up because of an HPCL petrol pump in its path, may soon begin again, with the Haryana Shahari Vikas Pradhikaran (HSVP) allotting a new site for the pump on Monday.
While India’s dwindling domestic oil and gas production is a concern — as it leads to increased dependence on imports — the decision by Opec and its allies to cut oil production by 1.2 million barrels per day starting January can potentially increase prices and adds to the country’s woes, petroleum minister Dharmendra Pradhan said […]
The net profit of Indian Oil Corp (IOC) for the second quarter of the current fiscal dropped 12 per cent to Rs 3,247 crore, compared with Rs 3,696 crore, owing to lower margins and foreign exchange losses, a factor which also affected the other two state-owned oil marketing companies —BPCL and HPCL — in the […]
Cash-crunched Punjab is deferring decision on reducing its value-added tax (VAT) on petrol and diesel stating that out of Rs 2.50 cut on every litre of petrol and diesel by the Centre, Punjab would have to bear a loss of about Rs 1.37 on every litre.
The US is going extra lengths to find substitute for Iranian oil for countries like India and Iraq, the White House has said, as the Trump administration prepares to impose sanctions on nations defying its directive to bring their oil imports from the Gulf nation to zero by November 4.
Gujarat High Court on Friday dismissed a petition moved by Adani Gas Ltd of Gautam Adani-led Adani Group related to “development of city gas distribution networks and supply of Piped Natural Gas (PNG) and Compressed Natural Gas (CNG) in the areas of Sanand, Bavla and Dholka of Ahmedabad district.”
State-owned Oil and Natural Gas Corp (ONGC) has made oil and gas discoveries in Madhya Pradesh and West Bengal that may potentially open up two new sedimentary basins in the country, the firm’s director for exploration has said.