Category: Oil & Gas

Shell delivered a record $40 billion profit in 2022, the energy giant said on Thursday, capping a tumultuous year in which a surge in energy prices after Russia’s invasion of Ukraine allowed it to hand shareholders unprecedented returns. The British company’s record earnings, which more than doubled from a year earlier, mirror those reported by […]

Union Finance Minister Nirmala Sitharaman made a green push for the Centre’s budget 2023-24, calling ‘green growth’ one of the seven goals, or “saptrishis’’ in this “first budget of the Amrit Kal’’. The finance minister carried forward last year’s focus on energy transition and climate action, keeping it front and centre of this year’s budget […]

Adani Group’s 413-page response to Hindenburg Research is falling flat to lift investors’ sentiment on the D-Street as most of its stocks nose-dived again on Monday, wiping out billions of dollar from the market.

Cash-strapped Pakistan’s government on Sunday raised prices of petrol and diesel by Rs 35 each, giving another jolt to the country’s inflation-stricken people. Finance Minister Ishaq Dar made the announcement in a televised address on Sunday morning, spoiling people’s weekly holiday as prices in the past had been adjusted on a fortnightly basis from the […]

The Netherlands has emerged as India’s third largest exports destination after the US and UAE during April-December this fiscal on account of a surge in shipment of goods such as petroleum products, electronic items, chemicals, and aluminium goods. India’s trade surplus with the Netherlands has also increased from USD 1.5 billion in 2017 to USD […]

While holding the previous Maha Vikas Aghadi (MVA) government responsible for overlooking environmental issues that caused the Air Quality Index (AQI) to dip from ‘poor’ to ‘very poor’ this winter, the BJP has demanded a roadmap to make Mumbai pollution free by 2035. The city’s air quality has dipped to unhealthy levels. According to experts, […]

The government should scrap the windfall profit tax on domestically produced crude oil as the levy is adversely impacting the capex-intensive exploration of oil and gas, the industry said in its recommendation for the forthcoming annual budget. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super […]

Oil Minister Hardeep Singh Puri on Sunday hoped petrol prices will be reduced no sooner state-owned oil companies recoup past losses. State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have for the past 15 months not revised petrol and diesel prices in line with the cost. The […]

Iran has detained a German national for taking photos of “sensitive oil center’s” in its southern province of Khuzestan, Iranian daily Jam-e Jam reported on Tuesday. Germany has taken note of the Iranian report and the embassy in Tehran is working to clarify the situation, a source in Berlin said. “The German national was detained […]

The government has reduced the windfall profit tax levied on domestically-produced crude oil as well as on the export of diesel and ATF, in line with softening international oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut to […]

China’s Panjin Haoye Chemical Co Ltd has shut down its entire oil refinery and petrochemical complex after an explosion on Sunday killed two people and left 12 missing, according to trade sources and a local consultancy. The explosion occurred at 3:13 p.m. (0713 GMT) on Sunday at Panjin Haoye while workers were carrying out maintenance […]

Serving a life sentence, a 43-year-old murder convict of Indian Oil Corporation sales manager S Manjunath stepped out of jail last Sunday after the Uttar Pradesh government ordered his premature release. IIM Lucknow graduate, 27-year-old Manjunath, was killed in 2005 for exposing corruption and an oil adulteration racket in Lakhimpur Kheri where he was posted. […]