Category: Oil & Gas

India has achieved the target of supplying 10 per cent ethanol-blended petrol five months ahead of schedule and is aiming to double the blend by 2025-26 in order to cut oil import dependence and address environmental issues. The original target for doping 10 per cent ethanol, extracted from sugarcane and other agri commodities, in petrol […]

It spent Rs 36,915 crore to acquire a majority equity stake in the company. But to get its sole nominee director appointed on the board of HPCL, ONGC has to toil through paperwork. For over five months now, Oil and Natural Gas Corporation (ONGC) has had no representative on the board of Hindustan Petroleum Corporation […]

Oil and Natural Gas Corporation (ONGC), citing possibility of crude oil fields in Buxar and Samastipur districts of Bihar, has applied for the petroleum exploration license before the state government. As per officials, the state mining department has initiated the process to provide a license to the company for digging in these two districts. Harjot […]

President Joe Biden is leaning towards making a visit to Saudi Arabia – a trip that would likely bring him face-to-face with Saudi crown prince he once shunned as a killer. The White House is weighing a visit to Saudi Arabia that would also include a meeting of leaders of Gulf Cooperation Council countries (Bahrain, […]

With fuel prices remaining unchanged for almost two months despite a rise in cost, oil companies have started detailing under-recoveries or losses, which are as high as Rs 17.1 per litre on petrol and Rs 20.4 on diesel. Oil Minister Hardeep Singh Puri said fuel retailers have knocked on the doors of the government seeking […]

Riding on the back of surge in global energy prices, state-owned Oil and Natural Gas Corporation (ONGC) should have a solid base to increase investments over the next 12-18 months on account of healthy earnings, S&P Global Ratings said on Friday. “Improved cash flow continues to support the rating” of ONGC, it said in a […]

Russia said Monday it may use an arrangement similar to that used for payments for its gas supplies to pay its dollar-denominated foreign debts. The Vedomosti business daily quoted Finance Minister Anton Siluanov as saying that Russia will offer the holders of its Eurobond obligations to accept a payment system bypassing Western financial infrastructure. Russia […]

After the reduction of excise duty on petrol and diesel by the Centre, the All Haryana Petrol Pump Association has demanded that the state government follow suit. The organization has threatened that if the Haryana government ignores their demand, all dealers of the state will not buy oil from companies on May 31, which has […]

Petrol and diesel pumps in Tamil Nadu have decided not to purchase fuel from Oil Marketing Companies on May 31 in protest of the sudden reduction in prices by the Union Government. Tamil Nadu Petroleum Dealers Association in a statement said that the reduction in the fuel prices by the Central Government led to dealers […]

On the back of the best-ever price it earned on crude oil it produces, State-owned Oil and Natural Gas Corporation (ONGC) reported a record net profit of Rs 40,305 crore in the fiscal year ended March 31, becoming India’s second most profitable company behind Reliance Industries Ltd. In a statement, ONGC said net profit for […]

Crude oil prices on Wednesday rose by Rs 102 to Rs 8,614 per barrel as participants widened positions on a firm spot demand. On the Multi Commodity Exchange, crude oil for June delivery traded higher by Rs 102 or 1.2 per cent at Rs 8,614 per barrel in 6,907 lots. Analysts said the raising of […]

Rising fuel costs and prohibitively expensive electric vehicles are making compressed natural gas (CNG) “a welcome relief and alternate fuel” for mobility for Indian consumers, according to a report by NRI (Nomura Research Institute) Consulting & Solutions. CNG vehicle sales continued to grow in FY22, rising by 55 per cent to 2,65,383 units in FY22 […]