Category: Oil & Gas

Replacing natural gas consumption with biogas and biomethane incrementally to 20 per cent by 2030 can help India cut liquefied natural gas import bills by $29 billion between financial years 2025 and 2030, according to a new report from the Institute for Energy Economics and Financial Analysis (IEEFA). It underscores the environmental advantages of expanding […]

Indian Oil Corporation (IOC) has begun producing specialised ‘reference’ petrol and diesel, which are used for testing automobiles, for the first time in India, sources said. These fuels, which have higher specifications, are critical for calibrating and testing by automobile manufacturers and testing agencies like the International Centre for Automotive Technology (ICAT) and the Automotive […]

OCS Services on Wednesday announced the commencement of its role as operations and maintenance contractor for KG-D6 Ruby FPSO — a floating production, storage and offloading vessel operating at the deepsea oil and gas fields of Reliance Industries Limited and bp plc in KB basin. “OCS Services will also be responsible for the operation of […]

For months after Ukraine’s Western allies limited sales of Russian oil to $60 per barrel, the price cap was still largely symbolic. Most of Moscow’s crude — its main moneymaker — cost less than that. But the cap was there in case oil prices rose — and would keep the Kremlin from pocketing extra profits […]

Domestic equity markets will be driven mainly by quarterly earnings, global trends, and the movement in crude oil prices in this holiday-shortened week, analysts said. Investors would also keep an eye on the Middle East amid the ongoing Hamas-Israel conflict and the trading activity of foreign investors. Markets will remain closed on Tuesday for Dussehra. […]

Central Pollution Control Board (CPCB) has fined state-owned Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) for not installing pollution control devices at their petrol pumps. IOC has been fined Rs 1 crore and BPCL Rs 2 crore, the two firms said in separate stock exchange filings. “The company has received a direction […]

The Initial Public Offering (IPO) of city gas distribution company IRM Energy was subscribed 27.05 times on the last day of subscription on Friday. The Rs 545.40 crore-initial share sale received bids for 20,62,70,910 shares against 76,24,800 shares on offer, as per NSE data. The category for non-institutional investors was subscribed 48.34 times while the […]

Equity benchmark index Sensex tumbled 551 points to close below the 66,000 level on Wednesday due to profit-taking in banking, financial and energy stocks amid a sharp jump in global crude oil prices. A sluggish trend in global equity markets following lingering geopolitical worries also sapped the risk appetite of investors, traders said. After a […]

Delhi Environment Minister Gopal Rai on Tuesday demanded that the Centre impose a complete ban on firecrackers and allow movement of only CNG and electric vehicles in the entire National Capital Region in a bid to curb air pollution. In a letter Rai requested the Union Environment Minister Bhupender Yadav to convene a joint meeting […]

India on Thursday offered CNG retailing licenses in seven areas mostly in the North East and J&K for bidding in the latest round, as the government looks to expand the reach of natural gas in the country. Petroleum and Natural Gas Regulatory Board (PNGRB) offered eight geographical areas (GAs) under the 12th city gas distribution […]

India, the world’s third-biggest oil consumer, on Wednesday warned that high oil prices will impact global economic recovery but expressed confidence of being able to navigate through the current geopolitical crisis. Oil Minister Hardeep Singh Puri said India is closely watching the Israel-Hamas military conflict, which has so far not impacted supply lines. “It stands […]

Indian oil companies are targeting net zero by 2046 as they decarbonise operations to cut emissions and transition to cleaner fuels, Oil Minister Hardeep Singh Puri said on Monday. While India has pledged net zero carbon emissions by 2070, state-owned companies have set targets ranging from 2038 (ONGC) to 2046 (IOC). “Indian energy sector is […]