Tech giant IBM on Thursday said it has collaborated with Indian Oil Corporation Ltd (IOCL) to transform the latter’s customer experience using digital tools. Around 12,400 IOCL distributors covering about 130 million consumers can now use the IndianOil One mobile app and portal, developed by IBM Services, a statement said. The IndianOil One mobile app […]
Category: Oil & Gas
Oil & Gas
Oil drops on rising virus cases, increasing Libyan output
LONDON: Oil prices fell on Monday, extending last week’s losses, as increasing coronavirus cases in the United States and Europe raised worries about energy demand, while Libya’s fast growing production also weighed on prices. Brent was down 88 cents, or 2.1%, at $40.89 by 1306 GMT. U.S. West Texas Intermediate (WTI) dropped 92 cents, or […]
Taxes on fuel set to rise further to mobilise addl revenue for Covid relief
The economic crisis triggered by the Covid-19 pandemic and subsequent pressure on revenues may again push the Centre to raise excise duty on petrol and diesel. Sources indicated that another Rs 3-6 per litre increase in excise duty on petrol and diesel may come soon if the government felt the need to mobilise more resources […]
ONGC wins 7 oil blocks, OIL 4 in latest bid round
State-owned Oil and Natural Gas Corp (ONGC) has won seven out of the 11 oil and gas exploration blocks offered for bidding in the latest licensing round, upstream regulator Directorate General of Hydrocarbons (DGH) said Thursday. Oil India Ltd (OIL) won the remaining four blocks, it said. The government had offered 11 blocks for exploration […]
ONGC sells Dec-loading Russian Sokol crude at wider discount: Sources
Indian oil explorer ONGC NSE 3.20 % has sold a Russian Sokol crude cargo, loading Dec. 18-24, at a discount of around 60 cents a barrel to Dubai quotes via its second spot tender, trade sources said on Monday. The name of the buyer was not immediately clear. Prices of Sokol crude, which yields more […]
October diesel sales rise above pre-COVID levels
Diesel sales jumped 8.8% over the last year in the first fortnight of October while petrol rose 1.5%, signalling a strong recovery for the economy ahead of the festive season despite the thick gloom of the coronavirus pandemic. This is the first time since the onset of the pandemic that diesel sales have grown over […]
Noble Energy shareholders approve $4.1 billion sale to Chevron Corp
Noble Energy shareholders on Friday approved a deal to sell the oil and gas producer to Chevron Corp, making Chevron the No. 2 U.S. shale oil producer and giving it international natural gas reserves close to growing markets. The all-stock deal values Noble Energy at around $4.1 billion, excluding $8 billion in debt, and the […]
India’s petrol sales rise 2% on year, diesel decline 7.3%: Industry data
Petrol sales rose 2 per cent in September from a year earlier while diesel consumption was 7.3 per cent lower in a sign that oil demand recovery was on track despite record monthly rise in Covid cases in the country. Petrol made a smart recovery in September after being down 7.4 per cent in August […]
BPCL privatisation: EOI deadline extended again; this time till Nov 16
The government has decided to extend the deadline for bidding for the privatisation of Bharat Petroleum Corporation (BPCL) for the fourth time in a row from September 30 to November 16, following requests from interested parties citing the pandemic situation. The Department of Investment and Public Asset Management (DIPAM) said in a notification that ‘in […]
State-owned power producer SJVN bags 100 MW solar project in Gujarat
State-owned power producer SJVN on Wednesday said it has bagged a 100 mega watt (MW) solar project in Raghanesda Solar Park in Gujarat. SJVN Ltd NSE 0.46 % had participated in an open bidding process for allotment of Raghanesda Solar Park, Gujarat and bagged the quoted capacity of 100 MW at the rate of Rs […]
To shift to low-carbon energy Shell to cut up to 9,000 jobs in new plan
Royal Dutch Shell announced on Wednesday plans to cut up to 9,000 jobs, or over 10% of its workforce, as part of a major overhaul to shift the oil and gas giant to low-carbon energy. Shell, which had 83,000 employees at the end of 2019, said that the reorganisation will lead to annual savings of […]
India looking to store oil overseas in US, other commercially viable locations: Dharmendra Pradhan
India, the world’s third-biggest oil NSE 0.45 % importer, is exploring storing crude oil in the US and other commercially viable locations to hedge its supply risks, Oil Minister Dharmendra Pradhan said on Tuesday. Also, the country has tied up long-term crude oil supplies from the US, Russia and Angola to diversify its import basket […]