India’s fuel demand slipped in January after hitting a nine-month peak in December, hit by lower mobility due to cold weather in parts of the country and a slowdown in industrial activity. Consumption of fuel, a proxy for oil demand, was about 4.6% lower than the previous month at 18.7 million tonnes in January, data […]
Category: Oil & Gas
Kerala FM says no to reduction of Rs 2 fuel cess; Opposition walks out
Contrary to expectations, Kerala Finance Minister K.N. Balagopal on Wednesday refuted reports that he will reduce the Rs 2 fuel cess that was included in his budget speech for the year 2023-24. Instead he took pot shots at the Congress led opposition while speaking in the assembly on the budget and said, “based on the […]
Ghana seeks Indian investment in oil and gas sector to become petroleum hub
BENGALURU, India (Reuters) – Ghana, which is struggling with its worst economic crisis in a generation, is seeking Indian investment in its oil and gas sector, William Owuraku Aidoo, its deputy minister of energy, said on Wednesday. Ghana has asked India to consider exploration of three blocks in the western basin and to build refineries […]
ONGC Videsh eyes oil, gas ‘hot spots’ in Africa, Latin America, says MD
NEW DELHI (Reuters) -ONGC Videsh (OVL) Ltd, the overseas exploration arm of India’s Oil and Natural Gas Corp, is looking for exploration and production investment opportunities in Africa and Latin America, such as in Ghana and Surinam, managing director Rajarshi Gupta said. The company already has a presence in both continents through stakes in projects […]
Reliance, BPCL, Nayara among buyers using UAE dirham for Russian oil
Reliance Industries Ltd., Bharat Petroleum Corp Ltd. and Nayara Energy Ltd. are among Indian refiners using United Arab Emirates dirham to pay for some shipments of Russian crude as they navigate Western sanctions. Buyers have shifted some transactions to the currency, according to people with direct knowledge of the matter. Payments vary from cargo to […]
Oil major TotalEnergies doubles annual profit in 2022 to $36 billion
France’s TotalEnergies SE doubled its profits in 2022, joining other international oil and gas companies in fattening their bottom lines as high energy prices surged after Russia’s invasion of Ukraine. Adjusted net income rose to USD 36.2 billion, up from USD 18.1 billion in 2021, the company said Wednesday. Earnings benefited from robust refinery use […]
France’s TotalEnergies puts hydrogen partnership with Adani on hold
TotalEnergies has not yet signed a contract announced last year to extend its partnership with the Adani Group for the production of green hydrogen, the chief executive of the French oil major said on Wednesday. Patrick Pouyanne told reporters the company was waiting for the result of an audit launched by the conglomerate in response […]
TotalEnergies has not signed contract on new Adani hydrogen venture
PARIS (Reuters) – TotalEnergies has not yet signed a contract announced last year to extend its partnership with India’s Adani to the production of green hydrogen, the chief executive of the French oil major said on Wednesday. Patrick Pouyanne told reporters the company was waiting for the result of an audit launched by the Indian […]
Top players showcase next gen EV models at Hyderabad e-motor show
Top automotive players are showcasing their next gen electric vehicle models at the inaugural Hyderabad E-Motor Show, which began here on Wednesday. Leading automobile/component brands including Apollo, Mahindra, Amara Raja, Citroen, TVS, ETO Motors, Ola, MG Motor, Switch Mobility, Piaggio, BYD, Hyundai, and ZF among others are participating in the three day show at Hitex […]
Oil rises on China outlook, supply worries after Turkey earthquake
(Reuters) – Oil prices rose for a second straight session on Tuesday, driven by optimism about recovering demand in China and concerns over supply shortages following the shutdown of a major export terminal after an earthquake in Turkey. Brent crude futures were up $1.78, or 2.2%, to $82.77 per barrel at 1042 GMT, while West […]
PM round table: Green hydrogen, finance and technology top agenda
Transitional measures like green hydrogen, along with issues of technology (tech) transfer and financing, were among the major issues discussed at the energy round table held by Prime Minister (PM) Narendra Modi on the sidelines of India Energy Week 2023 on Monday, informed sources. The round table was attended by chief executive officers of domestic […]
Petronet seeks additional LNG of 0.75 to 1 mn tonnes from Qatar, says CEO
Petronet LNG, India’s top gas importer, will seek up to 1 million tonnes per annum (mtpa) in additional liquefied natural gas (LNG) supplies when it renews its long-term deal with Qatar, the company’s chief executive said on Tuesday. “We are seeking an additional 0.75 to 1 mtpa on top of existing 8.5 mtpa contact,” Chief […]