Oil prices rose on Friday and are on track to post big gains for the week on worries about supply disruptions as energy companies began shutting production in the Gulf of Mexico ahead of a possible hurricane forecast to hit on the weekend. Brent crude futures were $1.36, or 1.9%, higher at $72.43 a barrel […]
Category: Oil & Gas
IOC to invest Rs 1 trillion to expand refining capacity: Chairman
India’s top oil firm Indian Oil Corp (IOC) on Friday said it will invest close to Rs 1 lakh crore to raise its refining capacity by almost a third in the next 4-5 years as it saw fuel demand continuing to grow in near future. Addressing the company’s annual meeting of shareholders, IOC Chairman Shrikant […]
IndianOil to build India’s first green hydrogen plant at Mathura Refinery
IndianOil plans to expand more into hydrogen technologies and develop India’s first green hydrogen plant. This will be in addition to expanding existing crude oil refining capacity by 25 million tonnes per annum and more biofuel production plants. Addressing shareholders at the company’s 62nd Annual General Meeting, IndianOil Chairman, Shrikant Madhav Vaidya said, “IndianOil will […]
$1.2-bn arbitral award: US court sets timelines for Cairn-India lawsuit
A federal court in Washington has set timelines for responses to be filed to an Indian government petition seeking dismissal of a suit by Britain’s Cairn Energy that sought enforcement of a USD 1.2 billion arbitral award. Judge Richard J Leon of the US District Court for the District of Colombia has given Cairn time […]
Petrol, diesel prices remain static in the country for 2nd consecutive day
After price cuts, petrol and diesel prices in the country remained static for a second consecutive day on Thursday as oil marketing companies (OMC) decided to go on pause mode to see global developments in the oil markets before any further revision. Accordingly, in the national capital, petrol continues to be sold for Rs 101.49 […]
Oil down 1%; Covid-19 pandemic surge, renewed Mexico supply end rally
Oil fell about 1% on Thursday on renewed concerns over demand due to rising COVID-19 infections and as Mexico restored some output after a fire disrupted supplies. Losses were limited by the potential for other supply interruptions. Energy companies prepared for the possibility of a severe storm hitting the U.S. Gulf Coast this weekend. Brent […]
Nayara Energy achieves financial closure for petrochemicals expansion
Nayara Energy has tied up a project term loan of Rs 4,016 crore for the first phase of its petrochemical plant expansion plans. The company said it signed a financial agreement with a consortium of banks led by State Bank of India for the assistance. A statement from Nayara Energy said the funds will be […]
Global oil majors may be joining race to acquire BPCL: Report
Global oil majors may be teaming up with investment funds that are already in the race to acquire Bharat Petroleum Corporation Ltd (BPCL), a document detailing steps needed to complete India’s biggest privatisation showed. Billionaire Anil Agarwal’s Vedanta group as well as two US funds — Apollo Global and I Squared Capital – had last […]
Megha Engineering hands over indigenously built oil rigs to ONGC
Megha Engineering and Infrastructure (MEIL) handed over an indigenously built oil and gas rig to Oil and Natural Gas Corporation (ONGC) on Thursday. This is part of a Rs 6,000 crore tender bagged by MEIL in 2019 to supply 47 rigs to ONGC. ONGC’s order of 47 rigs to MEIL comprises 20 workover rigs and […]
ONGC’s second oil rig to be operational at Kalol by mid-September
After operationalising the country’s first cutting edge technology equipped oil rig, made under the ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives of Prime Minister Narendra Modi, at it’s Kalol oil field, the Oil and Natural Gas Corporation (ONGC) will have it’s second oil rig operational within twenty days, according to the company. The ONGC, India’s […]
Oil edges higher on US fuel demand, extends rally for third session
NEW YORK (Reuters) -Oil prices edged higher on Wednesday, extending gains for a third session, after U.S. government data showed that fuel demand has climbed to its highest since the start of the COVID-19 pandemic. Brent crude rose 42 cents to $71.47 a barrel by 11:06 a.m. EDT (1506 GMT). U.S. West Texas Intermediate (WTI) […]
Nitin Gadkari urges vehicle makers to discourage diesel engines
Union Road Transport and Highways Minister Nitin Gadkari on Wednesday asked vehicle manufacturers to discourage production and sale of diesel engine vehicles, and urged them to promote other technologies. Addressing industry body SIAM’s annual convention virtually, Gadkari said the government is committed to delivering vehicles with flex engines that give the users an option to […]