Category: Oil & Gas

NEW DELHI (Reuters) – Indian state refiner Hindustan Petroleum Corp said on Friday it expects global oil prices to ease and stay below $70 per barrel if the United States lifts sanctions against Iran. India, the world’s third largest oil consumer and importer, halted oil imports from Tehran in 2019 as a temporary waiver granted […]

Shares of Hindustan Petroleum Corporation (HPCL) rallied 8 per cent and hit a 52-week high of Rs 288.15 on the BSE in intra-day trade on Friday after reporting many-fold jump in its March quarter (Q4FY21) net profit to Rs 3,018 crore on the back of inventory gains and rise in refining margins. The state-owned oil […]

Vedanta Ltd on Friday said it is evaluating a SEBI order imposing a fine of Rs 5.25 crore on its erstwhile unit, Cairn India for allegedly making a misleading public announcement of buyback of shares on January 14, 2014. SEBI earlier this week also penalised P Elango, who was the then chief executive officer and […]

India’s natural gas production jumped 22.7 per cent in April after Reliance Industries Ltd and its partner BP Plc ramped up output from their eastern offshore KG-D6 block, government data released on Friday showed. India produced 2.65 billion cubic meters of natural gas in April, up from 2.16 bcm in the same month last year, […]

The Mumbai Police on Friday registered an FIR against the captain of barge P305, which sank on Monday in the Arabian Sea, 35 nautical miles from Mumbai under the impact of the Cyclone Tauktae. The barge captain Rakesh Ballav, along with others, has been booked on the basis of a complaint by rescued barge engineer […]

The Yellowgate Police Station has lodged a first information report invoking charges of culpable homicide not amounting to murder against the Master of the Barge Papaa-305 and others in connection with the vessel tragedy in the Arabian Sea which left at least 51 dead and many more missing, officials said here on Friday. The police […]

State-owned Oil and Natural Gas Corporation (ONGC) on Friday announced cash relief for families of the deceased and survivors of the private contractor-operated barge that sunk in the Arabian Sea after being battered by a severe cyclone. ONGC said an immediate relief of Rs 1 lakh will be provided to the 186 survivors of the […]

The Delhi High Court has put on hold state-run ONGC’s notice inviting tender (NIT) and the consequent e-auction with regard to sale of natural gas from its block in the Krishna-Godavari (KG) basin in Kakinada, Andhra Pradesh. A bench of Chief Justice D N Patel and Justice Jyoti Singh said a prima facie case is […]

An Indian Air Force MiG-21 fighter aircraft crashed near Punjab’s Moga late on Thursday night. According to IAF officials, the aircraft was on a routine training sortie when the accident happened. “A Court of Inquiry (CoI) has been ordered to investigate the cause of the incident,” officials said. Further details into the matter are awaited.

The relationship between India and OPEC is more important now than ever. Any lingering ill-feelings between India and Saudi Arabia from their spat over the price of crude earlier this year should be quickly cast aside, to focus on each other’s growing importance as consumer and supplier. If OPEC needed a sobering reminder of India’s […]

(Reuters) – India’s crude oil imports in April were little changed from the previous month as a second COVID-19 wave forced several states to impose mobility restrictions, stemming fuel demand and leading to larger stockpiles. Crude oil imports in April were at 18.26 million tonnes, although on a yearly basis they rose about 10.3%, data […]

SINGAPORE (Reuters) – Oil prices edged up on Friday, taking a breather after three days of losses as investors braced for the return of Iranian crude supplies after officials said Iran and world powers made progress on talks to revive a 2015 nuclear deal. Brent crude futures for July rose 10 cents, or 0.2%, to […]