Oil prices steadied on Thursday after a two-day slump, reflecting the world’s mixed economic recovery from the pandemic, with US demand expected to keep rising, while a second coronavirus wave raging in India has led to more curbs on movement. Brent crude was up 11 cents, or 0.2 per cent, at $66.77 a barrel by […]
Category: Oil & Gas
Hindustan Petroleum Corp to fully start revamped Mumbai refinery by July
NEW DELHI/BENGALURU (Reuters) – India’s Hindustan Petroleum Corp.’s Mumbai refinery will start full scale operation at a higher capacity of 190,000 barrels per day (bpd) by end-June or in July, its chairman M. K. Surana said on Thursday. HPCL had fully shut the 150,000 bpd Mumbai refinery in western Maharashtra from April 1 for maintenance […]
Hindustan Petroleum Q4 net profit jumps to Rs 3,018 cr on inventory gains
Hindustan Petroleum Corporation Ltd (HPCL) on Thursday reported its March quarter net profit soaring many folds to Rs 3,018 crore on the back of inventory gains and rise in refining margins. The company had a net profit of Rs 27 crore in January-March 2020. “Enhanced profitability was a result of robust operational performance, improvement in […]
Indian Oil Corp says will buy Iranian oil if US sanctions are lifted
India will resume buying crude oil from Iran once the US sanctions are eased, an Indian Oil Corporation (IOC) executive on Thursday said, adding Iranian crude was beneficial for Indian refineries. India stopped importing oil from Iran in mid-2019 following sanctions on the Persian Gulf nation by the Trump administration. US President Joe Biden’s administration […]
Aftermath of cyclone Tauktae: What caused the ONGC barge tragedy
When Cyclone Tauktae struck on May 17, there were 342 installations in the Western Offshore region of the Arabian Sea with 7,675 people. Of these installations, 243 were fixed and 99 floating. ONGC officials say based on the weather warning, it activated its emergency response system and issued instructions to all installations to take action […]
Congress seeks resignation of petroleum minister over barge tragedy
The Maharashtra Congress on Thursday demanded the resignation of Petroleum Minister Dharmendra Pradhan on moral grounds over the death of 37 personnel on board a barge that sank in the Arabian Sea, and termed it as a “manmade tragedy”. The Navy on Thursday morning launched a fresh aerial search and rescue mission, deploying helicopters to […]
Barge tragedy: NCP seeks culpable homicide case against ONGC
The NCP on Thursday demanded registration of a culpable homicide case against the ONGC in connection with the barge tragedy caused off the Mumbai coast when cyclone Tauktae brushed past the city. As many as 37 personnel onboard an accommodation barge, ‘P305’, died, while 38 are still missing after the vessel, contracted to state-run oil […]
Miscalculations may have ended ONGC vessels in cyclone whirlwind: Report
Inadequate advance notice and miscalculations of cyclone Tauktae’s ferocity and its path may have contributed to a false belief that oilfield operations in the Arabian Sea need not be paused, said top sources close to ONGC whose vessels with 700 onboard were struck by the storm. A drillship of Oil and Natural Gas Corporation (ONGC) […]
Oil prices dive $2 on fears of Asian pandemic, possible US rate hikes
NEW YORK (Reuters) -Oil prices dropped over $2 a barrel on Wednesday to their lowest in three weeks, on worries that surging COVID-19 cases in Asia would dent demand for crude and that U.S. inflation fears could prompt the Federal Reserve to slow economic growth with interest rate hikes. Traders also cited rumors that the […]
Oil prices fall on rising Covid-19 infections in Asia, inflation fears
Oil prices fell for a second day on Wednesday on renewed demand concerns as coronavirus cases in Asia rise and on fears rising inflation might lead the US Federal Reserve to raise interest rates, which could limit economic growth. Brent crude futures fell 85 cents, or 1.2 per cent, to $67.86 a barrel at 1005 […]
Indian Oil swings into black with record Rs 21,000-cr profit in FY21
State-owned oil refining and marketing company Indian Oil Corporation (IOC) posted a record consolidated net profit of Rs 21,762 crore for the fiscal year 2020-21 (FY21) against a loss of Rs 1,876 crore the year before. This is the highest annual profit ever reported by the firm. However, total income fell to Rs 5.23 trillion […]
Asia snubs IEA’s call to stop new fossil fuel investments for the world
Asian energy officials on Wednesday disputed the International Energy Agency’s (IEA) call for no new oil, natural gas and coal investments for the world to be able to reach net-zero carbon emissions by 2050, viewing that approach as too narrow. The IEA, which has previously championed the oil and gas industry, this week outlined a […]