State-owned oil firms’ capital expenditure has hit a four-year low with PSUs such as ONGC and IOC planning to invest Rs 93,693 crore in oil and gas exploration, refining and petrochemicals in the 2019-20 fiscal year.
Category: Oil & Gas
Oil prices rise over 3% on strong US jobs data, Venezuela sanctions
Oil prices rose about 3 per cent on Friday, rising on upbeat US jobs data and signs that US sanctions on Venezuelan exports have helped tighten supply, then extending gains after weekly data showed US drillers cut the number of oil rigs.
Interim Budget 2019: Petroleum subsidy raised by 51% to Rs 37,478 crore
In Interim Budget 2019, Finance Minister Piyush Goyal has projected the government’s outgo on petroleum subsidies during the financial year to be Rs 37,478 crore, compared with the Rs 24,932.80 crore estimated in last Union Budget. The estimates for 2018-19 were marginally lowered in the revised estimates for the year to Rs 24,833.18 crore. when […]
Qatar, Exxon to proceed with $10 billion Texas LNG project: Report
Qatar Petroleum and Exxon Mobil Corp are expected to announce plans next week to proceed with a $10 billion project that will expand a liquefied natural gas (LNG) export facility in Texas, three people familiar with the transaction said.
Core sector growth slows down to 2.6% in Dec on crude oil, fertilisers
Eight core sectors grew at their slowest pace in 18 months at 2.6 per cent in December 2018 due to fall in output of crude oil, refinery products and fertilisers, official data showed Thursday.
IndianOil Q3 profit plunges on inventory losses, poor margins
Indian Oil Corporation has reported a Rs. 716.82-crore net profit for the third quarter of FY19. This is a 90.91 per cent fall compared to the Rs. 7,883.22-crore profit reported in Q3 FY18.
Thirty-nine cos bid for oil and gas contracts; Vedanta tops with 21 offers
The second round of discovered small field (DSF-II) auctions for 25 oil and gas contract areas received bids from 39 companies. Billionaire Anil Agarwal-led Vedanta submitted a maximum number of bids for 21 areas on offer.
IOC Q3 net profit dips 91% to Rs 716.82 crore on higher inventory loss
State-run Indian Oil Corporation (IOC) has posted a 91 per cent drop in net profit for the third quarter of the financial year to Rs 716.82 crore, owing to a higher inventory loss during the quarter. The company had a net profit of Rs 7,883.22 crore during the third quarter of the 2017-18 financial year.
Oil prices up 2% following US sanctions on Venezuelan oil company
Oil prices gained more than 2 percent on Tuesday after the United States imposed sanctions on state-owned Venezuelan oil company PDVSA, a move likely to reduce the OPEC member’s crude exports and relieve some global oversupply worries.
Venezuela proposes new oil contract terms to sidestep US sanctions
Venezuela’s state-run oil company PDVSA is seeking to sidestep Trump administration sanctions restricting payments for its oil by asking major buyers, including US refiners, to renegotiate contracts, four sources involved in the talks said.
38 more cities to get diesel at doorstep as 3 OMCs plan to extend service
Residents of 38 more cities would soon be able to have diesel delivered at their doorstep as the three oil marketing companies (OMCs) plan to extend this service by March.
Oil hovers near $52 as slowing global growth outweighs Venezuela sanctions
Oil held near $52 a barrel as renewed concern over slowing global growth largely outweighed US sanctions against Venezuela’s state oil company.