Category: Oil & Gas

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.

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 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’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.

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 held near $52 a barrel as renewed concern over slowing global growth largely outweighed US sanctions against Venezuela’s state oil company.

Oil fell about 3 percent on Monday, its biggest one-day percentage drop in a month, after an increase in U.S. crude drilling pointed to further supply growth amid continuing concerns about a global economic slowdown.

Recently, two major oil PSUs (public sector undertakings) – Indian Oil Corporation (IOC) and Oil and Natural Gas Corporation (ONGC) – announced their respective share buyback programmes as part of the government’s divestment drive.

At a time when there is controversy surrounding the listing of ONGC Videsh Ltd (OVL), the fully-owned overseas arm of Oil and Natural Gas Corpo­ration (ONGC), Union Petroleum Minister Dharmendra Pradhan has said there is no such proposal before his ministry.

Oil prices fell on Monday after US energy firms added rigs for the first time this year in a sign that crude production there will rise further.

Europe’s drivers are ditching diesel cars in favor of gasoline. The oil market is handing them something of a lucky break as they do.

Prime Minister Narendra Modi Sunday dedicated to the nation an integrated refinery expansion complex of the public sector Bharat Petroleum Corporation Limited at the Kochi Refinery here.