Category: Oil & Gas

The government on Sunday cut the price of natural gas produced from difficult areas like deep sea KG-D6 block of Reliance Industries, marginally to $9.87 per million British thermal unit in line with softening of benchmark international gas prices, an official notification said. However, the price of gas that is used for making CNG for […]

India in April imported more Russian oil but less from Iraq and Saudi Arabia than it did a month earlier, preliminary data from trade flow tracking agencies Kpler and LSEG shows. Refiners in India have been snapping up Russian oil since Moscow’s invasion of Ukraine in February 2022 prompted the West to shun it and […]

State-owned Indian Oil Corporation (IOC) on Thursday said it will raise its stake in the joint venture building a 9 million tonnes refinery at Chennai to 75 per cent after the cost to the project escalated by over 12 per cent. Originally, IOC and its subsidiary Chennai Petroleum Corporation Ltd (CPCL) were to hold a […]

More than a fifth of global oil refining capacity is at risk of closure, energy consultancy Wood Mackenzie found in analysis published on Thursday, as gasoline margins weaken and the pressure to reduce carbon emissions mounts. Of 465 refining assets analysed, the consultancy ranked about 21 per cent of 2023 global refining capacity at some […]

Oil and Gas stocks were trading in the positive zone, with the S&P BSE Oil&Gas index rising 395.34 points or 1.44% at 27787.25 at 09:41 IST. Among the components of the S&P BSE Oil&Gas index, Reliance Industries Ltd (up 2.23%), Indian Oil Corporation Ltd (up 1.97%),Hindustan Petroleum Corporation Ltd (up 1.39%),Petronet LNG Ltd (up 1.37%),Bharat […]

The domestic equity benchmarks continued to trade with minor losses in the early afternoon trade. The Nifty hovered around the 22,050 mark. Oil & gas shares witnessed buying demand for the fourth consecutive trading session. At 12:30 IST, the barometer index, the S&P BSE Sensex was down 215.29 points or 0.29% to 72,618.59. The Nifty […]

Kremlin-controlled energy giant Gazprom has acquired a 27.5 per cent stake, formerly owned by Shell, in Russian liquefied natural gas (LNG) producer Sakhalin Energy for around $1 billion, according to a government order. The government also officially nullified its order a year ago on selling the stake to Gazprom’s rival, Novatek, without explanation. The Russian […]

Oil prices were on track to gain for a second straight day on Tuesday after settling up more than a dollar on expectations of tighter supply driven by Russian production cuts and attacks on Russian refineries. Brent crude rose 23 cents to $86.98 a barrel by 0118 GMT. US crude futures climbed 28 cents to […]

More than 250,000 barrels per day of U.S. crude is set to arrive in India next month, the highest in more than a year, ship tracking data showed, amid tighter enforcement of sanctions on Russian crude. India, the world’s third-biggest oil importer and consumer, is looking to diversify its oil supplies as fresh U.S. sanctions […]

Oil prices rose in Asian trading on Monday on concerns over tighter global supply brought about by escalating conflicts in the Middle East and between Russia and Ukraine, while a shrinking US rig count added to upward price pressure. Brent crude futures climbed 39 cents, or 0.5 per cent, to $85.82 a barrel at 0759 […]

The government has allowed Abu Dhabi National Oil Company (Adnoc) to export crude oil it has stored in underground strategic storages at Mangalore to give operational flexibility to the foreign firm, an order of the Ministry of Commerce and Industry said on Saturday. At present, crude oil, which is the raw material for producing fuels […]

The Russian oil-export machine funding the Kremlin’s war in Ukraine is finally getting some grit in its gears. Indian oil refiners — Moscow’s second-biggest customers after China since the 2022 invasion — will no longer accept tankers owned by state-run Sovcomflot PJSC because of the risk posed by sanctions. Since the start of October, the […]