Category: Oil & Gas

New Delhi: Financial profiles of state-owned oil marketing companies such as Indian Oil Corp (IOC) may be at risk in the near to medium term due to pressure from the government to increase shareholder returns, Fitch Ratings said on Friday. Struggling to meet budget targets, the government had in the just concluded fiscal (2018-19) asked […]

New Delhi: Crude oil futures on Friday eased by Rs 70 to Rs 4,567 per barrel as speculators reduced their exposure amid a weakening trend overseas. At the Multi Commodity Exchange, crude for delivery in May was trading lower by Rs 70, or 1.51 per cent, at Rs 4,567 per barrel in a business turnover […]

New Delhi: India produced 34,203 thousand metric tonnes (TMT) of crude oil during 2018-19 (April to March) which is 4.15 per cent below the output in the previous financial year and 7.59 per cent lower than the target, the government said on Thursday. The production in 2017-18 was 35,684 TMT while the target for 2018-19 […]

New Delhi: Mining moghul Anil Agarwal’s Vedanta Ltd has received environment clearance for the expansion of its oil and gas operation in Rajasthan that would entail an investment of Rs 12,000 crore, according to an official circular. The proposal is to expand onshore oil and gas production from the existing 3,00,000 BOPD (barrels oil per […]

New York: Emerging markets got a lift from the Federal Reserve, US President Donald Trump and Chna President Xi Jinping to start the year. Oil may be the next saving grace. Investors say a potential uptick in crude prices might be the latest tailwind for the developing world after the White House scrapped waivers tied […]

New Delhi: Government sources said the Centre is “studying the implications” of the US move. The US denial of waiver from sanctions to India means that New Delhi will have to brace for US sanctions if the country imports Iranian oil after early May. Indian government sources said, “We have seen the announcement by the […]

New Delhi: Even after state-owned Oil and Natural Gas Corp (ONGC) acquiring Hindustan Petroleum Corp Ltd (HPCL) in January last year, the selection panel is learnt to have faced a ‘litmus test’ for appointing directors in HPCL in the coming days due to some technicalities on the promoter’s issue. As far as the existing vacancies […]

Riyadh: Saudi Energy Minister Khalid al-Falih said on Monday the oil market was “moving towards balance”, and that producers may not need to make additional output cuts. As oil prices hit a five-month high at more than USD 70 a barrel, Falih told a conference in Riyadh that non-OPEC member Russia and other countries have […]

New Delhi: Oil companies stopped fuel supply to Jet Airways for over an hour at the Delhi airport on Thursday due to non-payment of dues, said sources on Thursday. According to sources, the fuel supply was stopped at 5 pm and resumed at about 6:15 pm after the assurance of the payment was given. Jet […]

DUBAI: Oil giant Saudi Aramco revealed on Monday it made the world’s biggest corporate profit last year, opening its secretive accounts for the first time as it prepares to raise funds from investors. International ratings agencies Fitch and Moody’s got rare access to Aramco’s accounts which show the firm posting billions in profits.

Singapore: Saudi Aramco was by far the world’s biggest oil producer ahead of regional peers like Abu Dhabi National Oil Company (ADNOC) and listed oil majors Royal Dutch Shell, Total and BP, ratings agency Fitch said on Monday. “Saudi Aramco is the largest oil producer globally by volume… In 2018 its liquids production and its […]

New Delhi: India has raised the price of its locally produced gas by about 10 percent to USD 3.69 per million metric British thermal units (mmBtu) for the April-September period, compared with the previous six months, a source aware of the development said. India has also set the ceiling price for gas to be produced […]