Category: Oil & Gas

Reliance Retail Ventures Ltd, the retail unit of India’s most valuable company, is preparing to go public soon, two people aware of the development said. “It may be after June and the company expects a good response,” one of the two people cited above said on condition of anonymity. Parent Reliance Industries Ltd (RIL) operates […]

NEW DELHI: With crude oil rates surging by about 5% in the last 7 days, fuel prices continued to rise today. The price of petrol was up by 15 paise a litre and that of diesel by 16 paise a litre. Petrol today costs ₹71.15 a litre in Delhi, ₹76.79 in Mumbai, ₹73.51 in Bengaluru, […]

The government has asked state-owned Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) to sell out 66 of their small oil and gas fields to private firms as it brought in a new policy to boost domestic production and cut imports, Petroleum Minister Dharmendra Pradhan said Thursday. To quickly bring all sedimentary […]

New Delhi: The world’s biggest oil producer, Saudi Arabian Oil Co. (Saudi Aramco) is in talks with Mukesh Ambani-controlled Reliance Industries Ltd (RIL), and others, for more projects in India, its chief executive said Wednesday. “We are looking at additional investment in India. So we are in discussions with other companies as well, including Reliance,” […]

Singapore: Oil prices hovered just below 2019 highs on Thursday, bolstered by OPEC-led supply cuts and U.S. sanctions on Venezuela and Iran. U.S. West Texas Intermediate (WTI) crude oil futures were at $57.30 per barrel at 0046 GMT, up 14 cents, or 0.2 percent, from their last settlement and not far off their 2019 high […]

India’s consumption of petroleum products increased by 6.4% year-on-year in January, based on data from the Petroleum Planning and Analysis Cell. This looks decent, considering that growth was relatively soft in the previous five months, and also keeping in mind that in January 2018, consumption had increased by a robust 12.4% year-on-year. So the growth […]

MUMBAI: Mumbai: The proposed $44 billion refinery and petrochemicals project at Ratnagiri in Maharashtra may be shifted to neighbouring Raigad district, said a state government official and an executive at an oil marketing company. “They (the state government) are looking to shift the Ratnagiri refinery project to Raigad district,” the official said. A five-member committee […]

New Delhi/Mumbai: India is preparing for a major thrust on the development and use of vehicles that run on compressed natural gas (CNG) and liquefied natural gas (LNG) in yet another effort to curb rising levels of vehicular pollution in its cities. The government plans to use CNG and LNG as an alternative to both […]

NEW DELHI: The government on Tuesday approved new rules for bidding out oil and gas blocks as it reverted back to a two-decade old system of awarding areas based on exploration work commitment, granted marketing and pricing freedom to yet to be developed discoveries and allowed ONGC to induct private firms in existing fields. In […]

London/New York: Oil advanced to the highest in almost three months as the world’s biggest economies prepare to continue negotiations this week after President Donald Trump was said to consider pushing back the deadline for tariff hikes. Futures in New York on Monday rose to the highest intraday level since 20 November, after advancing 5.4% […]

New Delhi/Singapore: India’s poll politics and Prime Minister Narendra Modi’s ambition to win a second straight term has claimed an unlikely victim. A proposed $44 billion oil refinery in Ratnagiri, Maharashtra, to be built with investments from Saudi Arabia. On Monday, the Maharashtra government decided to relocate the Ratnagiri refinery project, a day ahead of […]

Investors of state-run Oil and Natural Gas Corp. Ltd (ONGC) have had little luck with the stock for some time now. Shares of the oil and gas producer have underperformed the Nifty 100 index in the past one year by 26%. Unfortunately, the lag in the stock performance is not entirely due to oil prices. […]