Category: Oil & Gas

NEW DELHI: Most OMCs were trading in the green in Monday’s afternoon session with its sectoral index on BSE trading on a flat note. Shares of Oil And Natural Gas Corporation (up 1.63 per cent), Oil IndiaNSE 0.72 % (up 1.34 per cent), Indraprastha GasNSE -1.02 % (up 1.26 per cent) and Petronet LNG (up […]

NEW DELHI: Indian Oil, country’s top refiner, has struck a $1.5 billion deal to buy oil from the US, the company said on Monday in an unusual announcement just a day before the Crown Prince of Saudi Arabia begins his India visit. “Indian Oil has finalised a term contract for import of up to 3 […]

NEW DELHI: The government has reappointed A K Sharma as the Director (Finance) of Indian Oil CorpNSE 0.44 % (IOC) – a first under Prime Minister Narendra Modi when a PSU director has been reemployed in the same position after retirement. Sharma, who superannuated as Director (Finance) of IOC on January 31, has been appointed […]

NEW DELHI: Domestic fuel rates may rise sharply after staying stable for more than a month as international crude oil prices have jumped $5 a barrel in just a week on hopes of a quicker resolution to the US-China trade war, supply cut by OPEC and allies, and the US sanctions against Iran and Venezuela. […]

The BJP-Shiv Sena electoral alliance deal has impacted the Indo-Saudi-UAE deal for proposed refinery in Ratnagiri in Maharashtra ahead of Crown Prince Md Bin Salman’s two-day visit to India from Tuesday. The deal in intact though and the Indian government will make provision for separate land for the proposed refinery in Maharashtra, sources indicated. The […]

NEW DELHI: The Union Cabinet is likely to consider approval of the second phase of FAME India scheme this month to boost clean mobility, with an outlay of Rs 5,500 crore spanning five years, officials said. The scheme in its second phase will offer a bouquet of incentives, such as exemption from paying road tax, […]

SINGAPORE: OilNSE 0.49 % prices rose to their highest levels since November last year on Monday, lifted by OPEC-led supply cuts and US sanctions on Iran and Venezuela. US West Texas Intermediate (WTI) crude oil futures pushed through $56 per barrel for the first time this year, hitting $56.13 a barrel before edging back to […]

The Expert Appraisal Committee under the Environment Ministry has given “green signal” to Indian Oil Corporation Ltd for setting up a grass root petroleum storage and distribution terminal in Telangana. According to the minutes of the meeting held recently, the proposal involves setting up petroleum storage and distribution terminal comprising 28 tanks with combined capacity […]

NEW DELHI: Two years after the government shifted to revenue sharing contracts for oil and gas block auctions, a high-level panel has suggested reverting back to older system of awarding areas in most basins based on exploration commitment. The six-member panel, headed by NITI Aayog Vice Chairman Rajiv Kumar, which was formed on directions of […]

NEW DELHI: OMCs were trading in the green in Friday’s afternoon session. Shares of Bharat Petroleum Corporation (up 3.54 per cent), GAIL (India) (up 2.88 per cent), Oil And Natural Gas Corporation (up 2.80 per cent) and Oil India (up 0.64 per cent) were trading with gains. Indraprastha Gas (up 0.51 per cent), Reliance Industries […]

NEW DELHI- India’s oil imports from Iran fell by 45 percent in January to 270,500 barrels per day oil (bpd), ship tracking data reviewed by Reuters showed, below the estimated 300,000 bpd for the month as some cargoes were delayed. The United States introduced sanctions aimed at crippling Iran’s oil revenue-dependent economy in November but […]

India will by mid-2020s surpass China as the world’s largest energy growth market, accounting for over a quarter of incremental global demand, UK supermajor BP said in its annual energy outlook. The 2019 edition explores the key uncertainties that could impact the shape of global energy markets out to 2040. “The greatest uncertainties over this […]