Net operating income in Q3 increased to Rs 277 bn, as against our estimate of Rs 268 bn (+20% y-o-y, -1% q-o-q). Lower expenditure on account of forex gains resulted in higher Ebitda of Rs 166 bn, as against our estimate of Rs 150 bn (+32% y-o-y, +5% q-o-q). Despite higher-than-expected Ebitda, higher depreciation (including […]
Category: Oil & Gas
Oil hits 2019 highs on US-China trade hopes, but US output weighs
Oil prices touched their highest since mid-November on Friday and posted weekly gains for the second week in a row, boosted by hopes that U.S.-China trade talks would soon produce a deal, although new record U.S. oil supply limited gains. Brent crude futures briefly reached $67.73 a barrel, their 2019 high. The global benchmark fell […]
PM Narendra Modi to lay foundation stone of India’s longest LPG pipeline on Sunday
Prime Minister Narendra Modi will on Sunday lay the foundation stone of the country’s longest LPG pipeline that will cater to cooking fuel needs of a fourth of the country’s population, said Petroleum Minister Dharmendra Pradhan. State-owned Indian Oil Corp (IOC) is laying an LPG pipeline from Gujarat coast to Gorakhpur in eastern Uttar Pradesh […]
Hydrocarbon exploration: DGH to be single window for nod to contractors
To fast-track the process of approvals for contractors of hydrocarbon fields, the government has decided to form a committee, headed by the Cabinet secretary, which will monitor the development work undertaken by the contractors right from the beginning. Also, the directorate general of hydrocarbons (DGH) will act as a single window for contractors for obtaining […]
IOC first Indian refiner to sign oil supply deal with US
To ensure a steady inflow of crude oil at a time imports from Iran are falling, state-run Indian Oil Corp (IOC) has become the first domestic company to sign a long-term supply contract with the US. The oil marketing company, in a statement released on Monday, said the annual deal is worth $1.5 billion and […]
Government considers U-turn on auctioning oil blocks
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 Prime Minister […]
India’s oil imports from Iran plunged 45% in January
India’s oil imports from Iran fell by 45% 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 gave a six-month […]
Oil prices: Crude to rise as OPEC+ curbs counter trade worries
Oil headed for its biggest weekly gain in a month as the OPEC+ coalition’s supply cuts and reduced output from the world’s biggest offshore field overshadowed renewed concern over the U.S.-China trade war. Futures in New York were steady on Friday, and have increased 3.3 percent this week. Russia said it would accelerate the output […]
Q3 Results: ONGC profit up 65 per cent on higher realisation
Driven by higher net realisations and a sharp depreciation in currency, ONGC on Thursday reported a 65% year-on-year (y-o-y) rise in profit to Rs 8,262.70 crore. The stock, which closed Thursday’s session down 1.12% at `132.10, is among the biggest underperformers. Since 2018, it has given up over Rs 80,000 crore in market capitalisation. In […]
Abu Dhabi’s national oil company mulls investment in Kochi petrochemical complex
Abu Dhabi National Oil Company (ADNOC), one of the world’s largest petroleum firms, has offered to invest in the upcoming petrochemical complex in Kochi, Kerala chief minister Pinarayi Vijayan said on Wednesday. ADNOC Group CEO Sultan Ahmmed Al Jaber expressed his interest in the project during a discussion with the chief minister in Abu Dhabi. […]
Crude oil and currency in locksteps – what is the way out?
India’s substantial dependence on crude oil imports to meet the growing domestic energy demand is making the economy vulnerable to volatilities in international crude oil prices. The steep increase in crude oil prices during the first half of the current financial year has not only drove the trade and current account deficits (CAD) significantly wide, […]
Every $10 per barrel rise in crude oil price increases India’s inflation by this much
Prime Minister Narendra Modi’s call to producers for responsible pricing of crude oil this week is not without its merits. Crude oil, which fueled the growth of industrial revolution 2.0, is still one of the crucial factor in determining India’s growth. Crude oil makes up for around 25 percent of India’s total imports in a […]