Oil prices fell in early Asian trade on Wednesday after a U.S. industry group reported crude stocks rose more than expected last week and as investors reined in expectations for interest rate cuts by the U.S. Federal Reserve. Brent futures fell 29 cents, or 0.4%, to $82.48 when the market opened at 0000 GMT. U.S. […]
Category: Oil & Gas
India’s oil & gas import bill likely to double in 15 years: PPAC
The country’s primary energy demand, which is projected to almost double to 38.5 million barrels of oil equivalent per day (mboe/d) by 2045, will see the growth percentage of renewables being the highest at 11.5%. However, the share of oil- and coal-based power will remain at the top at 30.1% and 33.2%, respectively, as per […]
RIL tops the list of most valuable Indian companies
With a market cap of Rs 15.6 trillion, Reliance Industries (RIL) topped the chart of the most valuable Indian companies in 2023, for the third year in a row, closely followed by Tata Consultancy Services (TCS). IT firm TCS came in second with a market cap of Rs12.4 trillion, while HDFC Bank was third in […]
State-backed Oil India’s third-quarter profit falls on lower crude prices
State-run explorer Oil India reported a 9.3% fall in third-quarter profit on Tuesday, hit by lower prices for crude oil and a windfall tax levied by the government.Standalone profit was 15.84 billion rupees ($191 million) for the quarter ended Dec. 31, compared with 17.46 billion rupees a year earlier. Average crude prices fell 6.5% in […]
Gensol Engineering, Matrix Gas consortium win PLI bid for Hydrogen Electrolyser Manufacturing
Gensol Engineering Ltd, a sustainable energy solutions company, together with Matrix Gas & Renewables Ltd, a green hydrogen infrastructure developer and natural gas aggregator, announced the grant of manufacturing capacity for an advanced Electrolyser Plant under the auspices of the Sustainable Hydrogen Innovation & Green Hydrogen Technologies (SIGHT) program. The awarded project, with a manufacturing […]
Indian Biogas Association pitches for Rs 30k cr investment for compressed biogas plants
Indian Biogas Association has recommended an investment of Rs 30,000 crore for machinery and equipment required for biomass supply to compressed biogas plants to ensure 12 MMTA of LNG import reduction. “Utilising agricultural residues like paddy straw for bioenergy production and soil enrichment instead of burning those offers a dual benefit as it provides renewable […]
TruAlt Bioenergy to expand capacity, invest Rs 600 cr for setting up plants
TruAlt Bioenergy, which is among the largest biofuel players, is planning to expand its capacity by 2.7 lakh litres per day by next fiscal and will invest around Rs 600 crore to set up more plants.The Bengaluru-based company is also expecting around 30 per cent revenue growth this fiscal year.TruAlt is primarily into biofuels such […]
Petronet draws Rs 40,000 crore investment plan to treble profit by 2028
Petronet LNG Ltd, the operator of the world’s largest liquefied natural gas (LNG) import terminal, will invest Rs 40,000 crore in expanding import capacity and petrochemicals with a target to treble net profit by 2028, its CEO A K Singh said. Petronet is making a foray into the petrochemical business by investing Rs 12,685 crore […]
OMCs drag CPSEs down in FY23, net fall 15%; dividend payouts by state-run firms remain strong
Central Public Sector Enterprises (CPSEs) posted a 15% year-on-year decline in their aggregate net profits to Rs 2.12 trillion in FY23, owing mainly to the decline in the earnings of oil-marketing and steel companies that are vulnerable to global commodity price cycles, and reduced profitability of steel firms. But the CPSEs, which withstood the pandemic […]
ONGC posts 7.9 per cent fall in profit in Q3
State-owned Oil and Natural Gas Corporation (ONGC) reported a decline of 7.9% in its consolidated net profit to Rs 10,748.5 crore in Q3FY24 compared with Rs 11,665 crore in the corresponding quarter last fiscal, as revenue fell. The profit fell by a sharper 35% on a sequential basis from Rs 16,553.32 crore in Q2FY24. The […]
ONGC to start drilling Andaman wells in May
State-owned Oil and Natural Gas Corporation aims to start the drilling operations in its Andaman wells by May, the company’s director-exploration Sushma Rawat told FE. The country’s largest oil exploration and production company had won two blocks in the Andaman basins in the sixth round of bidding under the open acreage licencing programme. The identified […]
ONGC looking for tie-ups in rigs development
State-owned ONGC is looking for partnership for the development of its explored rigs, the company’s Director Technical & Field Services, Om Prakash Singh said. “Our major experience is on drilling part. We are very comfortable on drilling. We are looking for a reputed partner for technology sharing,” Singh said on the sidelines of the India […]