Category: Oil & Gas

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 […]

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 […]

ONGC Videsh (OVL), the overseas arm Oil and Natural Gas Corporation (ONGC), is in further discussions with the Venezuelan government to take crude cargoes in order to liquidate its pending dividends, chairman and MD Rajarshi Gupta said. The company is also seeking to get the operatorship of its two ongoing projects in Venezuela and invest […]

Oil prices rose on Thursday after Israel rejected a ceasefire offer from Hamas, as talks continued to try to end the Gaza conflict and wider Middle East tensions that have kept the market on edge since October. Signs of solid U.S. fuel demand also bolstered the market’s upward trend this week. Brent crude futures were […]

The International Energy Agency (IEA) sees India’s continuous dependence on imports to meet its energy needs and its diversifying of sources of supplies to farther regions as a threat to the country’s energy security. Adequate oil stocks and spare capacity is crucial to balance the rising volatility in the crude oil market, Toril Bosoni, Head […]

India’s oil demand growth is set to overtake that of China’s by 2027, the International Energy Agency (IEA) said on Wednesday. Releasing a report on the Indian oil market outlook till 2030 during the India Energy Week, Toril Bosoni, head of markets at IEA, said India’s oil demand will reach 1.2 million barrels per day […]

Oil India aims to spend Rs 6,000 crore in the exploration and production of oil and gas in the financial year 2024-25, Harish Madhav, the company’s director of finance, told FE in an interview. “For the next financial year, the investment target is close to Rs 6,000 crore. Depending on the requirement, we can invest […]

State-owned fuel retailers are losing close to Rs 3 per litre on selling diesel while the profit on petrol has trimmed due to recent firming up in international oil prices, industry officials said detailing reasons for continuing to hold retail prices. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd […]

Gulf Oil Lubricants India, part of the Hinduja Group and Gulf Oil International, has reported its financial results for Q3 FY2024. The company reported revenue of Rs 817.26 crore, up 4 percent YoY and net profit of Rs 80.74 crore, up 28 percent, as against Rs 62.65 crore a year ago. For the 9-month period […]

Oil prices ticked higher on Wednesday, as growth in U.S. oil production is expected to remain largely steady through 2025, easing worries of excess supply. Brent crude futures rose 38 cents, or 0.5%, to $78.97 a barrel as of 0013 GMT, while U.S. West Texas Intermediate crude climbed 41 cents, or 0.6%, to $73.72. Both […]

The global oil market will require an investment of $14 trillion by 2045 to meet the rising energy demand of the world, said Haitham al-Ghais, Secretary General of the Organisation of Petroleum Exporting Countries on Tuesday. “The demand for oil will continue to rise and there is a need to ensure that supply is maintained,” […]

India is seriously exploring strategic storage facilities gas across the West coast, and studies for this are in an advance stage, sources said. Exhausted oil wells across the West cost of the country may be used for the purpose, they added. According to the information, GAIL and ONGC have conducted studies which are almost complete […]