Category: Oil & Gas

The country’s crude oil production fell over 4 per cent in the financial year 2018-19 after aging fields of state-owned Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) missed the target, official data showed Thursday. India produced 34.2 million tonne of crude oil in the fiscal year ended March 31, down from […]

Iran’s supreme leader Ayatollah Ali Khamenei on Wednesday called the end of oil sanction waivers by the United States a “hostile measure” that “won’t be left without a response”. “US efforts to boycott the sale of Iran’s oil won’t get them anywhere. We will export our oil as much as we need and we intend,” […]

Market benchmark Sensex on Monday nosedived 495 points to end at 38,645 owing to intense sell-offs in energy and financial stocks as investors weighed soaring crude oil prices and a mixed start of the corporate earnings season. The broader NSE Nifty too shed over 158 points to close at 11,594. Market sentiment was hit as […]

Reliance Industries has stated that it will start natural gas production from R-Cluster gas field in the flagging KG-D6 block in the Bay of Bengal from the second half of the 2020-21 fiscal. Reliance and its partner BP Plc of UK had in June 2017 announced an investment of Rs 40,000 crore in the three […]

In a bid to ensure high turnout of voters in the upcoming Lok Sabha elections, the Chhatarpur administration has come up with a unique way of campaigning through gas cylinders. Sub divisional officer (SDO) of Chhatarpur in Palamu district, Narendra Gupta has roped in LPG dealers of the area to not just spread the message […]

A major crisis was averted at the cash-starved Jet Airways after national oil marketing major IndianOil resumed fuel supplies to the airline, which was halted earlier in the day due to the non-payments, sources said Friday. The supply, which was stopped around noon was restored at around 5 pm after airline assured the oil firm […]

Profitability of state-owned refiners such as Indian Oil Corp (IOC) may come under pressure if the government asks them to temporarily freeze the prices of petrol, diesel and other fuels ahead of general elections, Moody’s Investors Service said Tuesday. Before the Gujarat and Karnataka state elections, the government had asked oil companies to temporarily suspend […]

India’s fuel demand rose 3.8 per cent in February as free cooking gas connections spurred LPG consumption while petrol and diesel use continued to rise. Fuel consumption in February totalled 17.41 million tonnes as compared to 16.77 million tonnes in the same month last year, data from the Petroleum Planning and Analysis Cell (PPAC) of […]

State-owned Indian Oil Corp (IOC) on Tuesday declared a second interim dividend of Rs 1,412 crore for the current financial year and ONGC agreed to do so next week to help the Government meet its tax revenue target. In a stock exchange filing, IOC, the nation’s biggest oil firm, said its board at a meeting […]

Iran’s President Hassan Rouhani has inaugurated a new phase in the development of a massive natural gas field. State TV on Sunday quoted the CEO of the South Pars gas field company, Mohammad Meshkinfam, as saying the development will allow Iran to overtake Qatar in the production of natural gas. The two countries are among […]

A blast, believed to have been caused by explosion of a gas cylinder, rocked Vasant Vihar area in the city on Friday. The blast occurred at a shop in a commercial complex in the Indira Nagar area of Vasant Vihar at around 4.20 am. The intensity of the blast was so strong that the roof […]

Canadian investor Brookfield-led India Infrastructure Trust (InVIT) has agreed to buy billionaire Mukesh Ambani’s loss-making East-West gas pipeline for Rs 13,000 crore. The InVIT will acquire 100 per cent equity interest in Pipeline Infrastructure Pvt Ltd, owner and operators of the pipeline that transports Reliance Industries Ltd’s eastern offshore KG-D6 gas to customers, according to […]