Category: Oil & Gas

Oil and gas should not be demonised in the medium-term, Elon Musk, the founder of electric car maker Tesla, said on Saturday, but he also said it was important to reduce carbon emissions to preserve the planet. Musk, speaking at a right-wing political gathering organised by Italian Prime Minister Giorgia Meloni’s Brothers of Italy party […]

Global rating agency S&P Global, which sees rising risks of a “conventional payment default’’, has downgraded Vedanta Resources. Vedanta Resources is the parent of Vedanta Ltd, the diversified domestic firm in the midst of a mega restructuring. The downgrade by S&P came even as VRL announced that it has secured a $1.25-billion loan from private […]

The price of domestic cooking gas LPG at Rs 603 for a 14.2 kilogramme cylinder for beneficiaries under Pradhan Mantri Ujjwala Yojana (PMUY) is the cheapest in India when compared to rates in neighbouring countries, Petroleum Minister Hardeep Singh Puri said in the Rajya Sabha on Monday. The minister, during the Question Hour in the […]

It’s a Russian crude oil tanker that’d been sailing nearly two weeks, biding its time, in the Laccadive Sea. The NS Century is waiting for an Indian government green signal to sail into Gujarat’s Vadinar Port to unload its consignment of Russian oil. The Century is one of five ships that have been sanctioned by […]

Oil prices fell on Thursday after rising more than 1 per cent earlier in the session after Opec+ oil producers agreed to voluntary output cuts approaching 2 million barrels per day (bpd) for early next year, with each country announcing separately its voluntary cut. Brent crude futures for January fell 50 cents, or 0.6 per […]

State-owned fuel marketing companies are likely to revert to daily revision in prices of petrol and diesel only when international oil prices stabilise below USD 80 per barrel on a sustained basis, industry officials said. Three state-owned fuel retailers — Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd […]

State-owned Indian Oil Corporation (IOC) has cornered more than a third of the natural gas that Reliance Industries Ltd and its partner BP of the UK offered in the latest auction of the KG-D6 gas, sources said. IOC got 1.45 million standard cubic meters per day out of the 4 mmscmd of gas auctioned last […]

Shares of Adani group firms continued to attract heavy demand in morning trade on Tuesday, with Adani Total Gas climbing nearly 20 per cent. All the 10 listed group companies were trading with sharp gains during the morning trade, defying a muted trend in the equity market. Shares of Adani Total Gas zoomed 19.61 per […]

Shares of Adani group firms continued to attract heavy investors’ demand on Tuesday, with Adani Total Gas climbing nearly 20 per cent. Investors flocked the counters of all the 10 listed companies, with shares ending with sharp gains even as the equity market depicted huge volatility during the day. Shares of Adani Total Gas zoomed […]

Oil prices fell on Monday, with the Brent benchmark hovering around $80 a barrel as investors awaited this week’s Opec+ meeting and expected curbs on supplies into 2024. Brent crude futures were down 37 cents, or 0.4 per cent, at $80.21 a barrel by 1633 GMT, while US West Texas Intermediate (WTI) crude futures lost […]

India plans to ask state-run Oil and Natural Gas Corp to consider launching a rights issue to help fund green projects at refining arm Hindustan Petroleum Corp, two sources said, an exercise that could raise about $1.9 billion. The comments come after India’s finance minister announced a plan this year to provide equity of Rs […]

The government has slashed the windfall tax on domestically produced crude oil to Rs 6,300 per tonne from Rs 9,800 per tonne and on the export of diesel, the tax was reduced to Re 1 per litre from Rs 2 per litre in line with softening international oil prices. The tax is levied in the […]