Category: Oil & Gas

After Reliance Industries Ltd and its partner bp plc of the UK, Nayara Energy – the nation’s largest private fuel retailer – has started selling petrol and diesel at Re 1 less than the fuel sold by state-owned retailers, officials said. While state-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum […]

India’s top oil and gas producer ONGC posted a surprise loss in the March quarter after it made an over Rs 12,100 crore provision for a contested tax liability. The Oil and Natural Gas Corporation (ONGC) reported a net loss of Rs 247.70 crore in the January-March quarter compared with a net profit of Rs […]

Vedanta Ltd, the Anil Agarwal-led company, has pledged nearly all of its holdings in Hindustan Zinc Ltd (HZL) as collateral for loans. Vedanta Ltd held a 64.92 per cent stake, translating into 274.3 crore shares in HZL during the quarter ended March 31, 2023. Of this, the number of shares that were pledged stood at […]

A Chinese research ship and five escort vessels were in Vietnam’s exclusive economic zone (EEZ) on Friday close to gas blocks operated by Russian firms in the South China Sea, one day after Hanoi urged the ships to leave. Chinese vessel Xiang Yang Hong 10 began operating in Vietnam’s EEZ on May 7, representing the […]

India’s flagship overseas oil firm ONGC Videsh has got a new partner in Oil India Ltd to replace a reluctant Indian Oil (IOC) for the potential acquisition of a 50 per cent stake in Tullow Oil Plc’s $3.4 billion oilfield project in Kenya, according to people with knowledge of the matter. But the OVL-OIL duo […]

GAIL (India) Ltd, the country’s largest gas distributor, reported a 77.5 per cent slump in its quarterly profit on Thursday, dented by weakness in its petrochemicals segment. The company’s standalone profit after tax slumped to Rs 6.04 billion ($73.86 million) in the quarter ended March 31, from Rs 26.83 billion a year earlier. The state-owned […]

With the drop in global crude prices, the Centre has cut the windfall tax on domestically produced crude to zero from Rs 4,100 per tonne.It kept unchanged the windfall tax on petrol, diesel and aviation turbine fuel (ATF) at zero. The government has slashed the special additional excise duty (SAED) on crude oil produced by […]

Indian Oil Corporation, the nation’s largest oil firm, reported a 67 per cent jump in its March quarter net profit on the back of a recovery in fuel marketing margins and better refining margins. Standalone net profit was at Rs 10,058.69 crore in January-March compared with Rs 6,021.88 crore, in the same period a year […]

The government is yet to accept a report of the energy transition committee that recommended banning the use of diesel-powered four-wheelers in cities with over 10 lakh population and switch to electric and gas-fuelled vehicles by 2027, the oil ministry said. The report of the committee headed by former oil secretary Tarun Kapoor had also […]

Oil producers cartel OPEC’s share in India’s oil imports fell to an all-time low of 46 per cent in April as purchases of cheaper Russian oil peaked, industry data showed. Organization of the Petroleum Exporting Countries (OPEC) nations, mainly in the Middle East and Africa, had a 72 per cent share of all crude oil […]

The government has cut the windfall tax on domestically produced crude by 36 per cent to Rs 4,100 per tonne effective Tuesday, with the fall in crude prices. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation would be impacted by the revision in the special additional excise duty. […]

The influential Eastern Nagaland Peoples’ Organisation (ENPO) has voiced its opposition to the exploration of any mineral resources, including oil, within eastern Nagaland. On April 21, Assam chief minister Himanta Biswa Sarma and his Nagaland counterpart Neiphiu Rio had agreed in principle to go ahead with oil exploration along the disputed inter-state border for mutual […]