Category: Oil & Gas

Reliance Industries Ltd and BP on Tuesday announced a new joint venture to sell auto fuels and ATF in the country. The new partnership extends their alliance in oil exploration and will see the duo expand Reliance’s network of petrol pumps to 5,500 over five years from 1,400 at present. The proposed investment was not […]

The government is keen to list ONGC Videsh — the overseas arm of ONGC — and transfer the proceeds of the listing as a special dividend, enabling it to meet the divestment target set for the current fiscal. The department of investment and public asset management (Dipam) has written to the oil ministry on listing […]

Indian Oil’s June-quarter net profit fell 47 per cent to Rs 3,737.50 crore from Rs 7,092.42 crore a year ago because of a drop in refinery margins and inventory gains. “The variation is majorly on account of lower inventory gain during the quarter,” the company said. IOC, the nation’s biggest oil firm, recorded an inventory […]

The government plans to set up a natural gas trading hub after unbundling GAIL India into two separate entities — a marketing and a pipeline company. The oil ministry is expected to move a cabinet note to split the state-owned firm soon as its marketing and pipeline businesses should be at arms-length and not provide […]

India on Thursday expressed its concern over the volatility in oil prices following rising tension in the Strait of Hormuz and urged Saudi Arabia to keep the price at reasonable levels. Saudi energy minister Khalid al-Falih was briefly in the country on Thursday before flying out to China as the Opec kingpin tried to convince […]

The shift to Bharat Stage-VI emission norms from April next year is likely to raise fuel prices as state-owned oil firms look to recover the investments made to upgrade their refineries. Sources said the state-owned oil firms had written to the petroleum ministry seeking a mechanism to help them recover the cost of shifting to […]

State-owned oil firms ONGC, Indian Oil Corporation and GAIL India are the likely candidates for selloffs that would take the government holding in them to below 51 per cent — which was announced by Nirmala Sitharaman in the budget. The government would, however, like to wield management control in them, which is the case in […]

ONGC Videsh, the overseas arm of state-owned explorer ONGC, is unlikely to go ahead with its investments in Iran’s Farzad-B gas block because of the US sanctions on the Islamic nation. Tehran has indicated that it could come out with a licensing round for the development of the field by an Iranian contractor if the […]

State-owned gas utility GAIL India on Monday announced a 1:1 bonus, a record dividend payment and the biggest capital expenditure of Rs 54,000 crore, buoyed by record net profit numbers. The transporter and marketer of natural gas reported that its net profit rose 10 per cent in the fourth quarter to Rs 1,122 crore and […]

India has stopped importing oil from Iran since the American waivers granted to eight buyers expired early this month, New Delhi’s envoy here said on Thursday. Indian ambassador Harsh Vardhan Shringla said that India had also ended its oil imports from Venezuela despite feeling the pinch. The US had re-imposed its sanctions on Iran in […]

State owned ONGC is likely to spend about Rs 65,000 crore over the next three years to ramp up production and development of its fields, including those in the KG Basin. Production will be ramped up in 13 field development projects and three enhanced oil recovery/improved oil recovery (EOR/IOR) projects, a research report of Motilal […]

Reliance Industries has toppled state-owned Indian Oil Corporation (IOC) to become the country’s biggest company by revenue. In 2018-19, Reliance has reported a turnover of Rs 6.23 lakh crore. In comparison, IOC posted a turnover of Rs 6.17 lakh crore for the fiscal, according to regulatory filings by the two companies. RIL was also the […]