Category: Oil & Gas

India is exploring the possibility of picking up stakes in explored oil and gas blocks in South America. The country is also planning to join hands with another energy guzzler China to collectively bargain with oil producers. Petroleum ministry officials said the two countries have already formed a working group to frame negotiation strategies and […]

Iran has adopted new tactics and new destinations in shipping its oil exports following the re-imposition of US sanctions, a senior Iranian maritime official was quoted as saying on Saturday by the semi-official ILNA news agency. “The oil ministry’s tactics in exporting oil and petroleum products have changed, … and perhaps the destinations of oil […]

Reliance Industries along with BP have bid for an exploration acreage for the first time in their eight-year partnership under the government’s open acreage licensing policy for oil and gas that has put 32 blocks up for auction. Reliance-BP has made an offer for one block in the Krishna-Godavari basin. The block had been demarcated […]

The government will fork out oil subsidy worth Rs 8,500 crore to state-owned firms in the fourth quarter of 2018-19 for selling cooking gas and kerosene below cost. While Rs 7,640 crore has been allocated for LPG cylinder, an amount of Rs 860 crore will be given for the under-recovery on the sale of subsidised […]

India is learnt to have told Tehran on Tuesday that only the new government, expected to be in place before the month ends, can take any decision on buying oil from Iran in the wake of Washington’s move to end the temporary sanctions waiver. Foreign minister Sushma Swaraj is said to have conveyed this to […]

An oil pipeline that runs across Saudi Arabia was hit by drones Tuesday west of its capital of Riyadh, the Saudi energy minister said, shortly after rebels in Yemen claimed they carried out coordinated drone strikes against the kingdom. The attacks followed reports of sabotage against oil tankers in the Persian Gulf off the coast […]

The next round of oil and gas hunt will commence this week. Officials said the government expected strong interest this time for the less explored areas as prospectors would not have to share their revenue with the government unless they make windfall gains. The expression of interest for the fifth round of oil and gas […]

The shares of Reliance Industries fell Rs 44.30, or 3.41 per cent, to Rs 1,255.15 on the BSE on Thursday, following a brokerage downgrade. Morgan Stanley downgraded Reliance to equal-weight from over-weight and warned the Mukesh Ambani company’s earnings growth could halve in the current fiscal. The Reliance stock has been on a downhill, falling […]

India is weighing a number of options to secure additional crude oil to compensate for the loss of cheap Iranian supplies due to US sanctions. Oil producers, however, are expected to seek a premium for the additional supplies which will roil the market further amid geo-political tensions. Industry sources said the state owned refiners had […]

The US will not offer oil to India at cheaper rates in the wake of the disruption in supply caused by Washington withdrawing the waiver that allowed India to buy oil from Iran. However, Washington is trying to persuade Saudi Arabia and the UAE to ensure adequate supply to India. “Oil is owned by private […]

The Narendra Modi-government’s pledge to cut oil import dependence by 10 per cent has been turned upside down as the country’s reliance on foreign oil has jumped under the NDA to a multi-year high of nearly 84 per cent, latest government data showed. Speaking at the “Urja Sangam” conference in March 2015, the Prime Minister […]

India is negotiating with Saudi Arabia and the UAE for crude on term contracts to make up for a shortfall in Iranian oil because of the withdrawal of the waivers by the US. “Talks are on with Saudi Arabia, UAE, Kuwait and other Opec members to enter into additional term contract to bridge the void […]