Category: Oil & Gas

The next government at the Centre will have to contend with high oil prices and its impact on inflation and the current account deficit, following the US withdrawing its waiver on Iranian oil for some countries such as India, China and Japan. The global Brent crude price has touched over $74 per barrel. Estimates are […]

State-owned refiners are working out an alternative strategy to fill up the void as Washington goes ahead with its plan to tighten sanctions on Iran by ending the waiver for Tehran crude from May 2. This led to a 3.3 per cent spike in the price of Brent crude to $74.31 per barrel — the […]

The US said on Monday it would eliminate from May 2 all waivers granted last November to eight countries, including India, that allowed them to continue to buy crude oil from Iran without running the risk of facing American sanctions. The 180-day waiver granted to India, China, Italy, Greece, Japan, South Korea, Taiwan and Turkey […]

Reliance Industries on Saturday denied involvement in any arrangement that led to cash payments for oil supplies to Venezuelan state oil company PDVSA via third parties, and said it was not in violation of any US sanctions. In a statement, Reliance said reports suggesting that it was involved in an arrangement that led to cash […]

A Dutch judge has released three former employees of a local firm suspected of laundering $1.2 billion through over-invoicing services and works rendered for a gas pipeline built by a unit controlled by Mukesh Ambani, a charge vehemently denied by Reliance Industries. The trio were arrested by Dutch investigators and released on Friday after three […]

Domestic natural gas prices are set to increase a steep 18 per cent to $3.97 per million British thermal unit (mBtu) from April 1 following a spike in the prices in global gas hubs. Families using piped natural gas for cooking will have to pay more for its use, along with the users of CNG […]

Reliance Industries, operator of the world’s largest oil refining complex, on Friday said in a statement it was not breaching US sanctions against Venezuela. The company said its recent fuel exports to Venezuela were agreed to before Washington imposed sanctions in January, and that they were meant to settle Reliance’s crude oil imports from Venezuela. […]

Reliance Industries is selling fuel to Venezuela from India and Europe to sidestep sanctions that bar US-based companies from dealing with state-run PDVSA, according to trading sources and Refinitiv Eikon data. Reliance had been supplying alkylate, diluent naphtha and other fuel to Venezuela through its US-based subsidiary before Washington in late January imposed sanctions aimed […]

Exports of petroleum products have fallen because of a higher domestic demand, which could have an impact on the country’s trade deficit and rupee value. Petroleum products account for over a tenth of the gross value of outbound shipments, analysts said. The exports had decreased 24.3 per cent during January 2019 and 8.6 per cent […]

The board of state-owned explorer ONGC would be meeting here on Saturday to finalise the second interim dividend to bail out the government, facing a revenue crunch, and help it to meet the revised fiscal deficit target of 3.4 per cent of GDP. In a stock exchange filing, ONGC said the board would be meeting […]

Domestic oil and gas output has fallen in the last four years and imports have increased even as the government changed the rules for exploration to attract investments. Crude oil production has declined 4.7 per cent and natural gas by 2.9 per cent since 2014-15, while consumption increased at a healthy annual rate. Government data […]

Oil regulator PNGRB has approved a 37 per cent rise in tariff from April 1 for the pipeline that transports Reliance Industries’ eastern offshore KG-D6 gas to customers. “Transporting natural gas on the East West pipeline would cost Rs 71.66 per million British thermal unit (mBtu) on gross calorific value (GCV) basis from April 1 […]