Category: Oil & Gas

Mining moghul Anil Agarwal’s Vedanta Ltd has received environment clearance for the expansion of its oil and gas operation in Rajasthan that would entail an investment of Rs 12,000 crore, according to an official circular. The proposal is to expand onshore oil and gas production from the existing 3,00,000 BOPD (barrels oil per day) to […]

Brent oil rose above $75 per barrel on Thursday for the first time this year as quality concerns forced the suspension of some Russian crude exports to Europe while the US prepared to tighten sanctions on Iran. Brent crude futures were at $74.95 by 1344 GMT, up 38 cents. They earlier hit a session high […]

With the US government ending sanction waivers for importing oil from Iran, India is planning to step up supplies from countries including the US, Saudi Arabia, UAE, Mexico, Kuwait and Bahrain in order to minimize the impact, government sources said Tuesday. With oil imports from Iran likely to come to a halt, the government expects […]

The surging price of oil is an Achilles’ heel for the Indian economy, complicating its inflation, current account, fiscal balance and currency outlook, a market report by Singapore’s DBS banking group has said. “The sharp rally in oil weighed on all asset classes; USD-INR jumped to 69.87 high before closing slightly lower, while equity markets […]

India will attempt a last-minute aversion of the American guillotine on oil imports from Iran at a forthcoming meeting with senior US State Department officials this week. US Secretary of State Mike Pompeo today dropped a bombshell that sent crude prices soaring by announcing that Washington has decided not to exempt any country from its […]

There has been a considerable amount of cooperation from India on the US efforts to restrict export of Venezuelan oil, a top American diplomat said on Friday as the Trump administration tightened its noose over the authoritarian regime of the Latin American country. “I would say that we have had contacts with Indian companies and […]

Indian Oil Corporation (IOC) has won licences to retail gas in 10 cities while Hindustan Petroleum won rights for nine towns as oil regulator PNGRB announced winners for the 10th city gas bid round. It won licences for nine cities, most of them in Bihar and Jharkhand, on its own and one in a JV […]

In the first-ever deal by an Indian company, Indian Oil Corp (IOC) today said it has signed an annual deal worth $1.5 billion to import 3 million tonnes of crude oil in the fiscal year beginning April 1. This is the first time any Indian refiner has signed an annual contract since the country in […]

As many as 39 firms, including six foreign players, on Wednesday put in 145 bids for 24 out of the 25 oil and gas fields on offer in the second round of bidding for discovered small fields in India, with mining giant Vedanta placing offer for the maximum 21 fields.

State-owned Indian Oil Corp (IOC) today reported 91% decline in the third quarter net profit on account of lower refinery margins and inventory losses due to falling oil prices.