Category: Oil & Gas

The Indian Gas Exchange (IGX) recorded a 123 per cent month-on-month increase in gas trading volumes for April 2024, totaling 2.47 million mmbtu (~62 mmscm), which also marked a 38 per cent increase on a year-on-year basis. This surge in trading activity was largely due to price corrections in the international market and the lower […]

India’s petrol consumption soared 12.3 per cent in April, but diesel sales continued to slide despite the country entering into hectic electioneering for general elections, preliminary data of state-owned firms showed on Wednesday. Petrol sales of three state-owned firms, which control 90 per cent of the fuel market, rose to 2.97 million tonnes in April […]

Shares of Indian Oil Corporation (IOC) on Tuesday declined over 4 per cent after the company reported a halving of its March quarter net profit. The stock dropped 4.44 per cent to settle at Rs 168.95 apiece on the BSE. During the day, it tanked 4.97 per cent to Rs 168. On the NSE, it […]

Adani Total Gas Ltd, the city gas retailing joint venture of Adani group and TotalEnergies of France, on Tuesday reported a 59 per cent rise in March quarter net profit on the back of a surge in CNG sales volumes. The company posted a net profit of Rs 165 crore in the January-March period as […]

India’s net oil import bill could widen to USD 101-104 billion in current fiscal from USD 96.1 billion in 2023-24 and any escalation in the Iran-Israel conflict could impart an upward pressure on the value of imports, ICRA said on Tuesday. The domestic rating agency said based on its analysis, lower value of Russian oil […]

India’s Chennai Petroleum Corp Ltd will build a 180,000 barrels per day (bpd) refinery at Nagapattinam in Southern Tamil Nadu State by the end of 2027, two years later than initially planned, its head of finance Rohit Kumar Agrawala said on Monday. India, the world’s third biggest oil consumer and producer, is expanding its refining […]

Anil Agarwal-owned Vedanta Resources (VRL), which has hired Standard Chartered Bank to raise funds for its Konkola copper mine assets, says it is engaging with several potential partners for both short-term funds and long-term equity financing for the Zambian project. A Vedanta official said its commitment to optimising capital allocation and driving expansion is a […]

The broking firm Motilal Oswal has maintained the rating and target price on the stock of Reliance Industries. However, it said that the company might see some pressure in oil to chemicals earnings in the first quarter of FY25 as volume is expected to be muted sequentially. It has a “Buy” rating, with a target […]

Oman LNG and TotalEnergies, one of its shareholders, have signed a sale and purchase agreement to supply 800,000 metric tons per year of liquefied natural gas, the companies said on Monday. TotalEnergies, which owns 5.54 per cent of Oman LNG, will be supplied by the company for 10 years from 2025, they said in separate […]

State-run Hindustan Petroleum Corp. Ltd (HPCL) plans to set up an international oil trading desk, a company official said. The company is currently in the process of finalizing the location. Hindustan Petroleum Corporation Limited (HPCL) is executing the Visakh Refinery Modernisation Project (VRMP) to modernize and enhance capacity … Post modernization, the refinery will produce […]

Russia became the top oil supplier to India during the fiscal year 2023/24 for a second year in a row, squeezing the market share of Middle Eastern and OPEC producers to historic lows, ship tracking data from industry sources showed. New Delhi has been gorging on Russian oil sold at a discount after Western nations […]

India’s indigenous crude oil and condensate production in March 2024 reached 2.5 million metric tons (MMT), marking a 2.02% increase from March 2023, according to data from the Petroleum Planning and Analysis Cell (PPAC). Oil India Limited (OIL) reported production of 0.3 MMT, Oil and Natural Gas Corporation (ONGC) produced 1.6 MMT, and production under […]