Vedanta Ltd’s oil and gas arm Cairn has got a further three-month extension of license for its prolific Rajasthan oil block pending settlement of a dispute over USD 520 million cost recovery. The license to explore and produce oil and gas from Barmer was due to renewal in May this year, but pending settlement of […]
Category: Oil & Gas
Oil & Gas
Reliance Industries to appeal in Supreme Court against SAT ruling
Reliance Industries on Thursday said it will challenge in Supreme Court the dismissal of its plea by the Securities Appellate Tribunal against a Sebi ruling barring the firm and 12 of its promoter group entities from dealing in equity derivatives for alleged unfair trade practices. SAT, by a 2:1 majority order, has dismissed RIL’s appeal […]
CRISIL upgrades rating on Tata Power NCDs, long-term bank facilities
Tata Power on Thursday said Crisil has upgraded its rating on the company’s non-convertible debentures and long-term bank facilities. “Crisil has upgraded its rating of The Tata Power Company Ltd to ‘Crisil AA’ from ‘Crisil AA-‘ on the non-convertible debentures and long-term bank facilities, Tata Power said in a regulatory filing. The outlook on the […]
Oil drops after Trump claims victory in US election despite uncounted votes
Oil turned lower on Wednesday after President Donald Trump claimed victory in a tight US election, despite millions of votes still to be counted and a final result not expected for days. West Texas Intermediate was down 15 cents, or 0.4%, at $37.51 a barrel by 0755 GMT, after choppy trade in positive territory for […]
No relief for consumers on fuel prices while oil cos jack up margins
Even as consumers continue to pay higher prices auto fuels petrol and diesel, country’s biggest oil marketing companies are expected to reap in higher margins on sale of the two products substantially improving their profitability. As per oil sector analysts, at current retail price of petrol and diesel, OMCs are making a net marketing margin […]
Adani Gas signs pact to acquire defaulter Jay Madhok Energy’s 3 city gas licenses
Adani Gas Ltd on Wednesday announced the acquisition of city gas licenses for Ludhiana, Jalandhar and Kutch (East) from Jay Madhok Energy for an undisclosed sum of money. Jay Madhok Energy Pvt Ltd has been showcased by the oil regulator Petroleum and Natural Gas Regulatory Board (PNGRB) over defaulting on timelines and alleged irregularities in […]
GAIL India invites bids for charter of LNG tanker: Sources
GAIL (India) is inviting bids from interested companies to charter the liquefied natural gas (LNG) tanker Meridian Spirit for a period of one year, two industry sources said on Wednesday. The 163,000-cubic metre tanker will be available from March 2021 to March 2022, and companies are requested to submit bids by Nov. 6 with bids […]
Saudi Aramco’s third-quarter profit falls 44.6% to 44.21 billion riyals
Saudi Arabian state oil group Aramco on Tuesday reported a 44.6% drop in third-quarter net profit, in line with analysts’ estimates, dented by lower crude oil prices and volumes sold as the coronavirus crisis choked demand. Weaker refining and chemicals margins have also hit the company’s net profit, which fell to 44.21 billion riyals ($11.79 […]
India’s GSPL says new pipeline to boost FY22 gas supply by a quarter
Gas transmission by India’s Gujarat State Petronet Ltd will rise by about a quarter in the next fiscal year starting from April as it links northern regions to an existing grid in the western state, a company official said on Tuesday. The 930-km (578-miles) pipeline linking Mehsana in Gujarat to Bathinda in the northern state […]
Diesel completes a month without retail price revision across country
Auto fuel diesel on Monday completed one full month without any revision in its retail prices across the country. The auto fuel prices were revised downwards to current levels exactly a month back on October 2. But since then, oil marketing companies have not changed its price suggesting stability in the oil market. Average International […]
Tech giant IBM, Indian Oil Corporation collaborate for digital services
Tech giant IBM on Thursday said it has collaborated with Indian Oil Corporation Ltd (IOCL) to transform the latter’s customer experience using digital tools. Around 12,400 IOCL distributors covering about 130 million consumers can now use the IndianOil One mobile app and portal, developed by IBM Services, a statement said. The IndianOil One mobile app […]
Oil drops on rising virus cases, increasing Libyan output
LONDON: Oil prices fell on Monday, extending last week’s losses, as increasing coronavirus cases in the United States and Europe raised worries about energy demand, while Libya’s fast growing production also weighed on prices. Brent was down 88 cents, or 2.1%, at $40.89 by 1306 GMT. U.S. West Texas Intermediate (WTI) dropped 92 cents, or […]