Category: Oil & Gas

India will lease a quarter of its strategic petroleum reserve in Padur to Saudi Aramco to store about 4.6 million barrels of oil, a government official said on Wednesday, as New Delhi seeks global investment in its expanding energy infrastructure. Global oil producers are eager to gain a foothold in India, where fuel demand is […]

Energy giant Saudi Aramco will make its long-awaited debut on the Riyadh stock market on December 11, Saudi-owned Al-Arabiya television said Tuesday. The broadcaster, citing unnamed sources, said the Saudi exchange will announce on November 3 a timetable for the initial public offering including the release on November 17 of the targeted share price. “Aramco […]

More than a year after hearings in an arbitration initiated by Cairn Energy against Rs 10,247-crore retrospective tax demand ended, the three-member Arbitral Tribunal has indicated that the award will be further delayed to mid-2020, the British firm said on Monday. The international tribunal, which had in August last year completed main court hearings in […]

The government is looking into state-owned Bharat Petroleum Corp Ltd’s (BPCL) investments in a gas block in Mozambique and has not yet formally given its approval to the firm for further spendings, sources said. Bharat PetroResources Ltd (BPRL), an exploration and production subsidiary of BPCL, had in August 2008 bought a 10 per cent stake […]

French oil company Total has signed a deal with Chinese state-owned Zhejiang Energy Group (ZEG) to create a joint venture company to supply and delivery marine fuels in the Chinese region of Zhoushan, the companies said on Monday. Total China Investment (TCI) will hold a 49 per cent share in the new joint venture company, […]

India’s energy trade with the US is likely to touch $10 billion in financial year 2019-20, with the country having increased its import of crude oil, LNG and coking coal, said Union Petroleum Minister Dharmendra Pradhan on Monday. Last year, the bilateral energy trade valuation stood at $7 billion. “In 2018-19, our energy trade size […]

Abu Dhabi National Oil Company (ADNOC) and Germany’s Borealis may acquire stakes in the BASF-Adani proposed petrochemicals venture in India. In January this year, BASF and Adani announced a petrochemicals project in Mundra, Gujarat, entailing an investment of Rs 16,000 crore. With Abu Dhabi and Borealis coming into the venture and the project looking at […]

India’s fuel demand fell to its lowest in more than two years in September, data from the Petroleum Planning and Analysis Cell (PPAC) showed. Consumption of fuel, a proxy for oil demand, totalled 16.01 million tonnes – its lowest since July 2017 – down about 0.3% compared with the same month last year. Meanwhile, consumption […]

Advisers working on Saudi Aramco’s mammoth share sale may split a fee pool of as much as $450 million, according to people with knowledge of the matter, making it one of the biggest IPO pay outs globally. The oil giant is set to pay between $350 million and $450 million to a group of more […]

Shares of Bharat Petroleum Corporation (BPCL) climbed as much as 5.54 per cent to Rs 517.45 apiece on the BSE in the intra-day deals on Wednesday. The stock spurted after news reports suggested energy giant Saudi Aramco is likely to express its interest in the strategic sale of BPCL. Prime Minister Narendra Modi is likely […]

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), on Wednesday said it has made two new oil and gas discoveries in Colombia and Brazil, strengthening its reserves in Latin America. OVL made an oil find in Colombia’s onshore exploration block CPO-5 in the Llanos basin and major natural gas […]

State-owned oil companies on Tuesday accused Air India of not honouring its commitment to pay Rs 100 crore every month to clear overdue ATF outstanding of over Rs 5,000 crore and will be forced to snap supplies at major airports from Friday if no solution is offered. “Air India had back in June and again […]