Virtually rejecting ONGC’s demand, Hindustan Petroleum Corp Ltd (HPCL) has said it is acting as per its understanding of the statute in not recognising the new majority shareholder as its promoter. “Whatever we are doing, whatever we have done and whatever we will be doing will be as per our understanding of the statute and […]
Category: Oil & Gas
Oil & Gas
Oil dips on weak China imports, but Iran sanctions, weak U.S. stocks support
Oil prices dipped on Wednesday after China reported relatively weak import data, although the market remained well supported by falling U.S. crude inventories and the introduction of sanctions against Iran. Front-month Brent crude oil futures were at $74.50 per barrel at 0651 GMT, down 15 cents, or 0.2 percent, from their last close. U.S. West […]
Oil up as U.S. sanctions on Iran expected to tighten supply
Oil prices rose on Tuesday with revived U.S. sanctions against major crude exporter Iran expected to tighten global supply. Brent crude oil futures were up 50 cents to $74.25 per barrel at 0928 GMT and U.S. West Texas Intermediate (WTI) crude futures were up 29 cents at $69.30 a barrel. A first batch of U.S. […]
Vedanta set to bag 40 oil blocks in India’s first open acreage auction
Anil Agarwal-led Vedanta Ltd is likely to bag as many as 40 oil and gas exploration blocks in India’s maiden open acreage auction, official sources said today. An Empowered Committee of Secretaries (ECS) has cleared award of blocks offered in OALP-1, bidding for which closed on May 2, they said. The recommendations of the panel […]
High operating profit to help ONGC cut borrowings, says Moody’s
Oil and Natural Gas Corp’s (ONGC) highest ever pre-tax quarterly profit (EBITDA) provides cash flow to the state-owned firm to reduce borrowings, Moody’s Investors Service said on Monday. For the April-June quarter of the current fiscal, ONGC reported 47.2 per cent increase in EBITDA or operating profit to Rs 142.4 billion. “The increase in EBITDA […]
Indraprastha Gas receives LoI for development of city gas distribution network in 3 districts
From Petroleum and Natural Gas Regulatory Board. Indraprastha Gas (IGL) has received letter of intent dated 04 August 2018 from Petroleum and Natural Gas Regulatory Board (PNGRB) for grant of authorization to the Company for development of City Gas Distribution Network in the Geographical Area of Meerut (Except areas already authorized), Muzaffarnagar & Shamli Districts.
Oil gains after monthly Saudi output shows surprise drop
Oil rose on Monday after Saudi crude production registered an unexpected decline in July and U.S. drilling appeared to slow, although the price is still almost 10 percent below its 2018 high of more than $80 a barrel. Markets also anticipated an announcement from Washington later on Monday on renewed U.S. sanctions against major oil […]
Taiwan’s $6.6 bn petrochem plan hits IOCL’s feedstock constraints
A massive investment plan of $6.6 billion (or Rs 430 billion) by Taiwan’s state-owned petroleum & natural gas company, CPC Corporation, in the country’s eastern coast at Paradip has bumped into a hurdle at the stage of project conception. Paradip has emerged as a suitable location for CPC Corporation’s greenfield cracker plant and downstream petrochemical […]
Sebi in final stages of allowing futures trading in petrol and diesel
Over 60,000 retail petrol pump and hundreds and thousands of small and big transporters, bulk users and diesel-consuming industries will soon be able to hedge the price risk in petrol and diesel, as Sebi is in final stages of allowing futures in these two commodities. ICEX, the third largest Commodity Exchange, has urged the regulator […]
China’s Unipec suspends U.S. oil imports as trade spat intensifies
China’s Unipec, the trading arm of state oil major Sinopec, has suspended crude oil imports from the United States due to a growing trade spat between Washington and Beijing, three sources familiar with the situation said on Friday. The sources declined to be identified as they are not authorised to speak to the media. It […]
India looking to set up LNG import terminal in Myanmar: Dharmendra Pradhan
India is planning to set up a liquefied natural gas (LNG) import terminal in Myanmar as it looks to expand energy diplomacy in its neighbourhood, Oil Minister Dharmendra Pradhan said on Friday. The terminal to import super-cooled natural gas will be in addition to the similar facilities planned by Indian firms in Bangladesh and Sri […]
Will move HC against arbitration ruling that went in favour of RIL: Govt
Oil Minister Dharmendra Pradhan today said the government will file an appeal in High Court against a ruling by an international tribunal which rejected its USD 1.55 billion claims against Reliance Industries for allegedly siphoning gas from fields operated by state-owned ONGC. A three-member international arbitration tribunal, by a majority vote last week, held that […]