Category: Oil & Gas

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 […]

Indian Oil Corp (IOC) sold a naphtha cargo from its Paradip refinery this week, four traders that participate in the market said on Friday, in what was likely the first sale since May 2017. IOC sold up to 30,000 tonnes of naphtha on late Thursday in two separate cargoes for second-half August loading from Paradip […]

Oil prices fell for a third day on Thursday, following a surprise increase in U.S. crude inventories that added to existing concern about the rapid rise in global crude supply. Saudi Arabia, Russia, Kuwait and the United Arab Emirates have increased production, as agreed at a meeting in June, to help compensate for an anticipated […]

Seven Indian companies have made it to the latest Fortune 500 list of the world’s biggest corporations in terms of revenue, with state-owned IOC continuing to be the highest ranked Indian firm and Reliance Industries (RIL) jumping 53 places. In the list topped by retail giant Walmart, Indian Oil Corp (IOC) with 23 per cent […]

Oil slipped below $74 a barrel on Wednesday pressured by an industry report that US stockpiles of crude rose unexpectedly and by higher OPEC production, adding to indications of more ample supply. On Tuesday, the American Petroleum Institute said crude inventories rose by 5.6 million barrels last week. Analysts had expected a decrease of 2.8 […]

Higher oil prices and increased output helped BP quadruple its second-quarter profit from a year earlier as the oil major finally shakes off the after-effects of 2010’s Deepwater Horizon spill and the last oil market slump. Second-quarter results have been a mixed bag for the world’s top oil companies. Total beat forecasts and boosted production […]

Oil prices fell on Tuesday, with Brent futures set for their biggest monthly loss in two years, as oversupply concerns rose after a Reuters survey showed OPEC output rose in July to its highest for 2018. September Brent crude futures fell 25 cents, or 0.3 percent, to $74.72 a barrel by 0654 GMT after rising […]

The Government is taking various measures, including focusing on biofuels, to ease the cost of crude oil import, Union minister Dharmendra Pradhan said today. He told the Lok Sabha that the government is focusing on biofuels such as first and second generation ethanol, biodiesel and bio-CNG as part of efforts for “import reduction, environmental benefits […]

Oil rose on Monday as investors remained cautious over the supply outlook, although the fallout from global trade tensions limited price gains. October Brent crude futures were last up 36 cents at $75.12 a barrel by 0902 GMT. The September contract expires on Tuesday. U.S. crude futures were up 78 cents at $69.47 a barrel. […]

The government plans to launch the auction of 60 oil and gas fields being offered in the second round of bidding for Discovered Small Field (DSF) on August 9, regulator DGH said. DSF-II was supposed to be launched around mid-June, but it was deferred. “Launch of Discovered Small Field (DSF) Bid Round-II on August 9, […]

Oil prices fell on Friday, weighed down by a drop in the U.S. equities market, but Brent still marked a weekly increase, supported by easing trade tensions and a temporary shutdown by Saudi Arabia of a key crude oil shipping lane. Brent crude futures fell 25 cents to settle at $74.29 a barrel, but notched […]

Indian Oil Corp, the country’s top refiner, has shut a 40,000-barrel-per-day (bpd) crude unit at its 150,000-bpd Haldia refinery on the east coast after a minor fire, a company source said on Friday. The crude unit has been isolated and is expected to resume operation from Saturday, the source said, adding that the remaining units […]