New Delhi : The subsidy support to purchase expensive imported re-gassified liquefied natural gas (RLNG) can help light up 9,000-MW stranded power plants, potentially making such projects service interest obligations for 2 years, says rating agency CRISIL. “CRISIL estimates that at prevailing gas prices, this can potentially enable 9,000 MW out of 14,300 MW of […]
Category: Oil & Gas
Oil & Gas
Government needs to reduce oil companies like OIL, ONGC burden over low margins: Fitch
NEW DELHI: Lower oil prices have reduced net margins of two state-owned upstream companies, Oil India Ltd and ONGC Ltd and the government needs to reduce the burden on them, credit rating agency Fitch said today. “We expect the government to intervene to reduce this financial burden on the state-upstream companies in light of the […]
Power failure hits LNG output at Australia’s north west shelf export plant
Australia : A loss of power supply since May 5 has hurt production of liquefied natural gas (LNG) at Australia’s North West Shelf export plant, a spokeswoman for operator Woodside Petroleum said on Friday. “On Tuesday, May 5 an electrical incident occurred at the North West Shelf Project’s Karratha Gas Plant (KGP) resulting in a […]
HPCL revises down May petrol import demand
SINGAPORE : Hindustan Petroleum Corp Ltd (HPCL) has revised down its petrol May imports to a total of 52,000 tonnes from an initial 57,000 tonnes, traders said on Wednesday. It is now looking to buy a total of 30,000 tonnes of petrol for May 15-23 delivery to Mundra, down from its original target of a […]
Oil Minister Dharmendra Pradhan rejects Cairn plea on block restoration
NEW DELHI: The government is not considering restoring to Cairn India nearly 8,000 square km the firm had surrendered in the prolific Rajasthan oil block, Oil Minister Dharmendra Pradhan said today. Cairn’s Barmer basin Rajasthan block, RJ-ON-90/1, originally covered an area of 11,108 sq km. According to the contractual requirement, Cairn relinquished or gave up […]
As Iran’s oil and gas fair opens, foreign cos weigh return
TEHRAN: Iran is expected to outline big oil and gas projects at a major industry event Wednesday ahead of a possible nuclear deal that could allow global energy giants to return. The plans, which have been trailed in the Iranian media, will likely dominate Iran’s 20th Oil, Gas, Refining and Petrochemical Fair, a four-day event […]
Petro Gate: Court grants bail to six accused
New Delhi: A Delhi court today granted bail to six accused, including four corporate executives and a journalist, arrested in connection with the Petroleum Ministry documents leak case. Additional Sessions Judge Gurdeep Singh Saini enlarged Shailesh Saxena of Reliance Industries Ltd, Vinay Kumar of Essar, Rishi Anand of Reliance ADAG, Cairns India’s KK Nayak, journalist […]
Energy services firm Cape wins 100 million BP contract
British energy services firm Cape Plc said it had secured a two-year contract from BP Plc worth 100 million pounds ($153.4 million). The company, which supplies scaffolding, insulation, industrial cleaning and fire protection services to oil and gas and power plant operators, said the contract would secure around 500 jobs. Cape will supply a range […]
Saudi Arabia to restructure Aramco, separate it from oil ministry: Report
DUBAI: Saudi Arabia’s Supreme Economic Council has approved a restructuring of state oil company Saudi Aramco that includes separating it from the oil ministry, Al Arabiya television channel reported on Friday, citing sources. There are no indications that the move will lead to changes in the fundamental way the world’s top crude exporter makes its […]
Shell profits beat expectations despite low oil prices
LONDON: Oil company Royal Dutch Shell on Thursday reported better-than-expected profits, though sales were hammered by the drop in global energy prices. It said its first-quarter profit rose 7 percent, thanks to a good performance in the refining division as well as to the fact that year-earlier figures were weighed down by one-time charges. The […]
Oil prices to stay weak for at least a year
New Delhi: Oil is likely to stay relatively weak for at least the next year, a Reuters poll forecast on Thursday, suggesting a slowdown in oil production in the United States will not be enough to offset a global supply glut. Reuters monthly survey of 32 analysts predicted North Sea Brent crude would average $60 […]
BPCL raises $500 mn to fund capital expenditure
New Delhi: State-owned Bharat Petroleum Corp Ltd (BPCL) today said it has raised $500 million through fixed-rate unsecured notes to fund its capital expenditure. “BPCL has launched an issue of USD 500 million fixed rate unsecured notes due 2025, which were priced on April 29,” the company said in BSE filing. The 10-year notes will […]