LONDON/NEW DELHI: India has nearly doubled the amount of West African oil it will import in the first half of April, traders said, in a buying spree aimed at refiners building stocks ahead of purchases to fill the country’s new strategic petroleum reserve (SPR). The world’s fourth-largest energy consumer has stepped up purchases of the […]
Category: Oil & Gas
Oil & Gas
Govt examining CAG report on irregularities in ONGC’s rig hiring procedure
New Delhi: The government is examining CAG allegations of irregularities in ONGC hiring a deep sea drilling rig from Reliance Industries and will take appropriate action, Oil Minister Dharmendra Pradhan said today. The Comptroller and Auditor General (CAG) had in September 2012, stated that Oil and Natural Gas Corp (ONGC) “deviated from the standard tendering […]
Crude oil falls by 2.1% on weak Asian cues
New Delhi: Crude oil futures fell sharply by Rs 61 to Rs 2,805 per barrel today as speculators trimmed positions amidst a weak trend in Asian markets. Trading sentiment turned weak following fall in global crude oil prices on bulging supplies and strengthening dollar, analysts said. At the Multi Commodity Exchange, crude oil for delivery […]
Sri Lanka, India to partner on oil storage project: PM Modi
COLOMBO: India will help Sri Lanka develop its Trincomalee town as a regional petroleum hub and Indian Oil Corp has reached a joint-development pact with Ceylon Petroleum Corporation, Prime Minister Narendra Modi said today. The agreement as well as a task force to implement it were announced after a meeting between Modi and Sri Lankan […]
MRPL to shut 120,000 bpd crude unit in April
New Delhi: Mangalore Refinery and Petrochemicals Ltd (MRPL) plans to shut a 120,000 barrel per day crude distillation unit (CDU) for about 10 days from early April for planned maintenance, its head of refinery operations said on Friday. MRPL, a subsidiary of state-run exploration firm Oil and Natural Gas Corp , runs a coastal refinery […]
HPCL aims to restart fire-hit Vizag unit by Saturday
New Delhi: Hindustan Petroleum Corp aims to restart a catalytic reformer (CCR) petrol-making unit by Saturday following a minor fire caused by a leak, its head of refineries BK Namdeo told Reuters. HPCL’s 166,000 barrels-per-day (bpd) Vizag refinery in southern India has one CCR and an isomerisation unit. The plant also has two naphtha hydrotreaters […]
Cairn India slapped with Rs 20,495 crore tax demand
New Delhi: Income Tax Department has slapped aRs 20,495 crore tax demand on Cairn India for failing to deduct withholding tax on alleged capital gains made by its erstwhile promoter, Cairn Energy Plc. Cairn India said it does not agree with the tax demand and will pursue all possible options to protect its interest. Earlier […]
Supreme Court defers re-hearing of PILs in RIL gas pricing case
NEW DELHI: The Supreme Court on Wednesday deferred until March 30 re-hearing of a bunch of petitions challenging the government’s gas pricing policy. The petitions also allege that the gas pricing formula devised by the government sought to benefit Reliance Industries Ltd (RIL) by favouring doubling of the prices of gas extracted from its KG-DG […]
ONGC Videsh Ltd in talks to acquire stake in two Siberian oilfields: DharmendraPradhan
NEW DELHI: ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), is in talks to acquire stake in two Siberian oilfields, Oil Minister Dharmendra Pradhan said today. OVL “is in discussions with a Russian oil company for acquiring participating interest in two Siberian oil fields,” he said in a written […]
No plans to withdraw LPG subsidy to well off people: Sinha
NEW DELHI: There are no plans to withdraw the facility of subsidised LPG cylinders to financially well off people, even as 1.46 lakh such consumers have voluntarily given up the subsidy, the government said today. “As on February 23, 2015, approximately 1.46 lakh consumers have voluntarily given up LPG subsidy on their domestic LPG connections,” […]
Engaged with Indian government on tax dispute: Cairn
NEW DELHI: Scottish oil explorer Cairn Energy today said it is engaged with the Indian government to resolve a tax dispute that has stalled sale of its 10 per cent stake in Cairn India Ltd and led to 40 per cent job cuts. “We note the comments made by the new BJP Government about the […]
Cairn Energy reduces yearly losses; plans more Senegal wells
LONDON: Oil explorer Cairn Energy reported a decline in yearly losses after tax to $381 million and announced it plans to drill at least three more wells this year in Senegal where it made some promising discoveries in 2014. Cairn, which currently has no revenue as it purely focuses on exploration work, said its net […]