Brent crude oil prices have jumped above $90 per barrel, driven by heightened geopolitical tensions that threaten to disrupt global oil supplies, and this could rise further in coming months due to geopolitical developments, said a new report. This comes as the oil market was already heading into a large deficit in the fourth quarter […]
The three main state-owned oil refining and marketing companies have so far lost $2.25 bn (Rs 17,000 cr) due to the freeze on petrol and diesel price imposed by the government ahead of state elections in Uttar Pradesh, Punjab and Goa, according to a report by Moody’s. The rating agency pointed out that Indians are […]
State-owned oil companies such as Indian Oil, Bharat Petroleum Corporation and Bharat Petroleum are facing an under-recovery of Rs 12-15 per liter of petrol and diesel sold in the market, and may have to raise selling prices by around Rs 30 per liter to plug the under-recovery, according to industry sources. These companies had last […]
India’s oil and gas major ONGC Ltd said it is in the process of investing Rs 83,000 cr in various projects that will boost its oil and gas output. Shashi Shanker said the investment of Rs 83,000 crore rupees will be done via 25 projects. “15 of these projects currently under execution will directly contribute […]
Oil and Natural Gas Corporation Ltd, India’s largest hydrocarbon producer, said it plans to spend Rs 17,615 cr on drilling activity in the current financial year. This is a 24% increase over the Rs 14,200 cr spent in the year ended March. The company also set a record in financial year 2017-18 by drilling the […]
Indian Oil Corporation said it will set up a unit at its Paradip refinery to manufacture the main ingredient used in the production of polyester. The plant to manufacture ethylene glycol will be set up in Paradip in Odisha at a cost of Rs 4,221 cr, the company said. Ethylene Glycol is used to manufacture […]
Vedanta, one of the world’s biggest producers of minerals, said it plans to increase its oil and gas output by around 100,000 barrels per day to 275,000-300,000 barrels per day by March 2020, and expand its Tuticorin copper plant to the world’s largest. At present, the Tuticorin copper smelter is producing 400,000 tons per year. […]
Oil minister Dharmendra Pradhan today said that the current spike in petrol and diesel price is ‘temporary’ and related to the impact of Hurricane Harvey in the US. “The prices have gone up because some of the refining capacity has been shut down (in the US). It is temporary,” Pradhan said today, in response to […]
Cairn India said its gross production of oil and gas across all assets rose 2% to 184,585 barrels of oil equivalent per day (boepd) in the Jan-March quarter compared to the preceding quarter, but declined 6.3% on year. Gross production from Rajasthan block averaged at 157,338 boepd for the quarter. With this, the average gross […]
With the financial year drawing to a close, Madhya Pradesh, Gujarat & Mumbai have emerged as the states where people pay the highest taxes on petrol and diesel, while Tamil Nadu was the state with the highest increase in rates this year. In Madhya Pradesh, people pay an eye-watering 39.75% tax on petrol imposed by […]
India has filled a little over one-third of its phase 1 ‘strategic oil reserve’ at a cost of Rs 4,258 cr, about $640 mln. The country is in the process of building five underground reserve facilities for crude oil totaling 110 million barrels (15.3 million tons) of storage capacity. Out of these, two tanks — […]
Government of India said it has given its approval to an acquisition by ONGC Videsh Limited for 11% stake in JSC Vankorneft from Rosneft Oil Company, the National Oil Company of Russian Federation. Rosneft operates Vankor fields with Vankorneft being its wholly owned subsidiary. OVL will be paying an amount of US $ 930 million […]
The government of India has decided to utilize Rs 6,500 cr of surplus cash to buy back bonds that it issued recently. The bonds carry 1.44% interest over and above the wholesale inflation index rate and were due to repurchase only in the year 2023. The government of India has seen a sudden influx of […]
The price paid by India for a barrel of crude oil has fallen below the $30 mark for the first time in several years. On Jan 7, the average price paid by India for importing crude oil was $29.24, substantially lower than the $33 level seen in international oil exchanges such as NYMEX. India has […]
The effective crude oil price paid by India fell again to record of several years to just $33.35 for the second half of December, petroleum ministry said, implying a petrol price of $1.08 to the gallon or Rs 18.95 per liter. In India, the retail price of petrol is around Rs 63 per liter. Crude […]
Deregulation of, or removing price controls from, diesel sales in India is imminent, said Edelweiss Securities in a report after meeting dealers. “We expect benign global oil prices to persist, paving way for de-regulation during Q4CY14,” analyst Jal Irani said in a report on Thursday. “We met the President of Petrol Dealers’ Association, Mumbai, and […]
