Oil and Natural Gas Corporation (ONGC) is facing increased operating costs due to a surge in oilfield services rates and maintenance costs of old capital equipment. ONGC’s finance chief, Pomila Jaspal, stated that the company is focused on reducing costs by minimizing idle time of rigs and vessels and improving efficiency.
Petrol, diesel sales fall ahead of start of festive season
Preliminary data from state-owned firms in India showed that petrol and diesel sales declined in the first half of October. This drop was attributed to the larger base of sales from the same period last year. Petrol sales fell 9% year-on-year, while diesel consumption dropped 3.2%. However, month-on-month sales of diesel increased by 9.6%. Diesel…
As India frowns on paying for Russian oil with yuan, some payments held up, sources say
The Indian government’s reluctance to allow state-controlled refiners to pay for Russian oil imports with Chinese currency has caused delays in payment for at least seven cargoes. While the tussle over payment has not affected deliveries, Indian refiners are seeking alternative ways to settle the payments. Indian refiners have been using yuan to pay for…
Discounts offered on Russian crude oil double in 2 months
Discounts on Russian oil imported by India have increased to $8-10 per barrel as state refiners put pressure on suppliers and reduced their intake from Russia. This has led to an increase in Russian oil’s share in India’s overall crude imports to 38% in September. State-run refiners have seen a surge in imports after a…
Israel-Hamas conflict: So far, no expectation of any disruption in supply lines: Hardeep Singh Puri
Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, stated that there is currently no expectation of any disruption in crude oil supply lines amid the Israel-Hamas conflict. Puri expressed confidence in managing oil supplies due to diversification in sources of supply, importing from 39 countries. He also mentioned that India consumes five million…
Decarbonisation tech needs to be viable: Shell’s chief technology officer Yuri Sebregts
”There are people who write in newspapers that all the technology is available to do that, and it’s just a matter of implementing, and I don’t believe that is the whole story,” Yuri Sebregts, Shell’s chief technology officer, told ET in an interview. Electrifying personal mobility is “proven and fully possible” and it is “only…
Govt opens 12th city gas bid round
Petroleum and Natural Gas Regulatory Board (PNGRB) offered seven geographical areas (GAs) of Arunachal Pradesh, Meghalaya, Manipur, Nagaland, Sikkim, Union territory (UT) of Jammu & Kashmir and Ladakh under the 12th city gas distribution (CGD) bidding round for retailing of CNG to automobiles and piping the fuel to household kitchens and industries.
Govt expands CNG retailing with bidding round in J&K, Northeast
India’s Petroleum and Natural Gas Regulatory Board (PNGRB) has offered licenses for the retailing of compressed natural gas (CNG) in seven areas, primarily in the North East and J&K. This move aims to expand the reach of natural gas in the country. The bidding round includes areas such as Arunachal Pradesh, Meghalaya, Manipur, Nagaland, Sikkim,…
IEA cuts forecast for growth in oil demand in 2024; no impact of Israel war yet
The International Energy Agency (IEA) has lowered its growth forecast for oil demand in 2024 due to global economic conditions and increased energy efficiency. The IEA now predicts a rise of 880,000 barrels per day, down from its previous forecast of 1 million. However, the agency raised its 2023 demand forecast to 2.3 million bpd….
High oil prices to impact global economic recovery, says Oil Minister Hardeep Singh Puri
Oil prices had risen by over USD 3 per barrel on Monday following military clashes between Israel and the Palestinian Islamist group Hamas but settled lower as concerns over potential supply disruptions eased. “I think global markets will factor in all things into account,” he said on the ongoing conflict. “If the supply lines are…