Oil and Natural Gas Corp (ONGC) is keen on exploring oil and gas reserves in Sri Lanka, said a company executive on Wednesday. Rajarshi Gupta, the managing director of ONGC Videsh, disclosed that the company is eagerly anticipating the release of Sri Lanka’s strategic plan for the oil and gas sector, often referred to as…
G-7 price cap on Russian oil tested as India pays record premium
Refiners in India are paying a significant premium for Russian oil, highlighting the importance of the market to Moscow and raising concerns about the effectiveness of the G-7 imposed cap on Russian oil prices. Indian refiners paid an average of $86 a barrel for Russian shipments in August, the widest spread since the cap was…
India’s Sept diesel flows to Europe reach all-time peak, Oct volumes slowing
India’s diesel exports to Europe reached a record high in September, driven by arbitrage profits and a seasonal decline in domestic demand. The surge in exports will help Europe build commercial stockpiles ahead of the winter heating season and limit price gains. However, experts predict that export volumes are unlikely to continue at the same…
India wants Saudi Aramco to develop strategic petroleum reserve as ties strengthen
India is seeking Saudi Arabia’s Aramco to participate in its strategic petroleum reserve (SPR) program to strengthen ties with its key oil supplier. India has approved the construction of two new commercial-cum-strategic petroleum reserves of 6.5 million metric tons (MMT) and Aramco can be invited to participate. India has conducted road shows for the second…
ONGC ready for big investments, says finance director Pomila Jaspal
ONGC, India’s largest oil and gas producer, reported a combined profit of about ₹80,000 crore in the two years to March 2023. It has zero net debt today. The company has been paying handsome dividends to its shareholders, about 30-45% of its annual profits every year for a decade. Its annual capex, however, has remained…
Setback for IOC as Delhi HC closes options to settle claim of Rs 8,772 crore
Justice Yashwant Varma said the approval of the resolution plan has resulted in the extinguishment of all claims that IOC may have had, thus the dispute now sought to be “canvassed cannot be permitted to be urged again before the AT.”
Petrol consumption rises 8% YoY in September; diesel up 4%
The consumption of jet fuel rose 12% as more people flew, boosting revenues for airlines. Sales of liquefied petroleum gas (LPG), mainly used for cooking in the country, expanded 4.5% in September. Consumption of bitumen, used mainly for road construction, rose 45%.
India’s first bamboo-based biorefinery to start operations in March
Numaligarh Refinery Ltd (NRL), a subsidiary of Oil India, plans to begin ethanol production at its biorefinery in Assam from March. India aims to reduce crude oil consumption by using sustainable alternatives like biofuels and plans to double the mixing of ethanol with gasoline to 20% by 2025.
Israel-Palestine conflict won’t hurt oil supplies to India: Hardeep Puri
Indian Petroleum and Natural Minister Hardeep Puri has stated that the Israel-Palestine conflict will not impact crude oil supplies to India. He assured that the government is closely monitoring the situation. Oil prices rose by about 3% to $87 per barrel due to the conflict, but they are still lower than the $95 per barrel…
Anuj Jain appointed director (finance) at Indian Oil
Jain, 52, assumed the new role on Monday, the company said in a statement. The position had been vacant for about a year since Sandeep Gupta, Jain’s predecessor, left Indian Oil to join GAIL as chairman last year.