Shubhangi Mathur

Only two state-run refiners Indian Oil and BPCL and Russia-backed Nayara Energy Ltd purchased crude oil from Moscow in January

The capital expenditure of ONGC, country's largest oil and gas exploration player, is seen declining over six per cent to Rs 30,000 crore in FY27

Finance Minister Nirmala Sitharaman pitches tier-II and tier-III cities as engines of growth, rolling out reform-linked funding for city economic regions to drive balanced urban development

The refiner is now able to process heavy Venezuelan crude at its Kochi and Bina refineries, following upgrades that have enhanced the complexity of its refining system

Indian Oil aims to increase refining capacity to 98.4 MTPA by 2028

The greenfield refineries being built in India have a stronger focus on petrochemical production

ONGC had onboarded BP as Technical Services Provider (TSP) for Mumbai High in February 2025 to boost production, while retaining ownership and operational control of the field

India and Canada are looking at boosting energy trade focused on oil, LNG and LPG

The companies would share onshore and offshore processing facilities, drilling rigs, marine vessels, power, pipelines, logging and well services, among other resources

Modi interacted with global energy giants and Indian companies' CEOs at his residence as part of the ongoing India Energy Week (IEW) 2026

Prime minister says pact covers a quarter of global GDP as India builds export-oriented energy ecosystem

ONGC has invited global oil majors for technical support partnerships in its western offshore blocks to lift output

The country is hosting the fourth edition of IEW, bringing global energy ministers, industry leaders, policymakers, financial institutions, academia and technology providers on a common platform

HPCL's capex spending includes 15% for gas projects, 8% for renewables, 4 per cent for biofuels, 3% for electric vehicle (EV) or alternate fuels and 6% for net zero projects

Domestic refiners are scouting for additional crude supplies from traditional sources while also exploring new geographies

Refiner was unable to do so earlier due to the crude's high acidic nature

State-run HPCL reported a sharp rise in December-quarter profit, aided by stronger refining margins and LPG compensation, even as sales volumes improved and revenue rose modestly year-on-year

The country benefited from lower crude oil prices, driven by an oversupplied global market and subdued demand conditions

India is diversifying its crude slate by stepping up purchases from traditional suppliers such as Iraq and Saudi Arabia

The state-run refiners are expected to report gross refining margins of $10-13 per barrel in the third quarter of FY26, aided by strong product cracks and benign crude prices