Oil And Gas

An India-flagged liquefied petroleum gas (LPG) tanker, Jag Vikram, has crossed the Strait of Hormuz, marking the first such transit by an Indian vessel since a temporary two-week ceasefire between the United States and Iran was announced, according to ship-tracking data. The tanker moved through the strategic waterway between Friday night and Saturday morning and was located in the Gulf of Oman, east of the Strait on Saturday afternoon, proceeding eastwards. Jag Vikram is the ninth Indian vessel to exit the Persian Gulf since early March, while about 15 India-flagged ships remain in the region, awaiting passage. Owned by Mumbai-based Great Eastern Shipping Company, Jag Vikram is a mid-sized gas carrier with a deadweight capacity of over 26,000 tonnes. Trade sources estimate it could be carrying around 20,000 tonnes of LPG. At least 28 India-flagged vessels were in the Strait of Hormuz region when the West Asia conflict erupted, including 24 on the western side and four on the east

The strict enforcement of certain provisions amid supply disruptions from the West Asia war may impact companies, the regulator said

US West Texas Intermediate crude traded at as much as a $12.05 a barrel discount to Brent during the session on Wednesday, its largest since March 2015

Antique upgraded GAIL (India) Ltd. to 'Buy' from 'Hold', citing the sharp correction in the stock price despite a relatively limited impact on its target price

President Vladimir V. Putin threatened to cut off remaining gas supplies to Europe as the Iran war drives a surge in energy costs

New guidelines for CBG injection into pipelines and CGD networks aim to improve project viability, ensure safe integration and accelerate green fuel scale-up

OALP-X is the largest bid round so far, offering 25 blocks spread over thirteen sedimentary basins, covering an area of 1.82 lakh sq km

Reliance Industries was the biggest dragger on the Nifty Oil & Gas Index, while ONGC helped limit the losses on Tuesday.

Sales of gasoline, or petrol, totalled 3.52 million tons, easing 4.1% from October but 2.6% higher than the same month last year

India's top refiner, IOC, has also bought some cargoes of Russian oil for January loading, they said

According to Nuvama, the outlook for OMCs is clouded by high capital expenditure commitments and rising under-recoveries, which are set to keep return ratios suppressed.

At 12:35 PM, ONGC shares were trading 1.66 per cent higher at ₹253.60 per share. By comparison, BSE Sensex was trading 0.82 per cent higher at 84,559.73 levels.

To boost natural gas adoption, a PNGRB expert panel has recommended restoring APM gas allocation for CNG, including gas under GST, and recognising it as a cleaner fuel in the scrappage policy

On the bourses around 10:15 AM, Petronet LNG shares were struggling as the scrip was trading 1.31% lower at ₹273.95. In comparison, BSE Sensex was trading 0.29% lower at 83,289.99 levels.

The gas regulator suggests India's top distributor switch to electric compressor motors to cut costs as GAIL seeks a tariff hike amid higher gas prices

Oil Secretary Pankaj Jain says India's credibility is at stake if it fails to find a major oil and gas reserve soon, urging faster, technology-driven exploration efforts

In a setback for mining baron Anil Agarwal's group, the government has rejected Vedanta group firm's application for extension of contract for a key Cambay basin oil and gas block. Vedanta Cairn Oil and Gas, a unit of Mumbai-listed Vedanta Ltd, was the operator of the Gujarat offshore block CB-OS/2 with a 40 per cent stake. State-owned Oil and Natural Gas Corporation (ONGC), which holds 50 per cent interest in the block, in a stock exchange filing, said the Ministry of Petroleum and Natural Gas has, in a September 19 letter, told the partners that the application for extension of the production sharing contract (PSC) for CB-OS/2 has not been accepted. ONGC, which has been asked to take over the operations in the interim period, did not state the reason for the move. PSC is an agreement between the government and a resource extraction company. It gives the company time-specified right to explore, develop and produce resources in exchange for a pre-agreed share of the produced output

The Supreme Court sought a response from the government and OMCs on a petition by biodiesel producers citing poor off-take, policy lapses and heavy losses despite set targets

From the consumer point of view, the transition needed better management

The IEA will publish its "Current Policy Scenario" this year, showing oil and gas demand won't peak this decade, overturning past assumptions, sources familiar with the draft report said