Page 19 - Oil And Gas

Oil inches higher as upbeat demand outlook counters supply concerns

Brent was up 33 cents, or 0.5%, at $69.79 a barrel by 1333 GMT

Oil prices steady as Iran supply concerns offset demand outlook

Brent crude was down 16 cents, 0.2%, to $69.30 a barrel by 0809 GMT

BPCL may resume Iranian oil buying if no sanctions, needs concessions

India is the world's third largest oil consumer and importer

US pipeline operators ordered to increase cyber defenses after hack

This comes after a ransomware hack that disrupted gas supplies in several states this month.

BPCL declares record Rs 12,581 cr dividend ahead of privatisation

Bharat Petroleum Corporation Ltd (BPCL) on Wednesday declared a record Rs 12,581 crore dividend, more than half of which will go to the government, ahead of the privatisation of the company.

DSF-III likely to see more oil and gas discoveries, fewer new players

It is expected that the third round of DSF auctions will have 32 contract areas on offer for bids spread across 75 fields

Court orders Royal Dutch Shell to cut net carbon emissions by 45%

The Hague court did not say how Royal Dutch Shell should achieve the ordered cutback

Oil prices steady as demand optimism offsets worries of Iranian supply

Brent rose 13 cents, or 0.2%, to $68.78 a barrel by 0928 GMT

Second Covid-19 wave: Cairn Oil and Gas seeks force majeure extension

Globally, oil and gas firms had availed of relaxations in exploration contracts to deal with the disruption.

Hindustan Petroleum Q4 net profit jumps to Rs 3,018 cr on inventory gains

Hindustan Petroleum Corporation Ltd (HPCL) on Thursday reported its March quarter net profit soaring many folds to Rs 3,018 crore on the back of inventory gains and rise in refining margins. The company had a net profit of Rs 27 crore in January-March 2020. "Enhanced profitability was a result of robust operational performance, improvement in refinery margins helped by inventory gains and favourable exchange rate variations," HPCL Chairman and Managing Director M K Surana told reporters. The company, which runs refineries at Mumbai and Visakhapatnam, earned USD 8.11 on turning every barrel of crude oil into fuel in January-March period. This is compared with a negative gross refining margin (GRM) of USD 1.23 per barrel. Inventory gains are booked when raw material (crude) prices rise by the time a company processes oil into fuel. Losses are booked when the reverse happens. Surana said the company had an inventory gain of Rs 4,608 crore in the fourth quarter of 2020-21 as compared

Indian Oil Corp says will buy Iranian oil if US sanctions are lifted

Iranian oil coming into the market will not just cool prices but also help India diversify its import baskek

Indian Oil swings into black with record Rs 21,000-cr profit in FY21

Firm attributes remarkable to inventory gains caused by fluctuating global oil prices and rising sales of high-margin petrochemical products

IOC Q4 results: Rs 8,781-cr net profit beats estimates on inventory gains

Revenue rose 18% to Rs 1.64 trillion

Oil hits $70 for first time since March 15 as Europe, US re-open economies

Europe, US reopening optimism offset by pandemic concerns in Asia; speculation of Iran nuclear deal revival limits upside

India loses ONGC-discovered Farzad-B gas field in Iran

The field holds 23 trillion cubic feet of in-place gas reserves, of which about 60 per cent is recoverable.

Top headlines: Airtel back in black in Q4; India loses gas field in Iran

Business Standard brings you the top headlines this evening

Colonial Pipeline paid hackers $5 million in ransom, says official

The company paid the hefty ransom in difficult-to-trace cryptocurrency within hours after the attack

Colonial Pipeline ramps up as US seeks to emerge from fuel crunch

Colonial Pipeline announced late Thursday it had restarted its entire pipeline system linking refineries on the Gulf Coast to markets along the eastern seaboard.

O2C, Indian Oil Corp bag supplies in intense bidding for KG-D6 gas

RIL and its partner BP of the UK had offered 5.5 million standard cubic meters per day of additional gas in the auction for a flexible tenure of 3-5 years

Fuel shortages worsen on sixth day of top US fuel pipeline outage

A ransomware attack on the Colonial Pipeline last week halted 2.5 million barrels per day of fuel shipments