Page 3 - Oil And Gas

ConocoPhillips to buy Marathon Oil in $22.5 bn deal in latest energy merger

Shares of Marathon Oil rose 9% to $28.85, while ConocoPhillips fell 3.8% to $115.10 in morning trading

Govt offers two discovered oil and gas fields in special bidding round

The government has offered two discovered oil and gas fields in Mumbai offshore and a coal bed methane field in West Bengal for bidding in the latest Discovered Small Fields (DSF) bid round, regulator DGH said on Monday. In a notice on its website, the Directorate General of Hydrocarbons (DGH) said, notice inviting offer will be launched on May 28 and bids will close on July 15. "With the objective to augment domestic production of Petroleum and Natural Gas, the Ministry of Petroleum & Natural Gas, Government of India announces the Special DSF Bid Round offering two (02) Discovered Small Field located in Mumbai Offshore (MB/OSDSF/C37/2024 & MB/OSDSF/B15/2024) and one (01) Discovered Coal Bed Methane field located in West Bengal (SR-ONCBM (Raniganj)-2024) through International Competitive Bidding (ICB)," it said. It however did not give details like reserves. Those may be included in the NIO. DSF was launched in 2016 and since then three rounds have been held. In the first ...

Oil & Gas stocks surge in volatile session; IGL soars 7%, Gail India 4.5%

With the exception of Adani Total Gas and Aegis Logistics, all stocks within the Nifty Oil & Gas index witnessed gains

Indraprastha Gas surges 7% on decent Q4 results; net profit jumps 9%

At 11:11 AM; the shares of the company were trading 5.86 per cent higher at Rs 462.80 per share. Presently IGL is trading at a price to earnings multiple of 25.70 times

Brokerages raise targets on RIL stock post Q4; check latest prices here

The bullish outlook stems from Reliance Jio's potential tariff hikes, given the competitive landscape, along with slow but steady improvement in the oil-to-chemical (O2C) vertical

Analysts recommend buying these Oil & Gas stocks; see upside of up to 21%

Shares of oil marketing companies such as HPCL, BPCL and IOCL have corrected 9-18 per cent since mid-Feb as the gross marketing margins on petrol and diesel have declined

Oil & gas stocks: Investors must brace for negative impact in Q1 FY25

Higher crude and gas prices would be negative for the margins of oil marketing companies such as HPCL, BPCL and IOC

PM Narendra Modi flags off first crude oil tanker from ONGC's KG project

At its peak, the deepwater project is set to produce 7 per cent of India's oil and gas

PM Modi unveils oil and gas projects worth Rs 1.62 trillion across India

Prime Minister Narendra Modi on Saturday unveiled a series of oil and gas sector projects worth about Rs 1.62 lakh crore across the country from Bihar's Begusarai district. The projects are spread across various states like Bihar, Haryana, Andhra Pradesh, Maharashtra, Punjab and Karnataka. The PM also flagged off four trains, including the Danapur-Jogbani Express (via DarbhangaSakri). Trains from Jogbani to Saharsa and Siliguri and Sonpur-Vaishali Express were also flagged off. Bihar Governor Rajendra Vishwanath Arlekar, Chief Minister Nitish Kumar and Deputy CMs Samrat Chaudhary and Vijay Kumar Sinha were present on the occasion. The PM dedicated to the nation the First Oil' from KG Basin and flagged off the first crude oil tanker from the ONGC Krishna Godavari deepwater project.

Oil and gas producer to pay millions to US to remedy pollution concerns

A Texas company has reached a multimillion-dollar settlement with the federal government and the state of New Mexico to address air pollution concerns in the largest oil and gas producing region in the US. The agreement announced on Tuesday with Apache Corporation calls for the company to pay USD 4 million in penalties and spend more than USD 5 million on preventative measures to reduce emissions at its wells in the Permian Basin, which spans parts of New Mexico and Texas. Apache was accused in a civil lawsuit of failing to comply with federal and state requirements to capture and control emissions at some of its operations in the two states. Federal officials and regulators in New Mexico identified the alleged violations through field investigations and flyovers by helicopters outfitted with infrared cameras that can detect hydrocarbon vapours that are invisible to the naked eye. Efforts by regulators to crack down on oil companies have ramped up in recent years through a combinati

Essar to speed up CBM plans; to raise output to 5 mmscmd in 3-4 years

Essar Oil and Gas Exploration & Production Ltd is speeding up capital expenditure plans to explore and produce unconventional hydrocarbons that will help raise gas output at its flagship block to about 5 million standard cubic meters per day from less than 1 mmscmd now, its CEO said. EOGEPL is India's largest producer of Coal-Bed Methane (CBM) which just like conventional gas can be used as CNG in automobiles or as feedstock in industries. Buoyed by investor-friendly upstream policy reforms in recent years, including providing marketing and pricing freedom for CBM, the firm is drilling more wells, including horizontal ones, that will help tap into wider resources lying below coal seam in its Raniganj East block in West Bengal, EOGEPL CEO Pankaj Kalra told reporters on the sidelines of the India Energy Week. The firm currently produces 0.9 mmscmd of gas or 1 per cent of India's total gas output. "Our drilling campaign will see production rise to 2.3-2.4 mmscmd in the next 14-15 ...

ISPRL signs deal with Hindustan Petroleum to lease 300,000 MT space

State-run ISPRL has been selling from the caverns to local refiners after a change in the government rules in 2021

Petrobras in talks for projects with Gulf, Indian, Chinese firms, CEO says

"We have two groups of Asian countries that we're interacting very much right now and we're building relationships right now - Gulf countries, India and China," he said

BP beats forecast with $3 billion quarterly profit, boosts buybacks

The company's shares were around 5% higher by 1020 GMT on Tuesday following the unexpected acceleration of the buyback programme

Shipments affected by Houthi assaults as vessel attacked off Yemen: Qatar

Qatar, one of the world's top exporters of liquified natural gas, warned Wednesday that its deliveries had been affected by ongoing attacks by Yemen's Houthi rebels on shipping over Israel's war on Hamas in the Gaza Strip. The statement by QatarEnergy came as an explosion struck near a ship Wednesday travelling through a crucial strait near Yemen, though no damage or injuries were reported, the British military said. No group immediately claimed responsibility for the attack, but suspicion immediately fell on the Houthis. Ships carrying liquified natural gas from Qatar had been delayed previously before heading through the Gulf of Aden and the Red Sea. That's where the Houthi attacks have snarled shipping in a key route for Asia and the Middle East to ship cargo and energy to Europe. Qatar, which has served as a key mediator between Hamas and Israel, has yet to see any of its ships attacked, however. A statement from its state-owned Qatar Energy producer said that its production ...

As govt opens more areas for oil and gas exploration, ONGC reports new find

State-owned company may get more acreage for exploration as government aims to increase domestic fuel production

Significant rise in gap between standalone, consolidated net profit of RIL

The gap between Reliance Industries Ltd's standalone and consolidated net profit has more than doubled to Rs 22,400 crore in the last couple of years, as the retail and telecom businesses housed in separate subsidiaries saw significant growth, a report said. "The gap between Reliance's standalone and consolidated profit after tax (PAT) has increased significantly - from Rs 8,400 crore in FY20 (April 2019 to March 2020) to Rs 22,400 crore in FY23, as telecom and retail have ramped up," JP Morgan said in a note that used data from the firm's annual reports to reconcile the difference between the two reported profit numbers. Reliance reported a standalone net profit of Rs 30,902 crore in 2019-20 fiscal year, which grew to Rs 44,205 crore in 2022-23 fiscal. Consolidated net profit soared from Rs 39,354 crore in FY20 to Rs 66,702 crore in FY23. As many as 335 individual standalone companies/associates/joint ventures accounted for the difference between Reliance's consolidated and ...

IGX seeks approval for trading of trucked LNG, multi month contracts

Domestic gas consumption has risen 13 percent in first 10-months of 2023

India resisted pressure from developed nations to phase out of fossils: Min

India resisted pressure from developed countries at the climate conference in the United Arab Emirates to end the use of fossil fuels, Union Environment Minister Bhupender Yadav said on Tuesday. Addressing a press conference here, the minister said India is committed to meeting the energy needs of its people and this cannot be done by "just importing oil and gas". "While India is committed to increasing its renewable energy capacity, we will have to rely on coal power until we achieve the objective of developed India," he said. The minister said India accounts for 17 per cent of the global population but its contribution to global carbon emissions is just four per cent. "Poverty eradication is a priority for many nations. So, we did not accept the pressure from developed countries (for a fossil fuel phase-out)," Yadav said. The minister said developed nations, which account for a large part of historical emissions (since the start of the industrial revolution), are required to prov

Proposed 5% biogas blending with LNG can cut imports worth $1.17 bn: IBA

The proposed 5 per cent blending of biogas with natural gas supplies in the country can cut LNG imports worth USD 1.17 billion annually, says a study by the Indian Biogas Association (IBA). The study comes against the backdrop of the government's recent mandate to blend one per cent biogas with piped natural gas (PNG) supplies in the country from April 1, 2025 under the compressed biogas blending obligation (CBO) scheme. The biogas blending is proposed to be further increased to 5 per cent by fiscal year 202829. According to the study, this blending initiative gels well with the government's macro-level move to make India a gas-based economy, with a target to increase the current share of gas in the energy mix from 6 per cent currently to 15 per cent by 2030. The IBA estimates show that 5 per cent blending of biogas with natural gas can reduce LNG imports worth USD 1.17 billion. This can also bring down per capita CO2 emissions by two per cent, benchmarked to the 2019 figure, which