Page 2 - Oil Companies

Chevron clears final hurdle to acquire Hess in $53 billion mega deal

Chevron has scored a critical ruling in Paris that has given it the go-ahead for a USD 53 billion acquisition of Hess and access to one of the biggest oil finds of the decade. Chevron said Friday that it completed its acquisition of Hess shortly after the ruling from the International Chamber of Commerce in Paris. Exxon had challenged Chevron's bid for Hess, one of three companies with access to the massive Stabroek Block oil field off the coast of Guyana. We disagree with the ICC panel's interpretation but respect the arbitration and dispute resolution process, Exxon Mobil said in a statement on Friday. Guyana is a country of 791,000 people that is poised to become the world's fourth-largest offshore oil producer, placing it ahead of Qatar, the United States, Mexico and Norway. It has become a major producer in recent years. Oil giants Exxon Mobil, China's CNOOC, and Hess squared off in a heated competition for highly lucrative oil fields in northern South America. With Chevron .

India's biggest bet on securing bids from foreign drillers in crucial move

An official said main problem for India's petroleum sector, considering its lucrative geology less than that of countries in Africa and South America, was frequent changes in tax & incentive policies

Prepared for $65 per barrel crude oil price range for FY26: OIL CMD Rath

Drilling begun in Cambay Basin, second well dug in Andaman seas

Shell weighs BP buyout as rival's stock weakens amid oil price slump

The oil major has been more seriously discussing the feasibility and merits of a BP takeover with its advisers in recent weeks

ONGC diversifies to safeguard core business amid looming oil glut

The company's multi-pronged approach involves entering the refining and petrochemical sectors, trading liquefied natural gas and growing its renewable capacity

IOC, BPCL to sign multibillion-dollar LNG purchase deals With Adnoc

The deals highlight India's plan to more than double the share of gas in its energy mix by the end of this decade

ONGC signs MoU with BP for oil exploration, trading collaboration

State-owned Oil and Natural Gas Corporation on Monday said it has signed a pact with global oil major BP to explore collaboration in exploration and production, trading and other energy vectors, in India and internationally. The MoU comes within a month of ONGC selecting BP as a technical service provider for raising output from its flagship Mumbai High oil and gas field. "ONGC and BP have agreed to explore opportunities for collaboration and partnership across the energy industry in India and internationally, focused on oil and gas exploration and production, as well as trading and extending to other energy vectors," the firm said in a statement. The two companies signed a memorandum of understanding (MoU), on the eve of India Energy Week, the premier energy event in India. The signing ceremony was attended by ONGC Chairman and CEO Arun Kumar Singh and BP Executive Vice President, William Lin, along with senior leadership from both organisations. "Under the terms of the MoU, BP w

Failed privatisation bids, pacts: ONGC's Mumbai High finds hope in BP deal

US giant Marathon Oil pledging investments and technology to raise output from Mumbai High oil and gas fields, companies such as Occidental Petroleum seeking a stake and at least two privatisation bids have seen final culmination in global energy giant BP signing up to lift output from India's prime field lying off the Mumbai coast. State-owned Oil and Natural Gas Corporation (ONGC) last month signed a technical service contract with BP to reverse declining output from the ageing field, according to statements by the two firms. BP has pledged to lift oil production by 44 per cent and gas output by 89 per cent from India's largest field in exchange for a fixed fee. The BP deal is exactly on lines of the one ONGC had in 1998-99 signed with Marathon Oil Corporation, according to company insiders and industry sources. Just like BP, Marathon wasn't getting any stake in the field but only a pre-agreed share in the incremental oil and gas production over a defined baseline. But unlike BP,

Shell raises shareholder dividend despite 16% profit drop; shares rise

The oil major also announced a $3.5 billion share buyback for the current quarter, making this the 13th consecutive quarter of at least $3 billion of share repurchases

State-run OMCs cut commercial LPG and ATF prices, effective January 1

State-run oil marketing companies have reduced prices for 19-kg commercial LPG cylinders and aviation turbine fuel across major metros

ONGC to soon open 5 wells in KG basin to boost gas, crude output in H2FY25

Of the six announced discoveries so far in FY25, one has been monetised so far

Oil stocks surge as crude prices spike amid rising Middle-East tensions

Shares of Oil companies rallied over 3 per cent on Thursday as crude oil prices soared due to escalation of ongoing tensions in the Middle East region

Big oil companies defeat US consumer lawsuit over production, prices

The court also found a lack of proof that the oil companies violated antitrust law by conspiring to raise prices

Venezuela Oppn calls on US to cancel oil firm licences to pressure Maduro

Venezuela's main opposition coalition on Monday called on the US to cancel the licenses that allow Chevron and other energy companies to operate in the South American country to pressure President Nicols Maduro to negotiate a transition from power. The appeal came from an adviser to the campaign of Edmundo Gonzlez Urrutia, who represented the Unitary Platform coalition in the July 28 election, and his main backer, opposition leader Maria Corina Machado. Gonzlez and Machado claim their campaign won the vote by a wide margin, contradicting the decision of national electoral authorities to declare Maduro the winner. We want them cancelled this is a lifeline to the regime, adviser Rafael de la Cruz said in reference to the licenses during a panel discussion hosted by a Washington-based think tank. We want all the oil companies to go to Venezuela. So, it's not about the companies. It's about the situation that is impoverishing the country so badly that practically the whole population ..

Colombian rebels, world's oldest guerrilla force revive war on oil firms

The rebels have long viewed the oil industry as a military target as well as a cash cow, its antagonism comes from its belief that Colombia should have sovereignty over its natural resources

World-beating Indian energy stocks' rally has fuel for more gains

The Nifty Energy Index, a local benchmark for the industry, has risen 31 per cent this year, on course for a nine-year winning streak

Why state-run oil companies are spending billions on petchem capacity

Why state-run oil companies are spending billions on petchem capacity, amid oversupply and weak margins

Shell beats forecasts with $6.3 bn Q2 profit, but shares down by 0.5%

The results were lifted by strong performances in the oil and gas production and retail marketing businesses and the profit was nearly 25 per cent higher than the same time a year ago

HPCL Q1 results: Net profit tanks 90% to Rs 634 cr on low refining margins

Gross refining margins fell to $5.03 per barrel even as market sales rose

Digital mirror gives ONGC view of safety, business

ONGC, short for Oil and Natural Gas Corporation, recently launched a project called Darpan that technology wise puts the company alongside the best in the world