Page 5 - Oil Companies

Edible oil makers asked to remove packaging temperature from the labels

SEA executive director BV Mehta said that several oil companies in India have been resorting to the unfair practice of packing the oil at a higher temperature to reduce the weight

The state-level political dynamics behind the windfall tax on fuel exports

Gujarat has the highest percentage of private oil pumps at 24%, followed by Rajasthan at 14.5%; the former will elect a new legislative assembly by this December, the latter, a year later

Centre may allocate Rs 44,000 cr to oil firms to compensate for LPG losses

The central government is planning to allocate Rs 44,000 crore as compensation to oil companies for losses they have been bearing by selling LPG at below-market rates, a report said

Are RIL, ONGC worth your money after govt's surprise export duty?

Index heavyweight RIL dropped over 7%, while other oil upstream and exploration-linked stocks slumped up to 15%. But should you buy these stocks on dips? Let us find out

Oil firms bet on green hydrogen as future of energy; plan to invest billion

After years of dabbling, major oil companies are finally planning the kind of large-scale investments that would make green hydrogen a serious business

Oil ministry proposes higher age limit, shorter tenure for ONGC chairman

The ministry has proposed that any candidate to be eligible for consideration should not be more than 60 years of age on the date of occurrence of vacancy

Share a new plan to monetise assets within 15 days: Govt tells oil PSUs

The govt has asked state-run oil and gas cos to share a new plan for asset monetisation after the original plan to monetise pipelines through infrastructure investment trusts (InvITs) was shelved

Around 2,000 Rajasthan petrol pumps go dry as companies restrict supply

According to petroleum dealers, BPCL and HPCL have restricted the fuel supply and are providing only 33 per cent oil of the total demand which is triggering the fuel crisis.

Centre puts oil pipeline monetisation on hold as PSUs resist: Report

According to a report, the oil and gas companies had resisted the idea from the beginning as pipelines are core to their business

Decoded: What is windfall tax on oil companies and where does India stand?

If a windfall tax is imposed in India, it will not only be aimed at private companies like Reliance, but also at state-owned behemoths

ONGC to invest Rs 31,000 cr over next 3 years in finding oil, gas

ONGC said it also plans to leverage international collaborations with reputed global majors for this, for which talks are in an advanced stage.

ONGC to sell stake, seeks global oil firms' help to develop fields

The deadline for submitting expressions of interest is June 16, ONGC said in a tender document on its website

Russian oil firm shuffles Venezuela assets as sanctions bite: Report

A Russian oil company used to provide a workaround to U.S. oil trading sanctions on Venezuela is scrabbling to avoid another set of sanctions, documents show

FM raises concern on rising oil prices; Puri says oil cos to decide on hike

India relies on overseas purchases to meet about 85 per cent of its oil requirement, making it one of the most vulnerable in Asia to higher oil prices

Petrol, diesel price hike soon as oil companies prepare to pare losses

Petrol and diesel prices need to be increased by Rs 15 a litre for fuel retailers to break even

Ukraine crisis: Russian oil companies offer big discounts to India

Bankers said India should be extremely cautious before opening up trade with Russia amid sanctions as it should not be seen as funding Russian invasion of Ukraine.

Moody's expects OMCs' margins to improve over 12-18 months on higher demand

'We expect the regional refining benchmark to average around $3-4/bbl over the next 12-18 months, balancing our expectations of demand recovery alongside incoming capacity additions,' says Moody's

Oil India exits US shale venture, sells 20% stake for $25 million

State-owned Oil India Ltd (OIL) has exited from a US shale oil venture, selling its 20 per cent stake to its venture partner for USD 25 million -- the second exit of an Indian firm from the US shale business in two months. "Oil India (USA) Inc (wholly owned subsidiary of OIL), divested its entire stake in Niobrara shale asset, USA," a regulatory filing by the company said, adding the consideration received was USD 25 million. OIL and Indian Oil Corporation (IOC) had together in October 2012 bought a 30 per cent stake in Houston-based Carrizo Oil & Gas's Niobrara shale asset in Colorado for USD 82.5 million. While OIL had acquired 20 per cent, IOC bought 10 per cent in Carrizo's Niobrara basin acreage assets through their respective subsidiaries. The total investment of USD 82.5 million included an upfront cash payment of USD 41.25 million and a carry amount of USD 41.25 million, linked to Carrizo's future drilling and development cost. The stake was sold to Verdad Resources LLC, .

Exxon Mobil starts sale of US shale gas properties in disinvestment plan

The top US oil producer is marketing 61 wells that last year produced around 81 million cubic feet per day equivalent of natural gas.

Oil prices above $80 a barrel after Opec+ output target hike

Brent crude futures were up 65 cents, or 0.81 per cent, to $80.32 a barrel by 1317 GMT