Page 5 - Oil Companies

Oil ministry seeks review of windfall tax; wants certain fields exempt

The oil ministry has sought a review of the two-and-a-half-month old windfall profit tax on domestically produced crude oil saying it goes against the principle of fiscal stability provided in contracts for finding and producing oil. The ministry in the August 12 letter, reviewed by PTI, sought exemption for fields or blocks, which were bid out to companies under Production Sharing Contract (PSC) and Revenue Sharing Contract (RSC), from the new levy. It stated that companies have been since the 1990s awarded blocks or areas for exploration and production of oil and natural gas under different contractual regimes, wherein a royalty and cess is levied and the government gets a pre-determined percentage of profits. The ministry, according to the letter, was of the opinion that the contracts have an in-built mechanism to factor in high prices as incremental gains get transferred in form of higher profit share for the government. Emails sent to the oil ministry as well as the finance ..

Venezuela rearrests brother of former oil czar Ramirez in corruption probe

Venezuela has thrown back in prison the brother of the country's former oil czar as part of an ongoing investigation into a multi-billion dollar embezzlement scheme at the state-run oil company. Fidel Ramirez was arrested last Wednesday after failing to appear in court as required by the terms of his bail, Venezuela's Attorney General Tarek William Saab said in a brief interview Sunday with The Associated Press. Ramirez was originally arrested in early 2018 for his alleged involvement in a decade-old scheme to siphon to a bank account in the tiny European country of Andorra USD 2 billion from state-run oil giant PDVSA. At the time of the alleged crimes, PDVSA was under the direction of his brother, former Oil Minister Rafael Ramirez, a harsh critic of the socialist government he once served. Specifically, Fidel Ramirez is accused of amassing 250,000 euros at an account at Banca Privada d'Andorra, or BPA, stemming from allegedly fraudulent medical services he billed PDVSA through tw

Top headlines: AI puts in place transformation plan;BPCL divestment stalled

The carrier, which plans to induct 30 new wide-body and narrow-body aircraft, on Thursday announced 'Vihaan.AI', a comprehensive transformation plan with a detailed road map for next five years

Indian rupee weakens 0.3% to 79.69 as oil companies soak up dollars

The rupee snapped a four-day winning streak on Wednesday after hotter-than-expected US consumer inflation data earlier this week bolstered bets of a third large rate hike by the Fed next week

Top headlines: Retail inflation rises to 7% in August; AI leases 30 planes

India plans to pay about Rs 20,000 crore ($2.5 billion) to the state-run fuel retailers, such as Indian Oil Corp., to partly compensate them for losses and keep a check on cooking gas prices

India likely to offer $2.5 billion lifeline to cost-hit oil companies

The three biggest state-run retailers, which together supply more than 90% of India's petroleum fuels, have suffered the worst quarterly losses in years by absorbing record international crude prices

Govt plans Rs 20,000-cr aid to oil firms hit by soaring costs: Report

The oil ministry has sought a compensation of Rs 28,000 cr, but the finance ministry is agreeing to only about a Rs 20,000-cr cash payout, say sources

Fuel price: What is windfall gain tax and how it affects fuel prices?

What is windfall gain tax? How does it impact petrol-diesel prices? Which countries impose it? Read this detailed article to know everything about fuel and its relation to windfall gain tax

Saudi oil giant Aramco tops own record with $48-billion profit in Q2

The company is using the windfall to reduce debt and invest in a huge expansion of its production capacity, rather than boost payouts to shareholders

Ukraine conflict: India's LNG firms see rising costs, shrinking supplies

Rising costs and shrinking supplies will impact major expansion plans

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