Page 8 - Oil Companies
IOC net profit jumps more than 15 times in Q2 over inventory, forex gains
GRM at $8.62 a barrel during the quarter versus $1.28 a year ago. However, total income drops 13%
 "IOC net profit jumps more than 15 times in Q2 over inventory, forex gains")
US elections 2020: Joe Biden seeks to clarify remark on ending oil
US President Donald Trump has seized on a TV debate remark by his White House rival Joe Biden about shutting down the oil industry, as the Democrat scrambled to clear up the confusion
 "US elections 2020: Joe Biden seeks to clarify remark on ending oil")
Hydrogen CNG, bio gas and methanol the new faces of automotive fuel
These newer energy sources aren't only diversifying the automotive fuel basket for India but can help in reducing emission to an extent
 "Hydrogen CNG, bio gas and methanol the new faces of automotive fuel")
State-run oil and gas firms set to invest Rs 1.62 trillion this year
At present, the sector is seeing work on 8,363 projects with an anticipated cost of Rs 5.88 trillion.
 "State-run oil and gas firms set to invest Rs 1.62 trillion this year")
Aramco sets up corporate development organisation to optimise portfolio
The organisation will be led by Senior Vice President Abdulaziz M. Al-Gudaimi and will start operations on September 13
 "Aramco sets up corporate development organisation to optimise portfolio")
Saudi Aramco's profit falls 73%; sticks with dividend despite debt surge
The results cap a turbulent period for the world's biggest oil exporter. Prices briefly turned negative in the US in April as the virus battered the global economy and Aramco slashed hundreds of jobs
World Coronavirus Dispatch: Top-5 oil firms cut value of assets by $50 bn
New Zealand marks 100 days of no domestic virus, Brazil deaths hit 100,000, Japanese scientists turn to silkworms for vaccine, and other pandemic-related news across the globe
 "World Coronavirus Dispatch: Top-5 oil firms cut value of assets by $50 bn")
Oil firms collectively cut the value of their assets by nearly $50 bn in Q2
London-based BP has previously said it plans to cut its overall output by roughly 1 million barrels of oil equivalent (boepd) by the end of 2030 from its current 3.6 million boepd
 "Oil firms collectively cut the value of their assets by nearly $50 bn in Q2")
BP halves dividend after record $ 6.7 billion loss in second quarter
All major oil companies suffered in Q2 as lockdowns to contain coronavirus limited travel and oil prices fell to their lowest in two decades
 "BP halves dividend after record $ 6.7 billion loss in second quarter")
Oil companies hold diesel, petrol prices for three consecutive days
Oil marketing companies decided to keep the pump prices of petroleum products petrol and diesel unchanged on Thursday
Chevron to buy Noble Energy for nearly $5 billion in rare oil-bust deal
The deal will grow Chevron's shale presence in both the Permian Basin and the Denver-Julesburg Basin in Colorado.
 "Chevron to buy Noble Energy for nearly $5 billion in rare oil-bust deal")
Domestic drilling industry to approach operators with cost sharing plea
Companies say their costs have escalated after government declared norms for drilling crews.
 "Domestic drilling industry to approach operators with cost sharing plea")
Covid-19 drives oil companies to raise record debt to boost cash reserves
Benchmark Brent crude averaged below $30 a barrel in the second quarter when it hit the lowest in two decades
Assam oil well fire continues, OIL says production getting affected
The well no. 5 at Baghjan in Tinsukia district has been spewing gas uncontrollably for the last 22 days and it caught fire on June 9, killing two of OIL's firefighters at the site
 "Assam oil well fire continues, OIL says production getting affected")
Petrol up by 57 paise per litre, diesel by 59 paise in 6th consecutive hike
Rates have been increased across the country and vary in each state depending on the incidence of local sales tax or value-added tax
 "Petrol up by 57 paise per litre, diesel by 59 paise in 6th consecutive hike")
How US could use taxpayer dollars to save oil and energy companies
The US federal government could use some of the $2.6 trillion coronavirus rescue legislation, or other options to help the industry
 "How US could use taxpayer dollars to save oil and energy companies")
Oil companies seek mechanism to pass through BSVI upgrade cost
BPCL will roll out BS-VI fuels at all its outlets from March
Oil companies defer decision to suspend fuel supplies to Air India
The decision was taken after Air India made a written request and also promised regular payments to clear over Rs 5,000 crore in overdue fuel bills.
 "Oil companies defer decision to suspend fuel supplies to Air India")
Oil cos say Air India not paying Rs 100 cr a month, threaten to snap supply
The monthly payment was besides the airline being put on cash-and-carry where it was given fuel only against cash payment
 "Oil cos say Air India not paying Rs 100 cr a month, threaten to snap supply")
OMCs flag roadblocks in govt's plan of rationalising taxes on jet fuel
Currently, airlines have to pay taxes for certain services, such as 'throughput charges', 'into-plane charges' and 'fuel-infrastructure charges' when they take the ATF at any airport for their planes
 "OMCs flag roadblocks in govt's plan of rationalising taxes on jet fuel")
