Oil Firm

Trump admin to merge offshore drilling agencies split after 2010 oil spill

The Trump administration said Friday it is combining two agencies that were separated in the aftermath of the 2010 Gulf oil spill as part of an overhaul to increase efficiency and speed up permitting for offshore oil and gas drilling. The new Marine Minerals Administration will bring together the functions of the current Bureau of Ocean Energy Management and Bureau of Safety and Environmental Enforcement, Interior Secretary Doug Burgum said. Doing so will enable a "streamlined approach" that will maintain existing regulatory protections and rigorous safety standards, he said. The combined agency will "deliver clearer coordination, better service to the public and stronger, more integrated oversight of offshore energy development," Burgum said in a statement. The new name is reminiscent of the old Minerals Management Service, which for decades was the federal agency responsible for overseeing offshore drilling. In April 2010, a deadly explosion destroyed BP's Deepwater Horizon drilli

No fuel shortage, say oil firms; urge public to avoid panic buying

State-owned oil companies on Wednesday said there is no shortage of petrol, diesel or LPG in the country, urging citizens not to believe rumours circulating on social media or resort to panic buying. Indian Oil Corporation (IOC), the nation's largest oil firm, said "there is no shortage of petrol or diesel", adding that its outlets are "well-stocked and fully operational". It cautioned that rumours "can create unnecessary concern and disrupt normal supply patterns" and urged citizens to "avoid panic buying and rely only on verified information". Bharat Petroleum Corporation Ltd (BPCL) termed reports of fuel shortages in certain areas "completely unfounded", asserting that "there is no shortage of fuel across the nation". The company said India is a net exporter of petrol and diesel and has "adequate stocks of crude oil, petrol, diesel and ATF", with supply chains operating "smoothly without any disruption". It added that it remains "fully operational and committed to ensuring ...

Oil companies weigh refinery price freeze, move may hit MRPL, CPCL

State-owned oil marketing companies are considering paying refineries a price lower than the imported rates of petrol and diesel to limit mounting losses from a retail fuel price freeze, a move that could hit standalone refiners like MRPL, CPCL and HMEL. International oil prices have risen from about USD 70 per barrel before the West Asia conflict to over USD 100, but retail petrol and diesel prices in India have remained unchanged, forcing oil marketing companies (OMCs) to absorb the impact. With no immediate end to the conflict in sight, OMCs are exploring ways to limit losses on fuel sales, two sources aware of the matter said. One option under consideration is either freezing or fixing a discount on the refinery transfer price (RTP) - the internal price at which refineries sell fuel to marketing arms - to effectively pay refineries less than the import-parity cost of the fuels like petrol and diesel. The proposed move would prevent refiners from fully passing on higher crude co

Vitol, Trafigura offer Venezuelan oil to India, China for March delivery

The trading firms are ​scrambling to secure ships, moving swiftly to sell the Venezuelan oil, with Trafigura's CEO saying it will load its first cargo for the US this week

'US control of Venezuelan oil may unlock $1 bn stuck dues for India'

A US-led takeover or restructuring of Venezuela's oil sector could deliver a direct benefit to India, potentially unlocking close to USD 1 billion in long-pending dues while accelerating the revival of crude production from fields it operates in the sanctions-hit Latin American nation, analysts and industry sources said. India was once a major processor of Venezuelan heavy crude, importing more than 4,00,000 barrels per day at peak levels, until sweeping US sanctions and rising compliance risks forcibly shut down purchases in 2020. Its flagship overseas producer, ONGC Videsh Ltd (OVL), jointly operates the San Cristobal oilfield in eastern Venezuela, but output has been severely curtailed as US restrictions blocked access to critical technology, equipment, and services - leaving commercially viable reserves effectively stranded. Venezuela has failed to pay OVL USD 536 million in dividends due on its 40 per cent stake in the field up to 2014, and a near-equivalent amount for the ...

Why Venezuela's oil sector offers no quick payoff for US companies

Any companies that might want to invest there would need to deal with security concerns, dilapidated infrastructure, questions about the legality of the US operation to snatch Maduro

BP's sudden CEO change shocks investors, signals shift in company strategy

Auchincloss had been in the chief executive role less than two years and just this February had unveiled a strategic reset. His replacement will be Meg O'Neill

Sanctions-hit Nayara Energy uses dark fleet to import oil, transport fuels

Nayara, which controls about 8 per cent of India's 5.2 million barrel-per-day refining capacity, has been struggling to transport fuel since being placed under EU sanctions

TotalEnergies Q2 earnings drop 6% on 'normalising' refining margins

Q2 adjusted net income $4.7 bn vs forecast $4.96 bn

Rupee stable; oil firms' dollar buys, 'nervous' equities cap upside

Traders expect the central bank's interventions will keep sharp declines in the rupee at bay

In the Lok Sabha poll year, oil companies get marketing Budget boost

Overall capex in the oil sector up by 18.6 per cent to Rs 1.33 trillion

Oil firms on OPEC+ output cut bets to stem sinking prices amid weak growth

Oil prices climbed on Friday on bets that OPEC+ will discuss output cuts at a meeting on Sept. 5, but the benchmarks were still on track to post their worst weekly drop

IOC raises Rs 1,500 cr via bonds at interest rate lower than sovereign

IOC priced its five-year rupee bonds at a coupon rate of 6.14 per cent tighter than a similar maturing government bond that is trading at an annualised yield of 6.29 per cent

IOC to invest Rs 7,000 cr in city gas after it secures 33% market areas

Indian Oil Corporation on Sunday said it will invest over Rs 7,000 crore in setting up city gas distribution networks in the cities for which it has secured a licence in the latest bidding round.

Crude oil prices extend gains to multi-year highs on tight supply

Brent crude futures rose by 64 cents, or 0.8%, to $86.17 a barrel by 1105 GMT, following on from last Friday's 1.1% gain.

IOC to build India's first green hydrogen plant at Mathura refinery

IOC will build the nation's first 'green hydrogen' plant at its Mathura refinery, as it aims to prepare for a future catering to the growing demand for both oil and cleaner forms of energy.

Discovered small fields: Govt may extend bank guarantee relaxation

Officials in the know say this re­laxation was given during the first wave of the Covid-19 pandemic

Oil firm responsible for defective cylinder

A company needs to conclusively show that the consumer was negligent to refute any claim