Oil Firms

Mitsui to operate ONGC's ethane carriers, equity plan under discussion

Japanese shipping firm Mitsui O.S.K. Lines will operate two very large ethane carriers for Oil and Natural Gas Corporation (ONGC) to import petrochemical feedstock for a subsidiary of the state-owned company, sources said. ONGC has entered into a partnership to build, own and operate two very large ethane carriers (VLECs). The two firms are currently discussing equity structure of the joint venture, two sources with direct knowledge of the matter said. Mitsui is likely to own majority stake in the ships that would be built in Korean shipyards, they said adding the exact equity structure would depend on ONGC's appetite. The specialised ships, with an estimated cost of USD 370 million for the pair, are intended to secure the petrochemical feedstock for ONGC Petro Additions Ltd's (OPaL) Dahej facility, with ethane imports beginning around mid-2028. Sources said it would take about two-and-half-years to build the VLECs. Mitsui and its partners currently own and operate four liquefied

Vitol hands record $10.6 bn payout to its traders in energy boom year

The disruptions from Russia's invasion of Ukraine have created an extraordinary windfall for a select group of commodity traders-profits that far exceed anything their predecessors experienced

Oil giant Shell denies plan to acquire rival BP in £60 billion merger

Shell's denial of BP takeover reports has triggered a UK rule barring it from making an offer for at least six months

Private refiners tap domestic fuel market as export margins tighten

Reliance Industries and Nayara Energy are stepping up sales at home as fuel demand growth slows in developed markets and China, the world's second biggest oil consumer

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

Cairn Oil & Gas signs contract to hire Parker Wellbore's drilling rig

Cairn Oil & Gas, part of Vedanta Group and India's largest private oil and gas exploration and production company, has entered into an agreement to hire a high performance 2000 horsepower drilling rig from Parker Wellbore, recently acquired by Nabors Industries - a global technology provider. The pact will help expand the company's oil and gas exploration and production operations in India, the firm said in a statement. Cairn "will deploy this state-of-the-art rig in Barmer, Rajasthan - the company's largest onshore producing asset in India, this month," it said. "This deployment aligns with Cairn's ongoing efforts to increase production and support its exploration initiatives in the region." Recently at CERAWeek 2025, Vedanta chairman Anil Agarwal shared the company's plan for India's energy sector growth. The company will be investing in brownfield projects to add 5 billion barrels of oil equivalent reserves, and produce 500,000 barrels per day at a cost of USD 5 per barrel, the

Aramco reports $106 bn profit in 2024, down 12% on lower oil prices

Aramco has a market value of $1.74 trillion, making it the world's sixth-most valuable company behind Apple, Microsoft, NVIDIA, Amazon and Alphabet, which owns Google

Chhattisgarh partners with oil firms to set up pollution check units

PUCs at fuel stations will help people by offering checks at commonly visited places, ensuring compliance with emission norms and strengthening public health efforts

Russia's Rosneft invested $20 bn in India, says govt quoting Putin

Rosneft gained access to India's fuel retail market when it completed a $12.9 billion deal to acquire Indian private refiner Essar Oil in 2017

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

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

Welspun Corp's unit, Saudi Aramco scrap $41 million steel pipe contract

Welspun did not disclose the reason for the cancellation of the contract, but said it would not affect its operating plans

Govt halves support to oil firms, defers filling strategic oil reserves

The government has halved the amount of equity infusion in state-owned fuel retailers to Rs 15,000 crore for supporting their investments in energy transition projects, the finance ministry has said. Finance Minister Nirmala Sitharaman had on February 1 last year while presenting the annual Budget for 2023-24 fiscal (April 2023 to March 2024) announced equity infusion of Rs 30,000 crore in Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) to support the three state-owned firms' energy transition plans. Alongside, she had also proposed Rs 5,000 crore for buying crude oil to fill strategic underground storages at Mangalore in Karnataka and Visakhapatnam in Andhra Pradesh that India has built to guard against any supply disruptions. That plan has also been deferred in view of emerging trends in oil markets, the finance ministry said. While other state-owned oil companies such as Oil and Natural Gas Corporation (ONGC) an

Indian Coast Guard, ports, firms discuss readiness for oil spill disasters

Director General of the Indian Coast Guard, Rakesh Pal chaired the 25th meeting of the National Oil Spill Disaster Contingency Plan (NOS DCP) in Gujarat's Vadinagar coast

Foreign oil majors flag windfall tax concerns; govt seeks $52-bn investment

India is the world's third-biggest oil importer and consumer and meets almost 85 per cent of its oil requirements from overseas

Budget 2023: Oil companies will spend Rs 1.06 trn in next financial year

Nearly half of overall expenditure would be for refineries expansion and upgrade while about 44% will be used for exploration and production of hydrocarbons, the data provided in the budget documents

Indian, European oil firms evaluating bids for Guyana blocks: Report

Refiner Indian Oil Corp also is looking to work in Guyana in collaboration with ONGC Videsh

CAG says 3 state-owned oil firms ignoring own software for logistics

National auditor says state-owned companies make monthly adjustments that aren't best for saving costs, efficiency

ONGC Q2 profit tumbles 30% to Rs 12,826 crore on windfall tax woes

Profit fell 15.6 per cent over the preceding June quarter when it had reported a net of Rs 15,205.85 crore

Why India may have to rework Russian oil purchase if a price cap is imposed

India will have to follow a delicate balancing act if the West imposes a pricing limit on supplies from Moscow