Page 3 - Oil & Gas

IGGL gains 42.94% physical progress, Rs 1556.46 crore capital expenditure

The Indradhanush Gas Grid Limited (IGGL), joint venture of five oil and gas public sector undertakings, has achieved a physical progress of 42.94 per cent and a capital expenditure of Rs 1556.46 crore for the 2021-22 financial year, according to a company release here on Thursday. IGGL Chairman Atindra Roychoudhury said this while addressing the fourth annual general meeting. "The company achieved a capital expenditure of Rs 1556.46 crore and physical progress of 42.94 per cent in the financial year 2021-22", he said. The AGM was conducted in both physical and virtual mode and was attended by its directors, shareholders and other stakeholders, the release said. The IGGL is a joint venture of IOCL, ONGC, GAIL, OIL and NRL and is implementing the North East Gas Grid (NEGG) project connecting the capital cities and major demand centres of the North Eastern part of India to build a gas-based economy in the region. The NEGG is implemented as per the Hydrocarbon Vision 2030 of the Nort

Cuban oil facility on fire, leaves 1 dead, 17 missing and 121 injured

A fire set off by a lightning strike at an oil storage facility raged uncontrolled in the Cuban city of Matanzas, where four explosions and flames injured 121 people and left 17 firefighters missing

Refiners, upstream cos soar on windfall tax cut; CPCL up 11%, Oil India 8%

CPCL, Oil India, ONGC, MRPL, Gail (India) and Reliance Industries were up 4 per cent to 11 per cent on the BSE in intra-day trade.

FPIs raise the ante by driving up allocation to oil & gas, auto stocks

FPIs increased their allocations to the oil and gas sector by 44 bps and the power sector by 21 bps

PSUs face further investment apathy; privatisation may struggle: Analysts

The bulk of the earnings reduction over the past two months for the Nifty-50 index, according to KIE, has come from the government's decision to levy new taxes

ONGC, Oil India extend fall; tank up to 20% in two days on windfall tax

Brokerage firm Motilal Oswal reiterates its BUY rating with revised target prices of Rs 171 and Rs 364 for ONGC and Oil India, respectively.

Petrol export duty: Will RIL shares fall more after Friday's 9% slide?

The bias for Reliance remains positive, with strong support seen at the 50-WMA, below which the next significant support is at Rs 2,350.

Crude Oil slumps 6%; ONGC, Oil India, Adani Total tumble up to 17%

Oil prices tumbled about 5 per cent to a three-week low on Friday, as investors feared that interest rate hikes from major central banks could slow the global economy and cut demand for energy.

Russia to keep gas contract currency unchanged in rouble switch: Report

President Vladimir Putin has said Russia, the world's top natural gas producer, will soon require "unfriendly" countries to pay for fuel in roubles, raising alarm about a possible gas crunch in Europe

Govt explores ways to bring home oil & gas from overseas Indian assets

Plans Rs 1,500-crore seismic surveys as part of strategy to beat global supply disruption

Oil ministry launches seventh round for oil & gas block auctions

Award of these blocks is likely to be completed by the end of March 2022

PM Modi to interact with CEOs, experts of global oil and gas sector

Prime Minister Modi will interact with CEOs and experts on Wednesday via video conferencing

ONGC surges 6%, hits 22-month high on improved outlook; Oil India up 7%

The recent outperformance of oil & gas stocks brings the focus to ONGC, which has so far been unable to replicate the gains seen by the rest of its peers

Oil & Gas shares in focus; Oil India hits 52-week high, ONGC up 3%

ONGC informed that rating agency ICRA has assigned 'AAA' credit rating for non-convertible debentures (NCDs) of the company for Rs 7,500 crore

Biggest sovereign wealth fund excludes ONGC from portfolio

The exclusion was announced by Norges Bank after a recommendation from the Council on Ethics, an independent body that investigates possible norm breaches in the wealth fund's $1.4 tn portfolio

DGH reduces compliance burden on exploration activities in oil & gas blocks

Approvals for three processes that would need to be submitted within 30 days

Govt permits 100% FDI in oil & gas PSUs approved for disinvestment

"The above decision will take effect from the date of FEMA notification," an official statement said

Turbocharge upstream oil & gas sector to hasten India's post-Covid recovery

The companies could be asked to commit to channeling the tax relief into boosting production from ageing fields, which would yield longer-term dividend for the government coffers

RIL's oil-to-chemicals business recovers but second wave a challenge

The company's oil and gas production is hinging on output at its satellite fields. It is minuscule compared to its big-bang entry into this segment in the late 1990s

Revamp not to impact biz; in talks with global cos for large fields: ONGC

ONGC plans to acquire much larger acreage via open acreage licensing policy