Oil Industry

Scrap OID cess on pre-NELP, nomination blocks: Oil sector's Budget plea

The oil and gas industry has sought abolition or a review of the oil industry development (OID) cess on crude oil produced from nomination and pre-NELP exploration blocks in the FY27 Union Budget, citing adverse impact on domestic production and project viability. OID cess, levied under the Oil Industries (Development) Act, 1974, was converted from a specific rate to an ad-valorem levy of 20 per cent from March 1, 2016, following a sharp fall in global crude prices. While the shift to an ad-valorem structure was intended to provide relief, oil and gas industry association Federation of Indian Petroleum Industry (FIPI) in a representation for FY27 Budget to the finance ministry said the 20 per cent rate has proved excessive, noting that historically the cess has ranged 8-10 per cent of crude prices. The cess applies only to crude produced from nomination and pre-New Exploration Licensing Policy (NELP) blocks, many of which are mature and in decline, requiring higher investment to ...

India slips to third among Russian oil buyers as US sanctions hit flows

RIL has cut Russian oil imports by 49 per cent, while the state-run refineries reduced it by 15 per cent in the month, said CREA

Trump meets oil executives at White House, seeks investment in Venezuela

President Donald Trump is meeting with oil executives at the White House on Friday in hopes of securing USD 100 billion in investments to revive Venezuela's ability to fully tap into its expansive reserves of petroleum a plan that rides on their comfort in making commitments in a country plagued by instability, inflation and uncertainty. Since the US military raid to capture former Venezuelan leader Nicols Maduro on Saturday, Trump has quickly pivoted to portraying the move as a newfound economic opportunity for the US, seizing three tankers carrying Venezuelan oil, saying the US is taking over the sales of 30 million to 50 million barrels of previously sanctioned Venezuelan oil and will be controlling sales worldwide indefinitely. It's also part of a broader push by Trump to keep gasoline prices low. At a time when many Americans are concerned about affordability, the incursion in Venezuela melds Trump's assertive use of presidential powers with an optical spectacle meant to ...

Oil gains as market assesses protests in Iran, dealmaking for Venezuela

Civil unrest in major Middle Eastern producer Iran and concerns about the spread of the Russia-Ukraine war to Russian oil exports have increased supply worries

Cairn Oil & Gas seeks global partners for recovery enhancement, rigs

The partnership would follow a gain-sharing model based on recovery and production improvements, with the partner holding full ownership of the recovery enhancement projects, said Cairn Oil & Gas

India free to buy oil from sources it considers beneficial: Russia

India, a sovereign nation, is free to buy oil from sources it considers beneficial, the Kremlin said on Monday, while expressing confidence that New Delhi will stick to the policy of ensuring its economic interests. On August 6, the US imposed additional 25 per cent tariffs on India for its purchase of oil and petroleum products from Russia. At the end of August, US tariffs on imports of Indian goods and services were increased to 50 per cent. "India, being and remaining a sovereign nation, carries out foreign trade operations and purchases energy resources where it is beneficial for itself," the Kremlin spokesman, Dmitry Peskov, told reporters in the wake of last Friday's Summit talks between President Vladimir Putin and Prime Minister Narendra Modi in New Delhi. Speaking after his talks with Prime Minister Modi, the Russian leader assured that Moscow will remain India's reliable energy supplier. "And, as far as we understand, our Indian partners will continue this line to ensure

India's fuel demand hits six-month peak in November, rises 5.5% to 21.27 MT

Sales of gasoline, or petrol, totalled 3.52 million tons, easing 4.1% from October but 2.6% higher than the same month last year

Pact with TotalEnergies to aid deepwater exploration: OIL CMD Ranjit Rath

The company's first partnership with TotalEnergies would help exploration in deep-water and ultra-deep water blocks, an area where OIL lacks significant expertise, Rath said

BPCL Q2 net profit more than doubles to ₹6,442 crore; revenue up 2.54%

Company's board of directors approves interim dividend of ₹7.5 per equity share for FY26

RIL to adjust refinery operations after US sanctions Russian oil firms

Reliance also agreed to follow EU guidelines on imports of refined oil products into Europe amid widening sanctions on Russian crude trade

Economics trumps politics: India's US oil, LNG imports slump sharply

India is guided solely by economics when sourcing oil and LNG rather than geopolitics, and the government does not interfere in decisions by state-oil companies, September data shows

No plans to offer non-blended petrol, no controversy over E20: IOC Chairman

IOC Chairman Arvinder Singh Sahney outlines growth roadmap, defends E20 fuel, and shares updates on refinery and green hydrogen projects

Russia's spot crude oil supply normal, says Indian Oil's Anuj Jain

Loading of Russian oil for India in August nearly halved to 686,850 barrels per day from about 1.34 million bpd in July, according to LSEG trade flows

Oil industry makes the digital leap to cut costs and lift efficiency

Fossil fuel companies are setting up digital oilfields to improve efficiency, cut costs, and enhance customer satisfaction amid focus on renewable energy­

Indian Oil plans ₹1.66 trn investment over 5 years for business growth

The investment will expand the company's core operations in oil refining and fuel marketing, along with ventures in petrochemicals, natural gas, and renewable energy

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

Indian refiners unfazed by European Union's new Russia oil sanctions

Fuel export to Europe is already on decline after record 2023

Govt nears approval of ₹30,000 cr LPG relief for OMCs via excise funds

The government is set to compensate OMCs for ₹30,000 crore LPG losses through excise duty collections, easing subsidy burden without straining the expenditure budget

Centre plans to make registration mandatory for vegetable oil units

The government proposes mandatory registration for all vegetable oil producers under a new amendment to the Vegetable Oil Products, Production, and Availability Order of 2011

ONGC makes promising oil, gas discoveries in Mumbai offshore basin

State-owned Oil and Natural Gas Corporation (ONGC) has made promising offshore oil and gas discoveries in the Mumbai Offshore basin that could help augment production in the near future. The discoveries have been made in blocks awarded under the Open Acreage Licensing Policy (OALP) regime, the state-owned firm said in its fourth-quarter earnings statement. The discoveries, which have been named Suryamani and Vajramani, were made in OALP-VI block MB-OSHP-2020/2 and OALP-III block MB-OSHP- 2018/1, both in the offshore Mumbai basin. Exploratory well MBS202HAA-1 on Block MB-OSHP-2020/2 flowed 2,235 barrels per day of oil and 45,181 million cubic metres a day of gas during testing done in the January-March quarter. "This is the first discovery in Basal Clastics in OALP Block MB-OSHP-2020/2. The success in well MBS202HAA-1 was notified as New Prospect Discovery and rechristened as 'Suryamani'," ONGC said. Subsequently, during the current quarter, a second zone was tested on the same wel