Oil Industry In India

Extended West Asia tensions may hurt Indian Oil's liquidity, says S&P

S&P said Indian Oil may receive extraordinary support from the Indian government if the company comes under financial stress

S&P flags pressure on Indian Oil as high crude prices squeeze margins

S&P Global Ratings on Friday said state-owned Indian Oil Corporation (IOC) faces rising pressure to balance fuel affordability with profitability as prolonged tensions in West Asia increase crude oil prices and squeeze marketing margins. The ratings agency said disruptions in the Strait of Hormuz and elevated crude prices could widen the gap between domestic retail fuel prices and raw material costs, potentially hurting the company's earnings, cash flow and liquidity position over the next 12 months. India, the world's third-largest oil importer, relies heavily on imported crude to meet domestic fuel demand, with diesel accounting for nearly 39 per cent of total petroleum consumption. "IOC faces a conundrum. Its earnings and cash flow over the next 12 months are turning increasingly uncertain as the Middle East conflict becomes protracted. IOC has to balance its role of meeting the country's energy needs while absorbing losses due to high crude oil prices," it said. "Given the ...

Oil industry pushes ethanol as cooking fuel to cut dependency on LPG

The petroleum industry on Tuesday urged industry players to develop ethanol as a clean cooking fuel for Indian households as part of efforts to reduce dependence on imported LPG and expand biofuel use. R S Ravi, Director (Downstream) at the Federation of Indian Petroleum Industry (FIPI), made the appeal while addressing the All India Distillers' Association (AIDA) conference, highlighting ongoing research into ethanol-based cooking stoves. "A lot of work is happening" at agencies like the LPG Equipment Research Centre (LERC) and various IITs to develop ethanol-compatible and efficient cooking stoves, with prototypes likely to be ready soon, Ravi said. He sought active support from the All India Distillers Association (IDA) and its members on two key fronts: connecting with manufacturers to scale up production of these stoves, and more importantly, developing a viable supply chain to deliver ethanol directly to households. "This is a different ballgame. As of now, the way you are ..

India's state oil refiners may order tankers worth $600 mn for domestic use

Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. plan to jointly issue a tender later this year for the medium-range tankers

OIL aims to drill 75-plus wells in FY25 using more rigs, newer tech: CMD

Unrest in Bangladesh hasn't impacted Numaligarh refinery expansion, Indo-Bangla pipeline

Driving towards green horizons, OMCs unite for hydrogen road map

Fuelling the future: Oil ministry PSUs aim for 1 mt of green hydrogen by 2030

Govt asks state-run oil refiners, RIL to jointly negotiate Russia oil deal

Reliance is unlikely to share sensitive information with the state oil refiners given they're competitors in the domestic fuel market

Despite wars in Europe and West Asia, oil shock fears yet to materialise

The peak that Indian crude oil basket has touched since Russia invaded Ukraine in Feb 2022 was in June of the same year pricing at $116.01 a barrel. It has not crossed $100 a barrel after July 2022

March crude oil imports decline 1.1% to 20.69 million tonnes: Govt

Product imports in March fell 6.1% from the previous month to 3.83 million tonnes, its lowest since July 2023, while exports gained 6.4%

Crude oil import bill shrank 15.9% in FY24, thanks to Russia shipments

Import volumes remained stable at 232 mmt in FY24 as dependency increase

Oil industry in 2024: Varied outcomes expected across value chain

The correction in tanker rates in owing to easing of Covid-related supply chain constraints, however the recent attacks on cargo ships in the Red Sea remains a monitorable

India to resume Venezuelan oil purchases, says Hardeep Singh Puri

India is willing to buy oil from any country that is not sanctioned, the minister added

Dhamra LNG terminal to save over Rs 5,000 crore annually for its users

Adani Ports & SEZ and TotalEnergies have jointly invested Rs 1,900 crore in the terminal project so far and the Adani firm started investing in the project from 2016 onwards

$58 bn investment in E&P; Chevron, Exxon, Total keen on India: Hardeep Puri

Global energy majors Chevron Corp, Exxon Mobil Corp and TotalEnergies are interested in investing in India's oil, gas exploration and production sector, said India's oil minister, Hardeep Singh Puri

India to soon sign long-term deal to export oil from Namibia: Report

Recently, IOC signed a deal to procure oil from Colombia's Ecopetrol SA and Brazil's Petroleo Brasileiro SA (Petrobras)

PSU dividend targets may be missed due to impact on oil industry

The budget estimate for dividends from PSUs is Rs 40,000 crore. So far, the centre has garnered Rs 15,766 crore. Even with such healthy receipts so far, a shortfall is expected

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

Working to complete contours of Saudi Aramco deal, says Mukesh Ambani

The deal was to be concluded by March 2020 but has been delayed.

India's oil hunger to double despite its electric car ambitions

India sold more than 17.5 million scooters and motorcycles in the year ended March 31 and annual sales have grown about seven percent in three of the last four years