Page 3 - Oil Industry

Essar to speed up CBM plans; to raise output to 5 mmscmd in 3-4 years

Essar Oil and Gas Exploration & Production Ltd is speeding up capital expenditure plans to explore and produce unconventional hydrocarbons that will help raise gas output at its flagship block to about 5 million standard cubic meters per day from less than 1 mmscmd now, its CEO said. EOGEPL is India's largest producer of Coal-Bed Methane (CBM) which just like conventional gas can be used as CNG in automobiles or as feedstock in industries. Buoyed by investor-friendly upstream policy reforms in recent years, including providing marketing and pricing freedom for CBM, the firm is drilling more wells, including horizontal ones, that will help tap into wider resources lying below coal seam in its Raniganj East block in West Bengal, EOGEPL CEO Pankaj Kalra told reporters on the sidelines of the India Energy Week. The firm currently produces 0.9 mmscmd of gas or 1 per cent of India's total gas output. "Our drilling campaign will see production rise to 2.3-2.4 mmscmd in the next 14-15 ...

IEA will expedite 2025 oil demand forecast after Opec's early move

OPEC believes oil use will keep rising over the next two decades, while the IEA, which represents industrialised countries, predicts it will peak by 2030

IOC Q3 net profit soars to Rs 8,063 cr, on road to best-ever annual earning

Indian Oil Corporation (IOC) on Wednesday reported a massive jump in its third quarter net profit as compared to the year-ago period when it was financially struggling as input raw material crude oil prices spiked but retail finished product prices remained on freeze. Standalone net profit of Rs 8,063.39 crore in October-December 2023-24 was higher than Rs 448.01 crore profit in the same period a year ago but lower than Rs 12,967.32 crore earnings in the preceding three months ended September 30, 2023, according to a stock exchange filing by the company. The profit was aided by a boost in marketing margins as a freeze on petrol and diesel price revision despite a fall in input crude oil prices helped recover losses incurred when rates were high in 2022-23. Pre-tax earnings from sale of petroleum products soared to Rs 11,428.88 crore in the third quarter of the current fiscal compared to Rs 1,541.95 crore in the same period last year. IOC uses mostly imported crude oil to make fuel

SLB kicks off oilfield services earnings with fourth-quarter profit beat

The company, formerly called Schlumberger, reported net income, excluding charges and credits, of 86 cents per share, for the three months ended Dec 31

India's oil, gas industry have grown leaps and bounds: PM Narendra Modi

'This is a remarkable step in India's energy journey and boosts our mission for an Aatmanirbhar Bharat,' PM Modi said in a post on X

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

Refined petroleum products export rise 32% to 5.6 MMT in November: PPAC

Exports in the April-November period also increased, rising 2.7 percent to 40.8 MMT. This was due to a rise in the outbound shipment of vacuum gas oil

Input tax refunds under GST: 'HC's IndianOil ruling to benefit all firms'

The court has instructed the authorities to process the input tax refund sought by IndianOil despite the tax rate on its principal input and principal output being the same

OPEC defends 'vilified' oil-and-gas industry on eve of climate meeting

The Organization of Petroleum Exporting Countries said that the IEA has "unjustly vilified" the industry over its role in the climate crisis

Valvoline targets double-digit market share growth in India over 5 years

The company is striving to establish a comprehensive ecosystem for its customers, offering a full spectrum of products, including lubricants, grease, diesel exhaust fuel, and more

Oil prices steady as dollar slumps, Russian oil products ban looms

Oil prices were steady on Thursday after tumbling in the previous session as a weaker dollar boosted sentiment, though looming sanctions on Russian oil products added uncertainty over supply

Oil prices climb as dollar slumps, OPEC+ keeps output cut policy

Oil prices rebounded on Thursday after tumbling in the previous session as a weaker dollar brought back some appetite for risk assets and the OPEC+ decision

Oil prices firm for a second session on upbeat US economic data

Oil prices rose for a second session on Friday, buoyed by stronger than expected U.S. economic growth, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand

Oil prices climb on hopes for Federal Reserve slowing interest rate hikes

Oil prices rose on Friday on optimism that the U.S. Federal Reserve will ends its tightening cycle, buoying the economy and boosting fuel demand

$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

Global oil inventories expected to grow, prices to drop in next 2 yrs: EIA

Global oil inventories will increase over the next two years with more global oil production than consumption, the US Energy Information Administration (EIA) has forecast

Oil rises 2% on Russian supply worries; US storm impact in focus

Russia may cut oil output by 5%-7% in early 2023 as it responds to price caps, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying on Friday

Russian oil logistics in chaos with weeks until EU sanctions bite

With about six weeks until the bloc's measures enter into force, little clarity exists on whether these steps will really suffice to help Russia to get much of its output to fend off a supply shock

Oil rises on tight supplies, possibility of China easing Covid curbs

Oil prices rose by more than $1 on Thursday in response to tighter supplies and on news that China is considering a cut in the duration of quarantine

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)