Oil demand this year will approach 106 million barrels per day after averaging about 104.6 million barrels per day in 2024, he said
With a market size of $220 billion, the Indian chemicals and petrochemicals sector contributes about 6 per cent to the GDP and provides employment to over 5 million people
The petroleum sector contributed Rs 4.32 trillion to the Central exchequer by way of taxes, royalties, and dividends, among others, and Rs 3.19 trillion to the states in 2023-24
This partnership allows us to access IOC's 37,000 retail outlets and 13,000 LPG distributors, and they have a very strong brand presence, he says
The govt has withdrawn the Road and Infrastructure Cess on petrol and diesel exports to ease financial pressure on the oil sector
Subsidies to the oil & gas sector saw a reduction of 85 per cent from a peak of USD 25 billion in 2013 to USD 3.5 billion by 2023, according to an official note on Monday. Since 2010, India has steadily reformed its fossil fuel subsidies, adopting a "remove, target, and shift" approach, the Ministry of New and Renewable Energy (MNRE) said. The ministry said, as per a report of Asian Development Bank (ADB), structured approach, including adjusting retail prices, tax rates, and subsidies on select petroleum products collectively reduced fiscal subsidies in the oil and gas sector by 85 per cent from a peak of USD 25 billion in 2013 to USD 3.5 billion by 2023. "A significant step in this journey was the gradual phasing out of petrol and diesel subsidies, coupled with incremental tax hikes. These reforms created fiscal space for greater government support in renewable energy initiatives, electric vehicles, and critical electricity infrastructure," it said. From 2014 to 2017, tax ...
Higher expenses, lower sales pulled down revenue to Rs 1.98 trillion
Puts up to Rs 18,000 cr worth rights issue plans on hold
A US official involved in compliance said 'General Licence 93' allowed India to receive vessels owned by a sanctioned entity, Russian state behemoth Sovcomflot, which ships the bulk of India's oil
The all-cash transaction, which is expected to close in the fourth quarter, is a part of its strategy to divest $10 billion to $15 billion of assets by 2028
India's largest crude oil and natural gas producer wrote off Rs 1,669.73 crore cost incurred in unsuccessful survey and drilling of wells to find oil and gas
Agarwal tried unsuccessfully to take Vedanta private in 2020, his latest attempt to trim down parent company's debt last year by getting its unit, Hindustan Zinc, to buy some of firm's zinc assets
IOC's average gross refining margin - the profit from making refined products from one barrel of oil - fell to $6.39 per barrel from $8.34 per barrel a year ago
Says OMCs can consider pump price cut if global prices stay at $75-80 per barrel
Jindal's entrance comes as Venezuela reshapes its oil partnerships amid the reimposition of US sanctions after President Nicolas Maduro's fell short of promises to ensure fair elections
The gas sector faces competition from EVs that cut into demand for CNG vehicles
Street will look for updates on new energy biz commissioning schedule
In the past a rise in crude oil prices has resulted in lower corporate margins and profits
As a consuming nation any increase in prices will cause concern and anxiety, Jain said at an industry event, referring to the "geopolitical premium" in crude prices
Prime Minister Narendra Modi on Tuesday courted top oil and gas executives, showcasing opportunities the world's fastest growing economy offers and the reforms that his government has made particularly in exploration and production. Modi met about 20 top executives of firms ranging from ExxonMobil and BP to QatarEnergy and French giant TotalEnergies, discussing energy scenarios as well as investment opportunities, sources in know of the development said. He referred to the recently launched exploration licensing round to seek global giants to invest in finding and producing oil and gas in the country. The sources said he spoke on reforms in the oil and gas sector, including a shift from purely revenue-based bidding for oil and gas areas to a exploration-focussed bidding. India is the world's third largest energy consumer and imports 85 per cent of its needs. The government wants to increase the domestic production to cut imports. Indian CEOs attending the meeting included Vedanta