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Oil Sector

Aramco CEO expects additional oil demand of 1.3 mn bpd this year

Oil demand this year will approach 106 million barrels per day after averaging about 104.6 million barrels per day in 2024, he said

Aramco CEO expects additional oil demand of 1.3 mn bpd this year
Updated On : 21 Jan 2025 | 11:39 PM IST

Unlocking potential: India's path to a robust petrochemical industry

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

Unlocking potential: India's path to a robust petrochemical industry
Updated On : 21 Jan 2025 | 4:25 PM IST

Will oil sector growth lead to more capex for underfunded ministry

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

Will oil sector growth lead to more capex for underfunded ministry
Updated On : 20 Jan 2025 | 10:15 PM IST

IOC pact gives us access to 37K retailers, 13K LPG distributors: Maini

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

IOC pact gives us access to 37K retailers, 13K LPG distributors: Maini
Updated On : 10 Dec 2024 | 11:25 PM IST

Govt abolishes windfall tax on crude oil, ATF, petrol, and diesel exports

The govt has withdrawn the Road and Infrastructure Cess on petrol and diesel exports to ease financial pressure on the oil sector

Govt abolishes windfall tax on crude oil, ATF, petrol, and diesel exports
Updated On : 02 Dec 2024 | 1:56 PM IST

Subsidies to oil & gas sector reduce 85% to $3.5 bn in 10 years: MNRE

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 ...

Subsidies to oil & gas sector reduce 85% to $3.5 bn in 10 years: MNRE
Updated On : 04 Nov 2024 | 7:57 PM IST

IOCL reports Q2 net loss of Rs 169 crore as refining, marketing margins dip

Higher expenses, lower sales pulled down revenue to Rs 1.98 trillion

IOCL reports Q2 net loss of Rs 169 crore as refining, marketing margins dip
Updated On : 28 Oct 2024 | 11:20 PM IST

BPCL Q2 FY25: Net profit plunges 72% to Rs 2,297 crore on higher expenses

Puts up to Rs 18,000 cr worth rights issue plans on hold

BPCL Q2 FY25: Net profit plunges 72% to Rs 2,297 crore on higher expenses
Updated On : 26 Oct 2024 | 12:37 AM IST

Of ships and tankers: India, refiners not breaking international sanctions

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

Of ships and tankers: India, refiners not breaking international sanctions
Updated On : 21 Oct 2024 | 10:22 PM IST

Oil giant Chevron sells assets worth $6.5 bn to Canadian Natural Resources

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

Oil giant Chevron sells assets worth $6.5 bn to Canadian Natural Resources
Updated On : 07 Oct 2024 | 5:20 PM IST

ONGC Q1 FY25 results: Net profit declines 15% to Rs 8,938.10 crore

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

ONGC Q1 FY25 results: Net profit declines 15% to Rs 8,938.10 crore
Updated On : 05 Aug 2024 | 9:17 PM IST

Vedanta gets secured creditors' nod for demerger into six companies

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

Vedanta gets secured creditors' nod for demerger into six companies
Updated On : 30 Jul 2024 | 10:42 PM IST

Indian Oil Q1FY25 results: PAT plunges 81% to Rs 2,643 cr on low margins

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

Indian Oil Q1FY25 results: PAT plunges 81% to Rs 2,643 cr on low margins
Updated On : 30 Jul 2024 | 4:02 PM IST

BPCL divestment completely off the table, says Hardeep Singh Puri

Says OMCs can consider pump price cut if global prices stay at $75-80 per barrel

BPCL divestment completely off the table, says Hardeep Singh Puri
Updated On : 12 Jun 2024 | 12:13 AM IST

Jindal Power to partner with Venezuelan state oil company: Report

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

Jindal Power to partner with Venezuelan state oil company: Report
Updated On : 30 May 2024 | 11:40 PM IST

Brokerages cautious about stocks of city gas distribution companies

The gas sector faces competition from EVs that cut into demand for CNG vehicles

Brokerages cautious about stocks of city gas distribution companies
Updated On : 10 May 2024 | 11:07 PM IST

Result preview: O2C may be a dampener on Reliance Industries earnings

Street will look for updates on new energy biz commissioning schedule

Result preview: O2C may be a dampener on Reliance Industries earnings
Updated On : 16 Apr 2024 | 11:15 PM IST

Crude realisation: Oil's slick grip threatens corporate margins, profits

In the past a rise in crude oil prices has resulted in lower corporate margins and profits

Crude realisation: Oil's slick grip threatens corporate margins, profits
Updated On : 12 Apr 2024 | 12:28 AM IST

High crude oil prices a cause for concern, India's oil secretary says

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

High crude oil prices a cause for concern, India's oil secretary says
Updated On : 03 Apr 2024 | 2:01 PM IST

PM Modi courts top global executives for investment in oil, gas sector

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

PM Modi courts top global executives for investment in oil, gas sector
Updated On : 06 Feb 2024 | 7:35 PM IST