Page 2 - Oil Sector

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 ...

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

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

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

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

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

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

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

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

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

Brokerages cautious about stocks of city gas distribution companies

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

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

Street will look for updates on new energy biz commissioning schedule

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

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

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

Militant danger at Red Sea spurs global crude oil buyers to go local

The fragmentation will not be permanent, but for now it's making it tougher for import-dependent nations like India and South Korea to diversify their sources of oil supply

BPCL Q3 results: Consolidated net profit rises 82% to Rs 3,181 crore

The average gross refining margin (GRM) of BPCL for FY24 came in at $14.72 per barrel as against $20.78 a barrel in the first nine months of FY23

Earnings from O2C division may remain volatile for Reliance Industries

RIL's management noted while the refining margins environment looks favourable, that of downstream will remain pressured

Crude oil advances as Iran warship in the Red Sea escalates tensions

Brent crude climbed as much as 2.6 per cent to top $79 a barrel, before paring some of that gains

Govt to audit rising spot purchase of crude, House panel flags costly buys

The Committee has recommended that the Ministry should conduct an audit to see whether the purchases in spot tenders have actually resulted in cheaper costs