Page 2 - Oil Sector

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

Import more crude grades to cut basket price: Parliamentary panel

India currently imports about 50 grades of crude oil in a year

Operating profit of offshore rig operators may jump 30% in FY25: Report

Operating profit of offshore rig operators in India is likely to jump 30 per cent next fiscal on the back of strong global demand for rigs amid healthy crude prices and elevated day rate which has doubled to USD 85,000 from the last year's level, says a report by Crisil Ratings. The day rate is the amount of money paid by the operator to the drilling contractor for each day that the rig is used to drill a well. In the absence of significant investment towards rig addition, growth will bolster the returns and debt metrics of rig operators and strengthen their credit risk profiles, it added. Crude price, which averaged at USD 55 a barrel between fiscals 2016 and 2021, increased to USD 86 a barrel on average since fiscal 2022. Higher crude prices have, in turn, incentivised increased capex in offshore exploration and production activities, driving up demand for offshore rigs. Though global demand for offshore rigs has surged 11 per cent since April 2022, supply has shrunk as operator

51.5% agri exports from just 5 products makes sector vulnerable: GTRI

India's agri export basket is dependent on just five commodities including rice and sugar and this makes the sector vulnerable to fluctuations in global prices and demand, a report by economic think tank GTRI said on Monday. The Global Trade Research Initiative (GTRI) said these five products -- basmati rice, non-basmati rice, sugar, spices, and oil meals -- account for 51.5 per cent of India's total agriculture exports. Furthermore, India grapples with various domestic challenges including infrastructural deficits, quality control issues, and non-tariff barriers, all of which impede the growth and competitiveness of its agricultural sector, it said. "This makes them (agri exports) vulnerable to fluctuations in global prices and demand," it said, adding these commodities also face frequent export bans in India. At present export of non-basmati rice is currently banned from India and India is also fighting at the WTO (World Trade Organisation) to protect subsidies to rice and wheat

Saudi Arabia's economy suffers biggest contraction since 2020 on oil cuts

Gross domestic product shrunk 4.5% in the third quarter compared to a year earlier, driven by a 17% drop in the oil economy

BFSI, oil & gas sectors key drivers of India Inc earnings as IT slips

A slowdown in the IT services sector is expected to impact the growth of overall corporate earnings in the coming quarters

Growing tanker fleet, cheaper freight challenges Russia price cap: Analysis

The sanctions do not apply to shipping companies or insurers from other countries, regardless of the price

IOC to invest over Rs 2,600 crore to set up greenfield units in northeast

Indian Oil Corporation has firmed up plans to pump in over Rs 2,600 crore in setting up several greenfield units and expanding its facilities across the northeast over the next few years, a senior company official said. The board of IOC has already approved various new projects, while some are in the process of getting the nod, with the leading energy firm in talks with the local governments in Meghalaya, Mizoram and Manipur to finalise land parcels for the greenfield units. "Northeast is one of the most important regions for Indian Oil and much focus is given here by the top management. We have planned to augment our operations by enhancing refining as well as petroleum, oil and lubricant (POL) storage capacities," IOC Executive Director (Indian Oil-AOD) Ganesan Ramesh told PTI in an interview. The company is at present carrying out nearly a dozen projects, both greenfield and brownfield, across the region, entailing a total investment of Rs 2,612 crore, he said. "We have a major

Saudi crude oil cuts throw last year's standout economy into slow lane

The slashing of supply will be a drag on the world's biggest oil exporter

Govt appoints Anil Jain as chairman of oil and gas sector regulatory body

The government has appointed seasoned bureaucrat and gas sector expert Anil Kumar Jain as the new chairman of the oil and gas sector regulatory body, PNGRB, an official order said. The Appointments Committee of the Cabinet (ACC) approved the appointment of Jain, who retired as coal secretary in October last year, as the new chairman of the Petroleum & Natural Gas Regulatory Board (PNGRB). The ACC has approved the proposal of the Ministry of Petroleum and Natural Gas, based on the recommendations of the Search Committee, for the appointment of Anil Kumar Jain. Jain has been appointed as the Chairperson PNGRB "for a period of five years from the date assumption of charge of the post or till attaining the age of 65 years, or until further orders, whichever is the earliest, on a consolidated pay package of Rs 4.50 lakhs per month (without house and car) or as revised by the Ministry of Finance from time to time," the ACC order of May 15 said. Bihar-born, 1986-batch Indian ...