Page 3 - Oil Sector

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 ...

The challenge from Urals

India's oil pricing policies must be fine-tuned to reflect the new Russian reality

Oil firms making Rs 10 a litre profit on petrol, Rs 6.5 loss on diesel

Oil companies are selling petrol at a profit of Rs 10 per litre but retail prices haven't been reduced as they recoup past losses and make up for a Rs 6.5 a litre loss on diesel, a report said. State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have for the past 15 months not revised petrol and diesel prices in line with the cost. They have times of low oil prices to recoup losses incurred when rates were high. "Post record high losses of Rs 17.4 per litre on petrol and Rs 27.7 a litre diesel for the week ended June 24, 2022, margins for petrol are estimated at a positive Rs 10 per litre for Q3 (October-December 2022) while diesel losses too have likely narrowed to Rs 6.5 a litre for the same quarter," ICICI Securities said in a report. The three fuel retailers haven't changed petrol and diesel prices since April 6, 2022, despite input crude oil prices rising from USD 102.97 per barrel that month to USD ..

The big short in oil & gas PSUs: Lack of leadership in sector hurting India

The government deplores the lack of good leadership in these companies but it adds to the problem with sub-optimal appointment practices for chief executives in this sector

ONGC Q2 profit tumbles 30% to Rs 12,826 crore on windfall tax woes

Profit fell 15.6 per cent over the preceding June quarter when it had reported a net of Rs 15,205.85 crore

Oil giant Exxon Mobil rakes in profit of $19.66 bn in Q3; revenue doubles

Exxon Mobil broke records again with its profits in the third quarter, raking in USD 19.66 billion in net income. The Irving, Texas company said on Friday that it booked USD 112.07 billion in revenue during the quarter, more than double revenue last year during the same period. Americans have struggled with painfully high gasoline prices in recent months, paying more than USD 4.80 on average for a gallon of regular at the beginning of July. Prices eased somewhat towards the end of the quarter, but customers were still paying more than USD 3.79 a gallon of regular, on average, in late September. Our strong third-quarter results reflect the hard work of our people to invest in and build businesses critical to meeting the demand we see today, said CEO Darren Woods, in a statement. We all understand how important our role is in producing the energy and products the world needs, and third-quarter results reflect our commitment to that objective. Natural gas prices have also been high, .

Oil prices drop as Chinese demand data shows depressed consumption

Oil prices slid on Monday after Chinese data showed that demand from the world's largest crude importer remained lacklustre in September

Weak global growth, high inflation may impact energy demand, says RIL

Company sees oil demand averaging 99.6 million barrels a day, up 1.9 per cent versus a year ago....

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 prices rise in tight market as US sets release of more reserves

Oil prices rose on Wednesday as caution over tightening supply countered the negative impact of uncertain Chinese demand growth and news that United States will release more crude from its reserves

Oil prices tick up in volatile trade as US stocks fall on tight market

Oil prices rose slightly on Wednesday amid plenty of caution as bullish signals like falling U.S. crude stocks and a generally undersupplied market were countered

Biden open to new Strategic Petroleum Reserve sale as last tranche released

President Joe Biden will announce the plan Wednesday, senior administration officials told reporters Tuesday evening on condition of anonymity to preview his remarks

Oil prices stable as fears of economic slowdown offset supply woes

Oil prices were stable on Tuesday as the market balanced cuts to OPEC+ production quotas against fears of economic slowdown

Oil prices steady as recession fears counter positive Chinese signals

Oil prices were steady on Monday as China's continuation of loose monetary policy was offset by fears that high inflation and energy costs could drag the global economy into recession

Centre hikes windfall tax on domestic crude oil, jet fuel and diesel export

The govt has hiked tax on domestically produced crude oil to Rs 11,000 per tonne from Rs 8,000 per tonne.

Avoid sectors having global exposure like IT, oil, gas: ICICI Securities

ICICI Securities Ltd on Wednesday said its one year forward Nifty target is 19,425 with sectorial bias towards banks, capital goods/infrastructure and automobiles

Fears of fuel shortage grow in France amid strikes over wages at refineries

Strikes in France's major refineries continued, leading fears over fuel shortage across the country

Will weigh what Russia offers on Sakhalin-1 ownership revamp: Hardeep Puri

India maintains a "healthy dialogue" with Russia and will look at what is offered following announced ownership revamp to the Sakhalin-1 oil and gas project, Hardeep Singh Puri said