Petroleum

No fuel for old vehicles in Delhi from today: Here is what to know

The Commission for Air Quality Management (CAQM) has ordered petrol pumps in Delhi to stop fuelling diesel vehicles over 10 years and petrol vehicles over 15 years old, enforcing a Supreme Court ban

India's fuel exports face EU sanction risk amid West Asia oil crisis

The bloc's proposal on barring imports of diesel, gasoline & jet fuel derived from Russian crude oil in refineries is of concern because it does not require US or G7's cooperation for implementation

Shell-Reliance-ONGC JV completes India's 1st offshore decommissioning

A joint venture of Shell, Reliance Industries Ltd and ONGC has successfully completed India's first offshore facilities decommissioning project with the safe removal of installations on the mid and south Tapti gas field in the Arabian Sea, the firms said on Monday. Once a field stops producing oil and gas, the facilities that were erected to bring out hydrocarbons from below ground or under seabed, have to be safely removed - a process called decommissioning. The Tapti field, lying 160 km north-west of Mumbai, stopped producing in 2016. Certain facilities at the mid and south Tapti fields, known as the Tapti Part A Facilities were handed over to state-owned ONGC while the remaining facilities, which included 38 wells, 5 wellhead platforms and four pipelines, known as Tapti Part B Facilities were abandoned by the joint venture. In 2017, the joint venture started preparing to decommission the Tapti field, where Shell owned 30 per cent interest, Oil and Natural Gas Corporation (ONGC) .

Russia replaces UAE as the top naphtha supplier to India in 2024-25

(Corrects designation of HMEL's Das to managing director & CEO, not chairman, in paragraph 5)

Kerala Governor backs CM Vijayan in presenting state's demands to Centre

The Governor further emphasised that everyone should work together to achieve their goals 'without politicising' the issues

ISPRL seeks private firms to build 2.5 mn tonnes petroleum reserve at Padur

In 2021, India overhauled its policy to allow part of SPRs to be used commercially, mirroring a model adopted by countries such as Japan and South Korea that allows private lessees, mostly oil majors

Stop-start in currency volatility: Markets deliver consistent daily shifts

Policymakers can get export growth for some time through subsidies, whether a production-linked incentive or a falsified exchange rate

Atlantic Navigation from India sanctioned for trade of Iranian petroleum

India-based Atlantic Navigation OPC Private Limited was slapped with American sanctions on Thursday on charges of trade of Iranian petroleum and petrochemicals. The United States imposed sanctions on Thursday on four entities and three vessels involved in the trade of Iranian petroleum and petrochemicals, which generate billions of dollars' worth of revenue for the Iranian regime, the Department of Treasury said. "Iran continues to rely on its shadowy network of vessels, companies and facilitators to finance the development of its nuclear programme, the proliferation of its weapons systems and support to its proxies," said Acting Under Secretary for Terrorism and Financial Intelligence Bradley T Smith. Simultaneously, the Department of State also imposed sanctions on four entities engaged in the Iranian petroleum trade and identified six vessels as blocked property. Iran's oil exports are enabled by a network of illicit shipping facilitators in multiple jurisdictions who, through ..

Petroleum product exports shrink 14% in August as global demand cools

Exports in this category have decreased by nearly 3 per cent to 18.1 mt in the first five months of 2024-25, largely due to sluggish diesel exports

Why petrol prices stay high despite global oil price drop: Derek O'Brien

Trinamool Congress leader Derek O'Brien on Monday questioned why petrol prices in India are not decreasing despite a decline in global crude oil prices. In a post on X, the Rajya Sabha MP said the crude oil prices have come down by around 24 per cent in last ten years, but petrol price in India has gone up by 30 per cent. In August 2014, crude oil was priced USD 102 per barrel and petrol price was Rs 73, while in August 2024, crude oil is at USD 78 per barrel, and yet petrol price is Rs 95, he said. "Why are petrol prices in India not decreasing despite a decline in global crude oil prices?" wrote O'Brien, TMC's parliamentary party leader in the Rajya Sabha. "In the last 10 years, crude oil price down by nearly 24 percent, but petrol price in India increased by 30 percent," he said. "Windfall profits of oil companies are not being passed on to consumers," the TMC leader added. Petrol, diesel prices in India were last revised ahead of the general election in March when it was redu

Engaged with FinMin over review of windfall tax: Petroleum Secretary

Petrol, diesel pump prices may be reduced by OMCs if global crude oil prices remain low

Massive deposit of petroleum, natural gas found in Pakistani waters

A substantial deposit of petroleum and natural gas has been discovered in Pakistan's territorial waters, a cache so large its exploitation could change the country's destiny, according to a media report. A three-year survey was undertaken in collaboration with a friendly country to verify the presence of the oil and gas reserves, DawnNewsTV quoted a senior security official as saying on Friday. The geographic survey has allowed Pakistan to identify the location of the deposits, and the relevant departments have informed the government of the resources found in Pakistani waters. Terming it an effort to benefit from what he called the blue water economy', the official said that proposals for bidding and exploration were being studied, meaning that the exploration work can be started in the near future. However, he said the work of digging wells and actually getting oil out could take several years. But the blue water economy' can yield more than just oil and gas; there are several o

Govt cuts windfall tax on crude to Rs 2,100/tonne; scraps diesel, ATF levy

India began imposing a windfall tax on crude oil producers in July 2022 and extended it to include the export of gasoline, diesel, and aviation fuel

PESO to draft safety norms for petrol pumps near habitation, says Goyal

Commerce and industry minister Piyush Goyal has directed PESO to formulate template of safety measures to allow petrol pumps to operate in areas with habitation within 30-50 metres. Petroleum and Explosives Safety Organisation (PESO), a subordinate office under DPIIT, plays a pivotal role in administering regulatory frameworks established under the Explosives Act, 1884 and Petroleum Act, 1934. The minister also announced 80 per cent concession for women entrepreneurs and 50 per cent for MSMEs in licensing fees for licences granted by PESO. On Wednesday, Goyal had chaired a stakeholder consultation meeting to solicit insights and feedback from petroleum, explosives, fireworks and other related industry leaders, aimed at enhancing efficiency in the functioning of PESO. "He (Goyal) directed PESO to formulate guidelines in consultation with the Central Pollution Control Board (CPCB) and Ministry of Petroleum and Natural Gas (MoPNG) for creating a template of safety measures allowing ..

Govt raises windfall tax on petroleum crude to Rs 6,000 per metric tonne

On June 15, government had cut the windfall tax on petroleum crude to Rs 3,250 ($38.90) per metric tonne from Rs 5,200, according to a official notification

Govt headhunter interviews eight people for HPCL top post; rejects them all

The government headhunter PESB has rejected all candidates it interviewed for the top job at Hindustan Petroleum Corporation Ltd (HPCL), the third instance in as many years that the board has not found any suitable candidate for the role in a state oil firm. The Public Enterprises Selection Board (PESB) on June 14 interviewed eight candidates, including a director on the HPCL board and managing director of Indraprastha Gas Ltd (IGL), but rejected them all. "The Board did not recommend any candidate for the post of chairman and managing director (CMD) HPCL and advised the Ministry of Petroleum & Natural Gas to choose an appropriate course of further action for selection, including the Search-Cum-Selection Committee (SCSC) or as deemed appropriate with the approval of the competent authority," the PESB panel said in a notification. The HPCL CMD post will fall vacant on September 1, 2024, when the incumbent Pushp Kumar Joshi retires on attaining a superannuation age of 60 years. The .

Govt cuts windfall tax on petroleum crude to Rs 8,400 per MT from May 1

(Reuters) - India has cut its windfall tax on petroleum crude to 8,400 Indian rupees ($100.66) a metric ton from 9,600 rupees with effect from May 1, the government said on Tuesday

Petregaz India commissions its Rs 600 cr LPG import and storage terminal

Petregaz India, a subsidiary of Petredec Group has commissioned its new state-of-the-art LPG Import and Storage Terminal that has been set up at an outlay of Rs 600 crore, the company said on Saturday. The new facility located within the Adani Krishnapatnam Private Port at Krishnapatnam in neighbouring Andhra Pradesh would benefit private marketers as well as residential, commercial, industrial, and automotive consumers. The newly commissioned facility, with an investment of Rs 600 crore, enables Petregaz to deliver cost-effective, and dependable solutions to LPG marketers, the company said in a statement. With an annual capacity of over 1.5 million metric tonnes, the facility has excellent road connectivity to the hinterland of Tamil Nadu, Telangana, Karnataka, and Andhra Pradesh. The terminal also has two refrigerated storage tanks, a modern jetty with no congestion and capable of berthing all types of LPG vessels, 16 truck loading bays among others. "Government-run oil companie

India aims for 1st strategic petroleum reserve with pvt company by 2029-30

So far, India has allowed only partial commercialisation for its three existing SPRs in southern India, which have a combined capacity of 36.7 million barrels

Fire set off by a gas explosion in Kenya kills 3 people, injures 280 others

A truck loaded with liquid petroleum gas cylinders exploded in a depot in the Kenyan capital and set off a late-night inferno that rapidly spread and burned homes and warehouses, killing at least three people and injuring 280, officials said Friday. The death toll was expected to rise. At least 24 people were critically injured, the Kenya Red Cross said, after a huge fireball erupted from the gas depot. Some gas cylinders were thrown hundreds of metres (feet), sparking separate fires in the neighbourhood. The truck was parked inside a gas cylinder storage and filling site that had multiple applications to operate there rejected last year because it was too close to residential areas, Kenya's Energy and Petroleum Regulatory Authority said, raising questions over whether it was operating illegally. The government knew this liquid petroleum gas plant was existing in a residential area but they did nothing, local resident Charles Mainge said. They should make sure this doesn't happen .