Page 7 - Petroleum Sector

Hard to imagine gas-led economy based only on domestic supply: PNGRB Chief

The regulator for the downstream energy sector has pitched an imported gas-based regime

E20 fuel outlets will have pan-India presence by 2025: Hardeep Singh Puri

Petroleum minister Hardeep Singh Puri on Friday said by 2025, the entire country will have special fuel stations retailing E20 petrol, drawing confidence from the faster rollout of such fuel stations. E20 fuel is a blend of 20 per cent ethanol with petrol. The first E20 outlet was opened on February 8 this year -- ahead of the targeted April launch -- and as of now their number has crossed 600 and will cover the entire country by 2025, Puri told the AGM of the industry lobby IMC Chamber through a video message. He also said the ministry will be launching a global biofuel alliance later this month. The minister said ethanol blending in petrol has gone up from 1.53 per cent in 2013-14, to over 11.5 per cent as of March 2023. In volume terms, ethanol blended petrol has increased from 38 crore litres in 2013-14 to 433.6 crore litres in 2021-22. Similarly, he said the number of petrol pumps selling biofuels has increased three-fold from over 29,890 in 2016-17, to more than 67,640. Th

Kuwait crude oil price rises $2.07 to $77.11 per barrel, says KPC

The Kuwaiti crude oil price rose by USD 2.07 during Friday's trading sessions to reach USD 77.11 per barrel, compared with USD 75.04 pb the day before, Kuwait News Agency (KUNA) quoted KPC as saying

Leased petroleum assets under IBC to be exempt from moratorium: MCA

New rule aimed at ensuring national petro assets don't lie idle; petroleum ministry can repossess such assets such as oil wells and give them to another party

"We will see what can be done' says Puri on reducing petroleum prices

Petroleum Minister Hardeep Singh Puri said on Saturday that oil companies will be in a position to look at the issue of reducing petrol and diesel prices if the international crude cost remains stable and these firms have a good next quarter. He, however, added that he was not in a position to make an announcement on the issue. "As we go along we will see what can be done," the minister told a press conference at the BJP headquarters where he was asked several questions on petroleum prices and whether bringing them down is on the government's agenda. He said state-run oil marketing companies did "okay" in the last quarter. "They have recovered some of their losses. They have been very good corporate citizens. As we go along we will see what can be done," he said. The Narendra Modi-led government has ensured that there is no rise in oil prices since April 22, the BJP leader said and noted that the government will ensure that consumers suffer no hardship. One may like to give everyt

With oil prices slumping, OPEC+ producers weigh more production cuts

The major oil-producing countries led by Saudi Arabia and Russia are wrestling with whether to make another cut in supply to the global economy as the OPEC+ alliance struggles to prop up sagging oil prices that have been a boon to US drivers and helped ease inflation worldwide. The 23-member group is meeting on Sunday at OPEC headquarters in Vienna after sending mixed signals about possible moves. Saudi Arabia, dominant among the oil cartel's members, has warned speculators that they might get burned by betting on lower prices. Russia, the leader of the non-OPEC allies, has indicated no change to output is expected. The decision comes amid uncertainty about when the slow-growing global economy will regain its thirst for fuel for travel and industry, and with producers counting on oil profits to bolster their coffers. Oil prices have fallen even after OPEC+ slashed 2 million barrels per day in October, angering US President Joe Biden by threatening higher gasoline prices a month bef

Oil slides 4% on worries about US debt ceiling, OPEC+ discussions

Some hard-right Republican lawmakers said they might oppose a deal to raise the debt ceiling in the United States, the world's biggest oil user

A reality check for Indian oil product exports amid international sanctions

EU's threat to sanction India for exporting petroleum products to its member-nations based on cheap Russian crude will not be an existential risk

Warren Buffett buys another $127 mn worth of Occidental Petroleum stock

Investor Warren Buffett's company bought another $127 million worth of Occidental Petroleum stock over the past week to give Berkshire Hathaway 213.9 million shares of the oil producer. Berkshire's latest filing with the Securities and Exchange Commission late Monday showed that it had bought another 2.2 million Occidental shares. Buffett's Omaha, Nebraska-based conglomerate controls 23.8% of Occidental's stock and holds warrants to buy another 83.9 million shares for $59.62 apiece, but the billionaire recently told shareholders that he has no plans to buy the entire company. Many people like to copy Buffett's moves because of his remarkable track record. Buffett doesn't routinely comment on Berkshire's stock purchases. Buffett has been regularly buying Houston-based Occidental shares since early last year whenever the stock drops below $60. Berkshire's latest purchases were made at prices between $56.34 and $58.52. Occidental's shares were down slightly Tuesday morning at $58.23.

Capex by large state-run firms jump 121% to Rs 53,000 crore in April

Expenditure cycle of NHAI, petroleum CPSEs off to a strong start

India reimposes windfall tax on crude oil, levy on diesel exports scrapped

Latest move to reimpose windfall tax on crude oil means that now only domestically produced crude oil will attract a windfall tax of Rs 6,400 per tonne while petrol, diesel and ATF will remain exempt

Diesel sales rise sharply over 15% as agricultural activity pick-up

Diesel sales in India jumped up sharply in the first half of April as agricultural activity pick-up and trucking increased to meet industrial demand, preliminary industry data showed on Monday. Demand for diesel, the most consumed fuel in the country accounting for about two-fifths of the demand, soared over 15 per cent to 3.45 million tonnes in the first half of April when compared to a year ago. Month-on-month sales rose 8.4 per cent when compared with 3.19 million tonnes of diesel consumed in the first half of March that had witnessed seasonal slowdown. Petrol sales rose about 2 per cent to 1.14 million tonnes during April 1 to 15 when compared with the same period of last year. Sales however fell 6.6 per cent month-on-month, the data showed. In the first half of March, petrol sales had fallen 1.4 per cent and diesel 10.2 per cent year-on-year. Consumption of petrol in April first half was 14.6 per cent more than COVID-marred April 1-15, 2021 and almost 128 per cent more than i

Petrol, diesel can be brought under GST ambit if Council takes a call: FM

Union Finance Minister Nirmala Sitharaman Monday said that petrol and diesel can be brought under the GST ambit if the GST council takes a call

Petroleum products can be brought under GST if consensus reached: FM

Finance Minister Nirmala Sitharaman on Wednesday said that if states arrive at a consensus, then petroleum products can be brought under the GST regime

Petroleum Min inks pact with International Energy Agency on data sharing

The government on Tuesday signed a pact with the Paris-based IEA for strengthening cooperation in the field of data and research and for enhancing global energy security, stability, and sustainability

ONGC to invest $3.5 billion to boost output from western offshore assets

ONGC, will invest $3.5 billion over the next three-four years to boost output from its western offshore assets, Pankaj Kumar, head of offshore assets, said on Tuesday

Budget 2023: Higher crude exploration drives non-tax revenue goal

The government lists receipts from licence fees for the right of exploration of oil and gas, as well as royalty on off-shore crude oil and gas production

HCL, IIT-Dhanbad collaborate for petroleum engineering, earth science

IT services company HCL Technologies has signed a pact with the Indian Institute of Technology, Dhanbad, to collaborate in the field of petroleum engineering and earth science, according to a statement. HCL Technologies and IIT (Indian School of Mines), Dhanbad (Jharkhand), will also develop a knowledge management system using technologies, it added. As part of the agreement, HCL Tech will offer projects and internship opportunities to students and research scholars of IIT (ISM) to develop digital solutions in the fields of exploration, drilling and production of hydrocarbons to reduce carbon footprint. "Both HCL Tech and IIT (ISM) will also undertake sustainability initiatives and programmes, including discussions, podcasts and joint presentations at international forums on transformative initiatives in the oil and gas sector," according to a statement. The memorandum of understanding will help HCL Tech strengthen its collaboration with the IIT (ISM), Dhanbad, while HCLTech custom

Rs 6,200 crore investment in the petroleum sector in Rajasthan

Rajasthan Additional Chief Secretary (Mines and Petroleum) Subodh Agarwal said four companies in the petroleum sector had signed agreements on investment during "Invest Rajasthan"

ONGC board rejig: Two director posts set to be merged

Sources say the idea behind the board revamp is to bring greater synergies in operations