Page 8 - Petroleum Sector

Hindustan Petroleum posts consolidated net loss of Rs 2,172 crore in Q2

The company blamed depressed marketing margins on motor fuels and LPG as the main reason for its profitability being impacted over the latest quarter

Emergency bid: GAIL inks agreement with ADNOC to secure LNG supply

Officials said the agreement represents a reworking of India's gas sourcing strategy as the country aims to aggressively source LNG from a wider list of nations

NITI wants infra projects lagging for decades completed by FY23-end

Shortlists 494 projects, including 279 roads and highways worth Rs 1.92 trillion, petroleum projects worth Rs 1.11 trillion, almost a trillion rupees worth of railway projects

OIL interested in picking up petroleum mining lease in Jaisalmer, Bikaner

OIL produces heavy oil and natural gas at Tanot Dandewala and Baghewala in the state, and is exploring PML for five more locations in the state.

Fuel sales soar 22%-26% in Oct on festive season demand: Industry data

India's fuel sales soared in the first half of October with an across-the-board surge in transportation fuel demand on the back of the economic activity picking up as festival season kicked in, preliminary industry data showed. Petrol and diesel sales jumped 22-26 per cent year-on-year while also rising month-on-month in the first half of October. Petrol sales soared 22.7 per cent to 1.28 million tonne during October 1-15 when compared to 1.05 million tonne of consumption in the same period last year. Sales were 31 per cent higher than COVID-marred first half of October 2020 and 33.4 per cent more than pre-pandemic October 1-15, 2019. Demand was 1.3 per cent higher than the first half of September 2022. Diesel, the most used fuel in the country, posted a near 27 per cent rise in sales in the first fortnight of October to 3.08 million tonne when compared to the same period last year. Consumption was up 16 per cent over October 1-15, 2020 and 26.6 per cent higher than pre-COVID 2019

Govt's ethanol blending programme faces supply and pricing problem

The government's ambitious aim to double the blending target could face challenges from two of the three sources: Grain-based and biomass-based

Govt okays Rs 22,000 crore one-time grant for OMCs to battle losses

This will help them tide over continuing losses in providing domestic liquified petroleum gas

Oil falls as China demand concerns fuel recession fears

Economic slowdown in China, world's second-largest oil consumer, adds to rising concerns about possible global recession triggered by numerous central banks raising interest rates to combat inflation

Road and highways sector has maximum number of delayed projects: Report

The road transport and highways sector has the maximum number of delayed projects at 248, followed by railways at 116 and petroleum sector at 88, showed a government report. In the road transport and highways sector, 248 projects are delayed with respect to their original schedule out of the 831 monitored, as per the latest flash report on infrastructure projects for August 2022. Similarly in railways, out of 173 monitored projects, 116 are delayed, while for petroleum, 88 out of 139 projects are delayed. The Infrastructure and Project Monitoring Division (IPMD) is mandated to monitor central sector infrastructure projects costing Rs 150 crore and above, based on the information provided on the Online Computerised Monitoring System (OCMS) by the project implementing agencies. The IPMD comes under the Ministry of Statistics and Programme Implementation. The report showed that the Muneerabad-Mahaboobnagar rail project is the most delayed project. It is delayed by 276 months. The sec

Oil maintains most of recent gains asf OPEC+ heads for deep supply cuts

Oil has risen so far this week in anticipation of the largest output cut by OPEC+ since the depths of the COVID-19 pandemic in 2020, said Fiona Cincotta, senior financial markets analyst at City Index

Oil prices inch lower ahead of a meeting of OPEC+ producers on supply cut

Oil prices moderated very slightly on Wednesday after gaining more than 3% in the previous session ahead of a meeting of OPEC+ producers to discuss a big cut in crude output

TotalEnergies shuts France's largest refinery over wage demand strikes

French multinational energy and petroleum company TotalEnergies has started to shut down the country's largest refinery in the Normandy region as a result of a strike over wage demands

Small oil and gas field operators ask govt for exemption from windfall tax

The central government from July 1, 2022, levied a tax on crude and petroleum products to capture supernormal profits of energy companies amid a sharp rise in global oil prices

Depreciating rupee not likely to cause fiscal slippage, say experts

Petroleum, fertiliser imports to become expensive, subsidy bill set to rise

Divestment of BPCL off the table for now, says Hardeep Singh Puri

The plan to offload the Centre's 52.98 percent stake in the oil major could not go forward as there was not sufficient number of bids

India's non-petroleum exports to UAE underperform after FTA, shows data

In comparison, India's overall non-petroleum exports grew 8 per cent during May-July while overall exports grew 15.1 per cent during the same period

Share of petro products in exports touches record high at 21.2% in Apr-Aug

India's heavy dependence on energy exports have also boosted its overall merchandise exports

Crude oil output to go up substantially from next year: Petroleum Secy

Pankaj Jain's comments follows contracts signed by govt for 34 oil exploration blocks; minister Hardeep Singh Puri asserts energy crisis in Europe far worse than India

Opec+ to cut crude oil output by 100k barrels per day from October

In a step that may increase prices in India, the group has decided to reduce output quotas for October, after a fall in global oil demand outlook.

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