Page 2 - Petroleum

Gas regulator to pitch for building gas storage to boost clean fuel usage

The country aims to raise the share of natural gas in its energy mix to 15% by 2030 from about 6.5% now

Gas platform explosion off Mexico kills 2 workers, injures 6, 1 missing

An explosion and fire have destroyed an offshore gas platform in the Gulf of Mexico, while two workers died, six were injured and one was missing, officials said. The state-owned oil company, Petroleos Mexicanos, said the disaster happened on the Nohoch gas transfer platform that it operates on Friday. It said the dead and missing workers were employed by a subcontractor. It did not specify who the six injured worked for. The company's statement said seven ships evacuated a total of 321 workers from the platform. Photos distributed by the company showed several fire boats pumping streams of water onto the still-smoking platform. Octavio Romero, director of Petroleos Mexicanos, said the platform "was totally destroyed" but that several other nearby, linked platforms did not catch fire. There appeared to be little risk of an oil spill, though it was unclear whether the accident might force the company to increase flaring of gas, a process of burning excess gas that pumps large amount

ONGC Videsh awaiting clarity on equity structure over Kenyan oil field bid

Other Indian companies that are likely to partner with OVL for the stake buy are also evaluating a stake purchase, said the executive, who was not authorised to speak to the media

Warren Buffett's firm now owns more than 25% of Occidental Petroleum

Billionaire Warren Buffett's company keeps buying shares of Occidental Petroleum, and Berkshire Hathaway now controls more than 25 per cent of the oil producer. A new filing with the Securities and Exchange Commission shows that Berkshire bought another 2.1 million Occidental shares this week worth about USD 123 million. The latest purchases give Berkshire more than 224 million shares worth nearly USD 13 billion that have all been purchased over the past year and a half. And Buffett may not be done buying because the price of Occidental stock is still right around where he bought shares at this week even after a modest 43-cent bump Thursday morning to trade at USD 57.89. Buffett has been consistently buying the stock when it dips below USD 60. Crude prices are down 13 per cent this year and shares of Occidental are down 8 per cent. Often, other investors rush into a stock after Berkshire discloses a purchase because of Buffett's remarkably successful track record over the decades.

India-UAE aim to double non-oil trade to $100 bn by 2030: Piyush Goyal

Joint committee of officials from both sides to review terms of CEPA, which came into force on May 1, 2022

Government extends timeline for submitting bids for OALP Round-VIII

Since March 30, 2016, seven rounds of Open Acreage Licensing Programme (OALP) have been completed

Cash sales at petrol pump spike to 90% as people rush to use Rs 2,000 notes

Cash purchase of fuel at petrol pumps using Rs 2,000 notes has spiked to almost 90 per cent of daily sales as buyers rushed to tender the withdrawn currency notes. Petrol pump dealers said cash sales before the surprise announcement on Friday of the withdrawal of the Rs 2,000 note was only 10 per cent, but now customers were using the withdrawn note to make small purchases of Rs 100/200, expecting petrol pumps to return change. They have now asked the Reserve Bank to instruct banks to provide enough small denomination notes to help serve customers smoothly. "Majority of the customers are trying to use Rs 2,000 notes even for small purchases of Rs 100-200 and are expected change from the petrol pumps and hence the petro outlets are extremely short of change across the country," All India Petroleum Dealers Association president Ajay Bansal said in a statement. It said the petrol pump dealers have been requesting customers to use the card or digital payment for fuel purchases. "Befor

India cuts windfall tax on petroleum crude from Rs 4,100 per tonne to zero

Prior to this, the government announced the reimposition of the windfall profit tax on domestically produced oil from zero to Rs 6,400 per tonne. The government also scrapped the export duty on diesel

SC directs CPCB to ensure VRS installation at retail petroleum outlets

The Supreme Court on Tuesday directed the Central Pollution Control Board to ensure all retail petroleum outlets located in different cities having a population of more than 10 lakh and a turnover of over 300 kilolitres a month install Vapour Recovery System (VRS) mechanism within the fresh timeline prescribed by the CPCB. VRS is process which can arrest the release of harmful organic compounds from petroleum products. A bench of Justice Sudhanshu Dhulia and JB Pardiwala, while disposing of a batch of appeals filed by Indian Oil Corporation Ltd and others against an order of the National Green Tribunal, said the VRS mechanism shall be installed within the fresh timeline as prescribed by the CPCB in its June 4, 2021 circular. "The CPCB shall ensure that all the retail petroleum outlets located in different cities having population of more than 10 lakh and having turnover of more than 300 KL/Month shall install the VRS mechanism within the fresh timeline as prescribed in its circular

Capital expenditure by CPSEs at 68% of FY23 target by December

Petroleum CPSEs and National Highways Authority of India (NHAI) have so far driven the capex among CPSEs

India raises windfall tax on crude oil, diesel and aviation turbine fuel

It raised windfall tax on crude oil to Rs 2,100 ($25.38) per tonne from Rs 1,700 ($20.55), effective Tuesday, the order said

Extensive exploration programme to find minerals stepped up in Rajasthan

Additional Chief Secretary (Mines and Petroleum) Subodh Agarwal said each part of the state was rich in some mineral

Mineral production increases by 4.6% during September: Ministry of Mines

The index of mineral production of mining and quarrying sector in September 2022 at 99.5 was 4.6% higher as compared to the level in March 2021

What is coal gasification and why is India investing in it heavily?

On Novemebr 3, Union Finance Minister Nirmala Sitharaman launched the biggest ever coal mine auction of 141 mines in India

Customs, excise mop-up likely to see Rs 1-trillion shortfall in FY23

Duty cuts on edible oil, petro products to blame; may not hit overall collection

Reliance Industries to demerge and list financial services business

Shareholders of RIL will receive one equity share of JFS of face value Rs 10 for one fully paid-up equity share of Rs 10 held in RIL.

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 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

India will do all that is required to ensure energy security: Hardeep Puri

Reacting to the decision of Organization of Petroleum Exporting Countries (OPEC) to cut oil production by 2 million barrels per day, Union Minister Hardeep Singh Puri on Friday said India will do all that is required to ensure its energy security and affordability. He said if required, India will go for diversification of energy sources. "This is their (OPEC's) sovereign right what they want to do but equally it is my job to point out that all actions have consequences, intended or unintended. India will be able to navigate through the situation with confidence," the petroleum and natural gas minister said at GEO India 2022 conference here. "We will not allow any shortages to come in. The government will do all that is required to ensure energy security and affordability," he said. Puri said as per the estimate of the sector, consumption of fuel will increase and 25 per cent of the global demand in next 20 years will be from India. Therefore, he said, the prime minister took the .