The steep decline in the value of Indian currency raised the price (in rupee terms) of crude oil imported by India. Further, global factors like higher demand, low OPEC spare capacity and improved economic outlook for 2013 raised the price of crude oil in dollar terms. For example, the Brent crude oil futures rose to a two-year high of $110.51 a barrel recently. Brent for sweet grad
Category: Oil & Gas
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IOC, ONGC to bid for stake in HPL
West Bengal government may invite joint bidding by Indian Oil Corporation and Oil & Natural Gas Corporation (ONGC) for selling its about 40 per cent stake in Haldia Petrochemicals (HPL). It is learnt that besides IOC, and ONGC, RIL, Cairn India, and GAIL are also eyeing the stake. The state government rejected Reliance IndustriesÂ’ (RIL) plea for an open auction for stake sale as it already announced it woul
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ONGC mulls to develop 3 fields to double its Cauvery gas output
In Tamil Nadu, ONGC Cauvery Asset is planning to develop three gas fields to double the gas production from Cauvery Basin. A meticulous action plan is being worked out to develop three gas fields - Ramnad, Periakudi and Bhuvanagiri, the company said on August 15. Within the next 1 to 2 years, the company expects to increase the gas production to 6 million cubic meters per day.
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Oil firms may cut petrol prices by more than 1 Re
Considering the latest fall in international oil rates, oil firms in India plan to slash petrol prices by more than one rupee per litre shortly. But the oil companies may have wait for the Parliament's decision to hike diesel prices.
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OMCs may raise petrol, diesel prices
The continuing depreciation of rupee and the rise in global crude oil price may prompt state-run oil marketing companies (OMCs) to raise diesel and petrol price, reports indicate. While the global crude price rose to 108.5 per barrel recently, the Indian rupee rose up to 62 a dollar in recent session. In rupee terms, the crude price increased to Rs 6,68
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Essar Oil loss declines in Q1 June
Essar Oil, a fully integrated oil and gas company of international scale, reported a net loss of Rs 863 crore in Q1 June 2013, lower than net loss of Rs 1,518 crore in Q1 June 2012. Revenue rose 12 per cent to Rs 24,721 crore in Q1 June 2013 over Q1 June 2012, on the back of 15 per cent improvement of throughput, which stood at 5.14 million metric tonne (mmt) in Q1 June 2013, against 4.48 mmt in Q1 June 2012.
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MRPL to open 120 fuel retail shops in Karnataka
Mangalore Refinery and Petrochemicals Limited (MRPL), subsidiary of the government-owned Oil and Natural Gas Corporation (ONGC) is ready with a blueprint for 120 retail outlets to be rolled out in Karnataka. MRPL entered the fuel retail segment in 2008. Karnataka is MRPL's base-state. MRPL has approval to set up 500 retail outlets and its parent company ONGC has an approval to set up 1,100 retail outlets. Setting up an outlet costs MRPL Rs 5 crore.
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Reliance to invest $3.18 bn in KG block gas field
Reliance Industries, the operator of Krishna Godavari-D6 (KG-D6) block with 60 per cent interest, plans to invest $3.18 billion in R-Series gas field in the KG-D6 block as it looks to reverse the decline in output by quickly bringing in new fields on production. The company estimates that output from KG-D6 can reach up to 60 mmscmd by 2019 when all of the satellite fields are put into production.
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IGS to supply gas to India
Global oil and gas major BP plans to sell some of the US Freeport liquefied natural gas (LNG) in India through its joint venture firm Indian Gas Solutions (IGS). It may be recalled that IGS is a joint venture between BP and Mukesh Ambani-promoted Reliance Industries,. BP earlier agreed to buy 4.4 mn tpa of liquefaction tollin
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Indian Oil Corp to raise $500 mn loan
Indian government-owned and the country's largest refiner Indian Oil Corp (IOC) will raise $500 million loan by the end of August, sources in the company said on August 13. The company stated that the loan is to be used for working capital requirements.