ONGC’s Q1 gains were buoyed by rising revenue from new well gas, which crossed ₹17 billion—₹3.3 billion above the administered price mechanism (APM) rate—as the company stepped up output from premium-yielding sources. India’s largest oil and gas explorer, Oil and Natural Gas Corporation (ONGC) has reported a consolidated net profit of ₹115.5 billion for the...
Tag: Crude Oil
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Indian airline industry calls for rationalisation of jet fuel taxes
The price of jet fuel in the national capital was increased by 18.32% Domestic airlines in India have called for rationalisation of jet fuel taxes, in a move to combat the spike in fuel prices. High crude oil prices prompted Oil Marketing Companies (OMCs) to raise Aviation turbine fuel (ATF) prices to over Rs 1...
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Twin headwinds threaten to alter Indian aviationÂ’s flight path
Despite a raft of policy facilitations, domestic airlines are flying into two major headwinds – crippling infrastructure constraints at major airports, and an uptick in fuel prices – which could mean growth in domestic air passenger traffic may have peaked out for the medium term.
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Bahri expands India presence with new Mumbai office
Bahri, a global leader in logistics and transportation, has opened a new office in Mumbai to strengthen its presence in the fast-growing Indian maritime industry and lay the foundation to offer diverse shipping services to domestic customers.
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Strategic Petroleum Reserves created at 3 locations
Minister of State (I/C) for Petroleum & Natural Gas Dharmendra Pradhan has informed the Rajya Sabha in a written reply that under the Strategic Petroleum Reserve project Phase-I, underground rock caverns for storage of 5.33 MMT of crude oil at three locations, viz. Vishakhapatnam (1.33 MMT), Mangalore (1.50 MMT) and Padur (2.5 MMT) have been created.
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OVL wants oil in lieu of $537 million cash due from Venezuela
ONGC Videsh Ltd (OVL), the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), wants $537 million worth of crude oil in lieu of cash due for its share of sales from Venezuelan oilfield. OVL owns 40 per cent of the San Cristobal field and invested $190 million in 2008.
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OVL seeks oil in lieu of $537 million due from Venezuela
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), is seeking $537 million worth of crude oil in lieu of cash due for its share of sales from a Venezuelan oilfield. OVL owns 40 per cent of the San Cristobal field and had invested about $190 million in the project in 2008.
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Mangalore caverns ready for more crude oil to hold strategic reserves
The government-owned Indian Strategic Petroleum Reserves Ltd (ISPRL) is ready to fill the just-built underground rock-cut caverns near Mangalore with crude oil.
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We have committed Rs.10,000 cr to Maharashtra´s port infrastructure projects
Maharashtra is the most industrialised state in the country and is one of the prime movers of India´s success story. Like a true leader, Maharashtra has been showing the way to emulate in fields varying from infrastructure to industrialisation and from education to research.
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Cairn India reports quarterly loss; reaffirms potential in Rajasthan block
Cairn India reported a quarterly loss of Rs.10,948 crore for the March quarter, primarily led by impairment loss on goodwill and non-producing oil and gas assets due to a drop in oil prices.