Oil And Gas

Joint venture will be based in Aberdeen, Scotland, and will be set up to sustain domestic oil and gas production and security of energy supply in Britain, Equinor said

Veteran oil and gas executive Naresh Nayyar has been appointed on the board of directors of EET Fuels, the firm that owns the UK's Stanlow refinery, said on Wednesday. Nayyar has been appointed as non-executive director. The appointment was agreed on October 2, 2024. "Renowned for steering multi-billion-dollar projects and orchestrating turnarounds, Naresh is a seasoned expert in oil and gas market development," a company statement said. He had previously worked as chief executive officer and managing director of Essar Oil Limited (then India's second-largest private oil company that got acquired by Rosneft of Russia) and chief executive officer of Essar Energy Plc UK (then a FTSE 100 energy company). Essar owned and operated the Stanlow refinery and last year it created a new entity, Essar Energy Transition (EET), to control its various businesses and drive USD 3.6 billion worth of low carbon projects in the UK and India. EET Fuels is part of EET. "Leading Essar Oil UK Limited a

Industrialist Anil Agarwal states that an industrial park can greatly increase the competitiveness of manufacturing while bringing down the cost of transporting raw material

Goa Chief Minister Pramod Sawant on Thursday announced that the coastal state would serve as the permanent venue for the annual India Energy Week (IEW). Addressing the state on the occasion of 78th Independence Day, he said the Oil and Natural Gas Commission (ONGC) has decided to host the annual IEWs in Goa permanently. Sawant also said his government was dedicated to creating a bright future for the state in the fields of green economy and blue economy. While the term 'green economy' refers to the economic system that aims at reducing environmental risks and ecological scarcities, and that aims for sustainable development, 'blue economy' or the ocean economy, is a term used to describe the economic activities associated with the oceans and seas. "We have successfully conducted international events like Ironman, G20 and India Energy Week. ONGC has decided to host IEW permanently in Goa every year," he said. Hosting events like the IEW helps the state's economy, he said. The IEW .

In 2016, Reliance Ethane had raised a loan of $572 million with a 12-year tenor to purchase six new ethane carriers

The Centre is planning to bring 560,000 sqkm under oil exploration by the end of 2024

Pakistan is expected to get an investment of USD 5 billion over the next three years from local and international firms for the exploration and development of petroleum and gas reserves that will save the cash-strapped country's valuable foreign exchange and provide relief to the common man bearing the brunt of high fuel prices. The announcement was made in a meeting presided over by Prime Minister Shehbaz Sharif on Saturday during a meeting with a delegation of oil and gas exploration and production sector companies. According to the state-run Associated Press of Pakistan, the meeting was informed that during three years, around 240 places would be excavated with an investment of USD 5 billion to explore petroleum and gas in Pakistan. The meeting was informed that currently, Pakistan's domestic production stood at 70,998 barrels and 3,131 MMSCFD (million standard cubic feet) gas per day. The prime minister invited petroleum and gas exploration and production companies to also find

Indian Biogas Association (IBA) is demanding a fixed rate of Rs 90 per kg for procurement of biogas by oil and gas marketing companies, from the government, citing environmental benefits and to boost the sector. The IBA will soon put up the suggestion about fixing the procurement price of the biogas, along with other recommendations, for boosting the sector before the newly appointed Union Minister of New and Renewable Energy Minister Pralhad Joshi. While the retail selling price of compressed biogas (CBG) is aligned with CNG (compressed natural gas), the procurement price is unfortunately linked to the retail selling price (RSP) of CNG, IBA Chairman Gaurav Kedia told PTI. Consequently, he said with CNG prices in New Delhi hovering at Rs 75-80 per kg, the procurement price of CBG by oil and gas marketing companies falls to Rs 59 per kg (excluding GST). "This pricing structure fails to recognise the inherent environmental value of CBG. Ideally, CBG should command a premium (of Rs ..

Shifting policy goalposts has been the bane of the disinvestment programme

The PLI scheme is expected to attract investments of Rs 3-4 lakh crore in the next four years and generate 2 lakh jobs as large projects in sectors, including semiconductor, solar module and pharmaceutical intermediaries, are expected to take off, a top Icra executive said on Wednesday. Icra Executive Vice President and Chief Ratings Officer K Ravichandran said that going ahead private sector capex is expected to pick up in oil and gas, metals and mining, hospitals, healthcare and cement sectors. However, taking the private sector capex to record high levels would require the government to give some tax breaks so that people have more disposable income in their hands. "Under the PLI scheme, we are expecting Rs 3-4 lakh crore of additional investments in the next 3-4 years. Going ahead, semiconductor, solar module, and pharmaceutical intermediaries are some areas where large projects are expected to happen which can be capital and employment-intensive. They would be generating 2 lakh

Shares of Marathon Oil rose 9% to $28.85, while ConocoPhillips fell 3.8% to $115.10 in morning trading

The government has offered two discovered oil and gas fields in Mumbai offshore and a coal bed methane field in West Bengal for bidding in the latest Discovered Small Fields (DSF) bid round, regulator DGH said on Monday. In a notice on its website, the Directorate General of Hydrocarbons (DGH) said, notice inviting offer will be launched on May 28 and bids will close on July 15. "With the objective to augment domestic production of Petroleum and Natural Gas, the Ministry of Petroleum & Natural Gas, Government of India announces the Special DSF Bid Round offering two (02) Discovered Small Field located in Mumbai Offshore (MB/OSDSF/C37/2024 & MB/OSDSF/B15/2024) and one (01) Discovered Coal Bed Methane field located in West Bengal (SR-ONCBM (Raniganj)-2024) through International Competitive Bidding (ICB)," it said. It however did not give details like reserves. Those may be included in the NIO. DSF was launched in 2016 and since then three rounds have been held. In the first ...

With the exception of Adani Total Gas and Aegis Logistics, all stocks within the Nifty Oil & Gas index witnessed gains

At 11:11 AM; the shares of the company were trading 5.86 per cent higher at Rs 462.80 per share. Presently IGL is trading at a price to earnings multiple of 25.70 times

The bullish outlook stems from Reliance Jio's potential tariff hikes, given the competitive landscape, along with slow but steady improvement in the oil-to-chemical (O2C) vertical

Shares of oil marketing companies such as HPCL, BPCL and IOCL have corrected 9-18 per cent since mid-Feb as the gross marketing margins on petrol and diesel have declined

Higher crude and gas prices would be negative for the margins of oil marketing companies such as HPCL, BPCL and IOC

At its peak, the deepwater project is set to produce 7 per cent of India's oil and gas

Prime Minister Narendra Modi on Saturday unveiled a series of oil and gas sector projects worth about Rs 1.62 lakh crore across the country from Bihar's Begusarai district. The projects are spread across various states like Bihar, Haryana, Andhra Pradesh, Maharashtra, Punjab and Karnataka. The PM also flagged off four trains, including the Danapur-Jogbani Express (via DarbhangaSakri). Trains from Jogbani to Saharsa and Siliguri and Sonpur-Vaishali Express were also flagged off. Bihar Governor Rajendra Vishwanath Arlekar, Chief Minister Nitish Kumar and Deputy CMs Samrat Chaudhary and Vijay Kumar Sinha were present on the occasion. The PM dedicated to the nation the First Oil' from KG Basin and flagged off the first crude oil tanker from the ONGC Krishna Godavari deepwater project.

A Texas company has reached a multimillion-dollar settlement with the federal government and the state of New Mexico to address air pollution concerns in the largest oil and gas producing region in the US. The agreement announced on Tuesday with Apache Corporation calls for the company to pay USD 4 million in penalties and spend more than USD 5 million on preventative measures to reduce emissions at its wells in the Permian Basin, which spans parts of New Mexico and Texas. Apache was accused in a civil lawsuit of failing to comply with federal and state requirements to capture and control emissions at some of its operations in the two states. Federal officials and regulators in New Mexico identified the alleged violations through field investigations and flyovers by helicopters outfitted with infrared cameras that can detect hydrocarbon vapours that are invisible to the naked eye. Efforts by regulators to crack down on oil companies have ramped up in recent years through a combinati