Oil Companies

The deals highlight India's plan to more than double the share of gas in its energy mix by the end of this decade

State-owned Oil and Natural Gas Corporation on Monday said it has signed a pact with global oil major BP to explore collaboration in exploration and production, trading and other energy vectors, in India and internationally. The MoU comes within a month of ONGC selecting BP as a technical service provider for raising output from its flagship Mumbai High oil and gas field. "ONGC and BP have agreed to explore opportunities for collaboration and partnership across the energy industry in India and internationally, focused on oil and gas exploration and production, as well as trading and extending to other energy vectors," the firm said in a statement. The two companies signed a memorandum of understanding (MoU), on the eve of India Energy Week, the premier energy event in India. The signing ceremony was attended by ONGC Chairman and CEO Arun Kumar Singh and BP Executive Vice President, William Lin, along with senior leadership from both organisations. "Under the terms of the MoU, BP w

US giant Marathon Oil pledging investments and technology to raise output from Mumbai High oil and gas fields, companies such as Occidental Petroleum seeking a stake and at least two privatisation bids have seen final culmination in global energy giant BP signing up to lift output from India's prime field lying off the Mumbai coast. State-owned Oil and Natural Gas Corporation (ONGC) last month signed a technical service contract with BP to reverse declining output from the ageing field, according to statements by the two firms. BP has pledged to lift oil production by 44 per cent and gas output by 89 per cent from India's largest field in exchange for a fixed fee. The BP deal is exactly on lines of the one ONGC had in 1998-99 signed with Marathon Oil Corporation, according to company insiders and industry sources. Just like BP, Marathon wasn't getting any stake in the field but only a pre-agreed share in the incremental oil and gas production over a defined baseline. But unlike BP,

The oil major also announced a $3.5 billion share buyback for the current quarter, making this the 13th consecutive quarter of at least $3 billion of share repurchases

State-run oil marketing companies have reduced prices for 19-kg commercial LPG cylinders and aviation turbine fuel across major metros

Of the six announced discoveries so far in FY25, one has been monetised so far

Shares of Oil companies rallied over 3 per cent on Thursday as crude oil prices soared due to escalation of ongoing tensions in the Middle East region

The court also found a lack of proof that the oil companies violated antitrust law by conspiring to raise prices

Venezuela's main opposition coalition on Monday called on the US to cancel the licenses that allow Chevron and other energy companies to operate in the South American country to pressure President Nicols Maduro to negotiate a transition from power. The appeal came from an adviser to the campaign of Edmundo Gonzlez Urrutia, who represented the Unitary Platform coalition in the July 28 election, and his main backer, opposition leader Maria Corina Machado. Gonzlez and Machado claim their campaign won the vote by a wide margin, contradicting the decision of national electoral authorities to declare Maduro the winner. We want them cancelled this is a lifeline to the regime, adviser Rafael de la Cruz said in reference to the licenses during a panel discussion hosted by a Washington-based think tank. We want all the oil companies to go to Venezuela. So, it's not about the companies. It's about the situation that is impoverishing the country so badly that practically the whole population ..

The rebels have long viewed the oil industry as a military target as well as a cash cow, its antagonism comes from its belief that Colombia should have sovereignty over its natural resources

The Nifty Energy Index, a local benchmark for the industry, has risen 31 per cent this year, on course for a nine-year winning streak

Why state-run oil companies are spending billions on petchem capacity, amid oversupply and weak margins

The results were lifted by strong performances in the oil and gas production and retail marketing businesses and the profit was nearly 25 per cent higher than the same time a year ago

Gross refining margins fell to $5.03 per barrel even as market sales rose

ONGC, short for Oil and Natural Gas Corporation, recently launched a project called Darpan that technology wise puts the company alongside the best in the world

Indian Oil Corporation, the nation's largest oil firm, is targeting to become a USD 1 trillion company by 2047, combining growth in traditional oil refining and fuel marketing with clean energy avenues like green hydrogen and EV charging, its chairman said. Indian Oil Corporation (IOC) posted a record net profit of Rs 39,619 crore (USD 4.7 billion) on a revenue of Rs 8.66 lakh crore (USD 104.6 billion) in the 2023-24 (April 2023 to March 2024) fiscal. The company will continue to invest in fossil fuels and new energy avenues to have a balanced portfolio that will help achieve net-zero carbon emissions by 2046, company chairman Shrikant Madhav Vaidya said in its latest annual report. It will expand oil refining capacity, and invest in petrochemical units that will convert crude oil into value-added chemicals directly, while also increasing its focus on gas, biofuels and clean mobility. "With India's economy on the rise, the energy needs of the country are growing exponentially. As '

Say 90% of domestic production taxed at 70% holds back capital investments

Oil marketing companies in talks with Russia for long-term deal, say officials

Rs 15,000 crore fund has the potential to open up major capex for green projects

Major oil producers appear to be colluding with each other and foreign cartelsto keep prices high, padding their profits at the expense of American consumers, lawmakers said