Oil Industry

This partnership allows us to access IOC's 37,000 retail outlets and 13,000 LPG distributors, and they have a very strong brand presence, he says

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

Challenges in retail and refining remain key to reversing downgrade cycle, say analysts

This is the third consecutive quarter the company has reported a decline in profits owing to weakness in its oil-to-chemicals (O2C) business. RIL's Q2 profits also missed street estimates

Oil executives and employees have grown in significance for Trump as his fundraising base has narrowed

'Deal reaffirms commitment to be part of India's economic growth trajectory,' says Qatar's energy minister

The core GRM per barrel in Q4FY24 was actually around $10.6 and the core GRM for FY25-26 could bottom out at $9

Petrochemical manufacturing company Tamilnadu Petroproducts Ltd has recorded a standalone profit after tax for the October-December 2023 quarter at Rs 2.44 crore, following the impact of cyclone Michaung which led to disruption in manufacturing facilities. The city-based company, part of the AM International - Singapore, had posted a standalone net profit at Rs 25.23 crore, during the corresponding quarter of last year. For the nine months period ending December 31, 2023 the standalone net profit stood at Rs 31.82 crore, as against Rs 79.40 crore registered a year ago. "In the quarter (October-December 2023) we encountered challenges due to the cyclone, leading to disruptions in our manufacturing facilities and loss of plant and machinery. Despite these obstacles, we have successfully restored our operations, minimising disruptions to our customer delivery schedule" said TPL Vice Chairman Ashwin Muthiah. The standalone total income during the quarter under review slipped to Rs 351.

Essar Oil and Gas Exploration & Production Ltd is speeding up capital expenditure plans to explore and produce unconventional hydrocarbons that will help raise gas output at its flagship block to about 5 million standard cubic meters per day from less than 1 mmscmd now, its CEO said. EOGEPL is India's largest producer of Coal-Bed Methane (CBM) which just like conventional gas can be used as CNG in automobiles or as feedstock in industries. Buoyed by investor-friendly upstream policy reforms in recent years, including providing marketing and pricing freedom for CBM, the firm is drilling more wells, including horizontal ones, that will help tap into wider resources lying below coal seam in its Raniganj East block in West Bengal, EOGEPL CEO Pankaj Kalra told reporters on the sidelines of the India Energy Week. The firm currently produces 0.9 mmscmd of gas or 1 per cent of India's total gas output. "Our drilling campaign will see production rise to 2.3-2.4 mmscmd in the next 14-15 ...

OPEC believes oil use will keep rising over the next two decades, while the IEA, which represents industrialised countries, predicts it will peak by 2030

Indian Oil Corporation (IOC) on Wednesday reported a massive jump in its third quarter net profit as compared to the year-ago period when it was financially struggling as input raw material crude oil prices spiked but retail finished product prices remained on freeze. Standalone net profit of Rs 8,063.39 crore in October-December 2023-24 was higher than Rs 448.01 crore profit in the same period a year ago but lower than Rs 12,967.32 crore earnings in the preceding three months ended September 30, 2023, according to a stock exchange filing by the company. The profit was aided by a boost in marketing margins as a freeze on petrol and diesel price revision despite a fall in input crude oil prices helped recover losses incurred when rates were high in 2022-23. Pre-tax earnings from sale of petroleum products soared to Rs 11,428.88 crore in the third quarter of the current fiscal compared to Rs 1,541.95 crore in the same period last year. IOC uses mostly imported crude oil to make fuel

The company, formerly called Schlumberger, reported net income, excluding charges and credits, of 86 cents per share, for the three months ended Dec 31

'This is a remarkable step in India's energy journey and boosts our mission for an Aatmanirbhar Bharat,' PM Modi said in a post on X

The correction in tanker rates in owing to easing of Covid-related supply chain constraints, however the recent attacks on cargo ships in the Red Sea remains a monitorable

Exports in the April-November period also increased, rising 2.7 percent to 40.8 MMT. This was due to a rise in the outbound shipment of vacuum gas oil

The court has instructed the authorities to process the input tax refund sought by IndianOil despite the tax rate on its principal input and principal output being the same

The Organization of Petroleum Exporting Countries said that the IEA has "unjustly vilified" the industry over its role in the climate crisis

The company is striving to establish a comprehensive ecosystem for its customers, offering a full spectrum of products, including lubricants, grease, diesel exhaust fuel, and more

Oil prices were steady on Thursday after tumbling in the previous session as a weaker dollar boosted sentiment, though looming sanctions on Russian oil products added uncertainty over supply

Oil prices rebounded on Thursday after tumbling in the previous session as a weaker dollar brought back some appetite for risk assets and the OPEC+ decision