Page 5 - Oil Companies

Oil India exits US shale venture, sells 20% stake for $25 million

State-owned Oil India Ltd (OIL) has exited from a US shale oil venture, selling its 20 per cent stake to its venture partner for USD 25 million -- the second exit of an Indian firm from the US shale business in two months. "Oil India (USA) Inc (wholly owned subsidiary of OIL), divested its entire stake in Niobrara shale asset, USA," a regulatory filing by the company said, adding the consideration received was USD 25 million. OIL and Indian Oil Corporation (IOC) had together in October 2012 bought a 30 per cent stake in Houston-based Carrizo Oil & Gas's Niobrara shale asset in Colorado for USD 82.5 million. While OIL had acquired 20 per cent, IOC bought 10 per cent in Carrizo's Niobrara basin acreage assets through their respective subsidiaries. The total investment of USD 82.5 million included an upfront cash payment of USD 41.25 million and a carry amount of USD 41.25 million, linked to Carrizo's future drilling and development cost. The stake was sold to Verdad Resources LLC, .

Exxon Mobil starts sale of US shale gas properties in disinvestment plan

The top US oil producer is marketing 61 wells that last year produced around 81 million cubic feet per day equivalent of natural gas.

Oil prices above $80 a barrel after Opec+ output target hike

Brent crude futures were up 65 cents, or 0.81 per cent, to $80.32 a barrel by 1317 GMT

India advises against sales of oil reserves at Adipec conference

The world's biggest oil and gas companies and many OPEC+ energy ministers are in Abu Dhabi this week for Adipec

Shell ditches 'Dutch', to shift HQ to UK amid calls for carbon cuts

The changes come as Shell is battling activist investor Dan Loeb, who's demanding the company split itself into two to attract shareholders leaving the energy sector

Russia gets partial win in $50 billion case over bankrupt oil giant

The Dutch Supreme Court on Friday handed Russia at least a temporary victory in an appeal of what's believed to be the world's largest award in an arbitration case

PSU oil companies yet to recover about Rs 4,000 cr from PMUY beneficiaries

Companies may end up booking this amount as a loss or a customer acquisition cost

Sensex ends 446 pts higher, Nifty tops 17,800; RIL hits record high, up 2%

Stock market LIVE: On the sectoral front, barring Nifty Realty, Pharma, PSU Bank, all indices trade in the green

ONGC's second oil rig to be operational at Kalol by mid-September

The Oil and Natural Gas Corporation (ONGC) will have it's second oil rig operational within twenty days, according to the company

Global oil majors may be joining race to acquire BPCL: Report

Industry sources said it was possible that one of the global oil majors or a Middle East oil producer may be teaming up with the investment funds already in race

Indian Oil Corp to deploy drones to check fuel thefts from pipelines

Indian Oil Corp (IOC) is deploying drones to monitor its vast network of pipelines across the country as it doubles down on the use of technology to thwart attempts to steal fuel

BHP, world's largest miner, in talks to sell multibillion oil, gas assets

Group in talks to sell global oil, gas business to Australia's Woodside after shedding some of its coal assets.

Oil companies now have 1,607 door-to-door fuel pumps: Petroleum Ministry

Till now door step delivery of fuel has been restricted to diesel because it is considered less volatile and hence safer than petrol

India's natural gas production jumps 19.5% in June on back of KG-D6

India's natural gas production jumped 19.5 per cent in June, as Reliance Industries Ltd and its partner BP Plc ramped up output from their eastern offshore KG-D6 block

New fuel retail outlets may rely on public sector OMCs to build networks

These companies are banking on rising fuel demand predicated on growing vehicle ownership and rising mobility

DGH overhauls oilfield approval processes, cuts down statutory approvals

GH has made it easier for firms to explore and produce oil and gas in the country by limiting the requirement of statutory approvals to only extension of contracts

Getting a breather: High commodity costs give debt relief to PSUs

Combined net debt stood at Rs 6.83 trillion at the end of March 2021

Oil firms as demand hopes outweigh rise of COVID-19 variant

Brent crude futures were up 50 cents, or 0.7%, at $75.18 a barrel by 1400 GMT, having slumped by 2% on Monday.

OVL on an oil slick, struggles with geopolitical and domestic challenges

Covid-19 has added to these issues. It has not only impacted the demand for fuel but also made the acquisition process slower.

DSF Round 3 auctions: 32 contract areas comprising 75 discoveries on offer

Production at DSF-1 Elao field expected to start in a week