Oil Explorers

Centre grants in-principle approval to oil exploration in Assam's sanctuary

The Union environment ministry has granted in-principle approval to divert around 4.50 hectares of forest land in Assam, home to the endangered hoolock gibbon, for oil and gas exploration by a Vedanta Group company. Cairn Oil & Gas will carry out exploratory oil drilling in the ecosensitive zone of the Hoollongapar Gibbon Wildlife Sanctuary in Jorhat district, the sole habitat for India's only ape species. The ministry's Forest Advisory Committee approved the diversion of 4.49 hectares of forest land during a meeting on August 27, according to minutes published on the Parivesh portal. On August 8, Assam's principal chief conservator of forests (wildlife) and chief wildlife warden recommended the clearance, saying that the project served "national interest". The project site is located within the ecosensitive zone of the sanctuary, an area also used by wild elephants to move between the sanctuary and the Dessoi Valley Reserve Forest, the official noted. "Conservation and management

Shell plans scale back in oil, gas exploration division workforce: Report

The restructuring in the exploration and wells development and subsurface units will see hundreds of job cuts around the world

Windfall tax boost: ONGC, Oil India surge up to 4% in Monday's trade

Analysts at JM Financial believe the strong pricing power of OPEC+ will continue to support Brent at ~$80/bbl, which is the fiscal break-even crude price for Saudi Arabia and a sweet spot for OIL/ONGC

Oil India stock extends rally, up 17% in 2 days; market cap nears Rs 1 trn

In the past one month, the stock price of OIL has appreciated by 36 per cent, while, thus far in the calendar year 2024, the stock has zoomed 141 per cent.

ONGC, Oil India, Selan on fire; Here's what fueled up to 13% rally today

Hardeep Singh Puri, minister of Petroleum and Natural Gas in India, said E&P offers investment opportunities worth $100 billion by 2030.

ONGC nears record high, up 5% on strong growth prospects; OIL at new peak

ONGC stock hit an over nine-year high at Rs 303, and was trading close to its record high of Rs 314.67 touched on June 9, 2014.

Hindustan Oil Exploration sinks 19% as Q1 profit plunges 80% QoQ

Separately, the government has hiked windfall tax on crude petroleum to Rs 7,100 per tonne with effect from August 15, up from Rs 4,250 per tonne.

ONGC regains Rs 2-trn market cap as stock jumps 8% on higher oil prices

In past one month, the stock has surged 31 per cent as against a 2 per cent rise in the S&P BSE Sensex; Crude oil prices have soared 47 per cent on YTD basis

Oil India hits 31-month high; ONGC at 52-week high on gas price hike

Domestic natural gas prices have been hiked by 62% to $2.9/ mBtu for the October 2021 to March 2022 period

Centre eases oil exploration norms, allows access outside contract areas

The government also empowered the DGH by allowing it to approve the cases of excess cost recovery up to 20%

Oil explorers firm up on new hydrocarbon exploration policy

The new policy aim at boosting production and streamlining various hurdles faced by oil explorers