Page 3 - Oil Marketing Companies
UK approves new North Sea drilling, delights industry but angers critics
British regulators on Wednesday approved new oil and gas drilling at a site in the North Sea, a move environmentalists say will hurt the country's attempt to meet its climate goals. The UK's North Sea Transition Authority said it had approved the Rosebank Field Development Plan, which allows the owners to proceed with their project. Britain's Conservative government argues that drilling in the Rosebank field, northwest of the Shetland Islands, will create jobs and bolster the UK's energy security. One of the largest untapped deposits in UK waters, Rosebank holds an estimated 350 million barrels of oil. The field is operated by Norway's Equinor and the UK firm Ithaca Energy, which say they plan to invest $3.8 billion in the first phase of the project. The field is expected to start producing in 2026-2027. Green Party lawmaker Caroline Lucas called the decision to approve drilling morally obscene. Energy security and cheaper bills aren't delivered by allowing highly subsidized, ...
 "UK approves new North Sea drilling, delights industry but angers critics")
Boiling crude dry up chance of price cuts from oil marketing companies
Price of Indian crude basket hits 14-month high of $93.5 on September 21
 "Boiling crude dry up chance of price cuts from oil marketing companies")
Oil marketing companies likely to feel the heat of high crude oil prices
RIL a likely beneficiary of higher refining margins; ONGC and Oil unlikely to see major change in estimates
 "Oil marketing companies likely to feel the heat of high crude oil prices")
Rising crude, uncertainty ahead of elections keep analysts wary on OMCs
Analysts say the already weakening marketing margins will be a concern ahead as the fate of OMCs remains tied to uncertain crude prices and the inability to raise prices amid the coming elections
 "Rising crude, uncertainty ahead of elections keep analysts wary on OMCs")
Commercial LPG cylinder price cut by Rs 100, domestic stays same
A 19 kg LPG cylinder will cost Rs 1,680 in Delhi, Rs 1640.50 in Mumbai, and Rs 1,805.50 in Kolkata
 "Commercial LPG cylinder price cut by Rs 100, domestic stays same")
Operating profits of OMCs may reach Rs 1 trillion in FY24: CRISIL
Profits may rebound by 3-times from FY23's Rs. 33,000 crore as softer crude improves credit metrics
 "Operating profits of OMCs may reach Rs 1 trillion in FY24: CRISIL")
OMC profits could reach Rs 1 trillion this financial year: CRISIL Ratings
This would be a significant rebound compared to the Rs 60,000 crore recorded between financial years 2017 and 2022 and the previous financial year low of Rs 33,000 crore
 "OMC profits could reach Rs 1 trillion this financial year: CRISIL Ratings")
OMCs increase price of commercial LPG gas cylinders by Rs 7 to Rs 1,780
After the increase, the retail sales price of a 19kg commercial LPG cylinder in Delhi has increased from Rs 1,773 to Rs 1,780. However, there is no change made in the prices of domestic LPG cylinders
 "OMCs increase price of commercial LPG gas cylinders by Rs 7 to Rs 1,780")
Commercial LPG cylinder prices hiked by Rs 7, check new prices here
The price of a commercial 19 kg LPG cylinder hiked by Rs 7. The revised prices are 1780 in Delhi, Rs 1902 in Kolkata, Rs 1740 in Mumbai, Rs 1952 in Chennai
Top headlines: HDFC-HDFC Bank merger, OMCs and discounts on Russian crude
Business Standard brings you the top headlines at this hour
 "Top headlines: HDFC-HDFC Bank merger, OMCs and discounts on Russian crude")
Reasonably priced OMC stocks to gain as marketing margins may revive
Benign crude oil prices to improve margins; political considerations in the backdrop of forthcoming state and general elections are downside risks
 "Reasonably priced OMC stocks to gain as marketing margins may revive")
Analysts cautious on OMCs; fuel price cut, uneven oil demand key overhangs
According to ICICI Securities, OMCs will have to adjust retail prices by Rs 0.53/litre to maintain margins at current levels, if international prices change by $1/barrel
 "Analysts cautious on OMCs; fuel price cut, uneven oil demand key overhangs")
Govt wants petrol & diesel prices slashed; OMCs cite Covid losses
Executives of state-owned firms disagree with view, say they are yet to make up for losses
 "Govt wants petrol & diesel prices slashed; OMCs cite Covid losses")
Oil marketing companies likely to cut petrol-diesel prices: Report
According to the report, an oil production cut by one of the members of the OPEC will not impact the market due to emerging alternative markets
 "Oil marketing companies likely to cut petrol-diesel prices: Report")
OMCs extend gains on improved operational performance; IOC hits 52-wk high
In the past six months, IOCL (up 28%), HPCL (up 22%) and BPCL (up 19%) have outperformed the benchmark S&P BSE Sensex index
 "OMCs extend gains on improved operational performance; IOC hits 52-wk high")
Refinery rejig: Why is India steadily raising petrochemicals capacity
Estimates for the sector are bullish for a decade but it is not an easy business to run, say experts
Half a dozen stalled refinery expansion plans come under PMO radar
With national fuel demand rising quickly, core team of officials to look into issues holding up planned refinery projects
 "Half a dozen stalled refinery expansion plans come under PMO radar")
Centre to infuse equity in 3 OMCs after they announce capex plans: Report
OMCs, however, are concerned that equity infusion might impact their share price, market valuation and market perception
 "Centre to infuse equity in 3 OMCs after they announce capex plans: Report")
Top headlines: Commercial LPG cylinder price cut, WEF on India's job market
Business Standard brings you top news at this hour
 "Top headlines: Commercial LPG cylinder price cut, WEF on India's job market")
Commercial LPG cylinder prices slashed by Rs 171.50; to cost Rs 1856.50
From today a 19kg commercial LPG cylinder will be priced at Rs 1856.50 from today
