BUSINESS
Reliance Q1 Results: O2C EBITDA slips 14.3% but oil and gas segment posts strong growth
The O2C segment’s revenue increased by 18.1 per cent Y-o-Y to Rs 157,133 cror driven by both higher prices for their products and increased sales volumes.
BUSINESS
BPCL Q1 net profit tumbles 71% amid weak GRM: Here are 10 key points
The company’s revenue from operations was flat, on an annual basis, at Rs 1.28 lakh crore in Q1FY25
BUSINESS
Why is natural gas consumption in India likely to decline in coming months?
India’s natural gas consumption climbed by seven percent year on year to 5,594 MMSCM (million metric standard cubic metre) in June amid higher demand for the cold fuel in summer months.
BUSINESS
India’s natural gas consumption rises 7% YoY in June amid higher demand
In June, India consumed 5,594 MMSCM (million metric standard cubic metre) of natural gas, which was 7.1 percent higher than the previous year. Meanwhile, India’s gas consumption rose 3.8 percent in the current financial year till June 2024.
BUSINESS
Budget 2024: Power sector seeks boost to renewable energy projects and financial support for discoms
With India’s aim of achieving 50 percent cumulative installed power generation capacity from non-fossil fuel sources by 2030, the government has been inclined towards increased spending in the renewables sector.
BUSINESS
Budget 2024: Oil and gas industry awaits schemes to boost production, inclusion in GST
Industry players also expect announcements encouraging investments in petrochemicals and oil exploration.
BUSINESS
CGD cos up CNG and domestic PNG prices. Are more hikes likely?
City gas distributors have increased prices of compressed natural gas and piped natural gas in their respective geographical areas by at least Re 1 per kilogram on account of rising input costs.
INDIA
Announce BPCL refinery for Andhra Pradesh in Budget 2024, Naidu tells Centre
The Andhra Pradesh government said the establishment of the refinery in the state “will augur well for increasing the refinery capacity of the country” and will help India in becoming a developed nation.
BUSINESS
Exclusive| PNGRB seeks plan from IGX to deal with possible default by parties in its long-term contracts
The regulator has flagged concerns over how the gas exchange plans to mitigate the risk relating to defaults either by the seller or the buyer. IGX told Moneycontrol it is working towards improving its proposal for the markets.
BUSINESS
Supply chain infrastructure may pose a challenge for 20% ethanol blending goal: Industry
According to oil ministry data, India reached blending of ethanol in petrol to the extent of 15.4 percent in the month of May, compared to 12.7 percent in the previous month. The 15 percent ethanol blending holds importance as the government aims to reach 20 percent blending in petrol by 2025.
BUSINESS
India increases reliance on Russia, US for crude oil, ditches Middle-East suppliers
In June, India imported 1.9 million bpd of crude oil from Russia as compared to 1.7 million bpd in the previous month, showed data from energy cargo tracker Vortexa. Meanwhile, India’s import of crude oil stood at 331,000 bpd from the US, a sharp increase of 63 percent from the last month.
BUSINESS
Why are oil prices high despite OPEC deciding to phase out supply cuts?
Crude oil prices settled for the third straight weekly gain on June 28, and are currently trading over $83 per barrel. On July 1, Brent prices were hovering around $83.61 a barrel.
BUSINESS
MC Exclusive | BPCL considering setting up a new refinery in Prayagraj
The state-run oil marketing company is understood to be currently working on the detailed feasibility report and evaluating various aspects, including the throughput of the refinery and availability of feedstock.
BUSINESS
Adani Green Energy revises renewable energy capacity target to 50 GW by 2030
Adani Green Energy added 2.8 GW in the last year, 15 percent of India’s total renewable capacity addition, said Gautam Adani, Chairman of the Adani Group.
BUSINESS
Fading Russian oil discounts adding to India's widening trade deficit woes
India's goods trade deficit widened to a seventh-month high of $23.78 billion in May. One of the leading causes for the higher gap was a significant jump in the oil import bill. And, one of the reasons for this jump is more expensive Russian oil purchases.
BUSINESS
Why Karnataka hiked fuel prices; will other states follow suit?
In line with the increase in sales tax, petrol prices in Bengaluru rose to Rs 102.84 per litre from Rs 99.84 per litre, and diesel prices rose to Rs 88.95 a litre from Rs 85.93 in the city.
BUSINESS
Essar Oil & Gas to triple capex to Rs 1,500 crore in FY25 to boost production
The company plans to ramp up output by FY27, in line with Prime Minister Narendra Modi’s mission of Aatmanirbhar Bharat, said CEO Pankaj Kalra.
BUSINESS
OPEC forecasts global oil demand to grow by 2.3 million bpd in second half of 2024
The group, in its monthly oil report, said that the services sector is projected to be the main contributor to the economic growth in the second half of the year, particularly supported by travel and tourism.
BUSINESS
Decision on fuel price cut to be considered after crude prices sustain around $80/bbl: Oil minister Puri
The focus of the oil ministry under the new government would be on boosting oil and gas exploration, green hydrogen and increasing gas consumption in the country, said Puri.
LOK-SABHA-ELECTION
Pralhad Joshi appointed as Minister of New and Renewable Energy. What's in store for the sector?
In the second-term under PM Modi, Joshi was leading the coal ministry which has now been given to Kishan Reddy. Meanwhile, power ministry would be run by the former Haryana chief minister ML Khattar under the NDA government.
LOK-SABHA-ELECTION
Hardeep Singh Puri returns as Minister of Petroleum and Natural Gas. What to watch out for from this term?
Hardeep Singh Puri was first appointed as Minister of Petroleum and Natural Gas in 2021. In Modi’s second-term Puri also held the position of Minister for Housing and Urban Affairs.
BUSINESS
ML Khattar appointed as power minister in Modi’s third term, replaces RK Singh
Former Haryana chief minister and Bhartiya Janata Party candidate Manohar Lal Khattar won from the Karnal constituency in the Lok Sabha elections
BUSINESS
Petrol, diesel demand jumps in May amid election season
Demand for petrol and diesel rose by 4.4 percent and 5.5 percent, respectively, in May from the previous month, aided by the Lok Sabha elections
BUSINESS
How did crude oil prices move after OPEC+ decided to phase out supply cuts?
The extension of supply cuts by the oil cartel till September 2024 is expected to have no impact on the supply of crude oil to India as the oil demand of the country has been met fairly till now.
