BUSINESS
Compressed biogas blending would not impact CNG, PNG prices: MGL
In the interim Budget presented on February 1, Finance Minister Nirmala Sitharaman had said that blending of CBG in CNG and PNG would be made compulsory.
BUSINESS
Second edition of India Energy Week to start in Goa on Feb 6; PM to inaugurate
PM Modi would interact with leaders of the oil and gas industry and also would hold a roundtable with global oil and gas CEOs and experts participating in IEW 2024.
BUSINESS
Explained: What is the boost given to the biogas industry in Budget 2024?
FM Nirmala Sitharaman, without disclosing the amount, said the government would provide financial assistance for procurement of machinery to help in biomass collection.
BUSINESS
Budget 2024 allocates Rs 57 crore for drone and drone components under PLI scheme
Finance Minister Nirmala Sitharaman tabled the Budget 2024 as a vote-on-account ahead of the general elections scheduled for April-May 2024. A full budget for FY25 would be presented after the new government comes to power.
BUSINESS
Budget 2024 finds no mention of reduction in cess on crude oil
The energy industry has been demanding a cut in cess saying it puts them at a disadvantage against imported oil as cess is not imposed on imported oil.
BUSINESS
Biomass gets a boost as budget promises financial help in buying machinery
In November 2023, the Indian government announced mandatory blending of compressed biogas in CNG and PNG in a phased manner to promote consumption of biogas in the country.
BUSINESS
Hope to see natural gas inclusion under GST in interim budget 2024: PLNG MD & CEO
Petronet LNG MD & CEO AK Singh said inclusion of natural gas under GST would substantially improve the utilisation of natural gas across the country
BUSINESS
Oil & gas industry expects focus on energy transition, cleaner fuels in FM's Budget speech
Oil and gas industry players expect that the focus of the upcoming budget would be on energy transition and towards achieving net-zero emissions targets for oil PSUs.
BUSINESS
Geopolitical tensions, Red Sea crisis likely to drive crude price volatility: BPCL
Chairman and Managing Director G. Krishnakumar said weak demand in major economies and geopolitical issues ranging from ongoing war between Russia- Ukraine and crisis in the Middle-East would lead to volatility in crude prices.
BUSINESS
Crude oil prices still quite volatile for reduction of domestic fuel prices: HPCL
The state-run oil marketing company posted a 207 percent standalone growth, or over a three-fold jump, in profit at Rs 529 crore for the December quarter of fiscal 2023-24 as against Rs 172 crore reported a year back.
BUSINESS
Indraprastha Gas net profit jumps 42% in Q3 on lower costs
The company’s net profit, however, declined 14 percent on a quarterly basis from Rs 552.67 crore recorded in the quarter ended September 2023.
BUSINESS
Lower global gas prices to benefit distributors, importers: Experts
Spot liquefied natural gas (LNG) prices are currently trading at about $10 per million metric British thermal units due to a milder-than-expected winter and high inventory levels in Europe.
BUSINESS
Indian Oil Q3 net profit jumps multi-fold at Rs 9,225 crore on healthy marketing margins
The company’s net profit declined 33 percent sequentially, as it posted a profit of Rs 13,713.08 crore for the December quarter. Profit slipped in Q3 from last quarter amid large inventory losses and sharp decline in diesel cracks.
BUSINESS
Mahanagar Gas Q3 net profit rises 84% to Rs 317 crore
The company's net profit slumped marginally on sequential basis, as it stood at Rs 338.50 crore in the preceding quarter.
BUSINESS
Crude prices may stay capped on lower global demand despite supply challenges, geopolitical tensions: Energy experts
Despite disruptions in the Red Sea, which accounts for 10 percent of the world's oil, grain, and consumer goods shipments, crude prices have remained low.
BUSINESS
Construction of Delhi airport's 2nd CAT IIIB runway airstrip to be completed this week: Aviation Minister
Delhi airport is targeting to complete all the activities related to runway maintenance by January 19 for Directorate General of Civil Aviation (DGCA) inspection, GMR Airport said in a letter to the Ministry of Civil Aviation (MoCA) on January 16.
BUSINESS
ONGC plans to ‘aggressively’ bid for oil blocks: Director-Exploration
The government opened 28 blocks in the ninth OALP round for international competitive bidding on January 3. The blocks are spread across eight sedimentary basins – nine on-land, eight shallow water and 11 ultra-deep-water.
BUSINESS
Exclusive: ONGC to finalise location for wells in Andamans by May-end
ONGC initially plans to drill three wells and expects drilling to commence by the end of 2024. The company has begun hiring floaters and rigs for exploration activities
BUDGET
Budget 2024: Energy sector expects fund allocation for cleaner fuels, green hydrogen
Budget 2024: India’s energy sector is hopeful that in the upcoming budget, cleaner fuels such as green hydrogen and natural gas would be at the forefront.
BUSINESS
Vibrant Gujarat Summit | RIL to help make Gujarat global leader in green growth, says Mukesh Ambani
Reliance expects to commission the Dhirubhai Ambani green energy giga complex, which is coming up on 5,000 acres in Jamnagar, in the second half of 2024, RIL chairperson has said
BUSINESS
Budget 2024: Oil and gas industry hopeful of energy transition funds, boost for cleaner fuels
Finance Minister Nirmala Sitharaman has, however, said “no spectacular announcements” should be expected from the upcoming budget as the full budget for FY25 would be presented after the formation of a new government.
BUSINESS
No talks of fuel price cuts with OMCs: Oil Minister Puri
The minister added that oil marketing companies (OMCs) are posting profits currently but had incurred huge losses earlier.
BUSINESS
Crude oil prices expected to stay low in early 2024 due to weak demand: Analysts
Concerns over demand due to a weaker global economy and rising crude inventories in the US have led to lower crude prices in November and December. Experts believe that only geopolitical tensions in the Middle East could drive up oil prices.
BUSINESS
India’s crude oil imports from Russia jump 3% in December from last month: Vortexa
In December, India imported 1.52 million barrels per day (bpd) of Russian crude oil, compared to 1.48 million bpd in November. Russia retained the position of top supplier of crude oil to India in the last month of the year.
