BUSINESS
India needs to adopt carbon pricing, shift to electric mobility to achieve net-zero target: Niti Aayog member
NITI Aayog member Vijay Kumar Saraswat said India must adopt new policies such as carbon pricing and leverage technology breakthroughs like CCUS for an accelerated path to net zero
BUSINESS
India’s crude oil imports from Russia fall in June from previous month: Vortexa
Imports from Russia, however, exceed the combined shipments of crude from Saudi Arabia and Iraq — the traditional suppliers of crude to India.
BUSINESS
Domestic natural gas price to remain unchanged at $6.5 per mmBtu in July
The domestic gas price notified by the government applies to the natural gas produced from the legacy and oil fields of Oil and Natural Gas Corporation Ltd (ONGC) and Oil India Limited (OIL).
BUSINESS
MC Explains| Oil supply is likely to get tighter. Here's what to expect
Amid tighter supply in the market, crude oil prices, which have been on a downward trend due to inflationary pressure and recession worries, are expected to trend higher in the second half of 2023.
BUSINESS
India identifies 30 critical minerals to push for low-carbon economy
Union Minister of Coal, Mines and Parliamentary Affairs Pralhad Joshi unveiled India’s first-ever report on critical minerals, prepared by an expert team constituted by the Ministry of Mines
BUSINESS
Oil, gas companies to perform better in FY24 as prices drop: Analysts
State-run oil refiners are likely to enjoy higher marketing margins while gas companies may benefit from the massive decline in LNG prices.
BUSINESS
Oil producers expected to benefit from zero windfall tax in June: Analysts
The government last revised the windfall tax on May 15, when the special additional excise duty (SAED) on domestically produced crude oil was reduced to zero from Rs 4,100 per tonne.
BUSINESS
Exclusive: ONGC says no impact of cyclone as rigs were already shifted
The company moved 36 rigs in the pre-monsoon rig move period – from the last week of March till the end of May 2023 -- in the western offshore, ONGC told Moneycontrol.
BUSINESS
Spot gas prices to remain between $8- $12/mmBtu until September: IGX’s Rajesh Mediratta
The MD & CEO of Indian Gas Exchange told Moneycontrol that gas prices may go up to $15 per mmBtu thereafter but are not expected to rise beyond $20 in 2023.
BUSINESS
Domestic crude oil production falls 3.8% in May from a year earlier: Oil Ministry data
ONGC produced 1.6 MMT crude oil while Oil India Limited (OIL) and private sector producers contributed 0.3 MMT and 0.5 MMT respectively during May 2023.
BUSINESS
Crude oil prices may rise as Saudi output cuts kick in but remain range-bound: Experts
Lacklustre demand from China, high inflation globally, and recession fears in several countries of Europe have resulted in a decline in crude oil prices
BUSINESS
ONGC gears up for next round of oil block bids expected to start in July
The company has approached foreign companies for potential partnerships and is awaiting their response on a bidding strategy.
BUSINESS
Current volatile energy markets have sparked reappraisal of energy policies: Puri
The oil minister added that the volatility in the energy markets has also led to the questioning of the viability of previously well-established flows of oil and gas.
BUSINESS
Indian Oil plans capex of Rs 30,395 crore for FY24 vs Rs 35,205 crore spent in FY23
The oil refiner said the amount will support implementation of its planned investments and projects to drive growth.
BUSINESS
With survey completed in Andamans, India may now proceed with oil exploration
The survey of the Exclusive Economic Zone, backed by the Directorate General of Hydrocarbons, has acquired over 22,000 line kilometres of two-dimensional data in the region. Separately, ONGC and Oil India have completed surveys and initiated exploratory activities for their blocks in the region.
BUSINESS
Oil ministry expects OMCs to cut fuel prices as crude declines
OMCs are expected to pass on the benefits to the consumers as their performance is now 'close to normalcy, a senior petroleum ministry official has said
BUSINESS
Natural gas prices in Europe, US edge up amid supply issues and rising demand
The uptick in prices has been fuelled by supply issues in Europe and steady demand growth in the US because of hotter temperatures.
BUSINESS
Crude oil prices to remain weak despite production cuts by Saudi: Analysts
Saudi Arabia on June 4 announced a 1 million bpd cut in oil production starting in July.
BUSINESS
MC Explains: What is Sustainable Aviation Fuel and how does it help India on its green journey?
SAF, or bio-jet fuel, is a low-carbon fuel used in aircraft which results in fewer emissions compared to conventional jet fuel.
BUSINESS
BPCL and BARC's collaboration can halve cost of alkaline electrolysers: Official
Bharat L Newalkar, Chief General Manager (R&D), BPCL said the cost of an alkaline electrolyser is currently around $800 per kW.
BUSINESS
Engineers India order book remains flat at Rs 7,694 crore in FY23
EIL is seeing an upside of investments in the Middle East for enhancing oil production before energy transition kicks in, and wants to cash-in into the opportunities available there, the executive added.
BUSINESS
India increases share of Russia’s sweeter crude in oil imports
Indian imports of sweeter crude oil from Russia, such as the ESPO blend, almost doubled in the month of April.
BUSINESS
Global oil & gas industry earned record $4 trillion in 2022, says IEA
Russia’s invasion of Ukraine drove natural gas prices to record levels in many parts of the world and oil back up to levels not seen since the mid-2010s, IEA has said in its report
BUSINESS
OMCs likely to benefit from improving marketing environment in FY24: Analysts
Crude oil prices, which touched an all-time high of $140 per barrel in March 2023, are trading around $75 per barrel.
