India's top four oil companies — Indian Oil Corporation (IOC), a unit of Bharat Petroleum Corporation Ltd, Oil India Ltd and ONGC Videsh Ltd — haven't been able to repatriate dividend income they accrue from their investments in Russian oil and gas fields.
The upgrade in the rating by the brokerage firm is driven by the change in its assumption of crude oil prices in the current and next financial year
The study was done as part of civil society group CyberPeace Foundation's eKawach program
The factors impacting the crude demand this year are a drop in China’s oil demand on account of lockdown and a surge in commodity prices and sanctions on Russia which have moderated the global economic growth
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Oil India said that all systems have been shut down, and a probe is underway to resolve the issue.
In the latest revision in September 2021, the government had raised natural gas prices by 60 percent to $2.9 per mmBtu for the October-March period.
Net profit in October-December at Rs 903.69 crore was 122 percent higher than Rs 406.39 crore in the same period a year back, the company said in a statement.
OIL had a net loss of Rs 248.61 crore in first quarter of 2020-21 fiscal as compared to a net profit of Rs 624.80 crore in the same period of the previous financial year.
The Oil India Limited-operated Baghjan oil well in Assam's Tinsukia district had been leaking gas "uncontrollably" for about two weeks, after a blowout at the site on May 27.