State-owned Oil and Natural Gas Corporation (ONGC) has reported a 10 per cent decline in its June quarter net profit on lower oil prices and stagnant production from its aging fields. The company reported a net profit of Rs 8,024 crore in the first quarter of 2025-26 fiscal year, compared to Rs 8,938 crore earning in the same period last year, a company statement said.
The Mumbai Bench of the National Company Law Tribunal (NCLT) on Tuesday gave its approval to Vedanta Limited's demerger proposal, clearing the way for the group to reorganise its operations into five distinct, sector-specific entities.
The National Company Law Tribunal (NCLT) on Wednesday deferred the hearing on Vedanta Ltd's proposed demerger to September 17, as market regulator Sebi is yet to complete the scrutiny of the proposal, while the central government has raised certain objections. The matter, which was part-heard earlier, had been adjourned to August 20.
Egypt, Pakistan, Saudi Arabia and Turkey met in Islamabad in what analysts say is the formal opening of a new diplomatic formation that could reshape the post-war regional order. Their immediate goal is a ceasefire; their larger ambition is to ensure that neither Iran nor Israel emerges from this war in a dominant position. Pakistan's foreign minister then flew directly to Beijing and mooted a Chinese role as guarantor of any eventual agreement. Prem Panicker continues his must read daily blog on the Gulf War.
India has called for a ceasefire, release of all hostages, and peaceful resolution of the Israel-Hamas conflict through dialogue and diplomacy. The Centre informed Parliament that India welcomed the agreement on the first phase of the Gaza Peace Plan. The article also covers India's energy sourcing strategy and the release of Indian fishermen by Pakistan.
Prime Minister Narendra Modi inaugurated Kartavya Bhavan, the first of ten Common Central Secretariat buildings, aiming to consolidate ministries for improved efficiency. The building will house several key ministries, relocating them from older, outdated structures.
The pause gives the US time to breathe, to regroup, to move its expeditionary force into position without risk of interception along the way. It gives Iran nothing -- on the ground, attacks against its infrastructure continue apace. Prem Panicker in his must read daily blog on the Gulf War.
The Supreme Court rejected a PIL challenging the nationwide rollout of 20% ethanol-blended petrol (EBP-20), citing benefits to sugarcane farmers. The plea alleged incompatibility issues with older vehicles.
India, the biggest contributor to world demand for oil, will bring into effect in an overhaul of its drilling policy. This comes after more than a year of preparation and will boost the exploration and development of India's oil and gas sector along with increased participation by foreign drillers
India is growing fast, but to keep growing strong, the government must make more things at home, create jobs, and spend money wisely, suggests Rajiv Memani, regional managing partner, Africa-India Region, EY.
India's brittle energy security is inextricably linked to two opposing paradigms - fossil fuels, and the transition to green energy. The first powers the present; the second paves the way for Viksit Bharat in 2047.
The petroleum ministry said there was no proposal to merge IOC and ONGC though the divestment ministry had made such a suggestion.
'The US is strongly placed to expand its crude supplies to India.'
Chinese import tariffs have unwittingly come to India's assistance to help boost imports of US liquefied petroleum gas (LPG) at rates cheaper than what it pays for supplies from West Asia, according to industry sources and shipping data.
Rising energy demand could tilt India's energy basket towards fossil fuels from coal to oil, natural gas.
Cooking gas or Liquified Petroleum Gas (LPG) price has been raised by Rs 50 per cylinder by distribution companies, Union Oil Minister Hardeep Singh Puri said on Monday.
The ministry stated that for vehicles designed for E10 and calibrated for E20, mileage may drop by just 1-2 per cent, while in other vehicles, it could be around 3-6 per cent.
The government has slapped a $2.81 billion (about Rs 24,500 crore) demand notice on Reliance Industries and its partners, including BP Plc for gains made from producing and selling natural gas that may have migrated from neighbouring block of state-owned ONGC. This follows the Delhi high court's decision on February 14, overturning an international arbitration tribunal ruling that held the duo not responsible for paying any compensation for the gas they produced and sold which had allegedly migrated from adjoining fields.
Murli Deora, Minister for Petroleum and Natural Gas, will be leaving for Pakistan on Tuesday. India and Pakistan's relation will get unprecedented boost if talks on Turkmenistan-Afghanistan-Pakistan-India natural gas project proceeds on a fast track, said a high-level source in the Indian Ministry of Petroleum and Natural Gas. The biggest issue in realising the TAPI pipeline project is the issue of security through Afghanistan.
The government has slashed by up to 20 per cent the supplies of cheaper domestically produced natural gas to city retailers -- a move that may result in Rs 4-6 per kg hike in the price of CNG sold to automobiles, unless excise duty on the fuel is cut, sources said. Natural gas pumped from below the ground and from under the seabed from sites ranging from the Arabian Sea to Bay of Bengal within India is the raw material that is turned into CNG for sale to automobiles and piped cooking gas to households.
Sumitra Mahajan on Tuesday took over as the minister of state for petroleum and natural gas.
US shale oil would act as an alternative to India's heavy dependency on Russian crude, which is currently facing sanctions.
70-year-old Reddy, who was made the petroleum minister in January 2011, was shifted to the Ministry of Science and Technology and Earth Sciences in the Cabinet reshuffle on October 28.
Also, as part of the IDY celebrations, entry to all ASI sites will be "free of cost" for the public on June 21, the ministry of culture said in a statement on Friday.
Of the 17.99 mmcmd gas allocated to the power sector, gas supply pacts of only 2.67 mmcmd allocated to NTPC remained to be signed. NTPC's opposition has also delayed the GSPA for a separate 2.7 mmcmd allocated to the Dabhol power plant and the same is now slated to be signed next week.
It added this wasn't aimed at benefiting Reliance Industries Ltd alone.
Government has no role in fixing prices of natural gas produced from areas auctioned under NELP and only approves the pricing formula, petroleum ministry has told a committee of Secretaries appointed to look into the vexed issue.
'The petrol lobby is very rich and strong.'
With India making it clear that the US doesn't have enough spare capacity for crude oil, Washington, DC, now wants India to sign fixed-term liquefied natural gas (LNG) contracts with American producers, multiple sources in the know said.
The government has slashed by up to a fifth the supplies of cheaper gas to city gas entities that retail CNG to automobiles, increasing their dependence in costly imported fuel. Buying costly imported gas to make up for the shortfall should result in a hike in CNG price but given the ensuing assembly elections in Maharashtra, that may be put off for now. Indraprastha Gas Ltd and Mahanagar Gas Ltd in regulatory filings stated that supplies of domestically produced gas, which was available at a capped rate which is half of the imported price, has been cut.
'Both initiatives are welcome moves and we would commit ourselves with focused attention aligned with the national priorities, and pursue our exploration initiatives.'
Prices of natural gas, which is used to produce fertiliser and generate electricity and is also converted into CNG for use in automobiles as fuel and cooking gas for households, are set every six months -- on April 1 and October 1 each year.
ONGC's overseas arm applied for a sanctions waiver to access $500 million dividend from two Venezuelan projects.
Retail inflation declined to over six-year low of 2.1 per cent in June, nearing the RBI's comfort zone, on account of subdued prices of food items, including vegetables, driven by widespread monsoon.
President A P J Abdul Kalam has given his assent to the Petroleum and Natural Gas Regulatory Board Act that envisages having a regulator for India's oil and gas sector, a petroleum ministry official said on Tuesday.
RIL and Shell ceased production from the fields in 2016, and ONGC has already been using Tapti infrastructure for its other fields for better optimisation.
Prices of natural gas, which is used to generate electricity, make fertiliser and is converted into CNG to run automobiles, were on Friday hiked by a steep 40 per cent to record levels, in step with global firming up of energy rates. The rate paid for gas produced from old fields, which make up for about two-thirds of all gas produced in the country, was hiked to $8.57 per million British thermal units from the current $6.1, according to an order from the oil ministry's Petroleum Planning and Analysis Cell (PPAC). Simultaneously, the price of gas from difficult and newer fields like the ones in Reliance Industries Ltd and its partner bp plc operated deepsea D6 block in KG basin, was hiked to $12.6 per mmBtu from $9.92, the order said.
The Congress party has accused Union Minister Nitin Gadkari of conflict of interest, alleging his sons' companies have benefited from the government's ethanol blending policy. The BJP has rejected the allegations.
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