On Friday, Indonesia awarded 22 new oil and gas blocks out of the 25 it had offered for bidding recently. The consortium of Essar E&P and GSPC was awarded the Southeast Tungkal block, industry sources said. Among the other winners were ConocoPhillips, Chevron Corp, Australia's Pearl Energy and Worldwide Exploration, China's Sinochem Petroleum, Malaysia's Ranhill Energy and Husky Energy.
ETFs function like a mutual fund scheme and have underlying assets of government-owned companies.
The government has ordered Oil and Natural Gas Corp (ONGC) to pay a near-record Rs 13,764 crore as fuel subsidy for the December quarter, a move that will dent the firm's profitability.
Russia has promised India four to five million tonnes of crude oil annually from its Far East Siberian oil fields if it fails to accommodate ONGC Videsh Ltd in Yuganskneftegaz, the core asset of Yukos that has been acquired by Russian state-owned Ros
State-owned Indian Oil Corp on Friday reported a 16 per cent drop in fourth quarter net profit to Rs 55.57 billion (Rs 5,556.77 crore) as it was not fully compensated for selling fuel below cost.
Jet fuel (ATF) rates were on slashed by a steep 12.5 per cent, the sixth straight reduction in prices since August, as international oil prices slumped to five-year low levels.
A consortium of Gujarat State Petroleum Corp and Mumbai-based Essar Group has bid for an oil and gas exploration block in Syria.
Defying high court orders, oil PSU executives on Wednesday stopped work forcing stoppage of natural gas supplies to industries on the nation's main trunk pipeline but aviation services and fuel supplies continued to be normal.
Diesel in Mumbai costs Rs 79.72 per litre at IOC outlets and Rs 79.79 at BPCL outlets.
The government on Wednesday said there was no proposal to either merge Hindustan Petroleum and Bharat Petroleum with Oil and Natural Gas Corp or Oil India Ltd with Indian Oil Corporation.
Government plans to sell 5 per cent of its shareholding in ONGC in the follow-on public offer next month.
According to sources, Russian energy giant Rosneft or its affiliates, Saudi Aramco and Reliance Industries are in race for BPCL's three refineries - Mumbai, Kochi in Kerala and Bina in Madhya Pradesh - 16,309 petrol pumps, 6,113 LPG distributor agencies and more than a fifth of 256 aviation fuel stations in the country.
Five out of the top 10 companies in Fortune 500 list of Indian companies are from the oil sector.
Top gainers in the Sensex pack included ONGC, HDFC, Bharti Airtel, Infosys, Maruti, HCL Tech, Mahindra and Mahindra, HUL, TechM and SBI -- rising up to 2.89 per cent.
No immediate comment was available from airlines on the impact of the price hike on passenger fares.
The reduction in auto fuel prices today was the fifth cut in two months on back of softening global oil prices.
State-owned Indian Oil Corp plans to invest more than Rs 23,000 crore (Rs 230 billion) over the next five years in adding new capacities at the existing refineries and building a new refinery at Paradip in Orissa.
The Oil Ministry has approved part sale of government's stake in Oil and Natural Gas Corp as well as Indian Oil Crop, a move that could fetch about Rs 24,000 crore (Rs 240 billion) for the Centre this fiscal.
The Venezuela-based company is also in talks with ONGC for exploration of Ayacucho and Boyaca fields.
SpiceJet grounded all its aircraft due to payment woes
The department believes dividend from CPSUs is a return on investment made by the government.
Petrol price had been cut 10 times since August 2014.
With this increase, diesel prices have touched a record high while petrol is at a 56-month peak.
Oil and Natural Gas Corp, India's largest oil producer, bagged eight out of the 18 oil and gas block awarded today while country's largest private sector firm Reliance Industries managed five.
Air fares to go up as ATF price is hiked by 8.2%.
'Reliance on crude oil is still very high. Globally, natural gas is 25 per cent of the energy basket. In India, it has fallen to 6.5 per cent, from 11 per cent in 2014.'
Oil firms will supply fuel to SpiceJet on 'cash and carry basis'.
Indian Oil Corp is unlikely to bid for a share in six new pipelines being built by Reliance Industries to transport fuel from its refinery to its planned chain of petrol stations.\n\n\n\n
The US Export-Import Bank said on Tuesday that it will provide $75 million in loan guarantees for exports of US technology, equipment and services to build Indian Oil Corp's Rs 5104 crore (Rs 51.04 billion) integrated petrochemical complex at Panipat
The initial public offering of the Sri Lankan unit of Indian Oil Corp was oversubscribed more than three times. "The IPO raised (Sri Lankan) Rs 359.99 crore (Rs 3.59 billion)," company officials said.
Movement of prices in international oil market and rupee-USD exchange rate will be monitored
India's crude oil production rose by 3.2 per cent in May on back of better performance by state- owned oil major Oil and Natural Gas Corp (ONGC), while refinery output remained unchanged.
On the 30-share index, Maruti was the biggest loser, shedding 3.60 per cent. Other major laggards were Yes Bank, IndusInd Bank, Tata Steel, Hero MotoCorp and NTPC -- ending up to 2.33 per cent lower.
Liquor baron Vijay Mallya on Wednesday met Oil Secretary S Sundareshan to discuss defaults by his group firm Kingfisher Airlines on payment of jet fuel bills, but did not say when he will clear the outstanding of Rs 176 crore (Rs 1.76 bilion).
The demand, which had fallen by as much as 70 per cent, has since recovered after lockdown restrictions were eased beginning early May.
The country's largest refiner Indian Oil Corp is planning an initial public offer of its Sri Lankan subsidiary Lanka IOC by June this year to raise between $20-25 million.
Fernandes wanted Coca-Cola Company to not just transfer 60 per cent of the shares of its Indian firm but also the formula for its concentrate to Indian shareholders.
RIL's bet on burgeoning consumer base and foray into new businesses such as telecom, retail, and digital services vastly expanded its business
The government may soon raise prices of natural gas produced by state-owned ONGC and Oil India by as much as 30 per cent, Petroleum Secretary S Sundareshan said on Monday.
