Of the 1.32 trillion capex target for FY26, State-run oil firms have already spent 1.07 trillion in the first 10 months.
State-owned Bharat Petroleum Corporation Ltd (BPCL) is willing to dilute a 30-40 per cent stake in its upcoming greenfield refinery in Andhra Pradesh, with Gulf energy major Saudi Aramco and upstream player Oil India Ltd (OIL) likely to join as partners, a senior BPCL executive said.
Assam has become the first state in India to directly venture into oil production, following the discovery of hydrocarbons at the Namrup-Borhat block.
'The immediate impact for India will be very minimal as the share of Venezuela in our total overseas production is very low.'
Minister of State for Petroleum and Natural Gas Jitin Prasada has said state-run oil companies have the freedom to fix petrol prices, but the government will step in if rates shoot up "indiscriminately".
US sanctions against two of Russia's largest oil companies are expected to impact Reliance Industries' crude imports from Russia, while state-run refiners may continue purchases through intermediary traders for now.
Govt was selling 60.11 mn shares, or 10% co's stock, had set a floor price of Rs 510/share for bids.
Oil India's IPO will open on schedule inspite of the market volatility, stated government sources.
'Both initiatives are welcome moves and we would commit ourselves with focused attention aligned with the national priorities, and pursue our exploration initiatives.'
India's annual oil import bill could rise by $9-11 billion if the country is compelled to move away from Russian crude in response to US threats of additional tariffs or penalties on Indian exports, analysts said. India, the world's third-largest oil consumer and importer, has reaped significant benefits by swiftly substituting market-priced oil with discounted Russian crude following Western sanctions on Moscow after its invasion of Ukraine in February 2022.
The state-run Oil India Ltd has raised a war chest $1.5 to 2 billion and is eying acquisition of small to medium sized oil producing companies overseas.
Petroceltic is headquartered in Dublin with offices in Edinburgh, London, Algiers, Varna, Cairo and Rome.
State-run Oil India Ltd, which got listed on the bourses on Wednesday, is looking at acquisition of assets or companies in Australia, South-East Asia, Africa, Russia and Latin America.
The State-run Oil India Ltd will raise its stake in Numaligarh Refinery Ltd to 26 per cent to strengthen its position as an integrated oil company.
OVL, the overseas arm of state-run explorer Oil & Natural Gas Corporation, and Oil India Limited agreed in June last year to jointly buy Videocon's 10 per cent interest in the Rovuma Area 1 for $2.475 billion.
Although he denied any wrongdoing, Sibal was forced to revert to Oil India on October 31 as group general manager -- a rank which he held prior to becoming the director general of directorate general of Hydrocarbons.
State-run Oil India Ltd has signed an agreement with Canadian Commercial Corporation for collaboration in providing exploration and production services in India and abroad.
OIL, the nation's second biggest state-run oil and gas explorer, was to launch its IPO of 2.64 crore equity shares on November 10, but the reversal of fortunes on the stock markets led to its deferment by a few weeks. It now has been put back for at least a couple of months.
Flying high on the government's initiative for Oil India Ltd's global foray into exploration and production activities, the company will invest around $150 million in the coming fiscal
The fields have reserves of about 89 million tonnes
State-owned Indian Strategic Petroleum Reserves Ltd (ISPRL), which operates India's strategic crude oil storage, will make awards by December to lease around 1 million tons of crude oil storage space (7.3 million barrels) at two of the country's three existing Strategic Petroleum Reserves (SPRs), around a fifth of the total SPR capacity. This will enable the refilling of crude caverns even as escalating hostilities in the Gulf threaten disruptions in crude supplies, two industry sources said.
Oil India is set to usher in a new era with a road map drawn to ramp up production and diversification plans to foray into liquefied natural gas
IOC-OIL have decided to hold 25% stake in RIL's East Timor oil and gas block.
Lines up a $1-billion capital expenditure plan for exploration purposes abroad.
Venezuelan national oil company Petroleos de Venezuela S A (PDVSA) will help Oil India Ltd exploit about $2 billion worth of heavy crude oil in Baghewala oil field in Rajasthan.
At the current market price of the stock, that stake would be valued at about $1.5 billion.
Oil and Natural Gas Corp will pay Rs 1025 crore (Rs 10.25 billion) to the state-run oil retailing firms for the losses they suffered during the second quarter for selling LPG and kerosene below the cost.
Privatisation of old oil fields to raise output and reduce India's import dependence was advised by the Economic Survey.
Russia's Gazprom or Rosneft may also join ONGC Videsh, the overseas arm of the state-run explorer, in Iraq's second post-war bid round on December 11-12, industry sources said.
India-born billionaire Lakshmi N Mittal may take 49 per cent stake in Hindustan Petroleum Corp Ltd's under-construction $3 billion refinery at Bhatinda in Punjab.
Cairn wants the stakes that its different subsidiaries, including those registered abroad as well as showpiece Rajasthan oilfields, hold in oil and gas properties, to be transfered into one India-based company.
Oil and Natural Gas Corporation, Gas Authority of India and Oil India Ltd will pay Rs 1,200 crore (Rs 12 billion) to the state-run oil marketing firms for the losses they suffered during the first quarter for selling LPG and kerosene below the cost.
On the NSE, Oil India opened with a premium of 4.38 per cent at Rs 1,096. The stock then climbed to Rs 1,127 a piece before skidding to Rs 1,090.
Oil India Ltd, the second state-run firm to hit the market with an offering of equity shares this year, may price its IPO that opens on September 7 at Rs 1,000-1,100 a share.
ONGC Videsh and Cairns India have bid for oil exploration blocks in Sri Lanka.
ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp (ONGC), is in talks to acquire stakes in two oil blocks in Sudan, a nation which is the Indian flagship is largest overseas oil producing base.
India-born billionaire Lakshmi Mittal will pay Russia's Lukoil $980-million
State-run Oil and Natural Gas Corporation on Monday said it has resolved differences with Cairn India Ltd for building a $340-million pipeline to take crude oil found in Barmer district of Rajasthan to Gujarat.
"Air India is unable to pay even after a 90-day credit period. They owe us about Rs 300 crore without interest. There is also no bank guarantee from Air India to any of the oil marketing companies. We do not know when will the company honour its dues," said a BPCL official on condition of anonymity.
Oil and Natural Gas Corporation will shell out Rs 5,023 crore (Rs 50.23 billion) to subsidise kerosene and LPG in the second quarter of current fiscal.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances