India imports 73 per cent of its crude oil import needs and the cost of imports would spiral after crude inched closer to a record $125 per barrel, while rupee touched its 13-month low, official sources said. The basket of crude oil India imports was at $120.65 per barrel on Thursday, a 91 per cent jump over the last fiscal's lowest price of 62.91 dollars recorded on May 9, 2007, official sources said.
Steel baron L N Mittal and French oil major Total on Thursday signed an agreement with state-run HPCL for jointly setting up a $6 billion refinery-cum petrochemical complex at Vishakhapatnam in Andhra Pradesh. State-run gas utility Gail India and exploration firm Oil India Limited are the other stakeholders in the proposed 15 million tonne refinery and one million tonne petrochemical complex.
Essar has announced a $6bn expansion plan to more than triple capacity at its refinery, while Reliance, at its site a few kilometres away, is working on plans to almost double capacity.
Privatisation of old oil fields to raise output and reduce India's import dependence was advised by the Economic Survey.
The country's second-largest government-owned oil and gas exploration company Oil India has qualified as a non-operator in the latest round of oil blocks auction in Libya.
OIL is planning an IPO to raise Rs 1474 crore to assist in its expansion plans.
Tatas have joined hands with state refiner Indian Oil and exploration firm Oil India Ltd to consider bidding for acquiring Caspian Energy Group LLP's (CEG) interest in an Azerbaijan oil field.Tata Petrodyne Ltd, a wholly-owned subsidiary of Tata Sons, has joined the IOC-OIL combine to make a bid to buy CEG's 51 per cent stake in the Shivran Oil Operating Company that runs the Kyurovdag oil field in Azerbaijan, industry sources said.
More than one oil company bidding for same overseas assets.
IOC-OIL have decided to hold 25% stake in RIL's East Timor oil and gas block.
ONGC is likely to pay Rs 17,000 cr to subsidise products by the end of this fiscal.
OIL announced its financical plan outlay for the next two years.
Rediff reader Kamaljit Medhi tells us how a chance meeting with Arpana rekindled their love in the sleepy town of Digboi.
In all, Reliance has a stake in 34 exploration blocks in the country.
Upstream firms have a tremendous financial pressure due to selling crude at subsidised rates to oil marketing firms.
Gains were led by HUL on better-than-expected margins in March quarter and capital goods shares.
The blast, which occurred due to a technical snag, set off oil spillage over a three km radius area that spread to Rajabari village, sources said.
The former India ace scored the only goal of the match in the final against Border Security Force.
The ULFA made light of the OIL stand that seismic survey in Brahmaputra riverbed has become necessary,
The finance ministry had recommended that the government disinvest 10 per cent of its stake in the proposed initial public offer of Oil India, a state-owned upstream company, said Petroleum Minister Murli Deora.
The Russian shocked sixth seed Todor Enev of Bulgaria in the final.
According to a new subsidy sharing formula, the payout of upstream oil producers like ONGC is to be reduced to the extent of Rs 4,500 per tonne oil development cess they pay to the government, sources privy to the development 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.
Arun Jaitley presented the Union Budget in Parliament on Saturday.
Oil India Ltd, the country's second largest exploration and production company, is likely to offer 10 per cent of its share to the public in October this year, a few months later than planned.
Govt unlikely to cut excise duties to compensate for higher global prices, say analysts.
A bench headed by Chief Justice P Sathasivam sought response from the Centre and RIL on a PIL filed by Communist Party of India Member of Parliament Gurudas Dasgupta who alleged that no due diligence was done by the government while increasing the price of natural gas.
Karan Rastogi went down to Todor Enev 6-4, 7-6 (3) in the semifinals of the ITF Futures.
Karan Rastogi beat Korean Kyu-Tae Im 7-6 (5), 3-6, 6-3 in the quarterfinals of the ITF Futures.
Third seed Karan Rastogi dropped a set before overcoming lower-ranked Huai-En Chang of Chienese Taipei in the first round of the Oil India ITF Futures tournament.
The S&P BSE Sensex has gained 149 points to open at 25,802.
Prime Minister Narendra Modi launched a scheme to tap a pool of over 20,000 tonnes of gold held by households and temples.
Raamdeo Agrawal, joint managing director at Motilal Oswal Financial Services, tells Sheetal Agarwal key trends in this earnings season and investment themes in Indian markets.
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.
Following up on Finance Minister Arun Jaitley's Budget announcement of creating an integrated oil company, India's biggest oil and gas producer ONGC may buy all of the government's 51.11 per cent stake in Hindustan Petroleum Corporation Ltd.
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
Expecting oil prices to remain under pressure, Fitch Ratings said deregulation of diesel prices in October will help in lowering the under-recoveries (which is nothing but international petroleum prices minus the subsidised retail rates).
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.
The Nifty50 slipped 33 points to close the session at 8,509 after hitting an intra-day high of 8,587.
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