Oil And Gas

Stop funding new oil & gas plans, expanding reserves: UN Chief Guterres

G20 leaders should aim for a new set of carbon reduction targets by November, says Guterres

Net zero target: Why 'sustainable economic growth' will elude India

Western reluctance to spend on climate action and the govt's inability to accelerate renewables to power faster economic growth are major hurdles to the net zero target

Oil India hits 8-month high on highest-ever quarterly profit in Q3FY23

In the past six months, Oil India soared 26 per cent, as against 3 per cent rise in the S&P BSE Sensex

TMS Ep366: Oil and gas, Ananya and Aryaman Birla, Mark Mobius, public float

Have India's oil and gas ambitions hit a tax wall? Ananya and Aryaman: Who are the new Birlas? What does Mark Mobius think of the Adani - Hindenburg saga? What is public or free float? Answers here

Shell annual profit doubles to record high as war drives up energy costs

Global energy giant Shell said Thursday that its annual profits doubled to a record high last year as oil and natural gas prices soared after Russia's invasion of Ukraine. London-based Shell Plc posted adjusted earnings of USD 39.9 billion for 2022 in its financial results for the final three months of the year. Adjusted earnings in the fourth quarter, which exclude one-time items and fluctuations in the value of inventories, rose to USD 9.8 billion. Shell is the latest oil company to report bumper profits, even as the fossil fuel industry faces increasing pressure to cut climate-changing carbon emissions. US-based Exxon Mobil also posted record annual profits days earlier, while UK rival BP and France's TotalEnergies posted huge quarterly profits last year. The results demonstrate Shell's capacity to deliver vital energy to our customers in a volatile world," new CEO Wael Sawan said in a statement. It's the first earnings report presented by Sawan since he took over as chief ...

China's oil and gas consumption declined in 2022 amid weakening economy

There remains a high degree of uncertainty because a recession in the United States and Europe could reduce demand, said Krauss

Budget 2023-24 wishlist: Here are the key challenges in oil & gas sector

Emergence of renewable fuels causing displacement of petroleum fuels' demand

Puri hopes for cut in petrol prices no sooner oil firms recoup past losses

Oil Minister Hardeep Singh Puri on Sunday hoped petrol prices will be reduced no sooner state-owned oil companies recoup past losses. State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have for the past 15 months not revised petrol and diesel prices in line with the cost. The losses incurred are now being recouped after oil prices slid. "I will hope if under-recoveries (or losses) end, prices should come down," he said at an event here. Softening of international prices from multi-year peak hit last year had led to companies making profit on petrol but they continue to incur losses on diesel. At one time, profit on petrol was Rs 10 per litre but subsequent firming of oil prices have trimmed it down to halve. Diesel losses have widened to Rs 13 a litre from Rs 10-11 earlier this month, industry sources said. Puri said oil companies acted as responsible corporate citizens by not burdening consumers of the

India increasing domestic oil and gas exploration: Hardeep Singh Puri

India, the world's third largest energy consumer, is increasing domestic oil and gas exploration, diversifying import basket, switching to alternate sources and using gas and green hydrogen as a pathway to energy transition and security, Oil Minister Hardeep Singh Puri said Sunday. Puri, who was here for an event showcasing age-old boats on the 'ghats' of the holy city switching to CNG instead of polluting diesel, said India is projected to contribute fourth of the world's energy demand growth in next couple of decades. While the nation is dependent on imports to meet 85 per cent of its oil needs and 50 per cent of its natural gas requirements, India is mixing ethanol extracted from sugarcane and other agri produce in petrol to cut overseas reliance. It will achieve 20 per cent ethanol blending in petrol by 2025, Puri said. "Our energy security strategy is based on four pillars of diversification of energy supplies, increasing exploration and production footprint, using alternate

Guyana wants Indian companies to invest in its oil and gas sector: Govt

India is diversifying its crude import sources and in 2021 imported Guyanese Liza crude

ONGC Videsh retakes 20% stake in Sakhalin-1 oil and gas fields of Russia

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), has re-taken a 20 per cent stake in the Sakhalin-1 oil and gas fields in the far east region of Russia, an official said on Monday. Russian President Vladimir Putin in October last year disbanded Exxon Neftegaz - a regional subsidiary of US super major ExxonMobil - as operator of the Sakhalin-1 and transferred the project and all of its assets and equipment to a new operator. The other former foreign shareholders in the project - Japan's Sodeco consortium and ONGC Videsh - were asked to apply to the Russian government to regain their shareholdings in the project. OVL applied and has been given the same shareholding as it had previously, the official said. Production from Sakhalin-1 stopped in April 2022 after Exxon Neftegaz declared force majeure at the project in response to international sanctions imposed on Russia following its invasion of Ukraine. Moscow assigned the Sakhalin-1 project and

Govt sticks to demand for increased share in Barmer oil & gas block

The SC has been hearing a dispute between Vedanta and the federal government related to an extension of the production-sharing contract for the Barmer asset in the western state of Rajasthan

Demand to exploration: Key warning signals for India's gas industry in 2023

Consumers will be in trouble, given rising European demand from India's traditional suppliers, the absence of gas storage facilities and the lack of a clear LNG procurement strategy

ONGC to reverse oil, gas output dip; eyes 18% jump in production in FY25

India's largest oil and gas producer ONGC will this year reverse years of decline in production and gradually raise output thereafter as it invests billions of dollars to produce from newer discoveries, company's management told investors in a call. Oil and Natural Gas Corporation (ONGC) in fiscal year 2021-22 produced 21.707 million tonne of crude oil, which is refined to produce petroleum products like petrol and diesel, and 21.68 billion cubic meter (bcm) of natural gas, which is used to produce electricity, manufacture fertilizer and as CNG in automobiles. In current fiscal year (2022-23), crude oil production is slated to rise to 22.823 million tonne and gas to 22.099 bcm. In the following fiscal year, oil production will climb to 24.636 million tonne and to 25.689 million tonne in 2024-25, the management told investors in a call post announcement of second quarter earnings last week. Natural gas production is slated to rise to 25.685 bcm in 2023-24 and to 27.529 bcm in the ...

Oil & gas emissions 3 times higher than figures being reported: COP27 data

Emissions from oil and gas production worldwide are significantly underreported and are estimated to be three times higher, according to new data released at the UN climate summit (COP27) on Wednesday. Climate Trace -- a non-profit coalition of organizations which monitors greenhouse gas emissions and publishes emissions inventories using satellite data, artificial intelligence and machine learning -- said half of the 50 largest sources of emissions across the world are oil and gas production fields and their associated facilities. "Globally, emissions from oil and gas production are significantly underreported, with the data showing that of the countries required to report regularly to the UNFCCC, emissions are as much as three times higher," Climate TRACE said. The top 14 sources of emissions in the world are oil and gas fields, with the Permian Basin in Texas, the US, being the largest emitter, the latest global emissions inventory showed. "The top 500 sources represent less tha

Europe's energy crunch will trigger years of shortages and blackouts

Energy security concerns in Europe are driving energy poverty in the emerging world," said Saul Kavonic, an energy analyst at Credit Suisse Group AG

ONGC applies to retain 20% stake in Russia's Sakhalin-1 oil and gas project

"Yes," said the person when asked if ONGC has applied to retain its stake in the project

Vedanta Q2 net profit falls 60% on higher expenses; revenue up 20%

Vedanta's oil and gas business also took a hit due to the windfall tax and lower crude prices in Q2, analysts said

ONGC eyes stake in Russian entity managing Sakhalin 1, says report

India's Oil and Natural Gas Corp plans to take a stake in the new Russian entity that will manage the Sakhalin 1 project in the far east

OIL interested in picking up petroleum mining lease in Jaisalmer, Bikaner

OIL produces heavy oil and natural gas at Tanot Dandewala and Baghewala in the state, and is exploring PML for five more locations in the state.