Page 16 - Oil And Gas
Oil prices steady as demand optimism offsets worries of Iranian supply
Brent rose 13 cents, or 0.2%, to $68.78 a barrel by 0928 GMT
 "Oil prices steady as demand optimism offsets worries of Iranian supply")
Second Covid-19 wave: Cairn Oil and Gas seeks force majeure extension
Globally, oil and gas firms had availed of relaxations in exploration contracts to deal with the disruption.
 "Second Covid-19 wave: Cairn Oil and Gas seeks force majeure extension")
Hindustan Petroleum Q4 net profit jumps to Rs 3,018 cr on inventory gains
Hindustan Petroleum Corporation Ltd (HPCL) on Thursday reported its March quarter net profit soaring many folds to Rs 3,018 crore on the back of inventory gains and rise in refining margins. The company had a net profit of Rs 27 crore in January-March 2020. "Enhanced profitability was a result of robust operational performance, improvement in refinery margins helped by inventory gains and favourable exchange rate variations," HPCL Chairman and Managing Director M K Surana told reporters. The company, which runs refineries at Mumbai and Visakhapatnam, earned USD 8.11 on turning every barrel of crude oil into fuel in January-March period. This is compared with a negative gross refining margin (GRM) of USD 1.23 per barrel. Inventory gains are booked when raw material (crude) prices rise by the time a company processes oil into fuel. Losses are booked when the reverse happens. Surana said the company had an inventory gain of Rs 4,608 crore in the fourth quarter of 2020-21 as compared
 "Hindustan Petroleum Q4 net profit jumps to Rs 3,018 cr on inventory gains")
Indian Oil Corp says will buy Iranian oil if US sanctions are lifted
Iranian oil coming into the market will not just cool prices but also help India diversify its import baskek
 "Indian Oil Corp says will buy Iranian oil if US sanctions are lifted")
Indian Oil swings into black with record Rs 21,000-cr profit in FY21
Firm attributes remarkable to inventory gains caused by fluctuating global oil prices and rising sales of high-margin petrochemical products
IOC Q4 results: Rs 8,781-cr net profit beats estimates on inventory gains
Revenue rose 18% to Rs 1.64 trillion
 "IOC Q4 results: Rs 8,781-cr net profit beats estimates on inventory gains")
Oil hits $70 for first time since March 15 as Europe, US re-open economies
Europe, US reopening optimism offset by pandemic concerns in Asia; speculation of Iran nuclear deal revival limits upside
 "Oil hits $70 for first time since March 15 as Europe, US re-open economies")
India loses ONGC-discovered Farzad-B gas field in Iran
The field holds 23 trillion cubic feet of in-place gas reserves, of which about 60 per cent is recoverable.
 "India loses ONGC-discovered Farzad-B gas field in Iran")
Top headlines: Airtel back in black in Q4; India loses gas field in Iran
Business Standard brings you the top headlines this evening
 "Top headlines: Airtel back in black in Q4; India loses gas field in Iran")
Colonial Pipeline paid hackers $5 million in ransom, says official
The company paid the hefty ransom in difficult-to-trace cryptocurrency within hours after the attack
 "Colonial Pipeline paid hackers $5 million in ransom, says official")
Colonial Pipeline ramps up as US seeks to emerge from fuel crunch
Colonial Pipeline announced late Thursday it had restarted its entire pipeline system linking refineries on the Gulf Coast to markets along the eastern seaboard.
 "Colonial Pipeline ramps up as US seeks to emerge from fuel crunch")
O2C, Indian Oil Corp bag supplies in intense bidding for KG-D6 gas
RIL and its partner BP of the UK had offered 5.5 million standard cubic meters per day of additional gas in the auction for a flexible tenure of 3-5 years
 "O2C, Indian Oil Corp bag supplies in intense bidding for KG-D6 gas")
Fuel shortages worsen on sixth day of top US fuel pipeline outage
A ransomware attack on the Colonial Pipeline last week halted 2.5 million barrels per day of fuel shipments
 "Fuel shortages worsen on sixth day of top US fuel pipeline outage")
Once a prized asset, is oil giant ONGC nearing the end of the road?
The oil it drills is expensive, the company does not have a clear road map for the future despite its Energy Strategy 2040
 "Once a prized asset, is oil giant ONGC nearing the end of the road?")
Lenders seek fresh bids for JBF Petrochem after firm fails to get offers
The firm, a step-down subsidiary of JBF Industries, owes some Rs 5,000 cr to the lenders; search is on to find a buyer for its stalled Karnataka project
 "Lenders seek fresh bids for JBF Petrochem after firm fails to get offers")
United States' biggest gasoline pipeline halted after cyber-attack
Pipelines are a growing concern because they play a central role in so many parts of the US economy
 "United States' biggest gasoline pipeline halted after cyber-attack")
Saudi Arabia cuts oil prices for Asia as virus hits India demand
Brent crude has climbed almost 35% this year
 "Saudi Arabia cuts oil prices for Asia as virus hits India demand")
Saudi Aramco's first-quarter profits up by 30% amid higher crude oil prices
Aramco is more than 98 per cent owned by the Saudi government
 "Saudi Aramco's first-quarter profits up by 30% amid higher crude oil prices")
Exxon posts $2.7 billion quarterly profit after unprecedented year
This comes after a tumultuous year led to major spending reductions.
 "Exxon posts $2.7 billion quarterly profit after unprecedented year")
Oil prices increase, bullish demand outlook offsets India concerns
Oil prices increase, bullish demand outlook offsets India concerns
