Oil Companies

Unfinished business: ONGC facing question marks over future structure, role

This is an unnecessary overhang, since the company has not been on an investment spree

Windfall tax on domestic crude oil cut to nil, on export of diesel halved

This means crude oil, aviation turbine fuel (ATF), and petrol will not attract windfall tax

'Stellar' performance, says IOC as market share climbs to 43% in FY23

State-owned Indian Oil Corporation (IOC) on Monday said its fuel market share climbed to 43 per cent in the fiscal year that ended on March 31 during which all its divisions posted stellar performance. IOC, the nation's top oil firm, added almost 1,800 petrol pumps, clocked highest ever throughput at its refineries, posted a 14 per cent jump in fuel sales and registered the highest-ever pipeline expansion during 2022-23 (April 2022 to March 2023), the firm said in a statement. The company owns about a third of India's oil refining capacity and about half of the nation's fuel retailing infrastructure. IOC chairman S M Vaidya said the company's refineries clocked the highest-ever throughput of over 72.4 million tonnes in 2022-23, compared with 67.67 million tonnes in the previous fiscal year. Its liquid pipelines throughput jumped from about 83.25 million tonnes in 2021-22 to the highest ever 94.7 million tonnes. IOC also registered the highest-ever pipeline expansion of about 2,450

Oil major TotalEnergies doubles annual profit in 2022 to $36 billion

France's TotalEnergies SE doubled its profits in 2022, joining other international oil and gas companies in fattening their bottom lines as high energy prices surged after Russia's invasion of Ukraine. Adjusted net income rose to USD 36.2 billion, up from USD 18.1 billion in 2021, the company said Wednesday. Earnings benefited from robust refinery use that let the company capture high profits for turning crude into other fuel products. The figures looked different under international accounting rules that included write-offs on Total's assets in Russia, where doing business has been severely complicated by Western sanctions over the war. Under IFRS accounting standards, net profit was USD 20.5 billion, lower than the adjusted profit figure because it included USD 15 billion in write-offs on its Russian businesses. Big oil company profits have led to calls for governments to tax more of those gains as households and businesses face higher utility bills. Energy giants Shell, BP and

Exposure to Adani Group is limited, not re-evaluating stakes: TotalEnergies

Total has a 37.4% stake in Adani Total Gas (ATGL) and a 19.75% stake in Adani Green Energy (AGEL), according to its statement on Friday

Budget 2023: Oil companies will spend Rs 1.06 trn in next financial year

Nearly half of overall expenditure would be for refineries expansion and upgrade while about 44% will be used for exploration and production of hydrocarbons, the data provided in the budget documents

Crude compulsions in Budget: Oil prices to put pressure on govt finances

Freeing the industry from administrative pricing could be the best way forward

CAG says 3 state-owned oil firms ignoring own software for logistics

National auditor says state-owned companies make monthly adjustments that aren't best for saving costs, efficiency

Fitch expects windfall tax to be phased out in 2023 on moderating oil rates

Fitch Ratings on Tuesday said it expects the five-month-old tax on windfall profits made by oil companies to be phased out in 2023 on the back of moderating oil rates. The government had on July 1 levied a new tax on domestically-produced crude oil as well as on the export of petrol, diesel and jet fuel (ATF) to take away windfall gains accruing to oil companies from a global surge in energy prices following Russian invasion of Ukraine. The tax rates are revised every fortnight based on prevailing international rates. The levy on petrol export has since been abolished. "We expect the windfall taxes on domestic crude oil production levied by the government in 2022 to be phased out in 2023 with moderating prices," Fitch said in its APAC Oil & Gas Outlook 2023. Domestically-produced crude oil, which makes up for 15 per cent of all oil consumed in the country, is priced at international rates. With global oil prices rallying to a decade high in the aftermath of the Russia-Ukraine war,

Rupee skids 48 paise as corporates, oil firms rush to buy dollars

Domestic unit has shed over 9% versus the greenback so far in 2022; latest weakness came despite softer dollar index and strength in Asian currencies, led by a firm Chinese yuan

ONGC Q2 profit tumbles 30% to Rs 12,826 crore on windfall tax woes

Profit fell 15.6 per cent over the preceding June quarter when it had reported a net of Rs 15,205.85 crore

Cabinet okays mechanism for ethanol procurement by public oil companies

A remunerative price to ethanol suppliers will help in early payment to cane farmers, in the process contributing to minimize the difficulty of sugarcane farmers.

Cabinet approves higher ethanol procurement price by OMCs for blending

The government has been implementing EBP, where OMCs sell petrol blended with ethanol up to 10 per cent

Oil giant Exxon Mobil rakes in profit of $19.66 bn in Q3; revenue doubles

Exxon Mobil broke records again with its profits in the third quarter, raking in USD 19.66 billion in net income. The Irving, Texas company said on Friday that it booked USD 112.07 billion in revenue during the quarter, more than double revenue last year during the same period. Americans have struggled with painfully high gasoline prices in recent months, paying more than USD 4.80 on average for a gallon of regular at the beginning of July. Prices eased somewhat towards the end of the quarter, but customers were still paying more than USD 3.79 a gallon of regular, on average, in late September. Our strong third-quarter results reflect the hard work of our people to invest in and build businesses critical to meeting the demand we see today, said CEO Darren Woods, in a statement. We all understand how important our role is in producing the energy and products the world needs, and third-quarter results reflect our commitment to that objective. Natural gas prices have also been high, .

France's TotalEnergies income hits $6.6 billion despite Russia loss

France's TotalEnergies on Thursday reported third-quarter net income rose to USD 6.6 billion despite losses from pulling out of a venture in Russia, with huge oil and gas company profits raising pressure on European governments to shield people from high energy bills. The company posted adjusted net earnings of USD 9.9 billion but notably took a charge of USD 3.1 billion after it sold a 49 per cent interest in a Siberian natural gas field to Russian energy producer Novatek. Total CEO Patrick Pouyann acknowledged the effect of Russia's war in Ukraine in raising oil and natural gas prices this year, saying the company leveraged its integrated model, particularly LNG (liquefied natural gas), to generate results in line with previous quarters." Europe has increasingly turned to LNG as Russia has slashed natural gas flows amid the war. Total's gas and renewable energy sector posted record operating income of USD 3.6 billion in the third quarter, a USD 1.1 billion increase from the previo

Oil prices steady as recession fears counter positive Chinese signals

Oil prices were steady on Monday as China's continuation of loose monetary policy was offset by fears that high inflation and energy costs could drag the global economy into recession

Consortium of Indian oil companies to acquire 10% stake in UAE's ADNOC

The consortium is led by ONGC Videsh Ltd (OVL) and includes companies like Indian Oil Corporation Ltd (IOCL), Bharat PetroResources Ltd (BPRL) and Oil India Ltd (OIL)

Rupee gains on report of RBI nudging oil firms to reduce dollar buys

Central bank's rate hike and easing dollar index lend support to domestic currency

Oil ministry seeks review of windfall tax; wants certain fields exempt

The oil ministry has sought a review of the two-and-a-half-month old windfall profit tax on domestically produced crude oil saying it goes against the principle of fiscal stability provided in contracts for finding and producing oil. The ministry in the August 12 letter, reviewed by PTI, sought exemption for fields or blocks, which were bid out to companies under Production Sharing Contract (PSC) and Revenue Sharing Contract (RSC), from the new levy. It stated that companies have been since the 1990s awarded blocks or areas for exploration and production of oil and natural gas under different contractual regimes, wherein a royalty and cess is levied and the government gets a pre-determined percentage of profits. The ministry, according to the letter, was of the opinion that the contracts have an in-built mechanism to factor in high prices as incremental gains get transferred in form of higher profit share for the government. Emails sent to the oil ministry as well as the finance ..

Venezuela rearrests brother of former oil czar Ramirez in corruption probe

Venezuela has thrown back in prison the brother of the country's former oil czar as part of an ongoing investigation into a multi-billion dollar embezzlement scheme at the state-run oil company. Fidel Ramirez was arrested last Wednesday after failing to appear in court as required by the terms of his bail, Venezuela's Attorney General Tarek William Saab said in a brief interview Sunday with The Associated Press. Ramirez was originally arrested in early 2018 for his alleged involvement in a decade-old scheme to siphon to a bank account in the tiny European country of Andorra USD 2 billion from state-run oil giant PDVSA. At the time of the alleged crimes, PDVSA was under the direction of his brother, former Oil Minister Rafael Ramirez, a harsh critic of the socialist government he once served. Specifically, Fidel Ramirez is accused of amassing 250,000 euros at an account at Banca Privada d'Andorra, or BPA, stemming from allegedly fraudulent medical services he billed PDVSA through tw