Page 3 - Oil Companies

Russian oil firm shuffles Venezuela assets as sanctions bite: Report

A Russian oil company used to provide a workaround to U.S. oil trading sanctions on Venezuela is scrabbling to avoid another set of sanctions, documents show

FM raises concern on rising oil prices; Puri says oil cos to decide on hike

India relies on overseas purchases to meet about 85 per cent of its oil requirement, making it one of the most vulnerable in Asia to higher oil prices

Petrol, diesel price hike soon as oil companies prepare to pare losses

Petrol and diesel prices need to be increased by Rs 15 a litre for fuel retailers to break even

Ukraine crisis: Russian oil companies offer big discounts to India

Bankers said India should be extremely cautious before opening up trade with Russia amid sanctions as it should not be seen as funding Russian invasion of Ukraine.

Moody's expects OMCs' margins to improve over 12-18 months on higher demand

'We expect the regional refining benchmark to average around $3-4/bbl over the next 12-18 months, balancing our expectations of demand recovery alongside incoming capacity additions,' says Moody's

Oil India exits US shale venture, sells 20% stake for $25 million

State-owned Oil India Ltd (OIL) has exited from a US shale oil venture, selling its 20 per cent stake to its venture partner for USD 25 million -- the second exit of an Indian firm from the US shale business in two months. "Oil India (USA) Inc (wholly owned subsidiary of OIL), divested its entire stake in Niobrara shale asset, USA," a regulatory filing by the company said, adding the consideration received was USD 25 million. OIL and Indian Oil Corporation (IOC) had together in October 2012 bought a 30 per cent stake in Houston-based Carrizo Oil & Gas's Niobrara shale asset in Colorado for USD 82.5 million. While OIL had acquired 20 per cent, IOC bought 10 per cent in Carrizo's Niobrara basin acreage assets through their respective subsidiaries. The total investment of USD 82.5 million included an upfront cash payment of USD 41.25 million and a carry amount of USD 41.25 million, linked to Carrizo's future drilling and development cost. The stake was sold to Verdad Resources LLC, .

Exxon Mobil starts sale of US shale gas properties in disinvestment plan

The top US oil producer is marketing 61 wells that last year produced around 81 million cubic feet per day equivalent of natural gas.

Oil prices above $80 a barrel after Opec+ output target hike

Brent crude futures were up 65 cents, or 0.81 per cent, to $80.32 a barrel by 1317 GMT

India advises against sales of oil reserves at Adipec conference

The world's biggest oil and gas companies and many OPEC+ energy ministers are in Abu Dhabi this week for Adipec

Shell ditches 'Dutch', to shift HQ to UK amid calls for carbon cuts

The changes come as Shell is battling activist investor Dan Loeb, who's demanding the company split itself into two to attract shareholders leaving the energy sector

Russia gets partial win in $50 billion case over bankrupt oil giant

The Dutch Supreme Court on Friday handed Russia at least a temporary victory in an appeal of what's believed to be the world's largest award in an arbitration case

PSU oil companies yet to recover about Rs 4,000 cr from PMUY beneficiaries

Companies may end up booking this amount as a loss or a customer acquisition cost

Sensex ends 446 pts higher, Nifty tops 17,800; RIL hits record high, up 2%

Stock market LIVE: On the sectoral front, barring Nifty Realty, Pharma, PSU Bank, all indices trade in the green

ONGC's second oil rig to be operational at Kalol by mid-September

The Oil and Natural Gas Corporation (ONGC) will have it's second oil rig operational within twenty days, according to the company

Global oil majors may be joining race to acquire BPCL: Report

Industry sources said it was possible that one of the global oil majors or a Middle East oil producer may be teaming up with the investment funds already in race

Indian Oil Corp to deploy drones to check fuel thefts from pipelines

Indian Oil Corp (IOC) is deploying drones to monitor its vast network of pipelines across the country as it doubles down on the use of technology to thwart attempts to steal fuel

BHP, world's largest miner, in talks to sell multibillion oil, gas assets

Group in talks to sell global oil, gas business to Australia's Woodside after shedding some of its coal assets.

Oil companies now have 1,607 door-to-door fuel pumps: Petroleum Ministry

Till now door step delivery of fuel has been restricted to diesel because it is considered less volatile and hence safer than petrol

India's natural gas production jumps 19.5% in June on back of KG-D6

India's natural gas production jumped 19.5 per cent in June, as Reliance Industries Ltd and its partner BP Plc ramped up output from their eastern offshore KG-D6 block

New fuel retail outlets may rely on public sector OMCs to build networks

These companies are banking on rising fuel demand predicated on growing vehicle ownership and rising mobility