Page 2 - Oil & Gas

ONGC surges 6%, hits 22-month high on improved outlook; Oil India up 7%

The recent outperformance of oil & gas stocks brings the focus to ONGC, which has so far been unable to replicate the gains seen by the rest of its peers

Oil & Gas shares in focus; Oil India hits 52-week high, ONGC up 3%

ONGC informed that rating agency ICRA has assigned 'AAA' credit rating for non-convertible debentures (NCDs) of the company for Rs 7,500 crore

Biggest sovereign wealth fund excludes ONGC from portfolio

The exclusion was announced by Norges Bank after a recommendation from the Council on Ethics, an independent body that investigates possible norm breaches in the wealth fund's $1.4 tn portfolio

DGH reduces compliance burden on exploration activities in oil & gas blocks

Approvals for three processes that would need to be submitted within 30 days

Govt permits 100% FDI in oil & gas PSUs approved for disinvestment

"The above decision will take effect from the date of FEMA notification," an official statement said

Turbocharge upstream oil & gas sector to hasten India's post-Covid recovery

The companies could be asked to commit to channeling the tax relief into boosting production from ageing fields, which would yield longer-term dividend for the government coffers

RIL's oil-to-chemicals business recovers but second wave a challenge

The company's oil and gas production is hinging on output at its satellite fields. It is minuscule compared to its big-bang entry into this segment in the late 1990s

Revamp not to impact biz; in talks with global cos for large fields: ONGC

ONGC plans to acquire much larger acreage via open acreage licensing policy

Expect pickup of upstream oil producers' profitability in FY22: Ind-Ra

Profitability of upstream oil producers is expected to pick up in FY22, ratings agency India Ratings and Research said

Freezing temperatures push Asian gas prices to new records

Limited LNG tanker availability may keep spot LNG prices elevated

Need to hike localisation in oil & gas: Petroleum secretary Tarun Kapoor

Kapoor gave the example of gas meters and said there was currently not enough capacity in the country to manufacture them

PM's energy roadmap: More than double natural gas share, diversify sources

Prime Minister Narendra Modi said the nation will be connected with one gas pipeline grid to help bring affordable fuel to people and industry

Saudi Crown Prince expects upcoming GCC summit to reconcile Gulf Monarchies

The GCC summit will promote peace and unity, Saudi Arabia's Crown Prince Mohammed bin Salman said

Exxon Mobil in talks to buy stake in Indian oil, gas fields: Pradhan

Exxon Mobil had in October last year signed a memorandum of understanding (MoU) with ONGC to offer its expertise and technology for developing resources in offshore blocks.

India's November diesel sales decline 7% after rising in October

The country is the world's third biggest oil importer and consumer.

Covid-19, gas price crash may push back PLL's $2.5-bn deal with Tellurian

The deal would have to be renegotiated given the current market prices or shelved, according to government sources

Govt to spend Rs 1.2 trn on oil, gas exploration and refineries in FY21

State-owned oil firms plan to spend about Rs 1.2 lakh crore in the fiscal year to March 2021 on oil and gas exploration and production and refineries in a bid to boost economic activity in the nation that has been hit hard by the COVID-19 pandemic. As much as Rs 5.88 lakh crore of spending is budgeted for 8,363 projects over the next few years, an official statement said. "Out of the total anticipated cost of these projects, approximately Rs 1.20 lakh crore is targeted to be incurred as capex in FY 2020-21," it said. Oil Minister Dharmendra Pradhan reviewed all ongoing projects of oil and gas companies in a bid to turn the crisis into an opportunity by scaling up work on the projects to create employment and revive growth. "These projects of oil and gas PSUs, their joint ventures and subsidiaries include refinery projects, bio-refineries, exploration and production (E&P) projects, marketing infrastructure projects, pipelines, city gas distribution projects, drilling/survey ...

Oil & gas producers to gain as crude rises, refiners to be hit

Fitch Ratings says the credit metrics of PSU oil & gas firms could weaken due to large downstream capex and potential consolidation

New policies to boost foreign participation in oil and gas: Oil secy

India, which imports about 80 percent of its oil needs, wants to boost its local oil output.

BSE Oil & Gas index hit 9-year high; Indian Oil touches new high

Indian Oil, Oil India, ONGC, Castrol India, BPCL and HPCL were up in the range of 2% to 3% on the BSE.