Page 2 - Oil Sector
ONGC commissions Rs 6,000 crore projects to boost oil, gas output
State-owned Oil and Natural Gas Corporation (ONGC) has commissioned two projects costing Rs 6,000 crore to add 7.5 million tonnes of oil production and 1 billion cubic meters of gas output over the life of the Mumbai High fields, as it doubles down efforts to raise productivity from mature and aging fields. A Rs 3,740-crore spend has been made on a state-of-the-art 8-legged water injection-cum-living quarter platform, as part of the Mumbai High South Redevelopment Phase-IV, while Rs 2,292.46 crore have been spent on Cluster-8 marginal field development project at Mumbai High, the company said in a statement. "The two projects will result in an incremental gain of 7.5 million tonnes of oil and more than 1 BCM of gas," it said. Oil Minister Hardeep Singh Puri dedicated the two major projects to the nation at Western offshore on April 23. He was accompanied by chairman Alka Mittal, Director (T&FS) O P Singh and Director (Offshore) Pankaj Kumar. "The minister expressed his ...
 "ONGC commissions Rs 6,000 crore projects to boost oil, gas output")
World Bank welcomes India's move of selling oil from its stockpiles
World Bank President David Malpass has welcomed India's move to begin selling oil from its stockpiles
 "World Bank welcomes India's move of selling oil from its stockpiles")
How India stands to gain amid calls for EU to ban Russian oil imports
If Europe adopts official sanctions on Russian crude and fuel, prices will likely surge, and India could profit even more from refining Russian oil to fuels it then sells to Europe for more money.
 "How India stands to gain amid calls for EU to ban Russian oil imports")
Oil prices settle up 2%, post weekly loss on stockpile releases
Brent crude futures settled up $2.20, or 2.19%, at $102.78 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose $2.23 to $98.26.
 "Oil prices settle up 2%, post weekly loss on stockpile releases")
IEA to release 120 million oil barrels over next six month period
The International Energy Agency (IEA) on Thursday confirmed member country contributions to the second collective action to release oil stocks in response to Russia's invasion of Ukraine.
Oil gains $1 as emergency oil release seen as band-aid
Analysts said even with the emergency oil stocks release, supply remained tight.
 "Oil gains $1 as emergency oil release seen as band-aid")
Petrol, diesel prices hiked by 80 paise; total rise at Rs 10 per litre
In Mumbai, the petrol and diesel prices per litre are at Rs 120.51, increasing by 84 paise & Rs 104.77, up 85 paise
 "Petrol, diesel prices hiked by 80 paise; total rise at Rs 10 per litre")
Oil price rises in early trading as uncertainty around supply persists
Oil futures rose in early trading on Tuesday as the potential for more sanctions following alleged war crimes by Russian troops in Ukraine added to concerns about supply disruptions
Oil and trouble: Crude calculations in petrol, diesel prices in India
State-run refiners, which control over four-fifths of India's fuel market, are walking a tightrope again, trying to balance the interests of consumers, govt and their own
 "Oil and trouble: Crude calculations in petrol, diesel prices in India")
Oil prices dip on Russia-Ukraine peace talks, US inventory data
(Reuters) -Oil fell on Wednesday in another volatile session as traders reacted to hoped-for progress in Russia-Ukraine peace talks and a surprising increase in U.S. inventories.
Ukraine crisis: Oil shock is coming, but US may have already paid for it
The war in Ukraine is a shock, they note, but one the United States may have unintentionally insured itself against.
Ukraine crisis: India Inc faces dip in margins as crude oil prices spike
The numbers suggest an across-the-board impact, including banks and financials, and oil and gas companies.
 "Ukraine crisis: India Inc faces dip in margins as crude oil prices spike")
Russia-Ukraine crisis: Indian firms brace for fresh round of price spike
In addition to rising oil prices and disruption in supplies, CEOs are worried how rising oil prices will impact their sales
 "Russia-Ukraine crisis: Indian firms brace for fresh round of price spike")
Oil extends gains above $90/bbl as winter storm sweeps through the US
By Roslan Khasawneh
 "Oil extends gains above $90/bbl as winter storm sweeps through the US")
Oil prices take a breather, OPEC+ sticks to moderate output increases
U.S. private payrolls fell for the first time in a year in January, raising the risk of a sharp decline in employment that would deal a temporary setback to the labour market.
Oil hovers near 7-year highs, headed for best month since Feb 2021
The most-active Brent contract, for April delivery, was trading at $89.62, up $1.1 or 1.2%.
OPEC's share of Indian oil imports falls to lowest in at least 15 years
NEW DELHI (Reuters) - OPEC's share of Indian oil imports fell in 2021 to the lowest in more than a decade despite a 4% rebound in annual crude purchases by the world's third biggest oil importer, data obtained from industry sources showed.
 "OPEC's share of Indian oil imports falls to lowest in at least 15 years")
Prez Biden flags move to release 50 mn oil barrels as major achievement
President Joe Biden has flagged as a major achievement of his administration the US-led move to release 50 million barrels of oil from Strategic Petroleum Reserve to lower energy costs for Americans
 "Prez Biden flags move to release 50 mn oil barrels as major achievement")
India's oil production continues to slip, ONGC output down 2% in Dec
India's production of crude oil, which is refined to produce petrol and diesel, continued to decline in December 2021
 "India's oil production continues to slip, ONGC output down 2% in Dec")
Oil prices swing as easing supply issues wrestle strong demand
Brent crude rose to trade near $82 a barrel after earlier swinging between gains and losses
 "Oil prices swing as easing supply issues wrestle strong demand")
