Page 4 - Oil Sector

Indian refiners to buy one-third less oil from Saudi Arabia next month

Indian refiners will buy less oil from Saudi Arabia next month as they snap up supplies outside of the Middle East as part of diversification drive amid weakening domestic fuel demand on the resurgence of COVID-19. State-owned Indian Oil Corporation (IOC) and three other refiners have sought just 65 per cent of the monthly average of about 15 million barrels from Saudi Arabia in May, three sources with knowledge of the matter said. The move follows tensions between India and Saudi Arabia over the Kingdom's hawkish stance on boosting production to cool prices. With Saudi Arabia ignoring its pleas to lift output curbs, the Indian government last month asked state refiners to look for sources outside of the Middle East. Sources said IOC and other state refiners are looking to buy more oil from the spot or current market rather than rely on term or fixed quantity contracts with Saudi and other oil cartel OPEC nations. They have in recent weeks bought newer crudes from geographies rang

Oil prices drop below $64 as rising OPEC+, Iranian output weighs

Oil has recovered from historic lows last year with the support of record OPEC+ cuts, most of which will remain after July

Oil tumbles 4% on concerns over Europe restrictions, vaccine rollouts

Extended lockdowns are being driven by the threat of a third wave, with a new variant of the coronavirus on the continent.

ONGC wants to reduce cycle from discovery to production, says chairman

State-owned company will hand over 49 oil fields to private players and is discussing listing its foreign subsidiary, says Shashi Shanker.

Saudi Arabia's exports dropped in November with oil revenue falling by 40%

Total revenue was 58.2 billion riyals ($15.5 billion), down from 80.8 billion riyals a year earlier, according to a statement from the General Authority for Statistics

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

Oil extends gains on vaccine hopes, shrugs off US inventory build

AstraZeneca said on Monday its COVID-19 vaccine could be up to 90% effective, providing another weapon in the fight to control the pandemic.

The joker in the pack

Government's fiscal headroom is crucially linked to a realistic assessment of its net revenue collection

IOC, ONGC implementing projects worth Rs 3.57 trn to boost economy: Govt

Oil Minister Dharmendra Pradhan and other senior officials of the ministry "reviewed the ongoing oil and gas projects started by PSUs since the resumption of economic activities from April 20, 2020"

The oil factor

The surplus should not be a cause for any celebration

Nomura sees Nifty at 10,200 in Mar'21; financials to drag earnings

The lockdown's impact on corporate earnings will be worse than seen during the GFC, according to Nomura

Centre plans to raise Rs 10,000 cr from CPSE ETF's seventh tranche: Report

Sources privy to the development said the offer will have a base issue size of Rs 10,000 crore. Besides, there will be a green-shoe option.

ONGC may revise terms of production-boosting plan for 64 oil and gas fields

---Pointer table is not needed---State-run Oil and Natural Gas Corporation (ONGC) is likely to revise the terms of the much-hyped production enhancement plan for 64 oil and gas fields, after concerns raised by prospective bidders over the operating cost and other bidding criteria.According to multiple sources, at least 14 of the 23 companies that participated in the pre-bid meeting on September 17 had asked for "compensation covering the operating cost to be borne by the contractor related to the baseline production". Following this, the Directorate General of Hydrocarbons (DGH) and ONGC have decided to revise the contract terms. It was in February this year that the Union Cabinet had cleared the handing over of 66 discovered marginal oil and gas fields by ONGC and Oil India (OIL) to private players. Industry sources said the revised terms might have to be again cleared by the Cabinet. A government official, however, said, "The process does not need any Cabinet clearance, as the ...

Will 2018 be the year of oil stocks? Investors bet big on crude's recovery

However, fears that advances in electric vehicles will undermine longer-term demand for oil still overshadow the sector

How oil can learn from urea

Subsidies on urea have declined by 30% this year, underlining the need for more reforms in the oil sector

Reforms bring investment hope for hydrocarbons

The oil sector reforms could lead to unlocking of investments in hydrocarbon reserves valued at a cumulative Rs 2.33 lakh crore