Petroleum Sector

Petrol, diesel can be brought under GST ambit if Council takes a call: FM

Union Finance Minister Nirmala Sitharaman Monday said that petrol and diesel can be brought under the GST ambit if the GST council takes a call

Petroleum products can be brought under GST if consensus reached: FM

Finance Minister Nirmala Sitharaman on Wednesday said that if states arrive at a consensus, then petroleum products can be brought under the GST regime

Petroleum Min inks pact with International Energy Agency on data sharing

The government on Tuesday signed a pact with the Paris-based IEA for strengthening cooperation in the field of data and research and for enhancing global energy security, stability, and sustainability

ONGC to invest $3.5 billion to boost output from western offshore assets

ONGC, will invest $3.5 billion over the next three-four years to boost output from its western offshore assets, Pankaj Kumar, head of offshore assets, said on Tuesday

Budget 2023: Higher crude exploration drives non-tax revenue goal

The government lists receipts from licence fees for the right of exploration of oil and gas, as well as royalty on off-shore crude oil and gas production

HCL, IIT-Dhanbad collaborate for petroleum engineering, earth science

IT services company HCL Technologies has signed a pact with the Indian Institute of Technology, Dhanbad, to collaborate in the field of petroleum engineering and earth science, according to a statement. HCL Technologies and IIT (Indian School of Mines), Dhanbad (Jharkhand), will also develop a knowledge management system using technologies, it added. As part of the agreement, HCL Tech will offer projects and internship opportunities to students and research scholars of IIT (ISM) to develop digital solutions in the fields of exploration, drilling and production of hydrocarbons to reduce carbon footprint. "Both HCL Tech and IIT (ISM) will also undertake sustainability initiatives and programmes, including discussions, podcasts and joint presentations at international forums on transformative initiatives in the oil and gas sector," according to a statement. The memorandum of understanding will help HCL Tech strengthen its collaboration with the IIT (ISM), Dhanbad, while HCLTech custom

Rs 6,200 crore investment in the petroleum sector in Rajasthan

Rajasthan Additional Chief Secretary (Mines and Petroleum) Subodh Agarwal said four companies in the petroleum sector had signed agreements on investment during "Invest Rajasthan"

ONGC board rejig: Two director posts set to be merged

Sources say the idea behind the board revamp is to bring greater synergies in operations

Six non-BJP ruled states have not reduced VAT on petroleum products: Govt

Six non-BJP ruled states West Bengal, Tamil Nadu, Andhra Pradesh, Telengana, Kerala and Jharkhand have not reduced the VAT on petroleum products, leading to higher prices of petrol and diesel there, Petroleum Minister Hardeep Singh Puri said on Thursday. Puri said in Lok Sabha that the central government has reduced excise duty on petroleum products and some other states, following cues, and reduced their Value Added Tax (VAT). Six states West Bengal, Tamil Nadu, Andhra Pradesh, Telengana, Kerala and Jharkhand have not reduced the VAT, he said amidst vocal protests by the opposition members. The minister said, currently the petrol price in India is one of the lowest. He said the oil marketing companies together suffered losses of Rs 27,276 crore due to high prices of crude in international markets. I suggest MPs from the opposition impress upon their state governments to reduce the VAT so that they can also join the celebrations, he said. Puri said India imports more than 85 p

Kirit Parikh panel recommendations: 'Remove caps on gas prices by 2027'

The committee has also recommended a ceiling price of $6.5 per mmBtu, which may be increased yearly by about $0.5 per mmBtu till 2027, Parikh said

The big short in oil & gas PSUs: Lack of leadership in sector hurting India

The government deplores the lack of good leadership in these companies but it adds to the problem with sub-optimal appointment practices for chief executives in this sector

Domestic LPG cylinders to come with QR codes: Check benefits, other details

"All domestic gas cylinders will have QR code in the next three months", said IOCL chairman Shrikant Madhav

COP27 fails to turn off the oil tap as global production hits all-time high

The latest global climate summit has failed to even mention the reduction of fossil fuel usage, a key demand from India, in the final agreement text at Egypt

Hindustan Petroleum posts consolidated net loss of Rs 2,172 crore in Q2

The company blamed depressed marketing margins on motor fuels and LPG as the main reason for its profitability being impacted over the latest quarter

Emergency bid: GAIL inks agreement with ADNOC to secure LNG supply

Officials said the agreement represents a reworking of India's gas sourcing strategy as the country aims to aggressively source LNG from a wider list of nations

NITI wants infra projects lagging for decades completed by FY23-end

Shortlists 494 projects, including 279 roads and highways worth Rs 1.92 trillion, petroleum projects worth Rs 1.11 trillion, almost a trillion rupees worth of railway projects

OIL interested in picking up petroleum mining lease in Jaisalmer, Bikaner

OIL produces heavy oil and natural gas at Tanot Dandewala and Baghewala in the state, and is exploring PML for five more locations in the state.

Fuel sales soar 22%-26% in Oct on festive season demand: Industry data

India's fuel sales soared in the first half of October with an across-the-board surge in transportation fuel demand on the back of the economic activity picking up as festival season kicked in, preliminary industry data showed. Petrol and diesel sales jumped 22-26 per cent year-on-year while also rising month-on-month in the first half of October. Petrol sales soared 22.7 per cent to 1.28 million tonne during October 1-15 when compared to 1.05 million tonne of consumption in the same period last year. Sales were 31 per cent higher than COVID-marred first half of October 2020 and 33.4 per cent more than pre-pandemic October 1-15, 2019. Demand was 1.3 per cent higher than the first half of September 2022. Diesel, the most used fuel in the country, posted a near 27 per cent rise in sales in the first fortnight of October to 3.08 million tonne when compared to the same period last year. Consumption was up 16 per cent over October 1-15, 2020 and 26.6 per cent higher than pre-COVID 2019

Govt's ethanol blending programme faces supply and pricing problem

The government's ambitious aim to double the blending target could face challenges from two of the three sources: Grain-based and biomass-based

Govt okays Rs 22,000 crore one-time grant for OMCs to battle losses

This will help them tide over continuing losses in providing domestic liquified petroleum gas