GUWAHATI: A National Green Tribunal (NGT) panel set up to probe into the blowout at Baghjan in Assam’s Tinsukia district on Tuesday submitted a report saying that Oil India Limited (OIL) was operating the oilfield without the mandatory environmental clearance when the incident took place. On May 27, OIL’s Well No. 5 experienced a…
The board has approved proposal to buyback 10 crore shares, which represents 6.56% equity share, at ₹250 per share.The buyback price is at premium of 34% to HPCL stocks’ closing price on 4 November. On Wednesday, HPCL’s scrip on NSE closed 0.83% higher at ₹187.20.HPCL’s standalone net profit more than doubled during the September…
They have spent a combined Rs 31,956 crore in the six months through September 2020, 32.4 percent of the capital expenditure of Rs 98,522 crore targeted for H1/FY21. Indian Oil Corporation (IOC) has has spent only 28.6 percent of its planned capex of Rs 26,233 crore. The company is managing multiple projects, including product…
Nayara Energy, a new-age integrated downstream energy company, signed a tripartite memorandum of understanding (MOU) with the Foundation for Innovation & Technology Transfer (FITT), IIT-Delhi and Gexcon to further progress development and implementation of process safety and risk management standards in the manufacturing industry. The MOU will enable Nayara Energy to advance its operational…
Jaipur: Chief minister Ashok Gehlot on Wednesday constituted a cabinet sub-committee under him to review the progress of the Barmer refinery so that the ambitious project could be completed on time. The other members of the committee are PHED and energy minister Dr BD Kalla, UDH minister Shanti Dhariwal, industry minister Parsadilal Meena, mines…
U.S. oil prices jumped more than 2% on Wednesday after industry data showed crude inventories in the United States dropped sharply and as investors awaited results from the tumultuous presidential election. West Texas Intermediate CLc1 was up $1.01, or 2.7%, at $38.67 a barrel by 1138 GMT Tuesday, after gaining more than 2% in…
Oil managed to stage quite a recovery yesterday, with the market closing higher on the day after it was down more than 5% in early trading in Asia. Strength has continued in early morning trading today. The catalyst for the move was the Russian energy minister, who yesterday met with domestic oil companies to…
LONDON- A sufficient number of creditors of indebted Premier Oil have approved a proposed merger with private equity backed Chrysaor to create the British North Sea’s biggest oil and gas producer, Premier said on Tuesday. The reverse takeover, which will see Premier’s creditors paid $1.23 billion in cash, will fold one of the world’s…
Dinesh Kumar Sarraf, chairperson of the Petroleum and Natural Gas Regulatory Board, said the agency was working on examining the feedback from stakeholders on introducing a unified gas pipeline tariff structure, one of the most closely watched gas reform initiatives pursued by New Delhi. “We have got a lot of feedback on various issues…
Ahmedabad- After facing opposition for its proposed transportation tariff for the city gas distribution (CGD) network, the Petroleum and Natural Gas Regulatory Board (PNGRB) is facing further push back from top CGD companies of the country who allege that the proposed regulation for open access in the sector sidesteps those who have already invested heavily…
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