NEW DELHI: The government is considering bringing natural gas within the ambit of goods and services tax (GST) and offer pricing freedom to gas producers, Oil Secretary Tarun Kapoor told an industry webinar on Wednesday. Ficci, the organiser of the webinar, quoted Kapoor as saying that the government was targeting gas as it would be Read more

State-owned ONGC and others impacted by the slump in global crude prices are likely to get some relief from the government that is considering waiving the cess and royalty. Sources said the oil ministry was in talks with the finance ministry in waiving the oil cess and royalty demands due to the slump in global Read more

NEW DELHI – Chennai Petroleum Corp Ltd’s proposed mega project to replace its 1-mtpa Cauvery Basin refinery at Nagapattinam in Tamil Nadu with a new 9-mtpa refinery is likely to receive the official nod from the boards of the company and its parent–state-owned Indian Oil Corp Ltd–within three to four months, sources in the know Read more

The government has for the second time extended the deadline for bidding for privatisation of India’s second-biggest oil refiner Bharat Petroleum Corp Ltd (BPCL) by over a month to July 31. While the Cabinet had in November last year approved the sale of government’s entire 52.98 per cent stake in BPCL, offers seeking expression of Read more

NEW YORK: Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up with coronavirus restrictions easing. Brent crude futures were up 2 cents at $35.55 a barrel by 11:11 a.m. EDT (1511 GMT). US West Texas Intermediate (WTI) crude futures Read more

Black gold rises in price against the background of a gradual easing of restrictions imposed in connection with the pandemic coronavirus that spur demand for petroleum products. The surplus on the oil market reduced in recent weeks that also has quotes of support. The oil market is finally will soon be balanced,’ ‘“ said the Read more

At the present time, monitoring oil prices-reference oils, for example, Brent oil, West Texas Light oil, Dubai and Oman oil, to determine other oil prices, in terms of quality and spatial quality, is no longer difficult for specialists or analysts. Specialised bulletins publish this periodically and in a similar manner. Daily, weekly and monthly rates Read more

Venezuela, which sits on the largest proven oil reserves in the world, is celebrating the arrival of a small flotilla of Iranian tankers bearing gasoline in violation of U.S. backed sanctions. An oil tanker called Fortune’ was able to arrive at a Venezuelan refinery with its cargo, estimated to be about 1.5 million barrels of Read more

Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Mr Mohammed Barkindo, has urged member countries not to flout last April’™s deal to cut their crude oil production quotas, despite recent noticeable improvement in the international market. Barkindo, who spoke with Energy Intelligence, according to the international oil cartel Tuesday, also advised OPEC+ members to Read more

A U.S. judge has dealt another blow to the Trump administration’s efforts to increase domestic oil and gas output from public lands, saying officials failed to protect habitat for a declining bird species when it issued energy leases on hundreds of square miles. Judge Brian Morris said the Interior Department did not do enough to Read more

Pertamina Hulu Mahakam (PHM), a subsidiary of state-owned oil company Pertamina, is opening up a new oil and gas field in the country to find new reserves despite a sharp fall in crude oil prices. PHM began on May 21 drilling a new oil and gas exploration well in the Peciko Field, Mahakam Block, which Read more

US drilling industry says offshore ban would crush jobs, government revenuesA US ban on new offshore drilling in the Gulf of Mexico, which presidential hopeful Joe Biden promised to enact if elected, would lead to hundreds of thousands of job losses and billions in lost government revenue over 20 years, an offshore drilling industry group Read more

The central government is assessing the cash position of state-owned companies and will ask them to ramp up dividend payouts and share buybacks as much as possible, Business Standard has learnt. This comes at a time when the Covid-19 pandemic and the nationwide lockdown has ensured that revenue from sources like taxes and divestment may Read more

We are exploring whether we can store some of our investment in a different country. We are looking at the US if we can store some of the low-priced oil minister Dharmendra Pradhan told a television channel. The plan could be similar to the one of Australia, which last month said it would build up Read more

Mumbai: The second-largest national oil marketing company Bharat Petroleum Corp Ltd (BPCLNSE -0.65 %) on Tuesday announced a new customer-friendly initiative with the launch of cooking gas booking through Whatsapp across the country.Bharat Petroleum, which was on the sell-off block last fiscal, has over 71 million LPG customers, making it the second-largest player after Indian Read more