New Delhi: The government has gone to court to secure dues of about $500 million from Vedanta, whose refusal to pay so far has delayed the renewal of the contract for its prolific Rajasthan block.   “We have filed a petition in Delhi HC seeking to recover and secure our dues,” Petroleum Secretary Tarun…

  RIO DE JANEIRO – As Brazil’s state-controlled Petrobras rapidly boosts oil output and exports, executives are looking to a new market: India.   In an interview as part of the Reuters Commodity Trading Summit, Chief Executive Roberto Castello Branco said that crude sales to China – an increasingly vital export market for Brazilian oil…

  NEW DELHI: India’s fuel demand has almost recovered to pre-COVID-19 levels and the nation will experience the fastest growth in energy consumption among all large economies in the coming decades, oil minister Dharmendra Pradhan said on Monday.   In October local sales of gasoline, gasoil and cooking gas in India, the world’s third biggest…

  India has invited global firms to invest in its strategic petroleum reserves (SPRs) as the nation’s energy consumption growth would be fastest among large economies in coming decades, oil minister Dharmendra Pradhan told a conference on Monday.India’s share in global energy consumption is set to rise from 7% to 12% in 2050, Pradhan told…

    Oil sector regulator PNGRB has given up to eight-and-a-half months of extra time to companies such as Indian Oil Corporation (IOC), GAIL and Adani Gas to fulfil their city gas project rollout commitments that had been impacted by COVID-19 lockdowns.   On November 5, the Petroleum and Natural Gas Regulatory Board (PNGRB) issued…

  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…

  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…