In the last week of October 2020, the Union Government stated that taxes on petrol and diesel will be increased to mobilise additional revenue for Covid-19 relief. Even if there is no immediate change in retail prices as clarified by oil companies, the likelihood of a tax increase after the festive season is high Read more

  The commercial production of gas from ONGC’s Ashoknagar block is expected to begin soon, bringing Bengal on to the energy map of the country, petroleum minister Dharmendra Pradhan said on Tuesday.He said “ONGC is moving towards commercial production from its block in Bengal which would put it on the oil map of the country”. Read more

  Resurgent demand in India for gasoil, gasoline, LPG and naphtha bodes well for West African crudes, most of which are light sweet and medium sweet, and state-run refiners such as Hindustan Petroleum Corp. and Indian Oil Corp. have been on a buying spree, issuing a number of tenders for December- and January-loading crude. The Read more

  Petroleum minister Dharmendra Pradhan on Tuesday urged domestic oil and gas producers to rope in international oil majors to bring in new technology to the sector.He was addressing the contract signing ceremony of the fifth bid round under the Open Acreage Licensing Policy (OALP). Under the OALP round V, state-run Oil and Natural Gas Read more

  New Delhi- The strategic disinvestment of Bharat Petroleum Corporation Limited has moved to the second stage after it received multiple expressions of interest, Finance Minister Nirmala Sitharaman said on Monday. “Strategic disinvestment of BPCL progresses- Now moves to the second stage after multiple expressions of interest have been received,” Sitharaman tweeted. Earlier, the Department Read more

  Prime Minister Shri Narendra Modi inaugurated Office-cum-Residential Complex of Cuttack Bench of Income Tax Appellate Tribunal through video conference today. Shri Ravi Shankar Prasad, Union Minister for Law & Justice and Communications and Electronics & Information Technology, Shri Dharmendra Pradhan, Union Minister of Petroleum & Natural Gas and Steel, Shri Naveen Patnaik, Chief Minister Read more

  The relationship between Qatar and India is an old and enduring one. According to the ministry of external affairs data, the total bilateral trade between both countries reached USD 12.33 billion in FY 2018-2019. However, the Foreign Direct Investment (FDI) of Qatar into India has been a modest one, but its contribution to India’s Read more

    India’s flagship overseas firm ONGC Videsh Ltd on Wednesday announced the acquisition of Australian firm FAR Ltd’s stake in the USD 4.2-billion Sangomar oil project off Senegal’s shore for USD 45 million.   This is the first acquisition by OVL, the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), in Read more

  ABU DHABI, Ministers from across Asia have used the ADIPEC 2020 Virtual conference and exhibition to urge greater collaboration between oil and gas producing nations and consumer-led countries to ensure business resilience in a post-COVID world and during the transition to lower carbon energy.   Addressing the ADIPEC 2020 Virtual Strategic Conference on day Read more

  MUMBAI  – Even in tough times, some deals are too important to let slip. One of them is Saudi Aramco’s intention to acquire a 20% stake in Reliance Industries’ oil and chemicals business at a generous $75 billion valuation. Terms might get tweaked, but both sides have strong motivation to get it done.   Read more

  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 Read more

  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 Read more

  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 Read more

  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 Read more

    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 Read more