Oil & Gas
BPCL subsidiary gets NCLT nod to take over Videocon Oil
Bharat PetroResources secured the acquisition of Videocon Oil Ventures by matching offers and paying upfront, resulting in minimal creditor recovery. The resolution professional managed claims totaling ₹30,640 crore from financial creditors.
NCLT approves BPCL subsidiaries acquisiton of VoVL
"The argument raised...that ROFR acts against there being a level playing field is equally fallacious. Being fully aware of the ROFR availbale to Bharat Petro and its implications PRIO submitted an offer for a commercial value that it believed would dissuade Bharat Petro from exercising its ROFR....There is no question on Bharat Petro's ROFR having an impact on the playing field between parties," the court said.
Biggest reasons why petrol prices increase in India
Karnataka government on Saturday hiked sales tax on fuel which will make petrol and diesel costlier. Petrol will now go up by Rs 3 and diesel by Rs 3.5 per litre. Karnataka Chief Minister Siddaramaiah on Sunday defended the hike in petrol and diesel prices saying that it will ensure funding essential public services and development projects. The prices have been hiked to generate more revenue.
Indian Oil to boost LNG portfolio to 20 million tonnes by 2030
Indian Oil is set to increase its liquified natural gas (LNG) portfolio to 20 million tonnes per annum by 2030. The current portfolio stands at 7.8 million tonnes per year. Sujoy Choudhury, head of planning and business development revealed the development.
BPCL sees nearly flat annual crude processing, executive says
Bharat Petroleum Corp (BPCL) anticipates no major changes in its annual crude processing for the current fiscal year despite a planned maintenance shutdown. BPCL will temporarily close a 120,000 bpd crude unit at its 310,000 bpd Kochi refinery for a month starting mid-September, stated Sanjay Khanna, BPCL’s head of refineries. Last fiscal year, BPCL processed nearly 800,000 bpd across its three refineries. BPCL is also expanding its Bina refinery to 220,000 bpd by mid-2027 and constructing a petrochemical plant to be operational by mid-2028.
India and China top buyers of Russian fuel oil in May, LSEG data shows
In May, Russian seaborne fuel oil and VGO exports peaked at 4 million metric tons, with India and China as top destinations. The surge followed the European Union's embargo on Russian oil products, redirecting supplies to Asia. Notably, ship-to-ship loadings near Greece and Malta facilitated the transfer of cargoes destined for Asia.
After 7 years and $1.2 bn investment, ONGC offers stake in Deen Dayal gas field
After investing nearly USD 1.2 billion over seven years with limited success, the state-owned Oil and Natural Gas Corporation (ONGC) is actively searching for partners to salvage the Deen Dayal gas field in the KG basin of the Bay of Bengal. On June 12, ONGC issued a call for expressions of interest from international oil and gas firms possessing the necessary technical expertise and financial capability to participate as partners, aiming to develop a viable strategy for the field, as per the tender document.
India's downstream oil and gas profits to fall; upstream to remain strong: Fitch Ratings
India's oil and gas sector is forecasted to have mixed fiscal performance in FY24, with downstream profits expected to decline while upstream growth remains robust, driven by a 3-4% increase in petroleum product demand for FY25. Diesel and petrol will dominate consumption, with anticipated stable marketing margins for oil marketing companies. Upstream companies will continue high capex for production growth, while crude oil import dependency is projected to increase despite rising domestic production.
About 16% Reliance shareholders oppose reappointment of Aramco chairman as director
Reliance Industries' shareholders approved reappointment of Yasir Othman H Al-Rumayyan and appointed Haigreve Khaitan as independent directors. They also reappointed P M S Prasad. The board is led by Mukesh D Ambani and includes his children Isha, Akash, and Anant, along with cousins Hital and Nikhi Meswani.
CNG prices hiked in Delhi-NCR, effective June 22
Compressed Natural Gas (CNG) prices in Delhi and the National Capital Region have increased by one rupee, with prices in Uttar Pradesh, Haryana, Rajasthan, and the national capital rising. New Delhi's CNG rate is Rs 75.09 per kg, while Noida, Greater Noida, and Ghaziabad rates are Rs 79.70 per kg.
ONGC, IOC partner to set up LNG plant in Madhya Pradesh
ONGC and IOC signed an agreement to set up a small-scale LNG plant near the Hatta gas field in Madhya Pradesh.
Must Watch
IGL to diversify into solar rooftop, battery recycling
"With the exponential growth being witnessed in the electric vehicle market, demand for batteries has risen significantly. Many rare earth metals go into battery manufacturing, so IGL thinks recycling them could be a lucrative option, especially when not many companies are doing it," said another senior industry executive.
India fossil fuel consumption up 8% in 2023
The report suggests that five key stories emerge from the 2023 data, starting with record global energy consumption, with coal and oil pushing fossil fuels and their emissions to record levels. "Global primary energy consumption overall was at a record absolute high, up 2 per cent on the previous year to 620 Exajoules (EJ). Global fossil fuel consumption reached a record high, up 1.5 per cent to 505 EJ (driven by coal up 1.6 per cent, oil up 2 per cent to above 100 million barrels for first time, while gas was flat)," said the report.
On the way: Production of Bitumen using biomass
India plans to produce bio-bitumen from biomass to reduce imports and tackle stubble burning issues in road construction.
LNG imports down 7.2% in May on stagnant demand
LNG imports in India fell 7.2% year-on-year in May as domestic demand stagnated and local production expanded. The country consumed 5,708 MMSCM of natural gas, with LNG prices averaging $11.9 per mmbtu in May.
Extreme heat melts diesel demand, sales drop 4% in June
In June, India's diesel demand fell due to extreme heat reducing travel, continuing a declining trend despite typically high election season sales. Diesel sales dropped 3.9% year-on-year and remained flat month-on-month. Petrol consumption also decreased by 4.6% annually. Contrarily, jet fuel and LPG demand saw year-on-year increases.
