COVID blues reduced almost 20% of ONGC’s capital expenditure in FY21; oil refiners capex increased

Oil and gas producer ONGC spent about one-fifth less than its budgeted Capex (capital expenditure) in 2020-21 fiscal after COVID-19 related restrictions delayed projects. However, the downstream units and fuel marketers like Indian Oil Corporation (IOC) exceeded targeted capital spending, a government report showed.  Oil and Natural Gas Corporation (ONGC) had budgeted Rs 32,502 crore of capital spending in […]

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HPCL profit rises 215 per cent to Rs 2,355 crore in third quarter amid oil crisis

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State-owned Hindustan Petroleum Corporation (HPCL) reported a net profit of Rs 2,354.6 crore on a standalone basis for the three months ended December, recording a 215% rise from the same period a year ago. The company attributed the rise in profit to effective refinery scheduling and inventory management, “duly supported by favorable crude price movements leading […]

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ADB allocates $ 2.5 million for advanced biofuel development in India

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Multilateral lending agency Asian Development Bank (ADB) has approved a $ 2.5 million (about Rs 18 crore) technical assistance to support advanced biofuel development in India. The grant is funded from the Asia Clean Energy Fund, financed by the Government of Japan under the Clean Energy Financing Partnership Facility, and the Republic of Korea’s e-Asia […]

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India’s LPG consumers of BPCL to be moved to IOC and HPCL following disinvestment in the public sector

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India’s petroleum ministry is set to seek Cabinet nod for a process to transfer subsidised LPG customers from Bharat Petroleum (BPCL) to other state-run retailers Indian Oil and Hindustan Petroleum Corporation. The transfer process will be completed in 3-5 years. BPCL has invited the first bid from private players to sell the government’s 53% odd stake […]

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Oil regulator PNGRB gives a little over eight months to IOC, Adani Gas and others to expedite city gas network

Oil sector regulator Petroleum and Natural Gas Regulatory Board (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 impacted by COVID-19 lockdowns. On November 5, the Petroleum and Natural Gas Regulatory Board (PNGRB) issued an order […]

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Saudi Aramco and ADNOC committed to $44 billion west coast refinery project: IOC Chairman

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Saudi Arabian Oil Co (Saudi Aramco) and Abu Dhabi National Oil Co (ADNOC) are still committed to investing in the planned USD 44 billion west coast refinery-cum-petrochemical project. At the Energy Intelligence Forum 2020, Indian Oil Corp (IOC) Chairman Shrikant Madhav Vaidya said, “Both ADNOC and Saudi Aramco are still committed to the investments in […]

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