The oil and gas sector is poised for a strong operational performance in Q3FY26, with aggregate EBITDA projected to rise 17% year-on-year. This growth is primarily driven by downstream and city gas segments, despite a weaker upstream performance. Refining and marketing segments are expected to outperform due to improved gross refining margins.
Former Chief Economic Adviser Arvind Subramanian stated that US strikes on Venezuela are unlikely to significantly impact the global oil market. He noted that prevailing market opinion suggests limited consequences for oil prices, indicating no major disruption to supply or pricing. This comes after the US captured Venezuelan President Nicolas Maduro and his wife following…
In a statement posted on X on Tuesday, Reliance Industries Limited said a Bloomberg report claiming that “three vessels laden with Russian Oil are heading for Reliance Industries Limited’s Jamnagar refinery” was incorrect. The company said its Jamnagar refinery has not received any Russian crude oil cargo in the past three weeks and is not…
The Supreme Court has ruled in favor of Adani Power. The company will not have to pay customs duty on electricity supplied from its Mundra Special Economic Zone to the domestic market. The court set aside a Gujarat High Court order. Authorities must refund amounts deposited by Adani Power. This decision covers electricity supplied between…
The Supreme Court has overturned a Gujarat High Court ruling. Adani Power Limited will receive a refund for customs duty paid on electricity. This duty was levied on power generated in a Special Economic Zone and supplied domestically. The court stated that previous judgments had already declared such levies invalid.
Oil and Natural Gas Corporation has partnered with Japanese shipping major Mitsui OSK Lines. This collaboration aims to boost ONGC’s specialized energy transport capabilities. Joint ventures will operate Very Large Ethane Carriers. These vessels will transport ethane from the United States for ONGC Petro additions Limited. The initiative supports national self-reliance and maritime infrastructure development.
Electricity trade on the Indian Energy Exchange saw a significant rise of 11.9 percent in the October to December quarter. However, renewable energy certificates experienced a notable decrease of 29.8 percent during the same period. The day-ahead market volume saw a slight dip, while the real-time market showed strong growth. The green market also recorded…
A gas pipeline at ONGC’s Mori-5 well in Andhra Pradesh’s Dr B R Ambedkar Konaseema district caught fire on Monday following a leakage. Operated by Deep Industries Ltd, the well experienced the blaze during production enhancement operations. Fortunately, no casualties were reported. Senior ONGC officials and district administration are on-site to assess the situation and…
Hindustan Petroleum Corporation Ltd has commissioned a new residue upgradation facility at its Visakhapatnam refinery. This facility significantly boosts the refinery’s ability to convert low-value oils into high-value petroleum products. The project enhances India’s refining complexity and reduces reliance on imported fuels.
US oil companies face significant hurdles in reviving Venezuela’s oil sector, despite President Trump’s optimism. Industry executives highlight the need for political stability and legal certainty before companies will commit billions, citing past expropriations and entrenched bureaucratic interests as major deterrents.