In a rare move, the government has re-appointed A K Sharma as the Director (Finance) of Indian Oil Corp (IOC). This is a first under the current government at the Centre, where a PSU director has been re-employed in the same position after retirement.
America’s surging shale oil production shows little signs of abating despite industrywide spending cuts, as explorers learn to do more with less. Almost all the independent producers have reduced their budgets for 2019
For the first time since the global oil shock of 1973, India’s faltering steps towards energy security have given way to a holistic oil diplomacy that lays stress on personal chemistry, combining it with trade-offs and a strategic vision.
Enoc Group has announced a strategic alliance with Indian Oil Company (IOC), an oil and gas company in India worth $63 billion, in a joint effort to expand its global footprint while building on IOC’s R&D infrastructure to mitigate future manufacturing challenges.
Oil prices hovered close to 2019 highs on Thursday, bolstered by OPEC-led supply cuts and U.S. sanctions on Venezuela and Iran, but were prevented from rising further by slowing growth in the global economy.
The government has switched back to the two-decades-old method of auctioning oil and gas blocks in areas with poor prospects on the basis of exploration work committed by bidders
State-run Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) are likely to come out with bids offering their fields to private sector companies in the next six months.
The proposed $44 billion refinery and petrochemicals project at Ratnagiri in Maharashtra may be shifted to neighbouring Raigad district, said a state government official and an executive at an oil marketing company.
Fuel products sales up 3.2% to 176.15 million tonnes in April-January FY2019
To raise domestic output and cut imports, the government will give ONGC and Reliance industries pricing and marketing freedom for yet to be developed discoveries and will levy a lesser royalty in case of state-owned firms raising production from existing fields.