India’s state oil refiners are planning an aggressive push into natural gas in coming years to meet Prime Minister Narendra Modi’s goal of making the fuel a bigger part of the country’s energy mix.
Following the upgrade of India’s sovereign rating to “Baa2”, Moody’s has also upgraded the issuer rating for five government-owned companies in the oil and gas sector to Baa2 from Baa3.
Oil and Natural Gas Corporation(ONGC) share price fell nearly 2 percent while oil retailers HPCL, BPCL and IOC gained 1-2 percent intraday Wednesday, after sharp correction in crude oil prices.
Union Petroleum Minister Dharmendra Pradhan on Wednesday said that Indian oil and gas sector will attract more than 300 billion dollar investment in next 10 years as it will remain the most attractive market for the energy.
Inspired by the online and e-commerce boom in the country, oil marketing companies — Indian Oil, HPCL and BPCL are planning to start online retailing of diesel to cater to the rural customers
Private players such as Reliance Industries and Essar owned by Russia’s Rosneft have tripled the number of petrol and diesel outlets in India in the last two years
Shares of oil marketing companies (OMCs) and aviation firms have declined this month as oil prices rallied which could dent their margins.
Indian Oil Corp, HPCL (Hindustan Petroleum Corporation Limited) and BPCL (Bharat Petroleum Corporation Limited) are planning to expand their business by increasing their presence in the renewable energy space, Mint reported.
Wary of being left behind in the race for renewables and electric vehicles, oil marketing companies are quietly drawing up plans to expand their modest presence in renewable energy space.
Indian oil companies could acquire up to 20% of an oilfield belonging to the Abu Dhabi National Oil Company (ADNOC), Utpal Bora, chief managing director of Oil India Limited, said on Thursday.