In India, ONGC and Indian Oil Corporation tied up years ago for a CCUS project but the heavy cost hasn't allowed it to advance rapidly. Under the project, the CO2 captured from Indian Oil's refinery in Gujarat is to be transported to ONGC's oilfield. ONGC plans to inject CO2 into its ageing Gujarat field to boost output.
Government-controlled oil companies must individually seek exceptions to the local steel sourcing mandate. The Ministry of Petroleum and Natural Gas sought a general exception from the Domestically Manufactured Iron & Steel Products policy to facilitate quicker tender awards. However, officials insist on case-by-case evaluations, emphasizing the policy's preference for domestically manufactured steel in public procurement tenders.
In separate filings, the companies detailed the fines imposed by the BSE and NSE but were quick to point out that appointment of directors was done by the government and they had no role in it.
Brent, the world's best known benchmark for the raw material that is converted into fuels like petrol and diesel in refineries, is trading at USD 80 per barrel. As per the pricing in the term contracts, ONGC would get USD 80 plus USD 0.8 for the oil it will sell to HPCL and BPCL.
The ambitious plan aligns with India’s national vision for energy self-reliance and comes as the company reported record highs in profits and production for FY 2022-23.
Oil India, Indian Oil Corporation, BPCL and ONGC have participating interests in multiple oil and gas projects in Russia from which they earn dividends periodically.
State-controlled Oil India plans to invest about 90 billion rupees for 1,800 megawatts solar and onshore wind energy projects and 30 billion rupees for green hydrogen project, the sources said.
For a company to be categorized as a Maharatna status, a company should be listed on an Indian stock exchange and have an average annual turnover of over INR 25,000 crore during the previous three years.
Oil prices are on track to hit 2023 price highs in our view. The Organization of Petroleum Exporting Countries (OPEC) meeting this Friday is a potential catalyst for the outlook where we expect Saudi Arabia's voluntary supply cuts to be extended another month," said National Australia Bank analysts in a Tuesday note.
The rating agency expects India's petroleum product demand to grow by mid-single digit percentage in the medium term, supported by forecast that the GDP will grow by 6-7 per cent in the next few years, the government's increasing spending on infrastructure and a pick-up in industrial activity.
Oil India, which reported a record-high profit of Rs 6,810 crore for 2022-23, increased its oil production by 5.5% to 3.18 million metric tonnes (mmt) and gas output by 4.4% to 3.18 billion cubic meters (bcm) during the year. The growth is on top of the output expansion that has gone into offsetting the natural decline in matured fields, chairman and managing director Ranjit Rath said.
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