Category: oil-&-gas
Nayara Energy to make buyback offer to minority shareholders
Nayara Energy announced a buyback offer for its minority shareholders to purchase over 2.59 crore shares at Rs 731 each, providing an exit opportunity for shareholders unable to trade since delisting in 2016. This follows frequent shareholder requests for liquidity.
US crude exports to India hit over 2-yr high in Feb as Russia sanctions bite
U.S. crude oil exports to India surged to their highest level in over two years, reaching about 357,000 barrels per day in February. This increase stems from Indian refiners seeking alternative supplies due to tighter U.S. sanctions on Russia. The major buyers included Indian Oil Corp, Reliance Industries, and Bharat Petroleum Corp.
Adani Welspun Mumbai Offshore gas block to start Output from 2028
Adani Welspun Exploration Ltd will start gas production from its Tapti-Daman sector block in the Mumbai Offshore basin by 2028. The joint venture, comprising Adani Group and Welspun Group, has invested around ₹2,300 crore and is awaiting approval for its gas extraction plans from the Directorate General of Hydrocarbons.
Nuclear power road map towards 100 GW goal likely by month end
India is set to finalize a road map under the Nuclear Energy Mission to achieve 100 GW of nuclear power by March end. An inter-ministerial committee will outline steps to support this goal, including the development of small modular reactors (SMRs) and joint ventures. The initiative aims to address rising power demand and achieve ‘net…
Brent oil falls to lowest price since 2021 as US crude stocks surge
Brent crude prices dropped to their lowest since 2021, falling 3.36% to $68.65, following data showing a 3.6 million barrel increase in US crude stocks. The main US crude contract also fell by 4%, reaching $65.53.
Saudi Aramco weighs bid for BP’s Castrol lubricant assets, with special interest in $2.5 bn India arm
Saudi Aramco is considering bidding for BP’s Castrol lubricant assets, which could be worth around $10 billion. This acquisition would align with Aramco’s strategy to expand in fast-growing markets like India and Southeast Asia, enhancing its position in the global energy value chain.
Oil Ministry seeks $2.8 billion from RIL and partners afresh
Reliance Industries and its partners have been directed by the oil ministry to pay $2.81 billion following a Delhi High Court ruling in a gas dispute. Reliance plans to challenge the judgement, arguing that the demand is unsustainable and expects no liability.
Jindal Power wins bid for Bhadreshwar Vidyut; to pay Rs. 500 crore
Jindal Power has emerged as the successful bidder for Bhadreshwar Vidyut, securing it with a bid of around Rs. 500 crore. Bhadreshwar Vidyut, which operates thermal power plants in Gujarat, is under insolvency and owes Rs. 1200 crore to lenders. The resolution plan is now pending approval from the national company law tribunal.
Reliance Industries says petroleum ministry raised $2.81 billion demand in gas migration dispute case
The Ministry of Petroleum and Natural Gas has demanded $2.81 billion from Reliance Industries Limited and its partners over a dispute regarding gas migration from ONGC’s blocks to the KG-D6 block. This follows a court ruling that reversed a previous decision in favor of Reliance.
Regulator wants oil companies to avoid transportation via road
Oil companies should utilize railways or competitors’ pipelines for transporting petroleum products over long distances to avoid accidents, as per new safety guidelines by the Petroleum and Natural Gas Regulatory Board. These guidelines follow a fatal LPG tanker accident in Jaipur and aim to enhance road transportation safety, including a night driving ban on petroleum…
