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OIL’s net profit increases manifold category
Aug. 14, 2018

OIL’s net profit increases manifold

State-owned oil and gas explorer, Oil India Limited (OIL) released its first-quarter earnings reporting a net profit of Rs 703 crore. The company took a huge leap and hiked to a 56% profit. The total income of the company increased to Rs 3,517 crore. The firm's profits were pushed by the crude oil price realization $72 per barrel.

Auction for Indian oil and gas fields postponed category
June 25, 2018
Source: Economic Times

Auction for Indian oil and gas fields postponed

The auction of at least 60 oil and gas fields under the Government of India’s Discovered Small Field (DSF) policy has been postponed till July. DSF-II was scheduled for launch around mid-June. The DSF policy, introduced in 2016, offers small discovered fields of state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) involving marketing and pricing freedom and lower taxes.

Moody’s report: ONGC, OIL face risks of subsidy partaking category
May 22, 2018
Source: Economic Times

Moody’s report: ONGC, OIL face risks of subsidy partaking

Moody’s Investors Service has stated that ONGC and OIL might have to share the fuel subsidy burden amidst elevating oil prices. These companies used to bear the fuel subsidy burden for around 13 years, until 2015. However, the report also indicated that subsidy sharing will be manageable for both the companies. ONGC and OIL will have to endure a shortfall of Rs 9,000-28,000 crore in subsidy, entirely, or in part.

Total acquired Maersk Oil and becomes second-largest operator in North Sea category
March 9, 2018
Source: World Oil

Total acquired Maersk Oil and becomes second-largest operator in North Sea

French’s Total has announced the closing of Maersk Oil acquisition and has ramped up to about 160,000 boed in 2018. With this, it has sustained its existing leading position in the U.K. and has managed to enter Denmark subsequently making it the second-largest operator in the North Sea. Patrick Pouyanné, Chairman and CEO of Total has expressed it as a “success on many levels.”

OVL and OIL acquires stake in Mozambique category
March 6, 2018
Source: Economic Times

OVL and OIL acquires stake in Mozambique

Government of Mozambique has approved ONGC Videsh (16% stake) and Oil India (4% stake) for the development work of Golfinho-Atum natural gas field. The plan consists of two-train onshore liquefaction plant with total processing capacity of 12.88 million metric tonnes per annum.

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