Oil Producers News

The government on Tuesday slashed windfall tax on domestically produced crude oil to 'nil' per tonne with effect from September 18.

The government on Monday hiked the windfall tax on domestically produced crude oil to Rs 7,000 per tonne, from Rs 6,000 per tonne.

India's top oil and natural gas producer ONGC has signed a mega pact with the nation's largest oil refining and fuel marketing company Indian Oil Corporation (IOC) for exploring opportunities in the petrochemicals business.

Oil and Natural Gas Corporation (ONGC) has three main assets off the west coast - Mumbai High, Heera and Neelam, and Bassein and Satellite, which contributed the bulk of 21.7 million tonnes of oil and 21.68 billion cubic metres of gas it produced in 2021-22.

The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut to Rs 4,350 per tonne from Rs 5,050 per tonne, the order dated February 15 said.

India, the world's third biggest oil-consuming and importing nation, is looking to raise domestic output to help cut down reliance on costly imports.

BPCL is India's second-largest government-owned downstream oil producer, whose operations are overseen by the ministry of petroleum and natural gas.

The centre cut its windfall tax on locally produced crude oil and aviation turbine fuel (ATF) and reduced the export tax on diesel.

The government on Wednesday hiked windfall tax on domestically produced crude oil while reducing the rate on export of diesel.

Oil minister Hardeep Singh Puri said higher crude prices would only serve to accelerate the transition to cleaner energy and worsen any global recession.

OPEC's view that world oil demand will keep rising for longer than many other forecasters predict is not expected to change much in its forthcoming major report, despite the growing role of renewables and electric cars.

Union Minister of Petroleum and Natural Gas Hardeep Singh Puri on Friday announced that the Indian petroleum industry is at the cusp of opportunity and will be able to produce 25 per cent of its crude oil demand by 2030.

Indian state fuel retailers have not raised pump prices since April.

Oil prices climbed Wednesday as OPEC and Russia-led allies announced a major cut in output, while a stocks rally ran out of gas.

Stock Market India: Equity benchmarks opened in the red on the first trading day of October, tracking a fall in Asian equities after a surge in oil on expectations oil producers would likely cut production, raising higher inflation worries.

The government on Tuesday slashed windfall tax on domestically produced crude oil to 'nil' per tonne with effect from September 18.

The government on Monday hiked the windfall tax on domestically produced crude oil to Rs 7,000 per tonne, from Rs 6,000 per tonne.

India's top oil and natural gas producer ONGC has signed a mega pact with the nation's largest oil refining and fuel marketing company Indian Oil Corporation (IOC) for exploring opportunities in the petrochemicals business.

Oil and Natural Gas Corporation (ONGC) has three main assets off the west coast - Mumbai High, Heera and Neelam, and Bassein and Satellite, which contributed the bulk of 21.7 million tonnes of oil and 21.68 billion cubic metres of gas it produced in 2021-22.

The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut to Rs 4,350 per tonne from Rs 5,050 per tonne, the order dated February 15 said.

India, the world's third biggest oil-consuming and importing nation, is looking to raise domestic output to help cut down reliance on costly imports.

BPCL is India's second-largest government-owned downstream oil producer, whose operations are overseen by the ministry of petroleum and natural gas.

The centre cut its windfall tax on locally produced crude oil and aviation turbine fuel (ATF) and reduced the export tax on diesel.

The government on Wednesday hiked windfall tax on domestically produced crude oil while reducing the rate on export of diesel.

Oil minister Hardeep Singh Puri said higher crude prices would only serve to accelerate the transition to cleaner energy and worsen any global recession.

OPEC's view that world oil demand will keep rising for longer than many other forecasters predict is not expected to change much in its forthcoming major report, despite the growing role of renewables and electric cars.

Union Minister of Petroleum and Natural Gas Hardeep Singh Puri on Friday announced that the Indian petroleum industry is at the cusp of opportunity and will be able to produce 25 per cent of its crude oil demand by 2030.

Indian state fuel retailers have not raised pump prices since April.

Oil prices climbed Wednesday as OPEC and Russia-led allies announced a major cut in output, while a stocks rally ran out of gas.

Stock Market India: Equity benchmarks opened in the red on the first trading day of October, tracking a fall in Asian equities after a surge in oil on expectations oil producers would likely cut production, raising higher inflation worries.