India hikes windfall tax on crude, eliminates tax on diesel and ATF

India hikes windfall tax on crude, eliminates tax on diesel and ATF

03 Jan 2024

Government of India on Monday announced an increase in the windfall tax levied on locally-produced crude petroleum while doing away with the tax on diesel and aviation turbine fuel (ATF).

ONGC considers oil as an option to recover $600 million from the Venezuelan dividend

ONGC considers oil as an option to recover $600 million from the Venezuelan dividend

03 Jan 2024

ONGC Videsh, the overseas investment arm of India’s Oil and Natural Gas Corp., is actively considering alternatives, including the allocation of oil by Venezuela’s state oil company, PdVSA, to reclaim its outstanding $600 million dividend.

Russian crude ships change course amid concerns over oil payments

Russian crude ships change course amid concerns over oil payments

02 Jan 2024

Several vessels transporting crude oil from Russia, previously idling off the coast of India, are now changing their course eastward, raising concerns about oil payments to Moscow and resulting in a decline in arrivals.

ExxonMobil hands over operations of Iraqi oil field to PetroChina

ExxonMobil hands over operations of Iraqi oil field to PetroChina

02 Jan 2024

US oil giant ExxonMobil has exited the West Qurna 1 oilfield in southern Iraq and handed over its operations to PetroChina as the principal contractor, reports citing an Iraqi deputy oil minister said on Monday.

Brazil's Petrobras brings a third floating platform into production

Brazil's Petrobras brings a third floating platform into production

02 Jan 2024

Brazil’s state-owned oil and gas giant Petrobras on Sunday announced the start of commercial production from the giant Sepetiba floating production, storage, and offloading (FPSO) vessel at its Mero oil field in the pre-salt area of the Santos Basin offshore.

India, Russia to expand ties in energy, military-tech

30 Dec 2023

India and Russia have agreed on a major expansion of bilateral relations, including cooperation in energy and defence production.

34 companies bid for India’s green hydrogen subsidies

34 companies bid for India’s green hydrogen subsidies

29 Dec 2023

A total of 34 companies have submitted bids for projects to be developed under the Government of India’s Green Hydrogen Mission.

COP28 explained: A closer look at COP28's climate change solutions

COP28 explained: A closer look at COP28's climate change solutions

By Aniket Gupta | 27 Dec 2023

The 28th United Nations Climate Change Conference, also known as COP28, took place from 30th November 2023, to 13th December 2023, at Expo City in Dubai, United Arab Emirates.

India pays in rupee for oil imported from UAE, for the first time

India pays in rupee for oil imported from UAE, for the first time

27 Dec 2023

India’s bid to trade in local currency, the rupee, seems to have finally found traction. The United Arab Emirates (UAE) has accepted payment for crude oil in rupee, for the first time.

OMCs cut commercial LPG prices by Rs39.50 per cylinder

22 Dec 2023

State-run oil marketing companies (OMCs) on Friday announced a Rs39.50 reduction in the price of commercial cooking gas (LPG) that is sold in 19-kg cylinders, reflecting a fall in international prices.

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