Prime Minister Modi: India to Double Refining Capacity in 5 Years
India plans to nearly double its oil refining capacity in the next five years, Prime Minister Narendra Modi said on Saturday, offering a much more aggressive timeline than previously despite the coronavirus pandemic blighting the economy.The country's energy minister was quoted http://www.ficci.in/ficci-in-news-page.asp?nid=23094 in June as saying India's oil refining capacity could…
India's Reliance Cuts Pay of Oil & Gas Division's Execs
India's Reliance Industries has cut the pay of some top oil-and-gas division employees by up to 50%, according to six sources and a letter seen by Reuters, as it battles lower profitability because of the coronavirus epidemic.Reliance, headed by India's richest man, Mukesh Ambani, has decided that employees earning more than 1.5 million rupees ($20,000) a year will face a 10% salary cut…
Reliance Reaps Record Profit
Indian oil-to-telecoms conglomerate Reliance Industries said strong growth in its consumer-facing businesses lifted second quarter net profit by 18.3% year-on-year to a record total.Consolidated net profit rose to 112.62 billion Indian rupees ($1.58 billion) in the three months ended Sept. 30, the country's largest company by market value said on Friday.Analysts on average had expected a profit of 111.71 billion rupees…
Reliance Shuts Field in Krishna-Godavari Basin
India's Reliance Industries Ltd has shut down an offshore oil and gas field on the eastern coast of India, the company said in a statement on Friday, after seeing a natural decline in output for months.The closure marks the beginning of the end of the company's first foray into oil and gas exploration and production that started in September 2008 when the field produced first oil."Production…
BP, Reliance Move Ahead in Deep Water
BP and Reliance Industries Limited (RIL) today announced the sanctioning of the ‘Satellite cluster’ project in Block KG D6. The companies are moving forward to develop the Block’s discovered deep-water gas fields in an integrated series of projects, bringing new gas production for India. The ‘Satellite cluster’ is the second of three projects in the Block KG D6 integrated development.
India's Reliance Sheds TX Shale Assets
Reliance Industries Ltd said on Tuesday its unit would sell some of its shale assets in the United States to privately held Sundance Energy Inc for $100 million, as the Indian oil-to-telecom conglomerate moves closer to exit U.S. shale investments. The sale includes Reliance's interest in the assets in the Eagle Ford shale in Texas, it said in a statement https://www.bseindia.com/xml-data/corpfiling/AttachLive/ffee7019-ddc0-498a-a7b9-2bd29972adc8.pdf.
BP, Reliance to Invest $6 Bln More in Offshore Gasfield
BP and India's Reliance Industries Ltd will invest a further $6 billion in their jointly owned KG D6 gas field off India's eastern coast, the heads of the two companies said on Thursday. BP Chief Executive Bob Dudley, appearing alongside Reliance Chairman Mukesh Ambani at a news event in New Delhi, told reporters the additional investment signalled its confidence in India. Reliance holds a 60 percent stake in a gas block in the Krishna Godavari (KG) basin…
BP India Head Says India Can Produce 10-15 tcf of Gas by 2022
India has the potential to unlock gas reserves of at least 10-15 trillion cubic feet (tcf) by 2022 on the basis of discoveries made so far, Sashi Mukundan, country head for BP India said in a conference on Tuesday. This production requires up to 3 trillion rupees (about $45 billion) investment by 2022 and can generate revenue of 2.5 trillion rupees, said Mukundan, who also heads the energy committee of industry lobby group the Confederation of Indian Industries.
India's Reliance Q1 Net Profit Up 18%
India's oil-to-telecoms conglomerate Reliance Industries Ltd reported on Friday a better-than-expected 18 percent increase in first-quarter profit on higher margins from its core refining business. Consolidated net profit rose to 71.13 billion rupees ($1.1 billion) for the three months to June 30, from 60.24 billion rupees a year earlier, Reliance, controlled by India's richest man Mukesh Ambani, said in a statement.
Reliance mulls Long-term Iranian Oil Supplies
Reliance Industries, India's biggest oil refiner, said it is looking to buy more crude from Iran as the company seeks to rebuild ties to benefit from shorter shipping distances. The company had made small purchases from Iran in the current quarter and was currently engaged in talks for bigger supplies, indicating that it could also get into a long-term supply contract, said V Srikanth, Reliance's joint chief financial officer.
Reliance to Lift Iran Oil after 5-yr Hiatus
India's Reliance Industries Ltd, owner of the world's biggest refining complex, is preparing to lift oil from Iran next month after a gap of about five years, said an industry source with knowledge of talks between the two. The Indian conglomerate, controlled by billionaire Mukesh Ambani, stopped Iranian oil imports in 2010 because it was worried that the threat of U.S. sanctions on…
Indian State Oil Refiners Plan Plant on West Coast
Three Indian state-run oil refiners will jointly build a 60 million tonnes a year, or 1.2 million barrels per day (bpd), refinery on the country's west coast, the federal oil minister said on Monday, adding the investment for the first phase of the refinery could exceed 1 trillion rupees ($14.8 billion). Indian Oil Corp. Ltd, Bharat Petroleum Corp. Ltd and Hindustan Petroleum Corp.
Top CEOs Back Climate Change Bid
The chief executive officers of 10 of the world’s largest oil and gas companies - which together provide almost a fifth of all oil and gas production and supply nearly 10% of the world’s energy - today declared their collective support for an effective climate change agreement to be reached at next month’s 21st session of the United Nations (UN) Conference of Parties to the UN Framework on Climate Change (COP21).
India Orders Gas Price Rises be Backdated to April 1
India's oil minister has ordered that increases in gas prices, put on hold by the election authorities, be backdated to April 1, in a directive that has drawn criticism from a rival politician. A price increase was to come into effect just days before India started voting in the polls that got underway on April 7 and run to May 12. But the Election Commission in March unexpectedly requested a deferral.
India's Reliance Q4 Sales Rise
Indian energy company Reliance Industries Ltd posted nearly flat fourth-quarter profits, in line with estimates, as a slimmer margin in its oilrefining business offset higher revenue. Reliance, which operates the world's biggest refining complex in western India, reported net profit of 56.31 billion rupees for the quarter to end-March, compared with analysts' expectations of 56.62 billion rupees.
India Reliance, HPCL Mittal plan refinery expansions
India's Reliance Industries, owner of the world's biggest refining complex, and HPCL-Mittal Energy Ltd (HMEL), part owned by steel tycoon L N Mittal, have sought environment ministry approval for raising capacity of their plants. Reliance, whose two plants at Jamnagar in western India has installed capacity to process about 1.2 million barrels per day (bpd) oil, has the capability to turn the heaviest crude into value added products.
