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Petroleum

Australia’s Woodside Petroleum half-year net profit rises 6 per cent

Australia's Woodside Petroleum Ltd said on Wednesday that its first-half net profit rose 6 percent and it raised its 2018 production outlook after strong performances from its Wheatstone and Pluto LNG projects. For the 2018 fiscal year, Woodside said it now expects fiscal 2018 production between to 87 mmboe to 91 mmboe…


Indian Oil first quarter net profit rises 50 per cent at Rs 7,092 crore

Indian Oil Corporation(IOC), the country’s largest fuel retailer, today reported a 50 per cent jump in consolidated net profit at Rs 7,092 crore for the first quarter ended June 2018 on the back of improved refining margins. The company had reported a net profit of Rs 4,720 crore in the…


Magnitude 6.4 earthquake hits Alaska’s oil-producing North Slope

A magnitude 6.4 earthquake struck on Sunday near the native Alaskan village of Kaktovik and part of the Arctic National Wildlife Refuge where the Trump administration plans to allow oil drilling, but no injuries or damage were reported. The temblor, which occurred just before 7 a.m. (1500 GMT), was the…


Global crude oil prices slip after OPEC output rises to 2018 high

Oil prices slipped on Tuesday after a report showed that OPEC production reached a 2018 high in the month of July, although the losses were limited as concerns about supply lingered. September Brent crude futures fell 7 cents to $74.90 a barrel by 0109 GMT after rising 68 cents, or 0.9 percent, on Tuesday.…


NOC looks to increase paid up capital to Rs30b through IPOs

Nepal Oil Corporation is mulling over issuing initial public offerings (IPOs) in a bid to increase its paid up capital to Rs30 billion. The state-owned enterprise has recently increased its share capital by 38 folds to Rs11 billion on the back of its cumulated profits in the last two fiscal…


BHP sells US oil and gas assets to BP for $10.5 bn

The world's biggest miner BHP announced Friday the sale of its US shale oil and gas operations to BP for US$10.5 billion, a heavy loss but a potential windfall for shareholders. The Anglo-Australian firm spent US$20 billion in 2011 to acquire the assets, but the sector later experienced a fall in prices, hammering profits.…


Indian Oil investing over Rs 11,900 crore in Bengal for various projects

tate-run oil marketing company Indian Oil Corporation is investing over Rs 11,900 crore in West Bengal for various infrastructure and capacity enhancement projects, an official said on Monday. "We are investing Rs 4,325 crore in various projects, including integration of gas pipeline between Kalayni and Durgapur bottling plants and Paradip refinery," company' Executive Director Dipankar Ray…


Petrol becomes cheaper by 10 paise per litre

fter the correction in global crude oil prices, petrol was retailing at Rs 76.37 per litre in the national capital New Delhi, down 10 paise from yesterday's Rs 76.47. In other metro cities like Mumbai, Chennai and Kolkata, petrol was priced at Rs 83.83, Rs 79.33 and Rs 79.20 respectively…


Petrol and diesel prices set for a sharp drop in India

Petrol and diesel rates are set for a sharp drop after global crude oil prices tumbled nearly $7 a barrel in nine days. On Thursday, petrol and diesel were cheaper by 6 paise and 12 paise a litre, respectively. The cut is expected to get deeper. In Delhi, petrol and diesel were…


Oil prices rise from 3-mth low as more Norwegian oil workers strike

Brent crude prices rose from a three-month low on Tuesday after more oil workers went on strike in Norway, supporting a market that has been dominated by oversupply issues in recent days. Brent crude futures had climbed 36 cents, or 0.5 percent, to $72.20 a barrel by 0106 GMT. They fell…


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