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ONGC to undertake 1.75 MMT strategic oil reserve expansion at Mangaluru
ONGC approved a 1.75 MMT strategic petroleum reserve expansion at Mangaluru. This project will add significant storage capacity to India's energy security network. India is strengthening its reserves after recent global supply chain disruptions. Additional SPR facilities are also being developed in Odisha and Karnataka. This increases India's total oil storage capacity to approximately seventy-four days.
ONGC Emerges Top Performer In Nifty 50 Pack, Defies Stock Market Crash
Shares of the state-run oil & gas explorer traded higher despite the stock market crash amid renewed US-Iran tensions that led to a spike in global crude oil rates by upto 5%.
Q1FY27 earnings preview: Oil & gas, aviation brace for crude impact
Q1 earnings preview: ICICI Securities said that OMCs could report significant losses, driven by higher retail fuel losses, inventory losses and a sharp rise in LPG under-recovery.
India's MRPL books Iraq crude cargo after Strait of Hormuz reopening
Mangalore Refinery has chartered a vessel to load crude oil from Iraq. This marks the first such move by an Indian state-owned refiner since Hormuz reopened. The Aframax tanker Jasmin Joy will load oil from Basrah on July 19-20. Indian refiners faced difficulties securing ships from west of the Strait of Hormuz. This strategic waterway is crucial for global oil and gas supplies.
Govt plans LNG buffer mandate for terminals
India is weighing a plan to fund emergency liquefied natural gas stockpiles. This initiative aims to bolster supply security after recent global disruptions. Policymakers are considering raising regasification tolls to finance expanded terminal storage capacity. Terminal operators could recover investment costs by charging higher fees to importers. This approach seeks to build storage faster than direct government financing.
Stocks in news: HDFC Bank, Vedanta Power, YES Bank, Sun Pharma, Waaree Energies
Indian markets surged for a third straight day, buoyed by global sentiment and strong performance from heavyweight stocks like HDFC Bank and YES Bank. Analysts note a technical breakout, though resistance looms. Several companies, including Dabur India and Vedanta Power, reported positive quarterly updates, while Tata Power withdrew a controversial distribution application. ONGC's leadership eligibility criteria have also been broadened.
Vedanta Power, Iron & Steel and Oil & Gas shares crash up to 8%. What’s triggering the selloff?
Vedanta shares saw profit-taking after a strong rally in newly demerged entities, with most segments falling up to 8% over 14 sessions. Vedanta Aluminium Metal outperformed and gained 2%, drawing bullish calls from brokers including Emkay and Citi, which see strong upside potential driven by global aluminium demand, cost efficiencies, and improving leverage, making it the preferred long-term pick.
Ukrainian drone attacks on oil refineries plunge Russia into a summer fuel crisis
Ukrainian drone strikes on Russian oil refineries are causing widespread fuel shortages and long queues at gas stations across Russia. This unprecedented crisis, impacting ordinary citizens and businesses, has led to rationing in many regions. President Putin acknowledged the issues, calling them temporary, but motorists report a stark contrast between official statements and reality. The attacks are disrupting Russia's energy production and impacting its economy.
Morgan Stanley Warns of Global Oil Glut, Cuts Outlook on Hormuz
Morgan Stanley said it counted 35 oil and gas tankers exiting the Persian Gulf through the strait on Thursday - the first time the level returned to the 30-to-40 range typical before the conflict started in February.
MGL rides PNG adoption wave, analysts see further upside
Mahanagar Gas shares have surged on government's push for piped natural gas adoption, aiming for a 20% customer base increase. This move is expected to significantly boost PNG consumption and accelerate volume growth. Despite a recent rally, the stock's valuation remains attractive, with analysts predicting future earnings growth and potential for a re-rating as margin pressures ease.
ONGC, bp sign technical services contract to boost production from Western Offshore Basin
ONGC and bp have inked a deal to boost oil and gas output from the Western Offshore Basin. This partnership leverages bp's global expertise to enhance production from India's most prolific hydrocarbon region. The agreement aims to curb production decline, improve recovery rates, and strengthen the nation's energy security, building on successful collaboration at Mumbai High.
Vedanta Power, Oil & Gas shares fall 3%; Vedanta Aluminium, Iron & Steel jump up to 5%. What lies ahead?
Vedanta's demerger saw mixed fortunes for its listed entities. While Vedanta Power and Oil & Gas shares dipped, Vedanta Aluminium and Iron & Steel surged, with the latter showing significant gains post-listing. Analysts are bullish on Vedanta Aluminium, citing strong global demand and operational strengths, with multiple brokerages initiating 'Buy' ratings and projecting substantial upside.