India's oil import bill to jump by $26 billion due to rupee depreciation: Report

INDIA's crude oil import bill is likely to ouch $26 billion in 2018-19 as rupee falling to a record low has made buying of oil from overseas costlier, government officials said on August 16. Besides, the rupee hitting a record low of 70.32 to a US dollar in the opening deal on Thursday will also lead to a hike in the retail selling price of petrol, diesel and cooking gas (LPG).
India, which imports over 80 per cent of its oil needs, spent $87.7 billion (Rs 5.65 lakh crore) on importing 220.43 million tonne (MT) of crude oil in 2017-18. For 2018-19, the imports are pegged at almost 227 MT.
"We at the beginning of the financial year estimated that crude oil...

ONGC readies blueprint to raise oil output by 4 MT by 2020: Report

ONGC CMD Shashi Shanker

MAHARATNA oil PSU ONGC has prepared a blueprint to raise crude oil production by 4 million tonne (MT) and almost double natural gas output by 2020 to meet Prime Minister Narendra Modi's target of cutting India's import dependence by 10 per cent, CMD Shashi Shanker has said.
The PSU will raise crude oil production from 22.6 MT in 2017-18 to 26.42 MT in 2021-22.
"Prime Minister had given a call to cut country's oil...

Will the government reduce financial burden on oil PSUs?

THE net margins of two state-owned upstream oil PSUs has nosedived thanks to fall in crude oil prices in the global market. Oil India Ltd and ONGC have been affected the most by the fall. Now, credit rating agency Fitch as suggested that the government should reduce the burden on them.

“We expect the Government to intervene to reduce this financial burden on the state-upstream companies in light of the significantly low oil prices, which...

ONGC sees higher crude output after seven years

GOVERNMENT-owned ONGC has surpassed last year’s output of 22.247 million tonne to produce 22.262 million tonne of oil in FY15. The PSU major has seen a rise in crude oil production after seven years. The company has made elaborate efforts to turnaround its production profile despite...