Oil India strikes major oil and gas discovery in Libya’s Ghadames basin - VIDEO
… Indian Oil Corporation (IOC) and Oil India Limited announced a fresh oil and gas discovery … share of seaborne crude — have recently pushed oil prices higher. Brent crude surged to …
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Oil India strikes new oil, gas discovery in Libya’s Ghadames Basin
… as the operator, for a successful new oil and gas discovery in the contract area … Congratulations on the successful new oil & gas discovery to Oil India Limited and … Indian Oil Corporation Limited (the Indian …
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Indian Oil Consortium Strikes Oil in Libya: Fresh Discovery Boosts India’s Global Energy Push
… Corporation Ltd (Indian Oil ) has announced a fresh oil and gas discovery in Libya, … strong geological potential through multiple oil and gas discoveries. The Union Ministry of … on the successful new oil & gas discovery to Oil India Limited and …
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Indian shares fall as banks drag; oil tops $110
Indian shares declined on Tuesday, as higher crude prices hurt sentiment and banking stocks came under pressure after the Reserve Bank of India’s final credit-loss guidelines. Brent crude rose above $110 a barrel as efforts to end the Middle East war appeared to have stalled. Higher oil prices are a negative for India, the world’s third-largest crude importer, due to heightened inflation risks and pressure on economic growth and corporate earnings. The Nifty 50 fell 0.4% to 23,995.70, while the BSE Sensex shed 0.54% to 76,886.91. Both benchmarks rose about 0.3% in the first hour, but reversed course ahead of the monthly derivatives expiry. Ten of the 16 major sectors logged losses. High-weight banks, private banks and state-owned lenders lost 1.5%, 1.2% and 2.2%, respectively, after the RBI’s new rules. “The market has taken cognisance of the fact that the upcoming expected credit-loss norms could erode profitability due to higher Stage 2 provisioning,” said Saurabh Jain, assistant vice president of retail equities, SMC Global.
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How rising crude prices amid Strait of Hormuz closure may spell gains for Indian upstream oil companies
Middle East conflicts are driving crude oil prices above $100 per barrel, significantly boosting earnings for Indian upstream oil giants like ONGC and Oil India. While these companies anticipate substantial profit increases due to higher realisations, they face challenges from declining production in aging fields.
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