OIL

Sept 19 (Reuters) - Oil India Ltd OILI.NS:

• CO AND RVUNL SIGN JVA FOR 1.2 GW RENEWABLE PROJECTS

Source text: ID:nBSE5hC6Fv

Further company coverage: OILI.NS

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By Nidhi Verma

NEW DELHI, Sept 18 (Reuters) - India's state-run Oil India Ltd OILI.NS expects a $20-billion, TotalEnergies-operated Mozambique liquefied natural gas project in which it owns a stake to restart development by the end of this year, its chairman Ranjit Rath said on Thursday.

TotalEnergies TTEF.PA halted construction of the project and imposed force majeure in 2021 following a deadly attack on the site by Islamic State-linked insurgents.

"With improved security conditions, the project is expected to restart in the second half of 2025 and is well-positioned to meet the growing demand of the Indian gas market," Rath said at its annual shareholder meet.

TotalEnergies CEO Patrick Pouyanne said in June he expected development to resume "this summer".

TotalEnergies is the project operator with a 26.5% stake, followed by Mitsui & Co 8031.T with 20%, while Mozambique's state-owned ENH has 15%.

Indian state firms ONGC Videsh, Bharat PetroResources and Oil India together hold 30% in the project, with Thailand's PTTEP PTTEP.BK owning the remainder.

Explorer Oil India also holds a minority stake in the Vankorneft and Taas-Yuryakh projects in Russia.

Rath said Oil India has received dividends equivalent to 91% of its investment in the Russian projects.

"A highlight of the year was the robust dividend flow from Russian assets, amounting to $942 million, representing over 91% of our original investment in Vankorneft and Taas-Yuryakh, with full recovery expected in the coming year," he said.

(Reporting by Nidhi Verma; Editing by Joe Bavier)

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MUMBAI, Sept 17 (Reuters) - A unit of Oil India OILI.NS plans to raise 50 billion rupees ($569 million), which includes a greenshoe option of 40 billion rupees, through the sale of 10-year bonds, two merchant bankers said on Wednesday.

Numaligarh Refinery in the state of Assam has invited coupon and commitment for its debut bond issue on Monday, they said.

In August, Reuters had reported that the company is planning to raise funds through bond issue in September.

The company did not respond to an email seeking comment.

Here is the list of deals reported so far on September 17:

*Size includes base plus greenshoe for some issues

($1 = 87.8730 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sumana Nandy)

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** India's Nifty Oil & Gas .NIFOILGAS and Nifty Energy .NIFTYENR indexes are down 0.87%, while the broader NSE Nifty 50 index .NSE is up 0.15%

** India government raised tax rates on oil and gas exploration, production, and pipeline services from 12% to 18%

** Higher GST rate will make exploration and production projects — particularly coal-bed methane initiatives — less competitive, creating headwinds for efforts aimed at boosting domestic output and reducing import dependence, says Dhaval Popat, energy analyst at Choice Institutional Equities

** 11 of 15 stocks in Nifty Oil & Gas index, and 35 of 40 stocks in Nifty Energy index are trading lower

** India's top oil explorers, Oil India OILI.NS and ONGC ONGC.NS, which are constituents of both oil & gas and energy indexes, are down 2.1% and 1.2%, respectively

** YTD, Nifty Oil & Gas up 1.7%, Nifty Energy down 2.5%

(Reporting by Anuran Sadhu in Bengaluru)

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By Dharamraj Dhutia

MUMBAI, Aug 29 (Reuters) - A unit of Oil India OILI.NS is likely to raise around 50 billion rupees ($565 million) through the sale of short-term bonds next month, two merchant bankers said on Friday.

Numaligarh Refinery, based in the state of Assam, is looking to issue its debut notes with a maturity of three years to five years, the bankers, who are aware of the matter, said.

The company did not respond to an email seeking comment, while the bankers requested anonymity as the matter is private.

"The company could tap the market in September, and if the need arises, it could also go for a two-tranche issue," one of the bankers said.

The bonds have been rated 'AAA' by Crisil and India Ratings.

The issuance comes at a time when Indian firms have raised a record quantum of funds in the first five months of this financial year.

($1 = 88.28 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)

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Aug 26 (Reuters) - Oil India Ltd OILI.NS:

• OIL INDIA LTD - CO AND BPCL EXECUTE JV AGREEMENT FOR GAS DISTRIBUTION

• OIL INDIA - JV FOR CITY GAS DISTRIBUTION IN ARUNACHAL PRADESH

• OIL INDIA LTD - JVC TO CREATE GAS DISTRIBUTION NETWORK IN ARUNACHAL PRADESH

• OIL INDIA LTD - CO AND BPCL EXECUTE JV AGREEMENT FOR GAS DISTRIBUTION

Source text: ID:nBSE4Ypm2H

Further company coverage: OILI.NS

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** Crude oil and natural gas producer Oil India OILI.NS falls ~2% to 416.65 rupees after Q1 results

** State run firm's standalone net profit falls 45% y/y due to softer oil prices, while revenue declines 14%

** CLSA says standalone profit was a "big miss", driven by higher than estimated costs due to drywell write- offs and a one time impairment charge

** Stock rated "buy" on avg by 20 analysts, with median PT of 515 rupees implying an upside of ~24% to the current stock price, as per data compiled by LSEG

** YTD, stock down ~4%

(Reporting by Ananta Agarwal in Bengaluru)

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Aug 12 (Reuters) - Oil India Ltd OILI.NS:

• OIL INDIA Q1 PROFIT 8.13 BILLION RUPEES; IBES EST. 13.2 BILLION RUPEES

• OIL INDIA Q1 REVENUE FROM OPERATIONS 50.12 BILLION RUPEES

Source text: [ID:]

Further company coverage: OILI.NS

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Aug 7 (Reuters) - Oil India Ltd OILI.NS:

• OIL AND IREL SIGN MOU TO COLLABORATE ON RARE EARTH AND CRITICAL MINERALS

• COLLABORATION WILL PLAY VITAL ROLE IN SECURING STRATEGIC MINERAL RESOURCES

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- Source link: (https://bitl.to/4s7e)

- Note: Reuters has not verified this story and does not vouch for its accuracy

(Bengaluru newsroom)

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By Sethuraman N R

July 21 (Reuters) - India's Numaligarh Refinery Ltd (NRL) has extended the deadline for submitting bids for its green hydrogen project in Assam by two weeks, according to a tender document, as uncertainty looms over the state's flagship clean energy policy.

NRL, owned by explorer Oil India OILI.NS, has extended the last bid submission date to August 6 from July 23 without citing a reason for the extension, per the document seen by Reuters.

Last week, Reuters reported that the northeastern state of Assam had paused its green hydrogen policy, surprising investors who were already grappling with reduced incentives for renewable energy projects.

The delay has prompted companies to reassess their investment plans worth billions of rupees in the region that has historically lagged behind in clean energy adoption, Reuters had reported, citing sources.

Last week, Harit Molecules Foundation (HMF), an industry body representing green hydrogen project developers in India, wrote to NRL seeking an extension to submit bids for NRL's 10,000-metric-tonnes-per annum green hydrogen generation project at the Assam refinery, per an email seen by Reuters.

The HMF sought the extension citing a lack of clarity on incentives applicable to the project and the complex nature of the project.

NRL and Harit Molecules Foundation did not respond to requests for comment.

NRL had announced the green hydrogen tender last year and it is among the top tenders floated in the country to boost clean energy adoption.

Green hydrogen, produced using renewable electricity, is seen as a key tool in decarbonising heavy industries and transport.

Assam in February announced several incentives to attract clean energy investments into the state, but in June, it sharply reduced transmission subsidies and increased bank guarantees without giving reasons.

Multiple industry and government sources had told Reuters that the state was coming out with a new green hydrogen policy by July-end.

(Reporting by Sethuraman NR; Editing by Devika Syamnath)

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** Refiners Indian Oil Corp IOC.NS rises 3.5%, Hindustan Petroleum HPCL.NS gains 4.3%, Bharat Petroleum BPCL.NS climbs 3.1%, Reliance Industries up 1%

** Crude oil prices fell as Donald Trump announced a ceasefire between Iran and Israel, relieving worries of supply disruption O/R

** Crude prices have tumbled more than 9% in the last two sessions after Iran refrained from disrupting oil supplies through Strait of Hormuz

** Meanwhile, Oil India OILI.NS and Oil and Natural Gas Corp ONGC.NS decline 4% and 2.3%, respectively, tracking fall in oil prices

** Lower crude prices benefit refiners, while negatively impacting explorers

** Reliance top gainer among refiners; gains 21% YTD

(Reporting by Sethuraman NR in Bengaluru)

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June 23 (Reuters) - Aakash Exploration Services Ltd AAKA.NS:

• RECEIVES LOI FROM OIL INDIA FOR HP MOBILE BOILER SERVICES

• CONTRACT SIZE ABOUT 337 MILLION RUPEES

Source text: ID:nNSE2Y7gxw

Further company coverage: AAKA.NS

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** Shares of oil explorers, Oil India OILI.NS and Oil and Natural Gas Corp ONGC.NS gain 0.9% and 1.2%, respectively

** Brent crude futures LCOc1 were up on the day after gaining 7% on Friday as renewed strikes by Israel and Iran over the weekend increased concerns that the conflict could widen across the Middle East, fueling worries around oil export disruptions O/R

** JM Financial maintains "buy" on OILI and ONGC; says the firms are key beneficiaries of high crude prices

** Adds higher crude prices will likely boost OILI, ONGC earnings, with 15% and 25% production growth estimated in next 2-to-3 years

** ONGC top gainer on Nifty energy index .NIFTYENR, which is up 0.69%

** Year-to-date, OILI, ONGC up ~12%, 6% vs 2% rise in .NIFTYENR

(Reporting by Manvi Pant in Bengaluru)

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** Shares of Indian oil producers jump, refiners drop

** ONGC ONGC.NS and Oil India OILI.NS rise 2% and 3%, respectively

** State-run Indian Oil IOC.NS, BPCL BPCL.NS, HPCL HPCL.NS fall 3%, 3.3% and 3.5%, respectively

** Private refiner Reliance Industries RELI.NS slips 1.2%

** Crude prices soar over 10% after Israel said it struck Iran, dramatically escalating tensions in the Middle East and raising worries about disrupted oil supplies

** Rise in crude prices fetches upstream cos higher selling prices of oil and is a potential positive for them

** It is negative for refiners that process the raw material

** Nifty oil and gas .NIFOILGAS sub-index down 1.35% on the day, while benchmark Nifty 50 .NSEI down 1.2%

(Reporting by Hritam Mukherjee in Bengaluru)

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** Shares of Indian upstream oil cos rise

** ONGC ONGC.NS up ~3%, Oil India OILI.NS moves 4% higher

** Oil prices ticked up to their highest in more than two months on worries tensions between the U.S. and Iran may escalate

** Rise in crude prices fetches upstream cos higher selling prices of oil and is a potential positive for these cos

** YTD ONGC and OILI up 3.4% and 8%, respectively

(Reporting by Hritam Mukherjee in Bengaluru)

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May 28 (Reuters) - Oil India Ltd OILI.NS:

• OIL INDIA - ALLOCATED A POTASH EXPLORATION BLOCK IN RAJASTHAN

• OIL INDIA - OIL INDIA IS ALLOCATED A POTASH EXPLORATION BLOCK IN RAJASTHAN

Source text: ID:nnAZN3WNKTE

Further company coverage: OILI.NS

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May 21 (Reuters) - Oil India Ltd OILI.NS:

• OIL INDIA Q4 PROFIT 15.91 BILLION RUPEES; IBES EST. 14.86 BILLION RUPEES

• OIL INDIA Q4 REVENUE FROM OPERATIONS 55.19 BILLION RUPEES

• OIL INDIA - DIVIDEND 1.5 RUPEES PER SHARE

Source text: ID:nBSEwpGgl

Further company coverage: OILI.NS

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May 7 (Reuters) - Oil India Ltd OILI.NS:

• OIL INDIA - APPROVES 18% EQUITY PARTICIPATION IN PROPOSED JV FOR SETTING UP OF NEW AMMONIA-UREA COMPLEX

• OIL INDIA - APPROVED INCORPORATING SUBSIDIARY AT GIFT CITY, GUJARAT

Source text: ID:nBSEbzCdRN

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April 18 (Reuters) - India on Friday said it has introduced enhancements to the domestic gas allocation policy with an aim to strengthen the framework for sustained availability and affordability of natural gas.

Under these new directions, from the first quarter of fiscal 2026, domestic natural gas allocations for compressed natural gas (CNG) and piped natural gas (PNG) segments will be done on a two-quarter advance basis, the government said in a statement.

Allocation will also now include new well gas (NWG) from nomination fields of the two state explorers, Oil and Natural Gas Corporation ONGC.NS and Oil India OILI.NS with auction-based allocation for new well gas being replaced with a quarterly pro-rata allocation, to ensure timely and reliable supply, the statement added.

With both administered pricing mechanism gas (APM) and new well gas prices linked to Indian crude basket prices, which are calculated monthly, the government sees the allocation of domestic gas to make natural gas more affordable for CNG and PNG consumers after recent decline in crude prices.

The allocation of natural gas sold under government-set APM has fallen over the years because of lower output at domestic wells. This has led to India's city gas distribution companies like Mahanagar Gas MGAS.NS, Indraprastha Gas IGAS.NS, Gujarat Gas GGAS.NS seeing their margins squeezed in last few quarters.

These policy measures come at a time when the government has cut APM gas allocation to city gas distribution companies by 18%-20%, effective April 16.

(Reporting by Ashish Chandra in Bengaluru, Editing by Franklin Paul)

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April 15 (Reuters) - Oil India Ltd OILI.NS:

• SECURES 9 BLOCKS UNDER OALP IX

• ADDS OVER 51,000 SQ.KM TO ITS EXPLORATION PORTFOLIO

• EXPLORATION ACREAGE GROWS BY 85% TO 110,000 SQ.KM

Source text: ID:nBSE10jWQj

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April 11 (Reuters) - Aakash Exploration Services Ltd AAKA.NS:

• RECEIVES LOI FROM OIL INDIA LIMITED

• ORDER VALUE ABOUT 290 MILLION RUPEES

Source text: ID:nNSE5N1xKR

Further company coverage: AAKA.NS

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** Shares of oil explorers Oil and Natural Gas Corporation ONGC.NS and Oil India OILI.NS drop 1.5% and 1.7% respectively

** Oil prices fell to their lowest in more than four years on looming demand concerns fuelled by an escalating tariff war between the U.S. and China O/R

** Lower crude prices reduce the average selling price for exploration companies such as ONGC and OILI, weighing on their earnings

** Since U.S. President Donald Trump announced new tariffs on April 2, shares of these two companies have fallen 11% and 11.7% respectively

** Over the same period, Nifty Oil & Gas .NIFOILGAS and Nifty Energy .NIFTYENR fell 5% and 5.4% respectively

(Reporting by Ashish Chandra in Bengaluru)

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April 7 (Reuters) - India's oil marketing companies have said that there will be no increase in retail prices of petrol and diesel after an increase in excise duty, the country's petroleum and natural gas ministry said on social media platform X on Monday.

(Reporting by Sethuraman NR; Editing by Mrigank Dhaniwala)

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** India's Nifty Energy .NIFTYENR and Nifty Oil & Gas .NIFOILGAS indexes fall 3% and 3.5%, respectively
** Oil and Natural Gas Corp ONGC.NS and Oil India OILI.NS leading the fall in both indexes, down 6.3% and 6%, respectively

** Brent LCOc1 was on course for its biggest weekly percentage loss since the week ended October 14, as U.S. President Donald Trump's new tariffs stoked concerns over a global trade war that could weigh on oil demand O/R

** Lower crude prices reduce the average selling price for exploration companies, weighing on their earnings

** ONGC is top loser in Nifty 50 index .NSEI, which is down 1.1% .BO

** For the week, energy index down 2.7%, oil & gas 3.22% lower

** Nifty 50 set for 2.3% weekly loss

(Reporting by Yagnoseni Das in Bengaluru)

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** Oil India OILI.NS and Oil and Natural Gas Corp (ONGC) ONGC.NS fall up to 3% respectively

** Oil prices fell by over 3% after U.S. President Donald Trump announced sweeping new tariffs

** Nifty oil and gas index .NIFOILGAS is down 0.4%

** OILI is down 19.2% YTD while ONGC is up 1.8%

(Reporting by Ashish Chandra in Bengaluru)

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NEW DELHI, March 31 (Reuters) - India has raised the price of its locally produced gas from oil fields by nearly 4% to $6.75 per million metric British thermal units (mmBtu) for April, compared with $6.50/mmBtu for the previous month, a government website showed on Monday.

It is the first revision in two years in the price of gas produced from old fields. In 2023, India fixed a cap of $6.50 per mmBtu for two years with a provision of an annual upward revision of 25 cents from the third year.

India has also set the ceiling price for gas to be produced from difficult fields at $10.04 per mmBtu for April-September, compared to $10.16 per mmBtu in the previous six months, the website of the Petroleum Planning and Analysis Cell of the oil ministry showed.

The prices will be applicable on a gross heat value basis.

Higher prices of gas produced from oil fields will lead to higher earnings for Oil and Natural Gas Corp and Oil India while raising the prices for industrial buyers and companies in the fertiliser and city gas distribution sectors.

(Reporting by Nidhi Verma; Editing by Kirsten Donovan)

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By Neha Arora

NEW DELHI, March 28 (Reuters) - Four Indian state firms are in talks with Chilean miner SQM SQMA.SN to acquire a 20% stake in its two lithium projects in Australia for $600 million, four sources said, in New Delhi's biggest effort to secure supplies of the key EV battery metal.

Government-backed Khanij Bidesh India Ltd (KABIL) has partnered with Coal India COAL.NS, Oil India OILI.NS, and ONGC Videsh ONVI.NS to seek the 20% stake in SQM's Mount Holland and Andover lithium projects in Western Australia, the sources said.

The sources did not wish to be named as the deliberations were not public.

SQM is the world's second-largest lithium producer.

India, the world's fastest-growing major economy, has intensified efforts to secure a steady supply of lithium, anticipating a surge in demand for the EV battery metal, which is critical to reducing carbon emissions from the world's third-largest emitter.

"This is so far India's biggest attempt to secure lithium supplies overseas," one of the sources said. "The due diligence is on, and the companies have expressed their interest with an initial offer."

KABIL, along with the three state companies, is in the process of appointing a mergers and acquisitions adviser for the deal, the sources said.

SQM, KABIL, Coal India, Oil India, and ONGC Videsh did not respond to Reuters' requests for comment.

India's plans to acquire stakes in SQM's projects have not been reported previously.

New Delhi formed KABIL - a joint venture between the state-owned National Aluminium Company, Hindustan Copper, and Mineral Exploration and Consultancy - a few years ago to acquire, develop, and process strategic minerals overseas for use in India.

India has recently stepped up efforts to secure overseas agreements for accessing critical minerals in resource-rich nations like Argentina, Australia, and Chile.

New Delhi is also exploring an initial agreement with cobalt-rich Congo.

Last year, KABIL signed an exploration and development agreement with a state-owned firm in Argentina for the exploration and mining of five lithium blocks.

Amid growing energy needs, India is trying to encourage EV production to reduce its reliance on fossil fuels.

EV sales in India accounted for just 2.5% of the 4.3 million cars sold in 2024, but their 20% growth rate outpaced the overall car market's 5% growth. Analysts expect sales to double in 2025 from 100,000 units in the previous year, mainly due to new launches.

(Reporting by Neha Arora; additional reporting by Melanie Burton in Melbourne; editing by Mayank Bhardwaj and Sonali Paul)

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Adds detail

March 25 (Reuters) - Indian refiners' throughput in February fell 4.5% year on year to 5.12 million barrels per day (21.67 million metric tons), provisional government data showed on Tuesday.

Refinery throughput in January was at 5.61 million barrels per day (23.74 million metric tons).

India's crude oil imports fell 9.9% month on month to 19.10 million tons in February, the lowest since November 2024, according to government data released on Thursday, while February fuel demand fell 5.4% from the same month last year.

India is the world's third-biggest oil importer and consumer.

Meanwhile, U.S. exports of crude oil to India last month climbed to their highest in more than two years, ship tracking data showed, as refiners in the country sought alternative supplies following tighter U.S. sanctions on Russian producers and tankers.

REFINERY PRODUCTION IN TERMS OF CRUDE THROUGHPUT (in 1,000 tons):

Source: Ministry of Petroleum and Natural Gas

IOC: Indian Oil Corp IOC.NS

BPCL: Bharat Petroleum Corp Ltd BPCL.NS

HPCL: Hindustan Petroleum Corp Ltd HPCL.NS

CPCL: Chennai Petroleum Corp Ltd CHPC.NS

MRPL: Mangalore Refinery and Petrochemicals Ltd MRPL.NS

Reliance Industries Ltd RELI.NS

Please note that CPCL's CBR refinery is de-commissioned under shutdown due to limitation in meeting required product specifications with the existing configuration.

(Reporting by Rahul Paswan in Bengaluru
Editing by David Goodman)

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March 3 (Reuters) - United Drilling Tools Ltd UNDR.NS:

• UNITED DRILLING TOOLS LTD - GETS 80.8 MILLION RUPEES ORDER FROM OIL INDIA

Source text: ID:nBSE8lQHS7

Further company coverage: UNDR.NS

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