ONGC

SINGAPORE, Feb 24 (Reuters) - For tenders of crude and other oil products, please click:

Crude CRU/TENDA Naphtha NAP/TENDA Gasoline MOG/TENDA Jet/Diesel MDIS/TENDA Fuel Oil FUEL/TENDA

(Reporting by Jeslyn Lerh)

(([email protected]))

** Indian upstream oil companies ONGC ONGC.NS, Oil India OILI.NS rise 2.1% and 2.9%, respectively

** Oil prices rose 4% on Wednesday as traders priced in potential supply disruptions amid concerns of U.S.-Iran conflict O/R

** Downstream firms like Indian Oil Corp IOC.NS, Hindustan Petroleum Corp HPCL.NS, BPCL BPCL.NS lose between 0.8% and 1.5%

** Higher oil prices weigh on margins of oil marketing cos

** YTD, ONGC rises ~12.3%, OILI gains ~10%

(Reporting by Brijesh Patel in Bengaluru)

(([email protected]; Ph no. +91 9590227221;))

Feb 13 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:

• INDIA ONGC EXEC: HOPES TO START LNG PRODUCTION FROM THE MOZAMBIQUE BLOCK IN 2028

Further company coverage: ONGC.NS

(([email protected];))

** Shares of Oil & Natural Gas Corporation ONGC.NS rise 0.4% to 275.55 rupees ahead of results

** Co likely to post Q3 profit of 72.87 bln rupees and revenue of 314.58 bln rupees, average of 5 estimates from analysts compiled by LSEG show

** Co's profit was 82.4 bln rupees and revenue was 337.17 bln rupees in December qtr of 2024

** Brokerage Ambit says ONGC's oil production expected to be 4.9 MMT in Q3 vs 4.65 MMT year ago, while gas production expected to be 4.92 BCM vs 4.98 BCM year ago

** Motilal Oswal expects oil and gas volumes to be flat Y/Y

** Elara expects ONGC's EBITDA to fall 14% Y/Y in Q3 on lower oil price

** ONGC gained 0.5% in 2025 vs 10.5% gains in Nifty 50 index .NSEI

(Reporting by Vijay Malkar)

(([email protected];))

SINGAPORE, Feb 11 (Reuters) - For tenders of crude and other oil products, please click:

Crude CRU/TENDA Naphtha NAP/TENDA Gasoline MOG/TENDA Jet/Diesel MDIS/TENDA Fuel Oil FUEL/TENDA

(Reporting by Jeslyn Lerh)

(([email protected]))

Adds details in paragraph 2,6-7, background in paragraphs 8-12

By Nidhi Verma

NEW DELHI, Feb 9 (Reuters) - India's state refiners Indian Oil Corp IOC.NS and Hindustan Petroleum Corp HPCL.NS have together bought 2 million barrels of Merey crude from Venezuela for delivery in the second half of April, two trade sources aware of the deal said.

The crude will be carried on a single very large crude carrier with IOC taking about 1.5 million barrels and HPCL about 500,000 barrels and is set to arrive on India's east coast, the sources said, adding the seller was Trafigura.

The purchase highlights Indian refiners' effort to diversify their imports to partly replace Russian oil, which they are avoiding to help New Delhi seal a trade deal with Washington. CRU/TENDA

The purchase of Venezuelan oil is the first by HPCL, with IOC, the country's top refiner, having previously bought Venezuelan oil in 2024, data compiled by Reuters shows.

Indian companies do not comment on spot tenders due to confidentiality agreements. Trafigura declined to comment.

HPCL said in January it was seeking Venezuelan oil to process at its 300,000-barrels-per-day refinery in Visakhapatnam in the southeastern state of Andhra Pradesh, which was recently upgraded to process heavy oil. IOC previously processed Merey at its Paradip refinery in the eastern state of Odisha.

The Merey is priced against the Dubai benchmark and reflects similar rates at which Reliance Industries RELI.NS bought Venezuelan oil from trader Vitol, said one of the two trade sources, who all spoke on condition of anonymity.

Reliance, the operator of the world's biggest refining complex, bought 2 million barrels of Venezuelan oil for April delivery from Vitol at a discount of around $6.50-$7 per barrel to ICE Brent, sources previously told Reuters.

Vitol and Trafigura were granted U.S. licences to sell Venezuelan oil after last month's U.S. military operation to capture President Nicolas Maduro .

Oil refiners on the U.S. Gulf Coast are struggling to absorb a rapid increase in Venezuelan shipments, leaving some volumes unsold, according to traders and shipping data.

The U.S. and India have moved closer to a trade pact , announcing a framework for a deal they hope to conclude by March that would lower tariffs and deepen economic cooperation.

Although a U.S.-India statement on the trade framework did not mention Russian oil, President Donald Trump rescinded his 25% tariffs on Indian goods, imposed over Russian oil purchases, because, he said, New Delhi had "committed to stop directly or indirectly" importing Russian oil.

New Delhi has not officially announced plans to halt Russian oil imports.

(Reporting by Nidhi Verma; Editing by Clarence Fernandez and Christian Schmollinger)

(([email protected]; X: @nidhi712;))

SINGAPORE, Feb 2 (Reuters) - For tenders of crude and other oil products, please click:

Crude CRU/TENDA Naphtha NAP/TENDA Gasoline MOG/TENDA Jet/Diesel MDIS/TENDA Fuel Oil FUEL/TENDA

(further updates recent tenders closed)

(Reporting by Jeslyn Lerh)

(([email protected]))

** Shares of Indian upstream oil companies ONGC ONGC.NS and Oil India OILI.NS rise 6.2% and 7.3%, respectively

** Oil prices rose 3% on Tuesday as winter storm disrupts U.S. crude output and exports O/R

** ONGC supported by JVs' shipbuilding contract with Samsung Heavy Industries for two Indian-flag ethane carriers

** Over 18 mln ONGC shares trade on the day, 2x the 30-day-avg vol; OILI trading volume around 10x 30-day-average

** ONGC up about 3% so far in Jan, while OILI gains around 6%

(Reporting by Surbhi Misra in Bengaluru)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

SINGAPORE, Jan 27 (Reuters) - For tenders of crude and other oil products, please click:

Crude CRU/TENDA Naphtha NAP/TENDA Gasoline MOG/TENDA Jet/Diesel MDIS/TENDA Fuel Oil FUEL/TENDA

(further updates recent tenders)

(Reporting by Jeslyn Lerh; Editing by Harikrishnan Nair)

(([email protected];))

By Marianna Parraga and Jarrett Renshaw

HOUSTON/WASHINGTON, Jan 26 (Reuters) - A proposed reform of Venezuela's oil law is enough to encourage companies working in the country to expand and for some new entrants to begin investing, but deeper reforms would be necessary to attract the $100 billion the U.S. says is required to revamp the nation's energy sector, foreign and local executives and lawyers said.

The U.S. has taken control of Venezuela's oil exports and revenue following a military incursion to capture President Nicolas Maduro earlier this month, and a naval blockade to stop oil shipments on sanctioned vessels since December.

Oil is the Venezuelan government's main source of revenue. Washington has said it plans to control the country's energy resources and revenue indefinitely to ensure Caracas governs in a way that the U.S. considers is in line with its foreign policy targets.

U.S. President Donald Trump is pushing U.S. oil companies to invest massively in the country's dilapidated industry to reverse decades of mismanagement and underinvestment. For many investors, one of the biggest obstacles to secure capital for Venezuela is a long-standing legal framework that gives state-run oil company PDVSA a monopoly on operating projects in the oil and gas sector.

Interim President Delcy Rodriguez proposed a sweeping reform to the hydrocarbon law last week. Venezuela's authorities discussed it on Monday with lawmakers and oil executives from firms including U.S. producer Chevron CVX.N and India's ONGC ONVI.NS, sources close to the talks said. It is expected to be approved on Tuesday after the brief consultations.

Chevron did not reply to a request for comment. ONGC could not immediately be reached for comment after working hours.

The reform would give PDVSA's joint-venture partners more control over projects, direct access to proceeds from oil sales and more flexible operating conditions.

Existing partners - which include Chevron along with European, Chinese and Russian companies - have been requesting those changes for years. PDVSA is currently the majority stakeholder in over 40 joint ventures, after a nationalization two decades ago saw many companies leave the country.

The fast-tracked reform goes some way to ending the monopoly, but some vague language in the proposal, as well as some contradictory clauses on trading and taxation need to be ironed out, industry associations and lawyers said. Otherwise, large international energy companies would have little appetite for investment, they added.

"You got to deal with what you have," said Ali Moshiri, CEO of Amos Global Energy Management, which has stakes in energy projects in Venezuela. "There is no option other than this... If you don't make this (industry) more attractive, the entire progress we want to make is going to come to a halt, including current operators."

NEW MODEL TO COME

The reform is expected to formalize a production-sharing contract model that Maduro pushed with little success in recent years, allowing about half a dozen companies to operate in some Venezuelan oilfields.

The loosely regulated model would coexist with current joint ventures, but minority partners in those would gain autonomy to handle their share of output and even sell PDVSA's share if sale prices negotiated by them exceed those agreed by the state company and its customers.

The reform would allow the government, at its discretion, to lower royalty rates to as low as 15% from the current 33%. That would reduce Venezuela's government take - among the highest in Latin America - which oil executives in the United States and elsewhere have flagged as problematic.

The changes would also facilitate independent arbitration to resolve disputes, although it is unclear whether cases could go before international courts.

Many other reforms, however, would be needed to reduce taxes and make the country competitive with other oil-producing nations, six lawyers and executives said. They asked for anonymity because of the topic's sensitivity in Venezuela.

Those would need to include a reform of Venezuela's income tax law, they said. Other legislation that includes a provision for an oil "shadow tax" that secures the country no less than 50% of the value of each barrel produced would need to be removed, they said.

Venezuela's oil ministry would gain precedence over Congress and other ministries on tax and ownership changes for projects, which some executives including Moshiri said was positive because it would speed up project approvals. Others viewed the move cautiously because an incoming government could reject it.

Giving PDVSA's partners financial and operational control of projects was another reform international companies would find attractive, the executives added. That would include loading and exporting oil that corresponds to them and selling it where they want, known as equity lifting, which is common in other countries where international oil companies operate.

"As long as the law allows equity lifting, that would be as good as for any place else, like a typical joint venture," Moshiri said. The new model of production-sharing contracts could be attractive for small and midsize companies, he and executives from companies in Venezuela have said.

"This is sufficient enough for the transition, until there is a permanent government in Venezuela," Moshiri said.

CHALLENGES REMAIN

Some lawyers have raised a red flag, however, over the discretionary power the reform gives the government. Under the reform, the government would have no need to consult with Venezuela's National Assembly to approve contracts, lower royalties or transfer output commercialization to PDVSA's partners.

"(This reform's) aim is to keep undermining the National Assembly's oversight capacity," said lawmaker Henrique Capriles.

"What's behind this hydrocarbons law? The oil business won't change with a new law," he said. "The most serious problem the oil industry has faced, among many others, has been corruption."

The reform is unclear on the rights of joint-venture partners, other experts said. That includes on important issues such as project ownership, investment and trading. There is also nothing in the reforms to tackle a structural crisis at PDVSA, they said.

"The regulation of new oil contracts is confusing and ambiguous," said Boston-based lawyer Jose Ignacio Hernandez in a report last week. "The proposed reforms fail to strengthen the fragile regulatory framework significantly and, consequently, do not offer the legal certainty needed for rebuilding the oil industry."

Venezuela's government has said the reform will boost output and give entry to companies interested in unexplored fields.

Some analysts and company executives expect the largest U.S. producers to stay out of the new contract model until a clearer reform that can be greenlit by their legal departments is drafted and a National Assembly with more robust opposition takes office.

The U.S. oil industry was initially supportive of the proposed law reform, but remained skeptical about its long-term durability, sources in Washington said.

(Reporting by Marianna Parraga, Jarrett Renshaw and Reuters staff; Additional reporting by Sheila Dang. Editing by Nia Williams)

(([email protected]; +1 713 371 7559; Reuters Messaging: @mariannaparraga))

SINGAPORE, Jan 23 (Reuters) - For tenders of crude and other oil products, please click:

Crude CRU/TENDA Naphtha NAP/TENDA Gasoline MOG/TENDA Jet/Diesel MDIS/TENDA Fuel Oil FUEL/TENDA

(further updates recent tenders)

(Reporting by Jeslyn Lerh;)

(([email protected];))

Repeats to more clients without change to the original text

By Nidhi Verma and Siyi Liu

NEW DELHI/SINGAPORE, Jan 21 (Reuters) - Indian refiners are redrawing crude import strategies to shift away from top supplier Russia and boost imports from the Middle East, a move that could help New Delhi clinch a trade deal with the United States to lower tariffs.

India became the top buyer of discounted Russian seaborne crude after the 2022 outbreak of war in Ukraine, but the trade drew backlash from Western nations targeting Russia's energy sector with sanctions, saying oil revenues help it fund the war.

The shift away from Russia comes as Middle East producers, armed with higher output quotas from the Organization of the Petroleum Exporting Countries, are keeping global markets well-supplied, softening the impact on prices.

INDIA REFINERS SCALE BACK RUSSIAN BUYS

Indian refiners have begun scaling back Russian oil purchases following discussions at a government meeting to help accelerate a U.S.-India trade deal, three refining sources said.

The oil ministry's Petroleum Planning and Analysis Cell is collecting weekly data on refiners' purchases of Russia and U.S. crude, sources told Reuters this month.

In the latest change, state refiner Bharat Petroleum Corp BPCL.NS awarded one-year tenders to buy Iraqi Basrah and Omani crude to trader Trafigura and is in the market to buy Murban oil from the United Arab Emirates under a separate tender, said the sources, who sought anonymity.

From April, Trafigura will supply four cargoes of Oman crude every quarter at 75 cents a barrel below Dubai quotes and one parcel of Basrah Medium at a discount of 40 cents a barrel to the grade's official selling price, said two traders.

BPCL and India's oil ministry did not respond to Reuters requests for comments.

DOUBLING OF IMPORT TARIFFS A PUNISHMENT FOR RUSSIA BUYS

The United States, already seeking to narrow its trade deficit with India, doubled import tariffs on Indian goods to 50% last year to punish it for heavy purchases of Russian oil.

State-run Hindustan Petroleum HPCL.NS, Mangalore Refinery and Petrochemicals MRPL.NS and private refiners HPCL-Mittal Energy Ltd have already stopped buying Russian oil.

India's Russian oil imports fell to their lowest in two years in December, while OPEC's share of imports hit an 11-month high, trade data showed.

Apart from the Middle East, Indian refiners have also increased purchases from regions such as Africa and South America.CRU/TENDA

Indian refiners have also boosted purchases of U.S. oil to partly replace Russian oil and narrow the trade deficit with Washington, while also scouting for Venezuelan oil.

(Reporting by Nidhi Verma in New Delhi and Siyi Liu, Florence Tan in Singapore; Editing by Tom Hogue, Thomas Derpinghaus and Clarence Fernandez)

(([email protected]; X: @nidhi712;))

Updates to closing prices

By Ateeq Shariff

Jan 20 (Reuters) - Most Gulf stock markets closed higher on Tuesday, with Dubai ending at its strongest level in almost two decades, as investors looked ahead to earnings and absorbed softer oil prices.

Saudi stocks, however, were flat to slightly lower, weighed by profit-taking after the recent rally.

Dubai's main share index .DFMGI gained 0.5%, led by a 0.7% rise in blue-chip developer Emaar Properties EMAR.DU and a 0.8% increase in utility firm Dubai Electricity and Water Authority DEWAA.DU.

Further gains are possible if fourth-quarter earnings reports lift sentiment. Strong results could add momentum to a market that's already underpinned by healthy fundamentals and upbeat growth expectations for the year, said Daniel Takieddine, co-founder and CEO of Sky Links Capital Group.

Saudi Arabia's benchmark index .TASI concluded flat after a 3.3% rally last week triggered by the government's announcement that it would liberalise capital market access for foreign investors, starting next month.

Meanwhile, oil prices - a catalyst for the Gulf's financial markets - were steady as investors monitored U.S. President Donald Trump's tariff threats against European states opposing his push to acquire Greenland, while firmer global economic growth expectations and a weaker U.S. dollar gave a floor to prices.

According to Takieddine, cautious sentiment prevails as investors await upcoming fourth-quarter earnings reports following a few early releases. "Meanwhile, volatility in oil prices has slightly impacted sentiment, keeping the market's immediate direction unclear."

In Abu Dhabi, the index .FTFADGI rose 0.3%, helped by a 0.3% gain in ADNOC Gas ADNOCGAS.AD.

India signed a $3 billion LNG deal with the UAE on Monday, making it the UAE's top customer. ADNOC Gas will supply Hindustan Petroleum HPCL.NS with 0.5 million metric tons per year for 10 years as both countries move to deepen trade and defence ties.

Elsewhere, Abu Dhabi Islamic Bank ADIB.AD - the emirate's largest sharia-compliant lender - advanced 1.2%, ahead of its fourth-quarter earnings release due on Wednesday.

The Qatari index .QSI edged 0.1% higher, supported by a 1.3% rise in petrochemical maker Industries Qatar IQCD.QA. Qatar Gas Transport QGTS.QA added 0.8%, ahead of its earnings announcement later in the day.

Outside the Gulf, Egypt's blue-chip index .EGX30 advanced 1.9%, hitting a new record high.

Last week, the country received 1 billion euros from the European Union and is set to receive a total of 3 billion euros in two tranches in 2026, the International Cooperation Ministry said. The grant is part of a 5 billion euro ($5.87 billion) macro-financial assistance package from the EU.

($1 = 0.8522 euros)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Harikrishnan Nair and Vijay Kishore)

(([email protected]; +918061822788))

** India's upstream oil companies ONGC ONGC.NS and Oil India OILI.NS rise 1.8% and 3.6%, respectively

** Both stocks set for fourth consecutive session of gains, if current momentum holds

** Brent crude oil prices rise to seven-week high on Tuesday, before easing 0.2% on the day O/R

** Fears of disruption in Iranian oil supply boosts the commodity's prices

** Over 5 million OILI shares trade on the day, 2.5x of 30-day average volume; ONGC volumes also surpass 30-day average

** ONGC up 3.4% this year, while OILI up 10.2%

(Reporting by Vivek Kumar M)

(([email protected]))

Jan 9 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:

• ONGC LTD - CONTINUES EFFORTS TO SUBDUE AND CAP WELL MORI 5

Source text: ID:nNSE48dPfv

Further company coverage: ONGC.NS

(([email protected];))

Jan 8 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:

• GETS TAX PENALTY OF 267.6 MILLION RUPEES

Source text: ID:nnAZN4RSER8

Further company coverage: ONGC.NS

(([email protected];))

Jan 7 (Reuters) - For tenders of crude and other oil products, please click:

Crude CRU/TENDA Naphtha NAP/TENDA Gasoline MOG/TENDA Jet/Diesel MDIS/TENDA Fuel Oil FUEL/TENDA

(further updates recent tenders closed)