petroleum | Business Upturn

Indian Navy on alert as two petroleum vessels safely navigate the Strait of Hormuz

Savita Uppar — Sat, 28 Mar 2026 06:51:37 +0000

Two merchant vessels carrying petroleum products destined for India are crossing the Strait of Hormuz. Indian Navy warships are on standby to provide support if necessary. More vessels are expected to follow in the coming hours. This development comes as India increases its efforts to protect its energy supply lines through one of the world’s most critical and currently most unstable maritime chokepoints.

At a joint inter-ministerial briefing, Rajesh Kumar Sinha, Special Secretary in the Ministry of Ports, Shipping and Waterways, confirmed that all Indian-flagged ships and seafarers in the region are safe. “In the Gulf region, there has been no information in the last 24 hours regarding any incident involving Indian-flagged ships or Indian seafarers. All are safe,” Sinha said. He added that 20 Indian-flagged ships carrying about 540 Indian nationals are currently operating in the Persian Gulf, all accounted for and secure. The Directorate General of Shipping’s communication center operates around the clock, handling 98 calls and 335 emails in the past 24 hours alone. They responded to concerns from seafarers, shipowners, and families.

On the diplomatic front, Ministry of External Affairs spokesperson Randhir Jaiswal reaffirmed India’s position at the weekly media briefing. He stated that New Delhi is actively working with global partners to ensure stability. “We continue to call for ensuring safe and free navigation through the Strait of Hormuz as a priority,” Jaiswal said. In a significant development, four vessels bound for India carrying liquefied petroleum gas successfully navigated the strait on Friday. This shows that safe passage, while difficult, remains possible with careful coordination. With energy security at stake, India is using both naval force and diplomatic efforts to keep its supply lines open.

Crude oil production falls even as prices remain high

Aryan Jakhar — Tue, 24 May 2022 19:14:07 +0000

According to the ministry of petroleum and natural gas. India’s crude oil production declined 0.95 percent from 2.49 million tonnes in April 2021 to 2.46 million tonnes in April 2022. Due to “smaller than projected contribution from workover wells, drilling wells, and old wells”. The ministry stated on Tuesday that production in April was 3.47 percent more than the target of 2.38 million tonne. 30.22 million tonnes is the objective for FY23.

Production was also disrupted by protests and blockades in Assam following the accident at Oil India’s Baghjan oilfield in the state. According to the ministry.

Crude oil production falls

Crude oil production is falling at a time when crude oil prices are still high due to the Russia-Ukraine situation and global supply concerns.

India has been working to enhance domestic oil output in order to lessen its reliance on imports. Around 85% of the country’s energy needs are met by imports. Last month, state-run Oil India Ltd produced 251,460 tonne crude oil, 0.79 percent less than the month’s objective.

A parliamentary committee on petroleum and natural gas suggested in March. That the government examine its strategy for increasing domestic oil output. And take real, actionable actions in that direction. The committee expressed worry in its report to Parliament about the “extremely modest” contribution of oilfields to crude oil production under the new exploration licencing strategy.

The panel was told by the ministry of petroleum and natural gas that beginning in the financial year 2023, there will be a turnaround in crude production in the country, with production increasing.

Natural gas output grew 6.61 percent year over year to 2.82 billion cubic metres in April 2022. But was 2.29 percent below the monthly target of 2.89 billion cubic metres.

Following a fall in output at the Gandhar, Jambusar, and Dahej fields in Ankleshwar. ONGC produced 1.70 billion cubic metres of natural gas. 0.62 percent better than its objective but 1.01 percent lower than the production in April 2021.

The government added that Oil India generated 244.92 million metric standard cubic metres of natural gas. Which is 19.30 percent less than the monthly target. Owing to lower-than-expected contributions from workover wells, drilling wells, and old wells. However, production in April 2021 was 13.85 percent greater.

Sri Lanka stops supplying gas for domestic use

United News of India (UNI) — Mon, 09 May 2022 07:02:02 +0000

Colombo, May 9: Sri Lanka’s leading liquefied petroleum gas supplier Litro Gas Lanka Limited on Monday said that they are unable to supply gas to domestic consumers until new stocks arrive. Litro Gas chairman Vijitha Herath said. Only industrial gas stocks are available at the moment. And the company asked people not to wait in queues. Herath said that they expect to pay 7 million US dollars on Monday. To import liquefied petroleum gas on Friday and Saturday. Sri Lankans have been facing severe gas shortages for months. And long queues to buy gas can be seen across the country.

BPCL reports 47% rise in net profit to ₹2,805 crore in Q3

Himanshu Mishra — Mon, 31 Jan 2022 14:27:18 +0000

Bharat Petroleum Corporation Ltd (BPCL) has announced a consolidated net profit of ₹2,805 crore for the quarter ended 31 December 2021. This is a rise of 47% from a year-ago period. Income from operations surged up to 35% to ₹1.17 trillion in the third quarter as compared to ₹87,292 crore in the same quarter last year.

The petroleum major told its Board of Directors also announced a second interim dividend of Rs 5 per share for the Financial Year 2021-22. On Monday, before the results, BPCL shares surged up to 3.75% to stop at ₹396.85 on NSE. Moreover, the company’s Board has fixed Friday, 11 February 2022 as the record date to deduce the eligibility of the shareholders to receive the told interim dividend. On a standalone purpose, the company’s net profit fell 11% year-on-year to ₹2,462 crore during the third quarter.

During the quarter, the operating margin of the firm stood at 3.04 per cent compared to 3.41 per cent in Q2FY22 and 3.79 per cent in Q3FY21. The net profit margin was at 2.38 per cent against the 3.14 per cent and 2.18 per cent, respectively.

The Average Gross Refining Margin (GRM) during nine months ending on 31 December 2021 is $6.78 per barrel as against $2.90 per barrel in April-December 2020 period. The market sales during the nine months duration, however, came in at 30.69 MMT as compared to 27.57 MMT during last year period.

Eight core industries growth rose to 3.8℅ in December: CSO

Himanshu Mishra — Mon, 31 Jan 2022 13:00:57 +0000

The growth for the Eight core sectors’ rose to 3.8 per cent after the 3.4 percent in November 2021, the government announced on January 31. According to the data released by the Central Statistics Office, the coal output rose by 5.2 percent, on the other hand, the crude oil output declined by 1.8 percent. The rise also contrasted with the contraction of 0.4 percent in the same month last year, according to the official data released on Monday.

However, the other core sectors, which experienced a surge comprises of natural gas output (19.5%), petroleum refinery output (5.9%), fertilizer output (3.5%), cement output (12.9%), and electricity output (2.5%) respectively. Nevertheless, the steel output plunged by 1 percent, announced the government.

Before this, in November, India’s output for eight core sectors thrived by 3.1 percent, in comparison to 7.5 percent in October 2021. However, then the production of these sectors had grown in November 2021 over the same period last year, as per the ministry’s data.

The Ministry of Finance data had announced that during the duration of April-November of FY 2021-22, the growing proportion of the eight infrastructure sectors — coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and electricity — made it to 13.7 percent. These sectors reported negative progress of 11.1 percent during a similar period in the last fiscal.

Meanwhile, these 8 core industries in India comprise 40.27% of all of the items included in the Index of Industrial Production (IIP).

Man Industries secures Rs 250 crore order

Arnav Dogra — Tue, 19 Jan 2021 05:28:38 +0000

Man Industries, a top-tier manufacturer and exporter of large diameter carbon steel line pipes, on Tuesday, revealed that it had secured new orders worth roughly Rs 250 crores.

In a regulatory filing, Man Industries stated that the newly received order will be executed in the coming 5 month time period, while actively missing out on the technicalities of the received order.

The company’s share price responded to this news as its NSE-listed stock reached a day-high of 2.54%

The large diameter carbon steel pipes are used for several high-pressure transmission applications for fluid substances like potable water, gas, crude oil, and other petrochemical products.

India’s eight key infrastructure sectors witness decline for 8th consecutive month

Sarthak Yadav — Fri, 27 Nov 2020 14:17:05 +0000

Eight key infrastructure sectors in India witnessed an output decline for the 8th consecutive month. A decline of 2.5%, weighed down by a fall in production of crude oil, natural gas, petroleum refinery production, and steel.

As per figures released by the Department for Promotion of Investment and Internal Trade (DPIIT), remaining sectors posted an increase in production in October, with coal at 11.6%, fertiliser at 6.3%, cement at 2.8% and electricity at 10.5%.

Refinery products, with the highest weight of 28.04% in the index, registered the sharpest drop of 17%. It was followed by natural gas at 8.6%, crude oil at 6.2%, and steel at 2.7%.

In September, the core sector contraction had narrowed to 0.8% giving hopes of resurgence in manufacturing activity and economic revival but the October figures indicate that improvement may be gradual.

According to the release, during the April-October 2020-21 period, the eight-core sector has posted a decline of 13%.