• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 1 day Revisiting: "The U.S. Grid Isn’t Ready For A Major Shift To Renewables" from March 2021 by Irina Slav at OILPRICE
  • 4 days How cheap Chinese tires might explain Russia's 'stalled' 40-mile-long military convoy in Ukraine
  • 6 hours Failure To Implement Russian Oil Ban Could Send Oil Crashing To $65
  • 8 days Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 8 days "The Calm Before The Storm In Oil Markets" by Tom Kool of OILPRICE and seen at YahooFinance
  • 2 days Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
  • 8 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 8 days "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
Buffett Could Be Inching Closer To Control Over Oxy

Buffett Could Be Inching Closer To Control Over Oxy

Warren Buffett’s Berkshire Hathaway bought…

Soaring Costs Set To Hurt U.S. Shale Production

Soaring Costs Set To Hurt U.S. Shale Production

With oil prices consistently above…

Soaring Gas Prices Will Boost Profits For India’s Biggest Company

Reliance Industries expects the global natural gas crunch and the gas price rally to continue benefiting India’s oil-to-telecoms conglomerate with more earnings in the coming months after higher oil and gas production and price realizations helped it deliver record quarterly earnings.

Reliance Industries, the biggest company in India led by Asia’s richest person Mukesh Ambani, expects India to raise the cap on the offshore gas sales by 60 percent in April, to $10 per million British thermal units (MMBtu), the group’s senior vice president for exploration and production, Sanjay Roy, said at the presentation of the Q3 results, as carried by Bloomberg.

The higher gas prices and the increased gas production from the Krishna-Godavari (KG) oil and gas fields in the Bay of Bengal drove higher revenues and core earnings for the conglomerate in the quarter ended December 31.

According to Roy, Reliance Industries and BP, its partner in the KG fields, expect to raise gas production to 30 million cubic meters per day next year, from 18 million cubic meters per day now.

In its quarterly earnings report, Reliance Industries said on Friday that the revenues of its Oil & Gas segment increased multi-fold in the quarter to December 2021, led by a ramp-up of gas production from the KG D6 block. Revenue growth was also supported by higher gas price realization in KG D6 and CBM blocks, the conglomerate said.  

“The recovery in global oil and energy markets supported strong fuel margins and helped our O2C business deliver robust earnings. Our Oil & Gas segment delivered strong growth in EBITDA with volume growth and improved realization,” Mukesh Ambani, Chairman and Managing Director, said in a statement.

Ambani also noted Reliance Industries’ recent commitments to invest billions of U.S. dollars in renewables in India. The conglomerate plans to invest as much as $76 billion in green energy projects in India over the next 15 years, it said earlier this month.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News