Indian Oil Corporation (IOCL)
- Fitch Ratings has affirmed IOCL’s Long-Term Foreign-Currency Issuer Default Rating at BBB minus with a Stable outlook, equalising it with the sovereign rating of India. The rating agency expects IOC’s EBITDA to fall 50% to 60% in FY27 due to the Iran conflict and higher input costs, before rebounding 20% to 30% in FY28 as refining margins normalise.1
- NLC India Limited (NLCIL) and IOCL have signed a MoU to jointly develop large-scale renewable energy projects in Tamil Nadu. The partnership will cover solar, wind, and hybrid energy projects to support the growing demand for clean power in the country.2
- IOCL has received no bids in tenders to charter vessels for lifting crude oil and LPG cargoes from ports within the Strait of Hormuz. As per reports, no one wants to take a risk yet of going into the strait. Most ship owners are in wait-and-watch mode to get clarity on the terms of getting into the strait.3
- IOCL has bought 5 MMB of crude oil via a tender. The purchases comprised Angola’s Kissanje and Nemba grades for delivery to the Paradip refinery and Nigeria’s Usan crude from ExxonMobil for delivery to Vadinar. Murban grade was also acquired from Mercuria for delivery to Vadinar.4
Bharat Petroleum Corporation Limited (BPCL)
- Srividya V. has ceased to be the Senior Management Personnel of BPCL effective June 24, 2026, following her appointment as Director (Finance) of HPCL. The transition marks a significant change in the senior leadership structure of the energy major.5
- BPCL has launched a postal ballot to seek shareholder approval for Material Related Party Transactions worth over US$3.21 billion related to its Area-1 Offshore Mozambique Project. The resolutions include restructuring the project into an AssetCo structure and extending a Debt Service Undertaking guarantee until 2033.6
- BPCL will undertake maintenance at its Mumbai refinery in November. A 120 MBD crude unit and other secondary units will be shut down. This maintenance was initially planned for April. The shutdown is expected to last three to four weeks.7
- BPCL reported a 93.78% rise in consolidated profit after tax (PAT) to INR25,843 crore for the financial year ended 31 March 2026 (FY26), compared with INR13,337 crore in FY25. Standalone PAT rose 75.54% to INR23,303 crore in FY26 from INR13,275 crore in the previous financial year.8
Hindustan Petroleum Corporation Limited (HPCL)
- HPCL recently highlighted its commitment to sustainable packaging and circular economy practices, stating that it recycled nearly 12,000 tonnes of plastic and achieved 100% Extended Producer Responsibility (EPR) recollection compliance during FY 2025-26.9
- Mr. Abhishek Trivedi has assumed charge as the Executive Director In-charge of HPCL Visakh Refinery. A seasoned professional with decades of service in the downstream oil and gas sector, he brings extensive expertise across major functional areas including project management, plant maintenance, rigorous technical inspection, and business excellence.10
- HPCL maintained uninterrupted fuel and LPG supplies across India in May 2026 as nationwide fuel consumption rose sharply, driven by transportation, agriculture and freight demand during the peak summer season. Diesel consumption, in particular, surged as agricultural activity intensified during the Kharif sowing season.11
Nayara Energy
- Nayara Energy has crossed 7,000 petrol pumps across India, marking a key scale milestone as it accelerates expansion in non-metro markets and along highways. The company added over 500 outlets in the past 18 months, roughly one new pump per day, highlighting an aggressive network build-out.12
- Nayara Energy has completed the turnaround of its 400 MBD refinery at Vadinar. The restart of the refinery after the maintenance will help increase fuel supply in India, which has scrambled through the Middle East crisis with several fuel price hikes.13
Reliance
- Reliance plans to move beyond conventional refining and convert crude oil into high-value products such as carbon fibre, specialty materials and green chemicals to reduce its exposure to geopolitical and commodity price shocks. The company believes the strategy would drive margin expansion and lay the foundation for the group’s future business.14
- Reliance Industries expects its new energy business to begin contributing meaningfully to the company’s financial performance from FY27. Commercial revenues from the solar module business would start flowing this year while the first phase of the company’s battery manufacturing facility is also scheduled for commissioning by the year end.15
Oil and Natural Gas Corporation (ONGC)
- Indian government has asked ONGC to construct a new strategic petroleum reserve facility in Karnataka. The new facility in Mangalore, with a crude oil storage capacity of 1.75 MMT, will be in addition to the second phase of expansion pursued by ISPRL and will be built at a cost of US$1.6 billion.16
- ONGC has started a major project to modernize its technology. They have teamed up with a Noida-based tech company called CIPL in a deal worth INR125 crore. The project will see the deployment of advanced artificial intelligence to oversee infrastructure maintenance and cybersecurity at ONGC’s facilities.17
- ONGC Videsh (OVL) is considering reviving operations at its two onshore oil assets in Venezuela as the latter is welcoming foreign companies back to its industry. OVL plans to resume its operations in Venezuela even if it still expects about US$900 million in dividends due from state oil firm PDVSA for its stake in the two oil concession assets.18
Oil India
- Oil India Limited has signed a collaboration framework with the Petroleum Technology Research Centre (PTRC), Canada, to collaborate on carbon capture, utilisation and storage (CCUS), geothermal energy, clean energy technologies and startup-led innovation.19
- Kellton, an AI-led digital transformation and enterprise technology consulting company, has announced the successful launch of a large-scale digital wellhead monitoring initiative for Oil India Limited. Beyond real-time monitoring, the Optima platform establishes a scalable digital foundation for next-generation oilfield operations.20
- Oil India Limited has confirmed the presence of natural gas at its third exploratory well off the east coast of the Andaman Islands in India. The company has now identified hydrocarbons in two out of three wells drilled in this offshore area. Oil India reported an earlier occurrence of natural gas at its second exploratory well, Vijayapuram-2, in September 2025.21
Cairn Oil & Gas
- Cairn Oil & Gas has reported a reduction of approximately 25% in its absolute carbon emissions over the last five years as part of its ongoing decarbonisation efforts across operational sites. The company stated that it currently mitigates around 410,000 tonnes of CO₂ equivalent emissions annually through various sustainability initiatives.22
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