Hindustan Oil Exploration Company halts output in west Indian basin
June 27 (Reuters) - Hindustan Oil Exploration Company (HOEX.NS), opens new tab said on Friday it has temporarily suspended production at one of its oilfields in western India due to adverse weather and is monitoring the situation to resume output when the weather improves.
The floating storage offshore (FSO) unit at the company's Mumbai basin has been safely de-moored and anchored at a secure location for over a week, it said.
"We are prepared for re-mooring the FSO... as soon as the weather improves, allowing us to resume production from the field under favorable conditions," the oil exploring company said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
5 hours ago
- The Sun
Energy giant with 5million customers in merger talks to create UK's 3rd BIGGEST gas & electricity supplier
TWO major energy suppliers are in talks about a merger. If it goes ahead it would create the UK's third-largest gas and electricity retailer. 3 Scottish Power, owned by Spain's Iberdrola, and Ovo Energy are in talks to create a merger. It would create a company serving more than six million households, Sky News reports. Talks are still in the early stages, and any formal agreement will take months if it goes ahead. With Ovo being the larger company, serving four million customers, they are likely to be the acquiring entity. Iberdrola would potentially contribute cash and remain as a shareholder. If they do merge, it would create the third-largest supplier, behind Centrica-owned British Gas and Octopus Energy. Scottish Power currently serves around 2.4 million households. Alongside the potential merger, Ovo is aiming to raise £300 million from the sale of shares in the company. Last year the company hired Rothschild to explore options around new investors or a sale. Rothschild has reportedly contacted financial investors in recent weeks. Stop Making This Air Conditioning Mistake: How to Slash Your Summer Energy Bill Ovo became one of the UK's leading suppliers in 2020 after it bought the retail supply arm of SSE. Since Justin King became Ovo's chair, the company has prioritised repairing its regulatory relationships. Iberdrola bought Scottish Power in 2007 for over £11 billion. 3
Sky News
6 hours ago
- Sky News
Spanish-owned Scottish Power sparks merger talks with Ovo Energy
Why you can trust Sky News Scottish Power, the Spanish-owned energy supplier, and larger rival Ovo Energy have begun holding exploratory talks about a merger that would create a company serving more than 6 million British households. Sky News has learnt that executives from Iberdrola, which owns Scottish Power, and Ovo have been engaged in preliminary discussions in recent weeks about the possibility of a deal. The talks are at an early stage and any formal transaction would be months away, if it materialised at all. If the two companies do agree a merger of their residential gas and electricity operations, it would create the third-largest supplier behind Centrica-owned British Gas and Octopus Energy. As the larger company, with 4 million customers, Ovo would probably be the acquiring entity, but with Iberdrola potentially contributing cash and remaining as a shareholder in the enlarged group, according to one banking source. Scottish Power serves about 2.4 million households. The discussions between the two companies are running in parallel to a separate process through which Ovo is exploring the potential to raise roughly £300m from the sale of new shares in the company, according to industry sources. In recent weeks, a number of financial investors have been contacted by Rothschild, the investment bank advising Ovo, about the opportunity. Exactly a year ago, Sky News revealed that Ovo had hired Rothschild to explore options including bringing in a new investor or a sale, 15 years after it launched in a bid to challenge the industry's oligopoly. Founded by Stephen Fitzpatrick, the entrepreneur who now owns London's Kensington Roof Gardens, Ovo's shareholders include the private equity firm Mayfair Equity Partners, Morgan Stanley Investment Management and Mitsubishi Corporation, the Japanese conglomerate. Under Mr Fitzpatrick, who launched Ovo in 2009, the company positioned itself as a challenger brand offering superior service to the industry's established players. Ovo's transformational moment came in 2020, when it bought the retail supply arm of SSE, transforming it overnight into one of Britain's leading energy companies. Its growth has not been without difficulties, however, particularly in relation to its challenged relationship with Ofgem and a torrent of customer complaints about overcharging. Justin King, the former J Sainsbury chief who now chairs Ovo, has made repairing its regulatory relationships a priority for the company. He also oversaw the recruitment of David Buttress, who was briefly Boris Johnson's cost-of-living tsar after leaving the top job at Just Eat, as its chief executive. Key to Ovo's longer-term valuation will be the performance of its technology platform, Kaluza, which was set up to license software to other energy suppliers and provides customers with smart electric vehicle charging and heat pumps. Ovo announced last year that AGL Energy, one of Australia's biggest energy suppliers, had bought a 20% stake in Kaluza at a $500m (£395m) valuation. The British energy company has also entered the electric vehicle car charging sector under the brand Charge Anywhere, adding tens of thousands of public charging points across the UK. Iberdrola bought Scottish Power in 2007 in a deal valuing the company at more than £11bn. Next week, the UK's energy price cap will fall by 7% to £1,720 a year, following an announcement by Ofgem, the industry regulator. Ovo and Scottish Power both declined to comment. Please refresh the page for the latest version.
The Sun
13 hours ago
- The Sun
Two beloved TV channels are closing down on Sky in just DAYS amid fresh schedule shake-up
SKY customers are days away from the permanent closure of two beloved TV channels. It's part of a massive TV guide shake-up that was rolled out throughout April. India Today, available on Satellite channel 523 will end its broadcast permanently on July 1. And Music India, which customers can access on channel 711, will also cease operations on the same day. The former - a popular news channel - launched in May 2023 and coincided with the general election in India. India Today's sister channel, Aaj Tak, will continue to be available on Sky, channel 710. BOLD PREDICTION It comes after one TV expert said it is "unlikely" Sky will ever release a new satellite product. Paolo Pescatore, an expert for PP Foresight, told The Sun it is "highly unlikely" Sky will ever release a new satellite box "given the investment and timescales with the TV switch off that's around the corner". Last year, Sky signed a contract extension with satellite operator SES that takes the service up to 2029. "Ultimately Sky would prefer to migrate all users onto its IP based products which in turn will lead to the end of Sky Q," Paolo said. "It is reliable, robust and serves customers needs. "They do not want to buy another telly with Sky inside for now." SKY CHANNEL SWAPS IN APRIL SO FAR Here's the full list of Sky channel swaps in April so far... Tuesday, April 1 U&W HD ROI closes on satellite only - the SD remains at 132 U&W HD closes on satellite only - the SD remains at 132 U&Yesterday HD closes on satellite only - the SD remains at 155 - 161 in ROI U&Alibi HD moves from 130 to 120 on Glass and Stream only in England, NI and Wales. They remain unchanged in Scotland and ROI U&Gold HD moves from 131 to 121 on Glass and Stream only in England, NI and Wales. They remain unchanged in Scotland and ROI U&Dave HD moves from 132 to 130 on Glass and Stream only in England, NI and Wales. They remain unchanged in Scotland and ROI U&W HD moves from 133 to 131 on Glass and Stream only in England, NI and Wales. They remain unchanged in Scotland and ROI U&Drama moves from 134 to 132 on Glass and Stream only in England, NI and Wales. They remain unchanged in Scotland and ROI U&Yesterday HD moves from 161 to 133 on Glass and Stream only in England, NI and Wales. They remain unchanged in Scotland and ROI U&Eden moves from 162 to 134 on Glass and Stream only in England, NI and Wales. They remain unchanged in Scotland and ROI GINX TV HD moves from 419 to 417 on Glass/Stream only in the UK MUTV HD moves from 420 to 418 on Glass/Stream only in the UK LFCTV HD moves from 421 to 419 on Glass/Stream only in the UK Premier Sports 1 HD moves from 419 to 417 on Glass/Stream only in ROI Premier Sports 2 HD moves from 420 to 418 on Glass/Stream only in ROI GINX TV HD moves from 421 to 419 on Glass/Stream only in ROI MUTV HD moves from 422 to 420 on Glass/Stream only in ROI LFCTV HD moves from 423 to 421 on Glass/Stream only in ROI Wednesday, April 2 TV Warehouse moves from 676 to 673 on satellite only moves from 681 to 675 on satellite only Sky History 2 HD closes on satellite - the SD moves to 163 in the UK and 168 in ROI and NI - HD channel remains on Glass/Stream Thursday, April 3 Sky Gangsters (Satellite 309 - Glass/Stream 309) changes name to renames to Sky Thriller HD (reverting from a temporary change) Sky Books To Screen (Satellite 302 - Glass/Stream 302) renames to Sky Adventure/ SkyAdventureHD (temporary change) Friday, April 4 Sky Family (Satellite 306/850 - Glass/Stream 306) renames to SkyHarryPotter / HarryPotterHD (Temp) Sky Hits (Satellite 303 - Glass/Stream 303) changes name to The Hobbit HD (Temporary change) Monday, April 7 Thursday, April 10
