The Centre is drawing up an incentive package worth Rs 80,000 crore to boost domestic oil and gas production in India. The government could cover up to 50% of the drilling costs of deep water exploratory wells. The plan aims to attract foreign investment, accelerate offshore oil and gas exploration, and strengthen energy security.
India has started drilling the first appraisal well in the Mahanadi Offshore Basin — a move that will expand the country’s upstream push in the deep-water segment and potentially unlock new oil and gas reserves, according to a petroleum ministry statement July 25.
India is on track to export the highest volume of refined petroleum products in months as refining margins have jumped with the re-escalation of the Middle East conflict.
Vedanta Oil & Gas has reaffirmed its goal of increasing production to 500,000 boed while calling for accelerated exploration to unlock India’s estimated hydrocarbon resources and reduce the country’s dependence on imported oil and gas. Marking Global Energy Independence Day, the company said India currently imports nearly 90% of its oil and gas requirements despite an estimated 300 […]
India’s ONGC plans to build up a strategic national reserve of crude totalling 1.75 million tons, or 12.8 million barrels. The company would also ask the government to allow the commercial use of the stockpile, Reuters reported.
India, the world’s third-largest importer of oil and the second-largest buyer of liquefied petroleum gas, faced major disruptions due to restrictions on the Strait of Hormuz during the conflict between the US and Iran.
India’s state oil refiners are planning to reduce their reliance on the Middle East following the supply shock of the Iran war, and will lean more heavily on alternative options including through spot-market purchases, according to people familiar with the matter. Processors are seeking to trim the volume they buy from producers in the Middle East under […]
ONGC Videsh Ltd (OVL), the overseas unit of India’s state-owned Oil and Natural Gas Corporation (ONGC), considers reviving operations at its two onshore oil assets in Venezuela as the world’s top crude resource holder is welcoming foreign companies back to its industry.
Oil India has confirmed the presence of natural gas at its third exploratory well off the east coast of the Andaman Islands in India.
India can comfortably withstand a disruption in oil supplies through the Strait of Hormuz for about a month and does not expect crude prices to remain elevated for long, Petroleum Minister Hardeep Singh Puri told CNN-News18, citing the country’s fuel inventories, diversified sourcing strategy and expanding energy infrastructure.
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