State-owned Oil India Ltd. (OIL) on Friday said it has made a natural gas discovery in a shallow-water Krishna Godavari basin block that the firm had won in recent Discovered Small Field (DSF) bid rounds
Canada-based subsurface engineering firm VZFOX is entering India through the Team Canada Trade Mission to support mature oilfield redevelopment, enhanced recovery and reservoir optimisation, as the country seeks to strengthen domestic hydrocarbon production and reduce import dependence. The company plans to establish an office in Bengaluru with an initial team of five members by the […]
India has opened a large swath of previously inaccessible offshore basins as it seeks to attract investment in exploration and production, combining new acreage with economic incentives and support through the Samudra Manthan program, Neeraj Mittal, secretary at the Ministry of Petroleum and Natural Gas, said Oct. 13. The reforms are designed to address investment […]
Saudi Arabia has sold almost 100 million barrels of oil to Asian buyers since the middle of last week, according to traders familiar with the matter, helping to avert a looming supply crunch in the region. The crude for delivery in October and November will be sent via the Strait of Hormuz, said the traders, […]
India’s biggest oil explorer, Oil and Natural Gas Corp. (ONGC), plans to build strategic crude reserves as the country seeks to strengthen its buffers against supply disruptions. The state-run producer will invest 70 billion rupees ($736 million) to develop underground storage in southern India able to hold about 13 MMbbl of crude, Chairman Arun Kumar Singh told reporters in […]
State-controlled Indian Strategic Petroleum Reserves Ltd (ISPRL) is finalizing feasibility studies for two new strategic petroleum reserves facilities as the world’s third-largest crude oil importer looks to boost its energy security.
India’s state-owned refiners are in talks to secure more US liquefied petroleum gas under annual contracts for next year as the world’s biggest consumer of the cooking fuel seeks to diversify imports.
Indian state-controlled oil refiners continue to search the market for spot crude supply as term deliveries are constrained by the ongoing crisis in the Middle East and its key oil chokepoint, the Strait of Hormuz.
India’s ONGC is poised to take over operation of two Venezuelan oil projects from state-owned PDVSA, which would give the Indian producer direct operational control over assets of the world’s largest proven crude oil reserves. Reuters exclusively reported Wednesday that ONGC expects to sign new agreements “very soon” under Venezuela’s new petroleum law after years of limiting its activities because of U.S. sanctions.
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.