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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India signaled interest in deeper energy ties with Venezuela, including sourcing crude supplies and investments in the country’s oil sector, after acting Venezuelan President Delcy Rodríguez held talks with Prime Minister Narendra Modi in New Delhi.
India has officially declined Russia’s offer to sell liquefied natural gas (LNG) from projects currently under U.S. sanctions, following April reports of an LPG-laden tanker en route to western India, according to Indian media reports on Monday.
India has ramped up purchases of Russian oil and revived alternate supplies from Africa, Iran and Venezuela to blunt a sharp crude shortfall from the crisis-ridden Middle East, analysts said
Days after saying it would not extend a sanction waiver for Russian crude sold to Indian refiners, the U.S. Treasury Department changed its mind and extended the waiver for two weeks until mid-May.
India is expected to receive this week its first cargo of Iranian oil in seven years, after the U.S. last month unsanctioned purchases of Iran’s oil already loaded on tankers.
India is set to import the most oil from Venezuela in almost six years, helping the world’s third-largest crude importer replace Middle East grades disrupted by the Iran war.