The outgoing U.S. administration last Friday slapped the most severe sanctions on Russia’s oil yet, designating two major Russian oil companies, Gazprom Neft and Surgutneftegas, as well as 183 vessels, dozens of oil traders, oilfield service providers, insurance companies, and energy officials.
Following Friday’s U.S. sanctions against tankers shipping Russian oil, India expects its flows of crude from Russia not to be disrupted until March as the sanctioned tankers will be allowed to discharge until then, a senior Indian government official told Reuters on Monday.
The value of the engagement was not disclosed in the announcement, but Shearwater described the contract as “large.”
Two weeks ago, U.S. oil and gas giant, Exxon Mobil Corp. (NYSE:XOM) announced it had reached 500M barrels of oil produced from Guyana’s offshore Stabroek block, just five years after it kicked off production at the location.
The share of natural gas in India’s primary energy supply is currently between 6% and 8%, according to data from various government statistics and international forecasters such as the International Energy Agency (IEA) and the Statistical Review of World Energy published annually by the Energy Institute.
The LNG will be sourced from ADNOC Gas’s Das Island natural gas facility and will be delivered on the basis of six cargoes per year. The deal is ADNOC’s first such sales and purchase agreement with an Indian buyer.
Abu Dhabi’s Supreme Council for Financial and Economic Affairs (SCFEA) awarded Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Limited’s (BPCL) joint venture, Urja Bharat Pte Limited (UBPL), an oil and gas production licence for Onshore Block 1, BPCL announced on Wednesday.
S&P Commodity Insights: the Mahanadi, Andaman Sea, Bengal, and Kerala-Konkan could hold up to 22 billion barrels of crude oil.
Currently, only 10% of India’s 3.36 million sq km wide sedimentary basin is under exploration.
Of India’s 3.14 million square kilometers of sedimentary basins, 1.3 million sq km are in deep waters.
India is set to launch its tenth bidding round for oil and gas blocks in August or September, the Directorate General of Hydrocarbons (DGH) has said. The latest round will include 25 blocks across 13 sedimentary basins, which are essential for exploration and production activities.
At the Clean Cooking Summit organized by the International Energy Agency (IEA), TotalEnergies announced its ambition of giving 100 million people in Africa and India access to clean cooking by 2030. TotalEnergies will therefore invest more than $400 million in the development of liquefied petroleum gas (LPG) for cooking.