India Oil Reserves

ONGC awaits mining lease for new oil field discoveries in WB's Ashokenagar

State-owned Oil and Natural Gas Corporation (ONGC) has made four more discoveries since it first made an oil field near Asokenagar in West Bengal six years back but is still awaiting the state government's nod for a petroleum mining lease to develop them, Oil Minister Hardeep Singh Puri said on Thursday. ONGC notified the first Asokenagar discovery in Block WB-ONN-2005/4 on September 24, 2018, Puri said in a written reply to a question in Lok Sabha. The discovery, he said was the outcome of continuous exploration efforts of ONGC in the Bengal sedimentary basin over five decades. As per initial laboratory studies, crude oil, which is refined into fuels like petrol and diesel, discovered in the Ashokenagar discovery is a light variety with American Petroleum Institute (API) gravity of 40-41 degrees and is almost similar to Bombay High and Brent Crude. "ONGC, accordingly, applied on September 10, 2020, to the Government of West Bengal for a grant of Petroleum Mining Lease (PML) for an

Indian refiners cancel palm oil contracts on duty hike, price rise

India, on average, imports 750,000 tons of palm oil every month, and the cancellation of 100,000 tons represents about 13.3 per cent of monthly imports

India raises US oil imports in June, marginally cuts supply from Russia

Refiners in India together shipped in 1.98 million barrels per day (bpd) of Russian oil in June, down 3.7% from the previous month, the data showed.

India's oil, gas exploration offers $100 bn opportunity, says Oil Min Puri

Oil Minister Hardeep Singh Puri on Thursday called for stepping up oil and gas hunt to cut India's reliance on imports and making available fuel at an affordable and sustainable way. Speaking at the Urja Varta conference, he said the exploration and production (E&P) sector is integral in the journey towards energy self-sufficiency, which is critical for sustained economic growth. "E&P offers investment opportunities worth USD 100 billion by 2030," he said. Stating that India's exploration and production potential still lies untapped, he said, "I find it strange that India is so heavily reliant on oil imports despite the abundant geological resources available to us." The Indian sedimentary basins hold about 651.8 million tonnes of crude oil and 1138.6 billion cubic meters of natural gas, he said. Puri said only 10 per cent of our sedimentary basin area is under exploration, which will rise to 16 per cent by 2024-end after the current bid ends. "The focus of our exploratory ...

India in talks with Norway's Equinor for oil reserves, says report

State-run Indian Oil Corporation was in talks with nearly a dozen liquefied natural gas suppliers for long-term supply contracts

Unrestricted Russian oil trade unacceptable, price cap to stay: US

The US on Thursday said permitting an unrestricted Russian oil trade was and remains "unacceptable" and the western price cap on Moscow's petroleum products is designed to force it to continue selling oil but for lower prices than it could otherwise obtain. At the same time, US officials said Washington has not asked India to reduce the volume of its oil import from Russia. The G7 price cap mechanism made it possible to stunt a major source of funding for Moscow's war machine while also maintaining a stable energy supply to Europe and to emerging markets, US Assistant Secretary for Economic Policy Eric Van Nostrand said at an interactive session at the Ananta Centre. "Emerging markets like India benefited from the discounted price of Russian oil relative to global markets," he said, asserting that the price cap mechanism was aimed at forcing Russia to sell oil at lower prices. Nostrad noted that the price cap is designed to foster a market in which Russia supplies energy at a heavi

World on cusp of last big refining boom as India starts capacity expansion

Expansions in the West are non-existent," said Giovanni Serio, Vitol Group's head of research

Vedanta's Cairn Oil & Gas submits development plan for Jaya gas find in Guj

Vedanta Ltd's Cairn Oil & Gas on Thursday said it has submitted a field development plan for the Jaya gas discovery in an area in Bharuch district of Gujarat. The firm made a gas and condensate discovery in an onshore OALP block in August 2020. "Through exploration and appraisal successes, Cairn has now submitted a field development plan (FDP) to produce more than 2,000 barrels of oil and oil equivalent gas per day, initially," the firm said in a statement. It, however, did not give details of the investment plan and how long will it take to bring the field to production from the date of FDP approval. The FDP has been submitted to the government's Directorate General of Hydrocarbons (DGH). "This field has the potential to contribute to the company's goal of doubling production capacities and driving energy aatmanirbharta for India. This will be the first FDP submitted in the OALP regime, among 144 blocks awarded under 8 OALP rounds by the government to various companies," the ...

India plans strategic reserves by storing gas in depleted wells: GAIL

The strategic facilities would be built in phases in India's western and northeastern regions with an initial capacity to store three to four billion cubic meters (bcm) of gas

India's fuel consumption rises 9.3% in October to 19.2 million tonne

Consumption of fuel hit 19.2 million tonnes (mt) in October, up from 18.2 mt in the same month last year

India says rising oil prices a concern, but economic outlook 'bright'

India, the world's third-largest energy importer, purchases more than 80% of its crude oil from international markets

BPCL plans to shut Bina refinery in June for a month for maintenance

The state-run refiner also plans to shut half of its 240,000 bpd Mumbai refinery in western India for three to four weeks in September-October for maintenance

India plans to set up strategic gas reserve amid global energy crisis

Amid a deepening global energy crisis, India is planning to set up a strategic gas reserve on the lines of its strategic petroleum reserve (SPR)

World Bank welcomes India's move of selling oil from its stockpiles

World Bank President David Malpass has welcomed India's move to begin selling oil from its stockpiles

India supports release of oil from reserves to cool prices: Union minister

As oil prices dived on news that the US was considering record release from the reserves, India said it supports the initiative to let out from the strategic stockpile to cool rising oil prices

Govt indicates readiness to release more oil reserves amid Ukraine crisis

'Govt of India is ready to take all appropriate action, as deemed fit, for mitigating market volatility and calming the rise in crude oil prices,' MoS Rameswar Teli said

Oil prices slip on talks over release of emergency crude reserves

Oil prices dropped on Tuesday on growing talks that the United States, Japan and India will release crude reserves to tame prices

India starts selling oil from strategic reserves after policy shift: Report

India, the world's third-biggest oil importer and consumer that imports over 80% of its oil needs, is mirroring a model adopted by some other countries.

India again urges OPEC to phase out oil output cuts

India, the world's third-biggest oil importer and consumer, relies on overseas supplies for over 80% of its oil needs.

Next oil reserves plan by Sept, to see Rs 14K-crore investment: ISPRL

Request for proposal document awaiting Centre's nod