Oil Exploration

ONGC, OIL rise up to 2.5% as govt cuts windfall tax on crude oil to nil

Govt cuts windfall tax to nil: On Tuesday, Centre scrapped windfall tax on crude oil from Rs 1,850 per tonne amid ease in oil prices

Centre grants in-principle approval to oil exploration in Assam's sanctuary

The Union environment ministry has granted in-principle approval to divert around 4.50 hectares of forest land in Assam, home to the endangered hoolock gibbon, for oil and gas exploration by a Vedanta Group company. Cairn Oil & Gas will carry out exploratory oil drilling in the ecosensitive zone of the Hoollongapar Gibbon Wildlife Sanctuary in Jorhat district, the sole habitat for India's only ape species. The ministry's Forest Advisory Committee approved the diversion of 4.49 hectares of forest land during a meeting on August 27, according to minutes published on the Parivesh portal. On August 8, Assam's principal chief conservator of forests (wildlife) and chief wildlife warden recommended the clearance, saying that the project served "national interest". The project site is located within the ecosensitive zone of the sanctuary, an area also used by wild elephants to move between the sanctuary and the Dessoi Valley Reserve Forest, the official noted. "Conservation and management

Govt invites France's TotalEnergies to bid for oil exploration rights

India buys more than 84% of the oil it needs from overseas and is seeking to quickly develop its hydrocarbon reserves to reduce import dependence

US judge orders Argentina to pay $16 bn for expropriation of YPF oil co

A US judge ruled that Argentina must pay USD 16.1 billion to minority shareholders of state-controlled oil company YPF due to the government's 2012 nationalization of a majority stake in the firm. US District Judge Loretta Preska in New York issued final judgment Friday detailing the dollar amount that the South American country would have to pay. Preska on Friday ordered Argentina to pay USD 14.38 billion to Petersen Energa, including USD 7.5 billion in damages and USD 6.85 billion in interest and USD 1.7 billion to Eton Capital, including USD 897.75 million in damages and USD 816.58 million in interest. Interest will continue to accrue if Argentina fails to pay, Preska said. Argentina, which is currently suffering dire economic woes that include a low level of Central Bank reserves, rising poverty and a galloping inflation of more than 100 per cent per year, has vowed to appeal the ruling. A week earlier, Preska had made clear it was siding with the plaintiffs in the long-running

Hindustan Oil Exploration sinks 19% as Q1 profit plunges 80% QoQ

Separately, the government has hiked windfall tax on crude petroleum to Rs 7,100 per tonne with effect from August 15, up from Rs 4,250 per tonne.

Exxon Mobil Corp to buy Denbury in $4.9 bn all-stock transaction deal

Under the terms of the deal, Denbury shareholders will get 0.84 Exxon shares for each Denbury share they hold

Proposed change to forest law will boost oil, gas exploration, says report

The Centre can speed up the granting of exploration permits for oil and gas resources by easing seismic surveys in forest lands

Nagaland govt meet with tribals on oil exploration remains inconclusive

The consultative meeting of Nagaland government with stakeholders and apex tribal bodies on oil exploration and implementation of RIIN remained inconclusive with the decision to hold further consultations before arriving at the final conclusion, a government spokesperson said. With apex tribal organisations and civil societies raising objection to the decision of the state government to sign an MoU with Assam government on Oil and Natural Gas Exploration and implementation of Register of Indigenous Inhabitants of Nagaland (RIIN) with two different dates December 1, 1963 and November 1979, the state government on Tuesday held a meeting with them which lasted for almost six hours. Briefing media persons, Minister for Power and Parliamentary Affairs, K G Kenye said that the meeting was "very fruitful" with the government presenting extensive background of oil exploration in the state since the early 1970s on the oil and gas sectors along the Nagaland-Assam Disputed Area ...

Nagaland meet with tribal bodies before signing oil exploration MoU: Dy CM

The Nagaland government has decided not to go ahead with signing any MoU with Assam on oil exploration before a final consultation is held with stakeholders and tribal bodies of the area, Deputy Chief Minister Y Patton said. Patton said this while replying to queries from journalists on Thursday on the stand of the state government on objections raised by various tribal organisations and also Naga underground groups on the proposed signing of Memorandum of Understanding (MoU) on oil exploration with Assam government along the Disturbed Area Belt (DAB) of the two states. "The government will hold a consultative meeting with all stakeholders before signing the MoU with Assam government," he said. Not only a particular tribe but consultation will be held with tribal bodies and civil societies of Mon, Longleng, Mokokchung, Wokha, Nuiland, Dimapur and Peren, the oil bearing areas of Nagaland, the DyCM said. The MoU is not yet signed though the Chief Ministers of Nagaland and Assam have

The slippery slope of oil exploration keeps India heavily import-dependent

Motorists have taken comfort in frozen pump prices and gas price caps but producers face high taxes, and restrictions on pricing freedom

Unfinished business: ONGC facing question marks over future structure, role

This is an unnecessary overhang, since the company has not been on an investment spree

Nagaland CM calls for oil exploration in inter-state border areas in Budget

Nagaland Chief Minister Neiphiu Rio on Monday presented a Rs 23,183-crore budget for the 2023-24 fiscal, and called for oil exploration along the disputed border with Assam, besides allowing liquor sales in star category hotels. The budget also emphasised on building infrastructure and strengthening the agriculture sector. The government intends to start exploration and extraction of oil in the Disputed Area Belt (DAB) once the tripartite MoU with the Centre, Nagaland and Assam is signed, Rio said. We are concerned at the substantial loss in revenues, while Assam continues to exploit the resources in the border areas to our disadvantage, the CM said, adding that the state government will also explore the possibility of introducing the sale of its own lotteries within Nagaland, to begin with. Stressing the need to mobilise more resources to meet its increasing developmental needs, Rio also proposed allowing the sale of liquor to foreigners visiting the state, which, he said, is ...

As Biden weighs Willow, he blocks oil drilling in Alaska and Arctic Ocean

President Joe Biden will prevent or limit oil drilling in 16 million acres in Alaska and the Arctic Ocean, an administration official said on Sunday. The announcement, which is expected as soon as Sunday evening, comes as regulators prepare to announce a final decision on the Willow project, a controversial oil drilling plan pushed by ConocoPhillips. The official requested anonymity to discuss the conservation effort before it is officially unveiled. The plan has two parts. First, the official said, Biden will bar drilling in nearly 3 million acres of the Arctic Ocean, closing off the rest of its federal waters from oil exploration. Second, the administration will develop new rules for more than 13 million acres in a vast swath of land known as the National Petroleum Reserve - Alaska. The official said the area includes the Teshekpuk Lake, Utukok Uplands, Colville River, Kasegaluk Lagoon and Peard Bay Special Areas. It's unclear whether the announcement will mollify environmentali

ONGC to invest $3.5 billion to boost output from western offshore assets

ONGC, will invest $3.5 billion over the next three-four years to boost output from its western offshore assets, Pankaj Kumar, head of offshore assets, said on Tuesday

ONGC to ramp up exploration for oil, gas; looks for collaborations

India's top oil and gas producer ONGC is pivoting a four-pronged strategy of ramping up exploration efforts, quickly bringing discovered resources to production, raising recovery from existing fields and increasing collaborations with experts to reverse years of decline in output, its new chairman Arun Kumar Singh said. Oil and Natural Gas Corporation (ONGC) is keen to induct internationally renowned exploration firms as strategic partners in difficult areas such as deepsea and bring-in experts who can help raise productivity from ageing and mature fields such as prime Mumbai High, Singh told PTI in an interview here. ONGC, which contributes around 71 per cent to India's domestic production, has reported a gradual decline in output for over a decade now primarily because its fields are old and ageing. It produced 21.707 million tonnes of crude oil, which is refined to produce petroleum products like petrol and diesel, and 21.68 billion cubic meter (bcm) of natural gas, which is used

GAIL India set to carry out oil exploration work soon in Rajasthan

Rajasthan is among the top oil producers in the inland area of the country

Hindustan Oil set to turn a discovered small field success story

The company is expected to start production from the block during the third quarter of the current financial year

These lesser-known firms set to make a mark in India's oil and gas sector

Nippon Power, South Asia Consultancy, PFH (Poddar Family Holdings) Resources and Chennai-based Adbhoot Estates could be the first ones to start production from blocks awarded during DSF-1 auctions

OVL on an oil slick, struggles with geopolitical and domestic challenges

Covid-19 has added to these issues. It has not only impacted the demand for fuel but also made the acquisition process slower.

Biden to pause oil drilling on public land through moratorium: Report

Environmental groups hailed the expected moratorium as the kind of bold, urgent action needed to slow climate change