Oil Ministry

Oil buyers, producers dialogue needed for market stability: Hardeep Puri

He said technological changes such as green hydrogen and the transition to cleaner energy will change the global oil demand landscape in five years

Union Minister Puri assures no crude oil shortage, ample refining capacity

Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Tuesday said there is no shortage of crude oil in the world and enough refining capacity in the country to meet the domestic requirements. Referring to geopolitical tensions in the Middle East, the minister said it was his personal assessment that things will calm down, noting that it is in everybody's interest not to allow exaggeration to take place because everyone suffers. "There is no shortage of crude oil in the world," said Puri while replying to a question on the sidelines of an event regarding 'Rozgar Mela' here. "Prior to all these developments, the total amount of crude, which was produced in the world, was close to 105 million barrels a day. OPEC+, a group of producing countries, voluntarily cut about 5 million barrels (a day). "If you talk to them, they will say they do not deal with prices but if you limit the quantity which comes into the market, then you are obviously affecting prices. It came down to 97

Eyeing $87 bn investment in petrochemicals sector over next decade: Puri

He said India's per capita petrochemical consumption is far below developed nations, which offers opportunities of higher investment in the sector

No need for panic, enough available in world: Puri on impact of war on oil

India will be able to navigate through any oil supply shock that may result from the potential widening of the conflict in the Middle East, Oil Minister Hardeep Singh Puri said on Tuesday. International oil prices have flared to near USD 79 per barrel from about USD 70 per barrel in just over a week's time, as the market waited to see if Israel would retaliate against Iran for the October 1 missile attack. "There is no cause for panic," Puri said. "More than enough oil is available in the world." While India, the world's third largest oil importing and consuming nation, is more than 85 per cent dependent on imports to meet its crude oil needs, the situation is "manageable", he said. "There is no need for concern." "We are pretty confident we will be able to navigate as we had done in the past," he said. This is primarily because the market is awash with oil supplies and if some parties hold back production or there are supply issues, there are new suppliers in the market to fill i

10th oil, gas bidding round may offer 'no-go' areas: Oil ministry official

India is likely to offer areas classified as 'no-go' areas in the tenth round of bidding for exploring and producing oil and gas in early 2025, a top oil ministry official said on Thursday. Bids for 28 oil and gas blocks offered in the ninth Open Acreage Licensing Policy (OALP) round closes on September 21 and the 10th round is in works, the official, speaking on condition of anonymity, told reporters here. OALP-X round will happen after the Parliament approves in the ensuing winter session amendments to the Oilfields (Regulation and Development) Act (ORDA) of 1948 to expand definition of mineral oils to include any naturally occurring hydrocarbon, coal-bed methane and shale gas/oil. The amendment also replaces mining lease with petroleum lease and decriminalises certain offences. "We hope that the amendments will be approved in the winter session of Parliament (likely in November/December). The changes are expected to bring confidence for the potential bidders for OALP X exploratio

Price cut before Maha elections in question as global oil market volatile

International oil prices continue to be extremely volatile, falling on one day and rising thereafter, a top oil ministry official said explaining the reason behind no reduction in petrol and diesel prices despite softening in input cost, but could not say if the rates will be cut before Maharashtra elections. Global oil benchmark Brent crude futures fell below USD 70 per barrel last week -- the first time since December 2021 -- but gained thereafter. Brent was trading at USD 74.58 per barrel on Thursday while West Texas Intermediate advanced to trade at USD 71.71. A decline in price of crude oil -- which is converted into fuels like petrol and diesel at refineries -- had rekindled hopes for a reduction in petrol and diesel rates that have been on a freeze for over two years now barring a pre-election reduction earlier this year. "Oil prices continue to be volatile. They fell one day last week to below USD 70 but rose the day after," the official, speaking on condition of anonymity,

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 ...

Driving towards green horizons, OMCs unite for hydrogen road map

Fuelling the future: Oil ministry PSUs aim for 1 mt of green hydrogen by 2030

Parlous state of Indian refining segment threatens clean energy projects

Govt-run refiners may not be able to aggressively invest in clean energy projects as they stare at a rough road amid dwindling margins, volatile crude prices, shrinking discounts on Russian oil buys

BPCL divestment completely off the table, says Hardeep Singh Puri

Says OMCs can consider pump price cut if global prices stay at $75-80 per barrel

Govt relaxed about OPEC+ cutting oil output, says oil minister Puri

India's oil-buying spree comes as the Organization of Petroleum Exporting Countries and its allies, including Russia, are capping their production amid demand concerns

India's Russian oil import hits 12-mth low, long-term appetite intact

India's crude oil imports from Russia fell for a second straight month in January to its lowest in 12 months but the nation's insatiable appetite for Russian crude remains for the long term, according to data from energy cargo tracker and industry officials. Russia supplied 1.2 million barrels per day of crude oil to India in January, down from 1.32 million barrels in December and 1.62 million barrels in November 2023, according to data from energy cargo tracker Vortexa. Russia however continues to remain India's top oil supplier, accounting for a little less than a quarter of 4.91 million barrels a day of oil that the world's third largest energy consumer imported in January. The decline in cargoes from Russia was made up by increased sourcing from Iraq, which supplied 1.1 million barrels per day (bpd) in January, up from 985,000 bpd in the previous month. Supplies from Saudi Arabia declined to 659,000 bpd from 668,000 bpd in December. India is more than 85 per cent dependent on .

Interim Budget 2024-25: OilMin bats for retaining energy transition fund

Rs 30,000 cr was announced in last year's Budget but never disbursed

Govt launches 9th round of oil, gas blocks for bidding, ONGC wins big

In the ninth bid round, 28 blocks, with an area of approximately 136,000 square kilometres, are on offer for bidding

Fuel retailers hike ethanol procurement prices by Rs 6.87: Oil ministry

The new purchase price of 56.28 rupees per litre is aimed at boosting production of ethanol, which is used for blending with petrol

No takers for rupee payment for oil imports: Oil ministry in Parliament

India's push for rupee to be used to pay for import of crude oil has not found any takers as suppliers have expressed concern on repatriation of funds and high transactional costs, the oil ministry told a parliamentary standing committee. The default payment currency for all contracts for import of crude oil is US dollar as per the international trade practice. However, in a bid to internationalise the Indian currency, the Reserve Bank of India on July 11, 2022 allowed importers to pay with rupees and exporters be paid in rupee. While there has been some success with non-oil trade with a select few countries, rupee continues to be shunned by oil exporters. "During FY 2022-23, no crude oil imports by oil PSUs was settled in Indian rupee. Crude oil suppliers (including UAE's ADNOC) continue to express their concern on the repatriation of funds in the preferred currency and also highlighted high transactional costs associated with conversion of funds along with exchange fluctuation ...

Crude oil refining output rose 2.2% to 21.9 MMT in July: Oil Ministry

Domestic crude production rose 2.1 percent to 2.5 million metric tonnes

Govt evaluating option of building gas storage, says oil secretary

The modalities for building storage will be worked out after a feasibility study, he added

India eyes nationwide use of 1% of SAF for domestic airlines by 2025

India plans to mandate the use of 1% of sustainable aviation fuel (SAF) for domestic airlines by 2025, oil minister Hardeep Singh Puri said on Friday, in a bid to cut emissions from the sector

Oil Ministry panel proposes ban on 4-wheeler diesel vehicles by 2027

NEW DELHI (Reuters) - India should ban the use of diesel-powered four-wheeler vehicles by 2027 and switch to electric and gas-fuelled vehicles in cities with more than a million people and polluted towns in order to cut emissions, an oil ministry panel is recommending.