India’s oil imports hit record high in January

Source: LiveMint.com, Feb 16, 2018

New Delhi: India imported a record 4.93 million barrels of oil per day (bpd) in January to feed its expanded refining capacity and meet rising demand, ship tracking data obtained from sources and data compiled by Thomson Reuters Oil Research & Forecasts showed.

The world’s third-biggest oil importer shipped in 13.6% more oil in January than a year earlier and about 12.5% more than the previous month, the data showed.

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India’s oil consumption grows at fastest pace in 14 months

download (2).jpgSource: LiveMint.com, Feb 12, 2018

Mumbai: Oil demand in India rose 10.3% in January 2018, the fourth straight monthly gain.

Total oil consumption expanded at the fastest pace in 14 months to 16.9 million tonnes from 15.3 million tonnes a year ago, according to the oil ministry’s petroleum planning and analysis cell. Improvement in road freight transport following the stabilization of the new nationwide sales tax and growing use of cars and scooters boosted the consumption.

The growth in demand came over a low base as in January last year the nation’s oil consumption fell the most in 13 years following the government’s crackdown on high-value currency notes.

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ONGC gets govt nod to sell stake in IOC, GAIL to fund HPCL acquisition

download (2).jpgSource: Business Standard, Jan 23, 2018

New Delhi: State-owned Oil and Natural Gas Corp (ONGC) has got approval from the government for selling its stake in IOC and GAIL to help fund the Rs 369.15 billion acquisition of HPCL.

ONGC holds 13.77 per cent stake in nation’s biggest refiner Indian Oil Corp (IOC), which at today’s trading price is worth over Rs 262 billion. It also holds 4.86 per cent stake in gas utility GAIL India Ltd, which is worth over Rs 38.47 billion.Top sources with direct knowledge of the issue said the government gave ONGC nod to sell its shareholding in IOC and GAIL earlier this month but the company is waiting for the right price to offload the shares. Read the rest of this entry »

India to auction 55 oil and gas exploration blocks

Source: The Economic Times, Jan 17, 2018

NEW DELHI: India will begin the auction of 55 oil and gas exploration blocks from Thursday under new rules, the country’s first licensing round after eight years, as it seeks to unlock its vast hydrocarbon resources, the upstream regulator said.

The world’s third biggest oil importer last year eased rules and allowed companies to carve out areas where they want to drill to attract greater interest and quickly monetise as much as 220 billion barrels of oil and gas resources.

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Iraq replaces Saudi Arabia as India’s lead oil supplier

Source: The Economic Times, Dec 18, 2017

Iraq has overtaken Saudi Arabia for the first time to become India’s top crude oil supplier in the current fiscal, helped by sales of discounted heavy crude, Oil Minister Dharmendra Pradhan said today.

Saudi Arabia traditionally has been India’s top oil source but in the April-October period of 2017-18, Iraq dethroned it, supplying 25.8 million tonnes (MT) of oil.

In a written reply to a question in the Lok Sabha, Pradhan said Saudi Arabia supplied 21.9 MT of crude oil in the first seven months of 2017-18. Read the rest of this entry »

State oil firms planning aggressive push on natural gas as next big thing

Source: Business Standard, Nov 17, 2017

Mumbai/New Delhi: India’s state oil refiners are planning an aggressive push into natural gas in coming years to meet Prime Minister Narendra Modi’s goal of making the fuel a bigger part of the country’s energy mix.

State-owned oil companies – Indian Oil, Bharat Petroleum and Hindustan Petroleum – are planning to raise gas contributions to between 5 and 15 percent of their incomes over the next few years, up from nearly none now, company executives said.This in line with a government target to raise the natural gas portion of India’s primary energy mix to 15 per cent by 2030, up from 6.5 percent now, to help meet climate targets and rein in rampant pollution.

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HOEC to produce oil from Mumbai field by 2021, invest $43 million

Source: Financial Express, Nov 14, 2017

Hindustan Oil Exploration Co Ltd (HOEC) has submitted a USD 43-million development plan to bring to production the Mumbai offshore oil field it had won in the first discovered field auction in March. HOEC is the first company out of the 31 that signed contracts for the fields won in the auction in March, to have submitted a field development plan (FDP). “We have submitted to the Directorate General of Hydrocarbon (DGH) an FDP for B-80 block that envisages production of 5,000 barrels of oil and 15 million standard cubic feet per day of gas by 2020-21,” HOEC CEO P Elango told PTI. The B-80 block, which lies in the vicinity of state-owned Oil and Natural Gas Corporation’s (ONGC) giant oil and gas fields in Mumbai offshore, is estimated to hold inplace reserves of 40 million barrels of oil and 26 billion cubic feet of gas. Elango said the plan envisages drilling two new offshore wells and installing a Mobile Offshore Process Unit (MOPU).

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