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Oil Fields
The government will hold pre-emption rights over all oil and natural gas produced in the country in any event of national emergency, according to draft rules being framed under a revamped oilfields legislation. A pre-emption right (or preemptive right) is the legal right of a party - often a government or existing shareholder - to purchase or claim a product, asset, or resource before it is offered to others. The inclusion of such rights over crude oil - extracted from underground or beneath the seabed and refined into fuels like petrol and diesel - as well as natural gas, which is used for power generation, fertilizer production, CNG for vehicles, and piped cooking gas, is intended to help the government prioritize national interests and ensure public welfare during emergencies. The producer of oil and natural gas will be paid a "fair market price prevailing at the time of pre-emption", the draft rules said. Ministry of Petroleum and Natural Gas has invited comments on draft rules
Ecuadorians voted against drilling for oil in a protected area of the Amazon, an important decision that will require the state oil company to end its operations in a region that's home to two uncontacted tribes and is a hotspot of biodiversity. Yasuni National Park is inhabited by the Tagaeri and Taromenani, who live in self-isolation. In 1989, it was designated a world biosphere reserve by the United Nations Educational, Scientific and Cultural Organization, also known as UNESCO. Encompassing a surface area of over 1 million hectares (2.5 million acres), it boasts 610 species of birds, 139 species of amphibians, and 121 species of reptiles. At least three species are endemic. With over 90 per cent of the ballots counted by early Monday, around six in 10 Ecuadorians rejected the oil exploration in Block 43, situated within Yasuni. The outcome represents a significant blow to Ecuadorian President Guillermo Lasso, who advocated for oil drilling, asserting that its revenues are cruci
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
Nigeria on Tuesday began drilling oil and natural gas in the country's northern region, anticipating a boost to the nation's finances even as the new energy supplies face the threat from theft and extremist activity. President Muhammadu Buhari flagged off the drilling within Kolmani oil field in northeast Gombe and Bauchi states, making it the first area where oil is being drilled outside the southern Niger Delta region. It has a reserve of up to 1 billion barrels of crude. The drilling began nearly three years after Nigeria announced the discovery of oil in commercial volume in the region, which is embroiled in a decadelong war against Islamic extremists. Analysts have raised questions about security measures to protect energy facilities there, while there are environmental concerns about tapping into more climate-changing fossil fuels. Crude oil has been critical in expanding infrastructure in the West African nation, accounting for 41% of total federal government revenue in 2021
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), has submitted an application to Russian authorities to retake a 20 per cent stake in the Sakhalin-1 oil and gas fields in the far east region of the country, the company said. Russian President Vladimir Putin last month disbanded Exxon Neftegaz - a regional subsidiary of US super major ExxonMobil - as operator of the Sakhalin-1 and transferred the project and all of its assets and equipment to a new operator. The other former foreign shareholders in the project - Japan's Sodeco consortium and ONGC Videsh - have to apply to the Russian government to regain their shareholdings in the project. "ONGC Videsh Board in its meeting held on October 18, 2022, has approved submission of its consent to claim the company's right in Sakhalin-1," ONGC said in its notes to a stock exchange filing on July-September quarter earnings. It "expects retention of its interest in the project and is not expecting any .