Oil Industry

The partnership would follow a gain-sharing model based on recovery and production improvements, with the partner holding full ownership of the recovery enhancement projects, said Cairn Oil & Gas

India, a sovereign nation, is free to buy oil from sources it considers beneficial, the Kremlin said on Monday, while expressing confidence that New Delhi will stick to the policy of ensuring its economic interests. On August 6, the US imposed additional 25 per cent tariffs on India for its purchase of oil and petroleum products from Russia. At the end of August, US tariffs on imports of Indian goods and services were increased to 50 per cent. "India, being and remaining a sovereign nation, carries out foreign trade operations and purchases energy resources where it is beneficial for itself," the Kremlin spokesman, Dmitry Peskov, told reporters in the wake of last Friday's Summit talks between President Vladimir Putin and Prime Minister Narendra Modi in New Delhi. Speaking after his talks with Prime Minister Modi, the Russian leader assured that Moscow will remain India's reliable energy supplier. "And, as far as we understand, our Indian partners will continue this line to ensure

Sales of gasoline, or petrol, totalled 3.52 million tons, easing 4.1% from October but 2.6% higher than the same month last year

The company's first partnership with TotalEnergies would help exploration in deep-water and ultra-deep water blocks, an area where OIL lacks significant expertise, Rath said

Company's board of directors approves interim dividend of ₹7.5 per equity share for FY26

Reliance also agreed to follow EU guidelines on imports of refined oil products into Europe amid widening sanctions on Russian crude trade

India is guided solely by economics when sourcing oil and LNG rather than geopolitics, and the government does not interfere in decisions by state-oil companies, September data shows

IOC Chairman Arvinder Singh Sahney outlines growth roadmap, defends E20 fuel, and shares updates on refinery and green hydrogen projects

Loading of Russian oil for India in August nearly halved to 686,850 barrels per day from about 1.34 million bpd in July, according to LSEG trade flows

Fossil fuel companies are setting up digital oilfields to improve efficiency, cut costs, and enhance customer satisfaction amid focus on renewable energy­

The investment will expand the company's core operations in oil refining and fuel marketing, along with ventures in petrochemicals, natural gas, and renewable energy

The disruptions from Russia's invasion of Ukraine have created an extraordinary windfall for a select group of commodity traders-profits that far exceed anything their predecessors experienced

Fuel export to Europe is already on decline after record 2023

The government is set to compensate OMCs for ₹30,000 crore LPG losses through excise duty collections, easing subsidy burden without straining the expenditure budget

The government proposes mandatory registration for all vegetable oil producers under a new amendment to the Vegetable Oil Products, Production, and Availability Order of 2011

State-owned Oil and Natural Gas Corporation (ONGC) has made promising offshore oil and gas discoveries in the Mumbai Offshore basin that could help augment production in the near future. The discoveries have been made in blocks awarded under the Open Acreage Licensing Policy (OALP) regime, the state-owned firm said in its fourth-quarter earnings statement. The discoveries, which have been named Suryamani and Vajramani, were made in OALP-VI block MB-OSHP-2020/2 and OALP-III block MB-OSHP- 2018/1, both in the offshore Mumbai basin. Exploratory well MBS202HAA-1 on Block MB-OSHP-2020/2 flowed 2,235 barrels per day of oil and 45,181 million cubic metres a day of gas during testing done in the January-March quarter. "This is the first discovery in Basal Clastics in OALP Block MB-OSHP-2020/2. The success in well MBS202HAA-1 was notified as New Prospect Discovery and rechristened as 'Suryamani'," ONGC said. Subsequently, during the current quarter, a second zone was tested on the same wel

Petroleum Ministry officials say long-term solutions are needed as global LPG prices rise and subsidy burdens on OMCs become increasingly unsustainable

Falling expenses, inventory gains, relatively stable GRMs helped push up net profit

India attracted over USD 36 billion investment from nine NELP bid rounds held before 2014, and has so far yielded 177 oil and gas discoveries, according to a report commissioned by the Petroleum Ministry. Under the New Exploration Licensing Policy (NELP), blocks were awarded to bidders promising maximum exploration, allowing them to recover investments from oil and gas they discover and produce before sharing profits with the government. In 2016, this was replaced by a revenue-sharing model, where blocks go to firms offering the highest share of output to the government. The 254 blocks awarded in nine bid rounds of NELP between 1999 and 2010 attracted USD 17.6 billion investment in exploration that led to 67 oil discoveries and 110 gas finds, and another USD 18.64 billion in development of some of those discoveries. The 144 blocks awarded in eight big rounds of Open Acreage Licensing Policy (OALP) from 2018 to 2022 saw USD 1.37 billion investment in exploration, leading to 6 oil ..

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