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Oil Industry
The oil and gas industry has sought abolition or a review of the oil industry development (OID) cess on crude oil produced from nomination and pre-NELP exploration blocks in the FY27 Union Budget, citing adverse impact on domestic production and project viability. OID cess, levied under the Oil Industries (Development) Act, 1974, was converted from a specific rate to an ad-valorem levy of 20 per cent from March 1, 2016, following a sharp fall in global crude prices. While the shift to an ad-valorem structure was intended to provide relief, oil and gas industry association Federation of Indian Petroleum Industry (FIPI) in a representation for FY27 Budget to the finance ministry said the 20 per cent rate has proved excessive, noting that historically the cess has ranged 8-10 per cent of crude prices. The cess applies only to crude produced from nomination and pre-New Exploration Licensing Policy (NELP) blocks, many of which are mature and in decline, requiring higher investment to ...
President Donald Trump is meeting with oil executives at the White House on Friday in hopes of securing USD 100 billion in investments to revive Venezuela's ability to fully tap into its expansive reserves of petroleum a plan that rides on their comfort in making commitments in a country plagued by instability, inflation and uncertainty. Since the US military raid to capture former Venezuelan leader Nicols Maduro on Saturday, Trump has quickly pivoted to portraying the move as a newfound economic opportunity for the US, seizing three tankers carrying Venezuelan oil, saying the US is taking over the sales of 30 million to 50 million barrels of previously sanctioned Venezuelan oil and will be controlling sales worldwide indefinitely. It's also part of a broader push by Trump to keep gasoline prices low. At a time when many Americans are concerned about affordability, the incursion in Venezuela melds Trump's assertive use of presidential powers with an optical spectacle meant to ...
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
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