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Union Petroleum Minister Hardeep Singh Puri on Tuesday denied that India was under any pressure to stop buying Russian oil. Indian refiners would purchase crude from suppliers offering the most competitive prices as the country prioritises energy security amid global market uncertainties, he said. India was not particularly buying Russian oil at present, but the decisions in this regard were guided by commercial considerations rather than pressure from any country, he added. "I have never any felt pressure," Puri said during an interaction at the 29th Energy Technology and Innovation Meet which began here on Tuesday. "At the point of negotiation, whoever is supplying a particular grade, we will buy from them. Prices come down sometimes," he said. The minister's remarks come amid international scrutiny of India's purchases of Russian crude, and Western efforts to curb Moscow's oil revenues following Russia's invasion of Ukraine. Referring to the restrictions imposed on two Russia
Petrol blended with 20 per cent ethanol (E20) can reduce fuel economy by 3-5 per cent in some vehicles, the Oil Ministry said on Friday, but argued the impact is outweighed by benefits, including a higher octane rating, superior anti-knock characteristics, faster combustion, better pickup, smoother acceleration, cleaner engine operation, and lower lifecycle carbon emissions. In a detailed question-and-answer document issued to counter criticism of the Ethanol Blended Petrol Programme, the Ministry of Petroleum and Natural Gas said E20 was a "cleaner, higher-quality and more efficient fuel" than E10 or pure petrol and had been rolled out only after years of scientific testing, consultations with automobile manufacturers and the expansion of domestic ethanol production. The ministry rejected concerns that the programme had been implemented too quickly, saying India's ethanol blending initiative dates back to pilot projects launched in 2001, with 5 per cent blending introduced in parts
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 ..
The government will now allocate natural gas to CNG and piped cooking gas retailers two quarters in advance to give city gas companies greater clarity, the Oil Ministry said Friday. With city gas retailers like Indraprastha Gas Ltd, Mahanagar Gas Ltd and Adani-Total Gas Ltd reporting pressures on margins after the allocation of cheaper administered price or APM gas to them was cut without giving enough advance notice, the ministry decided to tweak the allocation policy. "From Q1 (first quarter) of FY 2025-26 (April 2025 to March 2026 financial year), domestic natural gas allocations for CNG (Transport) and piped natural gas (domestic household cooking gas) segments will be done on a two-quarter advance basis," the ministry said in a statement. Besides the lower-priced APM gas produced from old fields given on a nomination basis, the allocation will also now include gas from new wells drilled on the nomination fields of state-owned Oil and Natural Gas Corporation (ONGC) and Oil India