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A joint venture of Shell, Reliance Industries Ltd and ONGC has successfully completed India's first offshore facilities decommissioning project with the safe removal of installations on the mid and south Tapti gas field in the Arabian Sea, the firms said on Monday. Once a field stops producing oil and gas, the facilities that were erected to bring out hydrocarbons from below ground or under seabed, have to be safely removed - a process called decommissioning. The Tapti field, lying 160 km north-west of Mumbai, stopped producing in 2016. Certain facilities at the mid and south Tapti fields, known as the Tapti Part A Facilities were handed over to state-owned ONGC while the remaining facilities, which included 38 wells, 5 wellhead platforms and four pipelines, known as Tapti Part B Facilities were abandoned by the joint venture. In 2017, the joint venture started preparing to decommission the Tapti field, where Shell owned 30 per cent interest, Oil and Natural Gas Corporation (ONGC) .
India-based Atlantic Navigation OPC Private Limited was slapped with American sanctions on Thursday on charges of trade of Iranian petroleum and petrochemicals. The United States imposed sanctions on Thursday on four entities and three vessels involved in the trade of Iranian petroleum and petrochemicals, which generate billions of dollars' worth of revenue for the Iranian regime, the Department of Treasury said. "Iran continues to rely on its shadowy network of vessels, companies and facilitators to finance the development of its nuclear programme, the proliferation of its weapons systems and support to its proxies," said Acting Under Secretary for Terrorism and Financial Intelligence Bradley T Smith. Simultaneously, the Department of State also imposed sanctions on four entities engaged in the Iranian petroleum trade and identified six vessels as blocked property. Iran's oil exports are enabled by a network of illicit shipping facilitators in multiple jurisdictions who, through ..
Trinamool Congress leader Derek O'Brien on Monday questioned why petrol prices in India are not decreasing despite a decline in global crude oil prices. In a post on X, the Rajya Sabha MP said the crude oil prices have come down by around 24 per cent in last ten years, but petrol price in India has gone up by 30 per cent. In August 2014, crude oil was priced USD 102 per barrel and petrol price was Rs 73, while in August 2024, crude oil is at USD 78 per barrel, and yet petrol price is Rs 95, he said. "Why are petrol prices in India not decreasing despite a decline in global crude oil prices?" wrote O'Brien, TMC's parliamentary party leader in the Rajya Sabha. "In the last 10 years, crude oil price down by nearly 24 percent, but petrol price in India increased by 30 percent," he said. "Windfall profits of oil companies are not being passed on to consumers," the TMC leader added. Petrol, diesel prices in India were last revised ahead of the general election in March when it was redu
A substantial deposit of petroleum and natural gas has been discovered in Pakistan's territorial waters, a cache so large its exploitation could change the country's destiny, according to a media report. A three-year survey was undertaken in collaboration with a friendly country to verify the presence of the oil and gas reserves, DawnNewsTV quoted a senior security official as saying on Friday. The geographic survey has allowed Pakistan to identify the location of the deposits, and the relevant departments have informed the government of the resources found in Pakistani waters. Terming it an effort to benefit from what he called the blue water economy', the official said that proposals for bidding and exploration were being studied, meaning that the exploration work can be started in the near future. However, he said the work of digging wells and actually getting oil out could take several years. But the blue water economy' can yield more than just oil and gas; there are several o