Oil And Gas Exploration

ONGC, Shell Energy sign MoU to explore deepwater oil, gas and LNG in India

ONGC said its collaboration with Shell will focus on two key areas: upstream oil and gas, and LNG

BP India plans $3-4 bn upstream bets by 2030: Chairman Kartikeya Dube

Among global oil and gas majors, BP has one of the strongest upstream presences in India, with its portfolio spanning exploration, deepwater development and production

Govt to fund offshore oil and gas exploration to cut import dependence

India is embarking on what could be one of the world's first large-scale programmes to fund high-risk offshore oil and gas exploration directly from the national budget, wagering that the country's largely untapped deepwater reserves can help curb its growing dependence on imported crude and gas. The Union Cabinet last week approved the Rs 84,084-crore Samudra Manthan National Offshore Exploration Scheme, under which the government will fund half of the the cost of drilling a deepsea and ultra-deep water exploration well or Rs 650 crore, whichever is lower, directly from the budget, officials said. "This perhaps is the first time that any government in the world is funding risk exploration from the budget," an official said, adding that in all, 60 deepwater and ultra-deepwater exploration wells over the next five years will be funded from the budget. Besides underwriting part of the cost of drilling exploration wells, the government will part-fund common infrastructure, including ..

Upstream oil PSUs may see greater focus on exploration in evaluations

The oil ministry is considering increasing the weightage of exploration activities in the performance assessment of upstream oil PSUs to boost domestic hydrocarbon discoveries

West Asia conflict: Govt looks to tap deepwater oil amid Hormuz squeeze

Focus likely to be on collecting seismic data in unexplored blocks

Energy crisis: Govt offers 21 oil, gas blocks for exploration in OALP bid

Government launches OALP-XI offering 21 blocks across 80,228 sq km to fast-track exploration and strengthen energy security amid rising import dependence

Pact with TotalEnergies to aid deepwater exploration: OIL CMD Ranjit Rath

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

ONGC Q2 show misses estimates on higher costs; brokerages remain cautious

At 12:35 PM, ONGC shares were trading 1.66 per cent higher at ₹253.60 per share. By comparison, BSE Sensex was trading 0.82 per cent higher at 84,559.73 levels.

Mixed signals after ONGC Q1 nos; what's the best move for investors now?

On a standalone basis, ONGC's gross revenue dropped 9.3 per cent Y-o-Y to ₹32,003 crore, while net profit fell 10.2 per cent to ₹8,024 crore from ₹8,938 crore last year.

Environmentalists slam Trump admin's push for oil, gas drilling in Alaska

Top Trump administration officials fresh off touring one of the country's largest oil fields in the Alaska Arctic headlined an energy conference led by the state's Republican governor on Tuesday that environmentalists criticised as promoting new oil and gas drilling and turning away from the climate crisis. Several dozen protesters were outside Governor Mike Dunleavy's annual Alaska Sustainable Energy Conference in Anchorage, where US Interior Secretary Doug Burgum, Energy Secretary Chris Wright and Environmental Protection Agency Administrator Lee Zeldin were featured speakers. The federal officials were continuing a multiday trip aimed at highlighting President Donald Trump's push to expand oil and gas drilling, mining and logging in the state. The trip has included meetings with pro-drilling groups and officials, including some Alaska Native leaders on the petroleum-rich North Slope, and a visit to the Prudhoe Bay oil field near the Arctic Ocean that featured selfies near the ..

India Energy Week: Govt opens biggest oil & gas bidding round under OALP

19 large offshore blocks part of 25 on offer; India is keen to attract foreign bids this time

Biden to ban more offshore oil and gas drilling before Trump arrives

Biden is set within days to issue the executive order barring the sale of new drilling rights in portions of the country's outer continental shelf

Cairn becomes India's 1st oil & gas company to join UNEP's OGMP 2.0

Cairn Oil & Gas, part of Vedanta Group, has signed a memorandum of understanding with United Nations Environment Programme's flagship methane reporting and mitigation initiative - Oil & Gas Methane Partnership (OGMP) 2.0, making it the first oil and gas producer in India to commit to effective reduction of methane emissions. OGMP 2.0 established a comprehensive framework that includes best practices for emissions management and a robust reporting system. It emphasises accurate measurement, reporting, and verification (MRV) of methane emissions to drive reductions effectively. "Under this MoU, Cairn will establish a 5-year methane reduction target and transparently report its progress to OGMP. This would enable Cairn to analyse its emission profiles and utilise the data to mitigate emissions cost-effectively. With this partnership, Cairn reaffirms its commitment to accelerate its efforts towards becoming Net Zero Carbon by 2030," the company said in a statement. OGMP 2.0 covers

Chevron beats profit expectations in Q3 on higher oil, gas production

The company, whose proposed $53 billion takeover of Hess has been delayed due to a challenge by rivals Exxon Mobil and CNOOC Ltd, reported a profit of $4.53 billion

Centre grants in-principle approval to oil exploration in Assam's sanctuary

The Union environment ministry has granted in-principle approval to divert around 4.50 hectares of forest land in Assam, home to the endangered hoolock gibbon, for oil and gas exploration by a Vedanta Group company. Cairn Oil & Gas will carry out exploratory oil drilling in the ecosensitive zone of the Hoollongapar Gibbon Wildlife Sanctuary in Jorhat district, the sole habitat for India's only ape species. The ministry's Forest Advisory Committee approved the diversion of 4.49 hectares of forest land during a meeting on August 27, according to minutes published on the Parivesh portal. On August 8, Assam's principal chief conservator of forests (wildlife) and chief wildlife warden recommended the clearance, saying that the project served "national interest". The project site is located within the ecosensitive zone of the sanctuary, an area also used by wild elephants to move between the sanctuary and the Dessoi Valley Reserve Forest, the official noted. "Conservation and management

ONGC Videsh's focus on stakes in oil, gas assets amid energy transition

ONGC Videsh, the overseas investment arm of the country's top exploration company Oil and Natural Gas Corp has stake in 32 oil and gas projects in 15 countries

Shell plans scale back in oil, gas exploration division workforce: Report

The restructuring in the exploration and wells development and subsurface units will see hundreds of job cuts around the world

Oil, gas exploration offers $100 bn opportunity: Hardeep Singh Puri

Oil marketing companies in talks with Russia for long-term deal, say officials

Brokerages raise targets on RIL stock post Q4; check latest prices here

The bullish outlook stems from Reliance Jio's potential tariff hikes, given the competitive landscape, along with slow but steady improvement in the oil-to-chemical (O2C) vertical

ONGC Q3 results: Net profit shrinks 7.9% to Rs 10,748 cr as production dips

ONGC's total crude production dropped by 3.3 per cent to 5.21 million metric tonnes (MMT), down from 5.39 MMT in Q3 FY23