Oil Fields

Drones strike three oil fields in northern Iraq's Kurdistan region

Two drones attacked the DNO ASA-operated Peshkabir field around 6am local time, the Directorate General of Counter Terrorism in Kurdistan said in a statement

Govt to hold pre-emption right over oil, gas in emergency: Draft rules

The government will hold pre-emption rights over all oil and natural gas produced in the country in any event of national emergency, according to draft rules being framed under a revamped oilfields legislation. A pre-emption right (or preemptive right) is the legal right of a party - often a government or existing shareholder - to purchase or claim a product, asset, or resource before it is offered to others. The inclusion of such rights over crude oil - extracted from underground or beneath the seabed and refined into fuels like petrol and diesel - as well as natural gas, which is used for power generation, fertilizer production, CNG for vehicles, and piped cooking gas, is intended to help the government prioritize national interests and ensure public welfare during emergencies. The producer of oil and natural gas will be paid a "fair market price prevailing at the time of pre-emption", the draft rules said. Ministry of Petroleum and Natural Gas has invited comments on draft rules

London-based BP wins ONGC contract to boost Mumbai High production

As Technical services provider, BP has promised to raise output by 60% at India's largest oilfield

Modified policy to revive ageing oilfields expected to be out in 2025

Policy may stop sliding production at older fields pumping out the majority of domestic oil

Ecuadorians reject oil drilling in the Amazon, ending ops in protected area

Ecuadorians voted against drilling for oil in a protected area of the Amazon, an important decision that will require the state oil company to end its operations in a region that's home to two uncontacted tribes and is a hotspot of biodiversity. Yasuni National Park is inhabited by the Tagaeri and Taromenani, who live in self-isolation. In 1989, it was designated a world biosphere reserve by the United Nations Educational, Scientific and Cultural Organization, also known as UNESCO. Encompassing a surface area of over 1 million hectares (2.5 million acres), it boasts 610 species of birds, 139 species of amphibians, and 121 species of reptiles. At least three species are endemic. With over 90 per cent of the ballots counted by early Monday, around six in 10 Ecuadorians rejected the oil exploration in Block 43, situated within Yasuni. The outcome represents a significant blow to Ecuadorian President Guillermo Lasso, who advocated for oil drilling, asserting that its revenues are cruci

ONGC to get dividend from Russian field; repatriation of income an issue

PSUs have found it challenging to repatriate their dividend incomes from some other Russian oil and gas fields as well, thanks to the Western sanctions

As Biden weighs Willow, he blocks oil drilling in Alaska and Arctic Ocean

President Joe Biden will prevent or limit oil drilling in 16 million acres in Alaska and the Arctic Ocean, an administration official said on Sunday. The announcement, which is expected as soon as Sunday evening, comes as regulators prepare to announce a final decision on the Willow project, a controversial oil drilling plan pushed by ConocoPhillips. The official requested anonymity to discuss the conservation effort before it is officially unveiled. The plan has two parts. First, the official said, Biden will bar drilling in nearly 3 million acres of the Arctic Ocean, closing off the rest of its federal waters from oil exploration. Second, the administration will develop new rules for more than 13 million acres in a vast swath of land known as the National Petroleum Reserve - Alaska. The official said the area includes the Teshekpuk Lake, Utukok Uplands, Colville River, Kasegaluk Lagoon and Peard Bay Special Areas. It's unclear whether the announcement will mollify environmentali

Nigeria drills for oil in new field as theft and extremism erode earnings

Nigeria on Tuesday began drilling oil and natural gas in the country's northern region, anticipating a boost to the nation's finances even as the new energy supplies face the threat from theft and extremist activity. President Muhammadu Buhari flagged off the drilling within Kolmani oil field in northeast Gombe and Bauchi states, making it the first area where oil is being drilled outside the southern Niger Delta region. It has a reserve of up to 1 billion barrels of crude. The drilling began nearly three years after Nigeria announced the discovery of oil in commercial volume in the region, which is embroiled in a decadelong war against Islamic extremists. Analysts have raised questions about security measures to protect energy facilities there, while there are environmental concerns about tapping into more climate-changing fossil fuels. Crude oil has been critical in expanding infrastructure in the West African nation, accounting for 41% of total federal government revenue in 2021

ONGC Videsh set to retake its 20% stake in Russia's Sakhalin-1 oil fields

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), has submitted an application to Russian authorities to retake a 20 per cent stake in the Sakhalin-1 oil and gas fields in the far east region of the country, the company said. Russian President Vladimir Putin last month disbanded Exxon Neftegaz - a regional subsidiary of US super major ExxonMobil - as operator of the Sakhalin-1 and transferred the project and all of its assets and equipment to a new operator. The other former foreign shareholders in the project - Japan's Sodeco consortium and ONGC Videsh - have to apply to the Russian government to regain their shareholdings in the project. "ONGC Videsh Board in its meeting held on October 18, 2022, has approved submission of its consent to claim the company's right in Sakhalin-1," ONGC said in its notes to a stock exchange filing on July-September quarter earnings. It "expects retention of its interest in the project and is not expecting any .

In meeting on Russia's Far East, India to focus on expanding oil footprint

PM Modi to address by video four-day meeting of Eastern Economic Forum in Vladivostok

Despite windfall tax, ONGC, Oil India's earnings look positive for FY23

With diverse revenue streams RIL is less impacted, while oil marketing companies have seen earnings downgrades amidst volatility in oil prices

Assam Khagorijan oil field resumes operations after nearly 15 yrs

After almost 15 years, state-owned Oil India Limited's (OIL) Khagorijan oil field in eastern Assam's Dibrugarh started operation on Saturday

ONGC applies for mining license to discover oil fields in Samastipur, Buxar

Oil and Natural Gas Corporation (ONGC), citing possibility of crude oil fields in Buxar and Samastipur districts of Bihar, has applied for the petroleum exploration license before the state government

Libya's oil company says production resumed at largest field after 3 days

The closure of the two fields caused Libya's daily oil production to drop by 330,000 barrels, the NOC said

ONGC exploring purchase of woodside stake in Senegal oil field

State-owned ONGC is discussing acquiring an interest of 20% to 40% in the field, the people said, asking not to be identified as the matter is private

Discovered small fields: Govt may extend bank guarantee relaxation

Officials in the know say this re­laxation was given during the first wave of the Covid-19 pandemic

Trump administration readies oil bidding in Arctic wildlife refuge Alaska

Trump administration will open bidding on drilling leases in Arctic wildlife refuge in Alaska despite tepid interest from the oil and gas industry and a pledge from Biden to protect the region

Newbies bid for small oil fields only to get bogged down in red-tape

Entrepreneurs bid for discovered small fields, only to find gaps between promise and experience

Battle over oil field picks up; HC freezes HOEC's assets in interim order

Hardy Exploration & Production over PY-3 offshore field wins a round in legal fight

Covid hits two of ONGC's most lucrative fields, 54 test positive, one dies

Stops operations at two rigs in Mumbai High and Bassein