Oil Ministry

BEE revises fuel-efficiency norms, gives relief to small cars for 1st time

BEE revises draft CAFE-3 and CAFE-4 norms, granting small cars special CO₂ relief and retaining incentives for strong hybrids, while adding discounts for flex-fuel vehicles

GST hike on E&P: Govt chalking out plan to compensate upstream oil firms

The oil ministry is considering a scheme to compensate upstream companies for higher costs after GST on E&P services rose to 18 per cent, raising concerns of stranded taxes

India's August fuel demand declines to 11-month low, shows govt data

India is the world's third-largest consumer and importer of oil. The data is a proxy for the country's oil demand

No challenge in using E20 fuel in E10-compliant cars: Renault India

Issuing clarifications on the queries raised by customers related to the use of E20 fuel in vehicles tested and certified for E10, the company said it conducted 'rigorous' durability tests

High levels of Russian crude imports may not last forever, says govt

The ministry was commenting on a recommendation by the panel on imports of crude oil from Russia according to the report of the panel tabled in Parliament today

Govt plans to bring oil firms' private pipelines under PNGRB oversight

Oil ministry plans to amend the Petroleum and Natural Gas Regulatory Board Act to bring oil firms' captive pipelines under regulatory oversight, enabling third-party access & uniform safety standards

India drew $36 bn investment from pre-2014 NELP bid rounds: Oil ministry

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 ..

Govt tweaks city gas policy, moves to advance quarterly allocations

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

Govt to pursue $2.81 bn demand from RIL, partners till the end: Puri

The ministry raised the demand recently following the Delhi High Court's decision in the matter last month

Reliance says oil ministry raised $2.81 bn demand in ONGC gas dispute case

Reliance Industries says the petroleum ministry has raised a $2.81 billion demand over a gas migration dispute linked to KG-D6, following a Delhi High Court ruling in the government's favour

India calls for 'energy transition', sees role of fossil fuels in near term

Calling for a nuanced understanding on 'energy transition', India on Tuesday said the shift from polluting fossil fuels to cleaner sources should be just where affordable energy is available to meet needs of developing nations. Speaking at the inaugural session of India Energy Week, Oil Minister Hardeep Singh Puri said energy transition "is not outright replacement (of any fuel) but more shifting the primacy of one energy source over another." Developing nations like India meet most of the energy demand from fossil fuels such as coal, oil and natural gas. While there is a call to shift from the polluting sources to renewables, India feels that move cannot be abrupt, with oil and gas as well as coal continuing to meet energy demand in the period when the cleaner sources are scaled up. "The very notion of 'energy transition' requires a nuanced understanding. It is not outright replacement, but more shifting the primacy of one energy source over another," he said. "The transition isn'

Oil buyers, producers dialogue needed for market stability: Hardeep Puri

He said technological changes such as green hydrogen and the transition to cleaner energy will change the global oil demand landscape in five years

Union Minister Puri assures no crude oil shortage, ample refining capacity

Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Tuesday said there is no shortage of crude oil in the world and enough refining capacity in the country to meet the domestic requirements. Referring to geopolitical tensions in the Middle East, the minister said it was his personal assessment that things will calm down, noting that it is in everybody's interest not to allow exaggeration to take place because everyone suffers. "There is no shortage of crude oil in the world," said Puri while replying to a question on the sidelines of an event regarding 'Rozgar Mela' here. "Prior to all these developments, the total amount of crude, which was produced in the world, was close to 105 million barrels a day. OPEC+, a group of producing countries, voluntarily cut about 5 million barrels (a day). "If you talk to them, they will say they do not deal with prices but if you limit the quantity which comes into the market, then you are obviously affecting prices. It came down to 97

Eyeing $87 bn investment in petrochemicals sector over next decade: Puri

He said India's per capita petrochemical consumption is far below developed nations, which offers opportunities of higher investment in the sector

No need for panic, enough available in world: Puri on impact of war on oil

India will be able to navigate through any oil supply shock that may result from the potential widening of the conflict in the Middle East, Oil Minister Hardeep Singh Puri said on Tuesday. International oil prices have flared to near USD 79 per barrel from about USD 70 per barrel in just over a week's time, as the market waited to see if Israel would retaliate against Iran for the October 1 missile attack. "There is no cause for panic," Puri said. "More than enough oil is available in the world." While India, the world's third largest oil importing and consuming nation, is more than 85 per cent dependent on imports to meet its crude oil needs, the situation is "manageable", he said. "There is no need for concern." "We are pretty confident we will be able to navigate as we had done in the past," he said. This is primarily because the market is awash with oil supplies and if some parties hold back production or there are supply issues, there are new suppliers in the market to fill i

10th oil, gas bidding round may offer 'no-go' areas: Oil ministry official

India is likely to offer areas classified as 'no-go' areas in the tenth round of bidding for exploring and producing oil and gas in early 2025, a top oil ministry official said on Thursday. Bids for 28 oil and gas blocks offered in the ninth Open Acreage Licensing Policy (OALP) round closes on September 21 and the 10th round is in works, the official, speaking on condition of anonymity, told reporters here. OALP-X round will happen after the Parliament approves in the ensuing winter session amendments to the Oilfields (Regulation and Development) Act (ORDA) of 1948 to expand definition of mineral oils to include any naturally occurring hydrocarbon, coal-bed methane and shale gas/oil. The amendment also replaces mining lease with petroleum lease and decriminalises certain offences. "We hope that the amendments will be approved in the winter session of Parliament (likely in November/December). The changes are expected to bring confidence for the potential bidders for OALP X exploratio

Price cut before Maha elections in question as global oil market volatile

International oil prices continue to be extremely volatile, falling on one day and rising thereafter, a top oil ministry official said explaining the reason behind no reduction in petrol and diesel prices despite softening in input cost, but could not say if the rates will be cut before Maharashtra elections. Global oil benchmark Brent crude futures fell below USD 70 per barrel last week -- the first time since December 2021 -- but gained thereafter. Brent was trading at USD 74.58 per barrel on Thursday while West Texas Intermediate advanced to trade at USD 71.71. A decline in price of crude oil -- which is converted into fuels like petrol and diesel at refineries -- had rekindled hopes for a reduction in petrol and diesel rates that have been on a freeze for over two years now barring a pre-election reduction earlier this year. "Oil prices continue to be volatile. They fell one day last week to below USD 70 but rose the day after," the official, speaking on condition of anonymity,

India's oil, gas exploration offers $100 bn opportunity, says Oil Min Puri

Oil Minister Hardeep Singh Puri on Thursday called for stepping up oil and gas hunt to cut India's reliance on imports and making available fuel at an affordable and sustainable way. Speaking at the Urja Varta conference, he said the exploration and production (E&P) sector is integral in the journey towards energy self-sufficiency, which is critical for sustained economic growth. "E&P offers investment opportunities worth USD 100 billion by 2030," he said. Stating that India's exploration and production potential still lies untapped, he said, "I find it strange that India is so heavily reliant on oil imports despite the abundant geological resources available to us." The Indian sedimentary basins hold about 651.8 million tonnes of crude oil and 1138.6 billion cubic meters of natural gas, he said. Puri said only 10 per cent of our sedimentary basin area is under exploration, which will rise to 16 per cent by 2024-end after the current bid ends. "The focus of our exploratory ...

Driving towards green horizons, OMCs unite for hydrogen road map

Fuelling the future: Oil ministry PSUs aim for 1 mt of green hydrogen by 2030

Parlous state of Indian refining segment threatens clean energy projects

Govt-run refiners may not be able to aggressively invest in clean energy projects as they stare at a rough road amid dwindling margins, volatile crude prices, shrinking discounts on Russian oil buys