Page 3 - Oil Production

ONGC makes promising oil, gas discoveries in Mumbai offshore basin

State-owned Oil and Natural Gas Corporation (ONGC) has made promising offshore oil and gas discoveries in the Mumbai Offshore basin that could help augment production in the near future. The discoveries have been made in blocks awarded under the Open Acreage Licensing Policy (OALP) regime, the state-owned firm said in its fourth-quarter earnings statement. The discoveries, which have been named Suryamani and Vajramani, were made in OALP-VI block MB-OSHP-2020/2 and OALP-III block MB-OSHP- 2018/1, both in the offshore Mumbai basin. Exploratory well MBS202HAA-1 on Block MB-OSHP-2020/2 flowed 2,235 barrels per day of oil and 45,181 million cubic metres a day of gas during testing done in the January-March quarter. "This is the first discovery in Basal Clastics in OALP Block MB-OSHP-2020/2. The success in well MBS202HAA-1 was notified as New Prospect Discovery and rechristened as 'Suryamani'," ONGC said. Subsequently, during the current quarter, a second zone was tested on the same wel

Opec+ agrees to accelerate oil output hike for June despite weak demand

Oil prices fell to a four-year low in April below $60 per barrel after Opec+announced a bigger-than-expected production boost for May

BPCL Q4 results: Consolidated net profit down 8.3% to ₹4,392 crore

Gross refining margins in FY25 were $6.82 per barrel, less than half of FY24's $14.14 per barrel

Crude oil to remain range-bound at $65-$58, may gain from China's support

Crude prices have had the most volatile week in four years as the prices tumbled over 20 per cent in 4 trading sessions amidst the trade war turmoil

Oil gains on supply concerns from Iran sanctions, strong refining margins

Iran is the third-largest producer in the Organization of the Petroleum Exporting Countries, pumping 3.2 million barrels per day in January, according to a Reuters survey of OPEC output

China's oil demand fading faster than expected, posing risks for producers

Combine domestic refinery processing with net exports of gasoline, diesel and the like, and the consumption of petroleum is about 300,000 daily barrels lower than in 2023

India's fraying Gulf oil ties get a fillip on US' sanctions on Russia

State-run refiners plan to renew or enhance optional volumes under existing contracts, struck on a fiscal basis, despite higher sourcing costs

ONGC joins hands with BP to boost oil and gas production in largest field

The field reached a peak production level of 471,000 barrels per day of oil in March 1985, and its output had declined to about 134,000 bpd in April 2024, according to the tender document floated

Oil dips on demand concerns, focus on US Fed interest rate decision

Brent crude futures eased 32 cents to $73.59 a barrel at 0949 GMT, while US West Texas Intermediate crude was down 44 cents at $70.27 a barrel

Extension of production cuts by Opec+ won't impact India: Govt officials

Earliest reversal of production cuts pushed back to March 2025 on Thursday

Global oil market to calm on more oil production in West, says Puri

India, the world's third largest oil consuming and importing nation, is hoping that more oil production coming from the western countries like the US and Canada will calm the markets and bring stability in prices, Petroleum Minister Hardeep Singh Puri said Thursday. Speaking at CII's 12th PSE Summit here, Puri said countries in the western hemisphere are adding more production which may influence oil producers cartel OPEC to also raise output to earn more while the era of fossil fuel lasts. Volatile oil prices upset economies reliant on imports for meeting their needs as they not just have to spend extra on buying the fuel but also import inflation that impacts purchasing powers of their people. "Today more production is coming on the global market from the Western Hemisphere. Brazil, Guyana, Canada and the US are adding more production... with more and more oil coming, one expects as a result that the market situation will calm," he said. This would also at some stage lead to ...

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

Fuel demand falls 1.6% in Sep, consumption at 17.92 mn metric tonnes

Consumption of fuel, a proxy for oil demand, totalled 17.92 million metric tons in September versus 18.41 million metric tons in August, the data showed

COP hosts aim for 33% increase in combined oil and gas production by 2035

Azerbaijan, the UAE, and Brazil -- the past, current, and next hosts of the UN climate conference -- are set to increase their combined oil and gas production by 33 per cent by 2035, contradicting their commitments to lead global efforts for stronger climate action, according to a new analysis. The analysis, compiled by the US-based research and advocacy group Oil Change International using industry data, shows that the UAE and Brazil are on track to increase production by 37 per cent and 38 per cent, respectively, by 2035. Azerbaijan, which will host COP29 in Baku in November, is projected to see a four per cent rise in production. At the last UN climate summit in Dubai in November-December 2023, leaders made a historic commitment to transition away from fossil fuels, triple renewable energy capacity and double energy efficiency by 2030. Oil Change International said that the ongoing expansion of oil and gas investments undermines these commitments. Earlier this week, the ...

US Gulf of Mexico oil firms begin hurricane damage checks, ports reopen

The storm likely disrupted about 1.5 million barrels of Gulf of Mexico production, analysts at UBS estimated, and will reduce the region's monthly oil production by 50,000 bpd

Opec+ discusses to delay planned oil output hike amid low prices: Report

Last week, the group looked set to proceed with a 180,000 barrel per day (bpd) hike in October, but market volatility and a weak demand outlook have raised concern

Savings for Indian refiners from Russian crude decline to a third

Indian refiners saved $8-10 billion from April 2022 to June 2024 - enough to cover half the fertiliser subsidy bill

ONGC opens well in Bay of Bengal's KG basin to increase oil production

State-owned Oil and Natural Gas Corporation (ONGC) on Sunday said it has opened another well on its flagship deep-sea project in Krishna Godavari basin in Bay of Bengal, which will help augment production of crude oil and natural gas. In January this year, ONGC had started producing oil, which is converted into fuels like petrol and diesel in refineries, from the KG-DWN-98/2 or KG-D5 block. "On August 24, 2024, ONGC marked a significant milestone by starting production from its fifth oil well in the Block KG-DWN-98/2 Cluster-2 asset," the firm said in a stock exchange filing on Sunday. "Leveraging the floating production, storage, and offloading (FPSO) vessel, ONGC has begun transporting and sale of associated gas, all the while underscoring its commitment to achieving zero gas flaring." It, however, did not state how much the new well was producing. With this, ONGC also successfully commissioned its gas export line from the offshore-to-onshore terminal. "Earlier in January, oil

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

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

Reliance Industries' subsidiary Ethane plans over $500 mn offshore loan

In 2016, Reliance Ethane had raised a loan of $572 million with a 12-year tenor to purchase six new ethane carriers