Page 4 - Oil Production

Opec expects to reclaim share of Indian imports eroded by Russian supplies

The share of oil from the Organization of the Petroleum Exporting Countries (OPEC) imported by India declined from about 65% in 2022 to 50% last year, according to industry data

OPEC+ member countries agree to extend voluntary cuts to Q2: Report

OPEC+ in November agreed to voluntary cuts totalling about 2.2 million barrels per day (bpd) for the first quarter, led by Saudi Arabia rolling over its own voluntary cut

Kia recalls 4,358 units of Seltos to replace electronic oil pump controller

Kia India on Friday said it is voluntarily recalling 4,358 units of a petrol variant of its mid-sized sports utility vehicle Seltos to replace the electronic oil pump controller. The company is recalling Smartstream G1.5 Petrol Seltos with IVT transmission, manufactured between February 28 and July 13, 2023, the South Korean automaker said in a statement. The recall has been prompted by a potential error in the electronic oil pump controller, which may impact the performance of the electronic oil pump in the specified transmission variant, it added. The company said it has informed the Ministry of Road Transport & Highways (MoRTH) about the voluntary recall initiative. Since the safety of car owners is a top priority, the company is proactively replacing the electronic oil pump controller in the affected units for a seamless ownership experience, the statement said. The automaker will directly reach out to the owners of the vehicles concerned to update them about the voluntary ...

Oil prices up 2% on Gaza ceasefire rejection, US fuel stocks data

The Brent benchmark breached $80 a barrel for the first time since Feb. 1 as it extended into a fourth straight session of gains

Vedanta chairman Anil Agarwal outlines $4 bn plan to double oil production

Mining conglomerate Vedanta Ltd will invest USD 4 billion over the next three years to double oil production, its chairman Anil Agarwal said on Tuesday as he pushed ahead with an aggressive oil and gas expansion programme. Vedanta, which more than a decade back acquired Scottish explorer Cairn Energy's (now Capricorn Energy) India assets, is targeting 300,000 barrels per day (15 million tonnes a year) oil output in 3 years from aggressive exploration campaign, he said on the sidelines of the India Energy Week (IEW) here. The company is pushing ahead with the investment undeterred by concerns around debt levels at parent Vedanta Resources. "India is the best place to be in right now. It has the resources as well as the market," he said. "But unfortunately we (as a country) produce just 15 per cent of our need and the rest is imported." Agarwal said his company currently produces around 140,000 barrels per day of oil and oil equivalent gas and has a promising acreage in northeast and

India's Russian oil import hits 12-mth low, long-term appetite intact

India's crude oil imports from Russia fell for a second straight month in January to its lowest in 12 months but the nation's insatiable appetite for Russian crude remains for the long term, according to data from energy cargo tracker and industry officials. Russia supplied 1.2 million barrels per day of crude oil to India in January, down from 1.32 million barrels in December and 1.62 million barrels in November 2023, according to data from energy cargo tracker Vortexa. Russia however continues to remain India's top oil supplier, accounting for a little less than a quarter of 4.91 million barrels a day of oil that the world's third largest energy consumer imported in January. The decline in cargoes from Russia was made up by increased sourcing from Iraq, which supplied 1.1 million barrels per day (bpd) in January, up from 985,000 bpd in the previous month. Supplies from Saudi Arabia declined to 659,000 bpd from 668,000 bpd in December. India is more than 85 per cent dependent on .

Energy boost: ONGC, IOC, other oil PSUs to invest Rs 1.2 trn in FY25

ONGC, IOC and other oil PSUs will invest about Rs 1.2 lakh crore in the coming fiscal starting April 1 in oil and gas exploration, refineries, petrochemicals and laying pipelines to meet the needs of the world's fastest-growing energy consuming nation. The investment proposed in 2024-25 is 5 per cent higher than Rs 1.12 lakh crore spent by the state-owned oil firms in the current fiscal year that ends on March 31, according to Budget 2024-25 documents. Oil and Natural Gas Corp (ONGC) has a planned capital spending of Rs 30,800 crore in the next financial year. This expenditure in finding new reserves of oil and gas and bringing to production discoveries it has already made, is slightly higher than Rs 30,500 crore capex in 2023-24 fiscal (April 2023 to March 2024). It is developing discoveries on both east and west coasts of the country. The top oil producer's overseas arm, ONGC Videsh Ltd (OVL) will invest 68 per cent more at Rs 5,580 crore in 2024-25 in oil and gas operations abro

Domestic oil imports from Russia hit 12-month low in Jan as sanctions bite

Last year, India emerged as a top buyer of sea-borne Russian oil sold at a discount after Western countries halted imports following Moscow's invasion of Ukraine

Aramco says it will not increase maximum daily production on state orders

Saudi Arabia's oil giant Saudi Aramco said on Tuesday it will not try to increase its maximum daily oil production to 13 million barrels a day after receiving an order from the country's Energy Ministry. The firm, known formally as the Saudi Arabian Oil Co., said it would maintain its maximum output at 12 million barrels a day. It did not give a reason for the decision. However, crude oil prices globally have fallen over recent months as demand has been soft. Benchmark Brent crude traded Tuesday around USD 81 a barrel. Aramco reported earning USD 161 billion last year, claiming the highest-ever recorded annual profit by a publicly listed company and drawing immediate criticism from activists worried about climate change.

Opec+ unlikely to decide oil policy on February 1, will wait several weeks

Oil prices have found support from more positive sentiment about demand this week and rising geopolitical tensions from attacks by the Iran-aligned Houthi group on Red Sea shipping

Oil industry in 2024: Varied outcomes expected across value chain

The correction in tanker rates in owing to easing of Covid-related supply chain constraints, however the recent attacks on cargo ships in the Red Sea remains a monitorable

ONGC to start commercial oil production from KG block in May 2024: Minister

State-controlled Oil and Natural Gas Corporation (ONGC) will in May next year start commercial production of crude oil from its much-delayed flagship deepsea project in Krishna Godavari basin, the Rajya Sabha was informed on Monday. In a written reply to a question, Minister of State for Petroleum and Natural Gas Rameswar Teli said ONGC's KG basin project, KG-DWN-98/2, is in "challenging geology". Delays have occurred due to multiple challenges and issues in actual project implementation such as subsurface geological issues, shifting of well locations and surface facilities/processing platform, delays and disruption in project supply chain for vendors spread across multiple countries due to Covid-19 pandemic and challenging weather conditions. The KG-DWN-98/2 or KG-D5 block, which sits next to Reliance Industries' KG-D6 block in the KG basin, has a number of discoveries that have been clubbed into clusters. Located 35 kilometres off the coast of Andhra Pradesh in water depths rangin

Crude oil refining output rose less than 1% in October to 20.6 MMT

Of this, government-owned oil companies and joint ventures processed 14.3 MMT, while private refiners processed 6.2 MMT of crude oil, the data showed

Oil advances above $81 a barrel as Opec+ likely to go for deeper cuts

With inventories swelling in the US and timespreads signaling weaker conditions, hedge funds have slashed their bets on oil to the least bullish in 20 weeks

Castrol India Q3 results: Net profit rises 4% at Rs 194 cr on steady demand

Rainfall in September made up for a deficit in the first half of the quarter, according to analysts, leading to a recovery in rural demand, particularly in sectors such as two-wheelers

Time to 'phase up' on oil production

As the demand for petroleum products drives on relentlessly, imports surged to 230 mt, leaving us vulnerable to vagaries of global uncertainties

OPEC raises oil demand view in long term, says $14 trn of investment needed

Another decade or more of rising consumption would be a boost for OPEC, whose 13 members depend on oil income

Ageing wells, govt pricing, tax policies hamper crude oil production

Production has been falling consistently over years

Reliance suspends Sikka port's diesel, oil products exports due to cyclone

Reliance said in a letter sent to traders that it had declared a force majeure on exports from Sikka due to the storm, which weather forecasters say could hit India's western state of Gujarat

Saudi prince MBS warned US of economic pain amid oil feud last year: Report

After Biden said it would impose penalties on Saudi Arabia for slashing oil production, MBS allegedly said he would not deal with the US anymore