Page 4 - Oil Production

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

Solar power investment set to surpass oil production spending this year

The growth in clean energy spending is driven by technologies including solar panels and electric vehicles that are key to cutting dependence on the use of oil, coal and natural gas

Oil producers urge govt to declare Rajasthan as 'mustard state' on India

Oil producers have urged the government to declare Rajasthan as a mustard state as it accounts for 40-45 per cent of the country's production of the oilseed, an industry official said on Saturday. The president of Mustard Oil Producers Association of India (MOPA), Babu Lal Data told reporters here that the body under the aegis of the Central Organization for Oil Industry and Trade (COOIT) is organising a seminar here to discuss various issues of the edible oil industry. "We have been repeatedly urging the government to declare Rajasthan as a mustard state. About 40-45 per cent of the country's mustard output is contributed by Rajasthan. It is such a crop which requires the least amount of water for growth," Data said. The 43rd edition of the two-day All India Rabi Oilseeds seminar began in Jaipur on Saturday.

Oil falls in early trade after data points to jump in US crude stocks

Brent crude futures lost 20 cents to $85.38 per barrel by 0111 GMT, while US West Texas Intermediate (WTI) crude futures shed 19 cents to $78.87

Oil major TotalEnergies doubles annual profit in 2022 to $36 billion

France's TotalEnergies SE doubled its profits in 2022, joining other international oil and gas companies in fattening their bottom lines as high energy prices surged after Russia's invasion of Ukraine. Adjusted net income rose to USD 36.2 billion, up from USD 18.1 billion in 2021, the company said Wednesday. Earnings benefited from robust refinery use that let the company capture high profits for turning crude into other fuel products. The figures looked different under international accounting rules that included write-offs on Total's assets in Russia, where doing business has been severely complicated by Western sanctions over the war. Under IFRS accounting standards, net profit was USD 20.5 billion, lower than the adjusted profit figure because it included USD 15 billion in write-offs on its Russian businesses. Big oil company profits have led to calls for governments to tax more of those gains as households and businesses face higher utility bills. Energy giants Shell, BP and

OPEC+ should get due recognition for constructive role: Secretary General

The main message from the OPEC+ panel that met last Wednesday was that the group would stay the course until the end of the agreement in 2023

ONGC to ramp up exploration for oil, gas; looks for collaborations

India's top oil and gas producer ONGC is pivoting a four-pronged strategy of ramping up exploration efforts, quickly bringing discovered resources to production, raising recovery from existing fields and increasing collaborations with experts to reverse years of decline in output, its new chairman Arun Kumar Singh said. Oil and Natural Gas Corporation (ONGC) is keen to induct internationally renowned exploration firms as strategic partners in difficult areas such as deepsea and bring-in experts who can help raise productivity from ageing and mature fields such as prime Mumbai High, Singh told PTI in an interview here. ONGC, which contributes around 71 per cent to India's domestic production, has reported a gradual decline in output for over a decade now primarily because its fields are old and ageing. It produced 21.707 million tonnes of crude oil, which is refined to produce petroleum products like petrol and diesel, and 21.68 billion cubic meter (bcm) of natural gas, which is used

Oil's new map: How India turns Russian crude into fuel for the West

The Asian nation's importance is expected to expand after fresh European Union sanctions on Russian petroleum exports take effect Sunday

India's electric vehicle dawn fans expectations fuel demand may peak early

The faster-than-anticipated industry growth means India's gasoline consumption will peak sooner than previously thought, some analysts and industry participants say

Oil prices set for second week of gains on brighter China outlook

Brent futures for March delivery gained 26 cents, or 0.3%, to $86.42 a barrel by 0655 GMT, while U.S. crude advanced 43 cents to $80.76 per barrel, a 0.5% gain

Oil mixed amid weak China economic data, sustained hopes for 2023

Brent crude futures had risen 16 cents, or 0.2%, to $84.62 by 0414 GMT, recouping some of the 1% loss of the previous session

Oil rises on China demand optimism, Russian supply concerns amid sanctions

Brent crude rose 50 cents, or 0.6%, to $83.17 per barrel by 0135 GMT, while U.S. West Texas Intermediate crude also rose 50 cents, or 0.7%, to $77.91 per barrel