India's crude imports from Russia on the rise
The Dollar Business Bureau Due to massive oil production cuts being enforced by OPEC nations, major oil importing countries, especially India, are diversifying their supplier regions. India, for the first time in years, saw its Ural oil imports from Russia drastically surge, as a result of cuts in supplies from its two main oil suppliers – Saudi Arabia and Iraq. While India's crude imports from Russia have never crossed 500,000 tonnes annually, 2017 has already witnessed over 1 million tonnes of Ural import. ONGC, India's oil and gas major, keen on securing India's energy future, intends to invest over $3 billion in Iran's newly discovered Farzad-B natural gas field. Due to disagreements with Iran's authorities over the development rights to this gas field, India has slashed quantities of oil import from ...
Oil and gas exploration on 31 blocks auctioned in 2016 to begin
The Dollar Business Bureau The rights to 31 oil and gas exploration blocks comprising 44 small fields, which were auctioned under the Discovered Small Field (DSF) Bid Round 2016, have finally been approved by the government on February 15, 2017. The development of these new sites is expected to yield an additional 15,000 barrels of oil per day, contributing significantly to PM Modi's goal of reducing dependence on oil imports by 10% by 2022. Owing to this expansion, gas output is expected to increase by 2 million cubic meters per day. The revenue over the next 15 years from these sites has been pegged at Rs.46,000 crore, of which 9,600 crore will proceed to the government. The new fields have been awarded to a mix of new players like Sun Petrochemicals, Megha Engineering and Infrastructure, and established ...
Huge push required to meet FY2014-15 export target: FIEO
The Dollar Business Bureau The Federation of Indian Export Organisations (FIEO) has said that the decline in India’s exports reflect the contraction in demand in major and emerging markets, and the plunge in prices of crude oil, commodities and metals in the international market. According to the Ministry of Commerce, while India’s cumulative exports in April-December FY2014-15 stood at around $241.1 billion, which is up around 4% y/y, monthly exports continue to be low, reaching around $25.4 billion in December 2014, which is down about 3.77% y/y. The decline in exports partly offset reduction in imports which declined about 4.78% y/y to around $34.8 billion in December 2014. However, cumulative imports of around $351.2 billion during April – December ...
