IOC to buy 1.9 mn barrels of US crude; first to buy Eagle Ford shale oil
The Dollar Business Bureau State-owned Oil Corporation Ltd (IOC) purchased 1.9 million barrels of crude from the US in its second tender to import oil from the US, which makes it the first Indian oil company to buy Eagle Ford shale oil, a senior official from the company revealed to the media on Friday. IOC, India’s largest commercial enterprise, purchased 950,000 barrels of light sweet Eagle Ford shale oil and the same quantity of heavy sour Mars crude from trading company Trafigura, for delivery at October end, A.K. Sharma, Finance Director, IOC, told a leading international news agency. The recent purchase by IOC comes after an earlier import tender where the refiner purchased 400,000 barrels of Western Canadian Select and 1.6 million barrels ...
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 ...
Pradhan starts roadshow to sell 46 oil & gas blocks
The Dollar Business Bureau Starting the first roadshow to auction the 46 discovered small gas and oil fields, Dharmendra Pradhan, Minister for Petroleum and Natural Gas on Monday said that he is confident of receiving good response for blocks that are being auctioned with minimum conditionalities. Pradhan promised transparent regulations and better ease of doing business in the allocation of the blocks. “The present auction, as well as the newly declared Hydrocarbon Exploration and Licensing Policy (HELP), are both noteworthy improvements over the former New Exploration Licensing Policy (NELP) regime,” he added. “The purpose to shift from NELP to HELP is to make administrative and fiscal systems that are simpler and more transparent,” the minister said.As these blocks have no criteria for ...
Ties with Russian oil firm to fuel Indias energy sector
The Dollar Business Bureau Rosneft, Oil India and Indian Oil Corporation (IOC) vow for their long term partnership in developing one of the largest greenfields of East Siberia Russian oil major Rosneft has signed agreements with Indian oil and gas majors ONGC Videsh, Oil India, and Indian Oil Cooperation (IOC) to jointly undertake oil exploration and hydrocarbons production activities. The fresh deals that came after Prime Minister Narendra Modi’s visit to Moscow are expected to strengthen India’s position in the energy sector with the engagement of its public sector units in oil exploration overseas. Rosneft has entered into an agreement with Oil and Natural Gas Corporation Limited (ONGC) Videsh to carry out geologic survey, exploration and production of hydrocarbons activities. ...
