BUSINESS
ONGC seeks foreign partnership to ramp up output from KG block
State-run Oil and Natural Gas Corporation (ONGC) is currently producing 35,000 barrels per day (bpd) of crude oil from its deep-water block in Krishna Godavari block, lower than peak targets of 45,000 bpd. The company is now looking for technical partners to boost output.
BUSINESS
Robust domestic demand, Urals’ attractive pricing pump up Russian oil flow to India in April: Kpler
The oil imports from Saudi Arabia and Iraq—India’s traditional suppliers—have also been strong in April as domestic demand remains strong on account of pre-summer logistical build-up, peak agricultural activity and elevated industrial output.
BUSINESS
Why fuel price cut looks unlikely despite crude trading below $70
India’s oil marketing companies (OMCs) might not be able to cut prices, despite sliding crude prices, as high LPG under-recovery, inventory losses and weak gross refining margins (GRMs) weigh on the firms’ margins.
BUSINESS
MC Exclusive: Suzlon Energy, Inox jump as Govt proposes mandatory manufacturing of wind turbines in India
The Ministry of New and Renewable energy has proposed that foreign wind turbine manufacturers should manufacture blade, tower, gearbox and generator in India. The proposal has been floated for comments.
BUSINESS
Above-normal monsoon to favour India’s farm output, rain distribution key monitorable: Experts
Experts have cautioned over the rain distribution and timeliness of the monsoons, warning against the erratic nature of the weather recently, adversely affecting India’s agriculture sector.
BUSINESS
ONGC bags maximum blocks under OALP-IX; Vedanta, Oil India big winners
Under the OALP-IX round, the government had offered a total of 28 blocks, covering 1.37 lakh sq km area. Among the blocks offered, nine were onland blocks, eight were shallow water blocks and 11 were ultra-deep water blocks.
BUSINESS
CNG, PNG prices may go up as government mulls cutting APM gas allocation
City gas distribution companies, including Indraprastha Gas and Mahanagar Gas, would have to review prices of CNG used by vehicles and domestic Piped Natural Gas due to allocation cuts in cheaper APM gas
BUSINESS
Sinking oil prices to reduce India’s import bill, moderate inflationary pressure: Experts
Lower crude oil prices would give state-run oil marketing companies the headroom to cut retail fuel prices, left unchanged despite sinking oil prices. The OMCs have cited high volatility in crude oil prices in keeping pump prices unchanged.
BUSINESS
BPCL to buy more oil from other countries as Trump threatens tariffs on Russian crude
BPCL sources around 30 percent of its crude imports from Russia, which could now see a decline
BUSINESS
Mahanagar Gas may have to increase CNG prices, says MD Ashu Shinghal
On April 1, the government hiked the price of cheaper APM gas by 4 percent, or $0.25 per mmBtu. APM gas is sold at cheaper price to CGD players in the country to ensure essential services such as domestic PNG and CNG.
BUSINESS
Higher tariff on competitors to shield India’s farm exports to US: Experts
US President Donald Trump slapped a 10 percent baseline tariff on all countries, imposing higher duties of 26 percent on India. However, the US also imposed duties of 46 percent on Vietnam, 36 percent on Thailand and 29 percent on Pakistan.
BUSINESS
Oil tumbles over 2% as Trump's sweeping tariffs expected to weigh on demand
The benchmark Brent was trading at $73.13 a barrel, 2.43 percent (or $1.82) lower than the previous day’s close
BUSINESS
Trump’s sanctions on Russian oil could lead to global inflation; India diversifying supply sources
Amid geopolitical crises and rapidly evolving global trade dynamics, India has been expanding its oil import portfolio to secure supplies as it is a net-importer of crude oil. The country depends on imports for over 85 percent of its total crude requirements, with around 30 percent sourced from Russia.
BUSINESS
India loaded up more Russian oil in March as Biden era sanctions fail to curb supply
The higher offtake of Russian oil by India also comes at a time when the US President Trump has threatened to levy secondary sanctions on Russian oil buyers, if Moscow fails to end war in Ukraine.
BUSINESS
Govt panel to propose 2G ethanol pricing formula by April as NRL gears up to commission bamboo-based bio-refinery
India is about to receive its first 2G ethanol produced from bamboo at the state-run Numaligarh Refinery Ltd's bio-refinery plant in Assam. The plant would begin commercial production by the end of 2025.
BUSINESS
India can grant more market access to some US farm goods to blunt any reciprocal tariff impact: Ashok Gulati
India had a trade surplus in agriculture of $3.46 billion in 2023. Key exports to the US included frozen shrimp and prawns, basmati and non-basmati rice, vegetable saps and extracts, natural honey, and processed food products.
BUDGET
Govt to soon clear compensation for OMCs’ LPG losses
A meeting of the Expenditure Finance Committee was held on March 21 to discuss the compensation framework for OMCs, which have suffered significant financial strain due to high international LPG prices.
BUDGET
India’s crude oil production slumps 5.1% in Feb; import bill shoots up
India’s crude oil imports rose by 4.7 percent during February, increasing the reliance on imports to 89.4 percent in the month. The net oil and gas import bill in February rose to $9.7 billion, much higher than import bill of $9.4 billion last year.
BUSINESS
Cairn Oil & Gas to expedite exploration in northeast; area seen as ‘next hub’: CFO
Hitesh Vaid said the company has already drilled a few wells in its Assam block and remains bullish about the region as a whole becoming the next hub for Cairn Oil & Gas.
BUSINESS
Lok Sabha passes Oilfields Amendment Bill 2024 to encourage investment in E&P projects
The bill proposes to introduce ‘petroleum lease’ to separate oil and gas exploration projects from mining, in an effort to resolve complexities around land and environmental clearances, which has often resulted in project delays
BUSINESS
Russian oil exports to China surpass exports to India in a first since December 2023
In the first 10 days of March, Russian crude oil loadings for India were at around 590 thousand barrels per day (bpd), lower than 1.14 million bpd to China, showed data from commodity market analytics firm Kpler. However, Russian oil loadings for India could pick up later in the month.
BUSINESS
Deep Dive: Oil India seeks foreign collaboration for deepwater exploration, says CMD
The approval of the Oilfields (Regulation and Development) Amendment Bill, 2024—aimed at facilitating investments in the country’s oil and gas exploration projects—would be an enabler for IOCs to look at India as an exploration destination, said chairman and managing director Ranjit Rath.
BUSINESS
Production boost: Oil India aims record oil output of 4 MMT for FY26 to meet domestic demand
The company will drill over 70 wells, the highest ever in a year for the company, in the coming fiscal. OIL will also deploy advanced technologies to augment production at existing wells, said chairman and managing director Ranjit Rath.
BUSINESS
Oil India plans 10% higher capex for FY26 at Rs 7,500 crore amid efforts to ramp up production
The higher spending in the coming financial year is to enhance the production capability of Oil India to meet India's rising energy demand and to improve company’s storage facilities.
