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Oil minister Hardeep Singh Puri, on several occasions, has firmly expressed confidence in India making a “Guyana-like” discovery in Andaman waters, and therefore altering the country’s oil and
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According to the International Energy Agency, the world is entering an era of cheaper energy prices, with growing electricity use leading to a surplus of oil and gas.
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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.
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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
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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.
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Increased US LNG supplies would be a big positive for India as the country sells the cheapest gas in the international market.
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Domestic refiners have diversified their crude oil sourcing and are now buying from more countries than before, to secure supplies. India is currently purchasing crude oil from 40 countries, compared to only 27 nations supplying in 2007.
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The repo rate signals a supportive approach toward sustaining economic growth, said Pankaj Kalra, CEO of Essar Oil and Gas Exploration and Production Limited.
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The industry remains hopeful for any comments by the finance minister on the long-standing demand on the GST front, and is also looking for the government's position on green energy.
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To meet their emission reduction targets, the companies are committing large investments towards energy transition particularly in the renewable space
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Market participants are finding value in oil and gas pack, led by ONGC, which posted a drop in quarterly net profit. Experts are citing government's windfall tax on petroleum crude as the reason behind ONGC's lower bottomline.
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As economic activities ramp up and geopolitical dynamics shift, the demand for energy remains robust. In this evolving scenario, increase in natural gas in India’s energy mix to 15 percent is inevitable in achieving a greener future.
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MD & CEO of Indian Gas Exchange (IGX) Rajesh Mediratta said the budget should include reforms to support consumption of natural gas, specifically, piped natural gas (PNG).
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To boost gas consumption in industrial and domestic sectors, the industry suggested that LNG imports should be exempted from payment of customs duty to provide relief to gas-based industries and domestic consumers.
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In June, India consumed 5,594 MMSCM (million metric standard cubic metre) of natural gas, which was 7.1 percent higher than the previous year. Meanwhile, India’s gas consumption rose 3.8 percent in the current financial year till June 2024.
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The minister also highlighted that, as of now, 10 percent of the country’s sedimentary blocks are under exploration. Following the completion of the 10th Open Acreage Licensing Program (OALP) round, 16 percent would come under exploration, Puri said
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Industry players also expect announcements encouraging investments in petrochemicals and oil exploration.
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Hardeep Singh Puri was first appointed as Minister of Petroleum and Natural Gas in 2021. In Modi’s second-term Puri also held the position of Minister for Housing and Urban Affairs.
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India’s oil imports jumped by seven percent in the month from last year while the average Indian basket crude price also rose in April, according to the monthly report by Petroleum Planning & Analysis Cell (PPAC).
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Net Sales are expected to decrease by 0.7 percent Y-o-Y (down 0.7 percent Q-o-Q) to Rs. 390 crore, according to Prabhudas Lilladher.
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Net Sales are expected to decrease by 10.5 percent Y-o-Y (down 8.5 percent Q-o-Q) to Rs. 1,05,710 crore, according to Prabhudas Lilladher.
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ONGC reported a decline of 3.3 percent in crude oil production in the third quarter of FY24, while a 4.3 percent decline in gas output. The company cited various reasons for the decline in production including natural decline from mature fields.
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Petronet LNG MD & CEO AK Singh said inclusion of natural gas under GST would substantially improve the utilisation of natural gas across the country
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Oil and gas industry players expect that the focus of the upcoming budget would be on energy transition and towards achieving net-zero emissions targets for oil PSUs.
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The government opened 28 blocks in the ninth OALP round for international competitive bidding on January 3. The blocks are spread across eight sedimentary basins – nine on-land, eight shallow water and 11 ultra-deep-water.
