Oil Production

Sam Algar, speaking at the CERAWeek energy conference in Houston, said deepwater opportunities will allow the company to easily reach that goal, while also calling for additional partnerships.

ONGC picks BP arm to help ramp up Mumbai High production, sees 60% more output

While ONGC is focusing on 'unlocking the potential' of new hydrocarbon resources, it is also looking at 'enhancing' recovery from mature fields like Mumbai High, which remains a top priority for increasing domestic production.

Chart of the Day: OPEC production cuts and its diminishing impact on oil prices

The effectiveness of these cuts seems to be diminishing, as reflected in market indifference towards recent announcements

ONGC plans to ‘aggressively’ bid for oil blocks: Director-Exploration

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.

PM Modi hails commencement of oil production from ONGC project in Krishna Godavari basin

The Oil and Natural Gas Corporation (ONGC) on Monday said it has started oil production from its flagship deep-sea project in Krishna Godavari basin in Bay of Bengal, which will help reverse years of decline in output.

Oil prices steady ahead of OPEC+ oil production decision

Trading remained subdued during Thursday’s Thanksgiving holiday in the United States.

ONGC expects oil commencement from KG basin by Nov; plans OPaL restructuring

The company expects oil production from KG basin to reach peak of 45,000 barrels per day (bpd) by financial year 2024-2025. Additionally, gas production from the basin is expected to reach 10 million metric standard cubic metre per day by FY25

State-owned oil producers may report higher production in coming quarters: Analysts

State-owned Oil and Natural Gas Corporation reported a 2.1 percent decline in crude oil production in the second quarter at 5.2 MMT and a 2.8 percent reduction in natural gas output.

Saudi Arabia prolong 1 million barrel oil output cut for 3 months

The move by Saudi Arabia will hold output at about 9 million barrels a day, the lowest level in several years.

BP CEO calls for more oil and gas investment while prioritising energy transition

Emission levels have risen since the Paris conference on climate change in 2015, despite global efforts, he said, and highlighted that maintaining a methodical approach to the energy transition is essential

Oil prices steady as rate hikes expected, supply tight

The benchmarks rose 1.5% and 2.2% respectively last week, their fourth straight of week of gains, as supply is expected to tighten following OPEC+ cuts.

Domestic crude oil production remained steady at 2.4 MMT in June: Oil Ministry

Oil and Natural Gas Corporation (ONGC) produced 1.59 MMT while Oil India Limited (OIL) and private sector producers produced 0.27 MMT and 0.56 MMT, respectively in June.

Oil slides more than 1% as Chinese GDP dents demand hopes

China’s gross domestic product (GDP) grew 6.3% year-on-year in the second quarter, compared with analyst forecasts of 7.3%, with its post-pandemic recovery faltering rapidly owing to weakening demand at home and abroad.

Crude oil prices may rise as Saudi output cuts kick in but remain range-bound: Experts

Lacklustre demand from China, high inflation globally, and recession fears in several countries of Europe have resulted in a decline in crude oil prices

Russia to extend oil production cuts until end of June

"In accordance with the current market situation, the decision to voluntarily reduce production by 500,000 barrels per day will be applicable until June 2023 inclusive," deputy prime minister in charge of energy issues Alexander Novak was cited as saying by Russian news agencies.

KG basin to drive ONGC’s production growth in 2023, say analysts

The oil giant announced that its offshore drilling rig ‘Sagar Samrat’ was commissioned as a Mobile Offshore Production Unit (MOPU) on 23 December 2022.

Oil prices rise after OPEC+ keeps output steady, Russian price cap imposed

Brent crude futures were last up $1.51, or 1.8%, to $87.08 a barrel at 0945 GMT, while WTI crude futures gained $1.40, also 1.8%, to $81.38 a barrel.

UAE brings forward oil production capacity expansion to 2027

The United Arab Emirates' hydrocarbon reserves increased by 2 billion stock tank barrels (STB) of mostly Murban-grade crude and 1 trillion standard cubic feet (TSCF)of natural gas in 2022, the state oil firm said in a statement.

Vedanta says will double Barmer production if India withdraws additional 10% levy on revenue

The Supreme Court gives the government six weeks time to rethink its decision to impose an additional 10 percent levy on Vedanta's revenue from its Barmer oil fields.

OPEC has sovereign right to decide on oil production, says Minister Hardeep Singh Puri

During an interaction with a group of Indian reporters, he said that India as one of the major consumers of oil and gas also has a major say in the global oil market.

In Pics | OPEC+ cuts oil production; here are possible economic, geopolitical impacts

On October 5, OPEC and its allies (a group often referred to as OPEC+) decided to reduce production by 2 million barrels per day. The production cuts will start in November. Here's how it may impact economic, geopolitical environment

HOEC begins oil production, gas sales from Mumbai offshore wells

The company has begun gas sales to Gujarat State Petroleum Corporation (GSPC) from ONGC’s gas processing terminal at Hazira.

ONGC sees oil production rising 11%, gas jumping 25% by FY25

After additional discoveries in the western and eastern offshore began producing, ONGC claimed its crude oil production would grow 11% and natural gas output will jump 25%, reversing a downward trend in recent years.

India ends FY22 with 2.6% drop in oil production

Crude oil production at 29.69 million tonnes in 2021-22 (April 2020 to March 2022) was 2.63 per cent lower than the 30.5 million tonnes output a year back and 11.67 per cent below the target of 33.61 million tonnes, according to official data released by the oil ministry.

Venezuela could add 400,000 bpd to oil output if US approves licenses

The increase would allow the OPEC member's oil production, which in January averaged 755,000 bpd according to official figures, approach some 1.2 million bpd