Oil & Gas year-ender: Petroleum sector set for a major fillip in 2017

Oil & Gas year-ender: Petroleum sector set for a major fillip in 2017

The Indian oil and gas petroleum sector is set for a major fillip in the new year with the government in advanced stages of awarding oil and gas blocks under the new Hydrocarbon Exploration and Licensing Policy (HELP). The upcoming launch of the national sedimentary data repository will provide the new exploration policy an additional thrust and help ramp up output.

“We expect to auction oil and gas blocks in a few basins next year under the HELP regime. The national repository data will also be functional by next year,” a senior oil ministry official told ETEnergyWorld.

A major highlight of the year gone by was the commissioning of India’s largest public sector refinery – Paradip in Odisha set up by state-run refiner Indian Oil Corp (IOC) – at a cost of Rs 34,555 crore in January 2016. The mega refinery is currently operating at 65 percent capacity and is expected to work at an excess of 90 percent capacity utilization beginning 2017, according to IOC. Read More…

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