As a leading energy consumer, India is looking to upgrade its relationship with producing countries to a strategic one, instead of mere buyer-seller, Petroleum Minister Dharmendra Pradhan said on Monday.
After the Centre taking a hit of Rs 26,000 crore by cutting excise duty on oil, Finance Minister Arun Jaitley today nudged states to cut sales tax or VAT on petrol and diesel to provide further relief to consumers from high fuel prices.
The recent gas price increase will improve the profitability of gas production operations of Oil India and ONGC, India Ratings said, while also benefiting transporter GAIL.
Strong oil demand growth in emerging economies led by China and India but also from Europe is drawing down oil stockpiles faster than expected, putting the global market firmly on track to rebalance, senior industry executives said on Tuesday.
Indian oil companies could acquire up to 20% of an oilfield belonging to the Abu Dhabi National Oil Company (ADNOC), Utpal Bora, chief managing director of Oil India Limited, said on Thursday.
India and Kazakhstan on Wednesday discussed expanding cooperation in hydrocarbons and nuclear energy sectors, as well as expanding the International North-South Transport Corridor by linking it to the Kazakhstan-Turkmenistan-Iran rail link, an official statement said here on Wednesday.
The latest discovery of India’s largest oil explorer, Oil and Natural GasBSE 1.57 % Corp , to the west of its Mumbai High offshore fields is estimated to hold in-place reserves of about 20 million tonnes, sources with knowledge of the matter said.
India will offer larger areas with higher oil and natural gas reserves in the next auction of discovered fields later this year as Prime Minister Narendra Modi’s government seeks to curtail rising crude oil imports.
India imported 335,400 barrels per day (bpd) oil from Iran in August, the lowest level since February 2016, posting a fall of about 42 percent from a year ago, according to ship tracking data obtained from industry sources and data compiled by Thomson Reuters Oil Research & Forecasts.
The strong demand for oil products will continue and may stay above 5 per cent in the medium term, driven by demand for three key items – petrol, diesel and cooking gas, said a report.