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The Economic Times

Changed oil market may help India extract better deals from suppliers

India's fuel consumption is rising while global demand weakens, affecting next year's crude purchase negotiations. The govt plans to pass benefits of a new oilfield law to winners of the ninth exploration licensing round. The volatile market may delay state-run companies from reducing consumer prices.

The Economic Times

10th oil, gas block bidding round in 2025 on liberalised terms: Oil Ministry official

India plans to offer previously restricted 'no-go' areas for oil and gas exploration in the tenth round of bidding in early 2025. This follows expected amendments to the Oilfields Act, which will expand the definition of mineral oils and decriminalize certain offences, aiming to boost domestic production.

The Economic Times

India plans oil, gas exploration licensing round in early 2025, source says

India plans to launch a new oil and gas exploration licensing round early next year, a source from the oil ministry said.

Business Standard

India set to kick off its first offshore mineral auction: Mines Secretary

He encouraged the industry to study the exploration reports of these blocks and bring in interested domestic and international players

Mint

Oil India’s Assam refinery expansion on course, exports unaffected by Bangladesh crisis

The political crisis in Bangladesh has not disrupted fuel supplies from Oil India's Numaligarh refinery or its expansion plans for the Assam facility. That apart, Oil India said it is on course to expedite its exploration initiatives.

The Economic Times

Oil India to commence drilling in Andaman offshores as part of exploration efforts

Oil India Limited is set to begin drilling in Andaman and Nicobar offshore waters, aiming for stability in oil prices to aid exploration. The company saw significant growth in oil and gas production last year and plans to achieve ambitious targets while committing to Net Zero by 2040.

The Economic Times

Centre grants in-principle approval to oil and gas exploration in Assam's hoolock gibbon sanctuary

The Union environment ministry has approved the diversion of 4.50 hectares of forest land in Assam for oil and gas exploration by Vedanta Group's Cairn Oil & Gas. The project, located in the ecosensitive zone of Hoollongapar Gibbon Wildlife Sanctuary, aims to balance development with wildlife conservation efforts.

The Economic Times

Abu Dhabi gives onshore block production license to India's IOC-BPCL JV

Abu Dhabi has granted oil and gas production rights for an onshore block to a joint venture of Indian state-run refiners Bharat Petroleum Corp Ltd and Indian Oil Corp. The rights were awarded to Urja Bharat Pte Ltd, following successful exploration efforts in Onshore Block 1 since 2019.

Business Standard

BPCL's joint venture with IOC wins production concession in Abu Dhabi

BPCL added that during the exploration phase, the company invested nearly $164 million

The Economic Times

NCLAT suspends insolvency resolution process against Essar Oil and Gas Exploration & Production

The National Company Law Appellate Tribunal (NCLAT) has suspended the order of the lower tribunal that admitted Essar Oil and Gas Exploration & Production Ltd under the Corporate Insolvency Resolution Process. The appellate tribunal observed that the Section 9 application was used as a recovery mechanism, which is not permissible under the IBC.

The Economic Times

UAE, India tie up for critical minerals supply chains

India and the UAE have signed an MoU to secure critical mineral supply chains. The agreement involves cooperation in mineral exploration in third countries, aiming to enhance supply chain resilience. This initiative is part of broader efforts under the India-Middle East-Europe Economic Corridor framework.

Business Standard

ONGC Videsh's focus on stakes in oil, gas assets amid energy transition

ONGC Videsh, the overseas investment arm of the country's top exploration company Oil and Natural Gas Corp has stake in 32 oil and gas projects in 15 countries

Business Standard

NCLAT halts insolvency process against Essar Oil and Gas Exploration

Essar Oil said it had made the final payment prior to the insolvency petition's admission. It said it reported a turnover of Rs 800 crore and had 425 employees

The Economic Times

APPEC-India ONGC Videsh focuses on buying stakes in oil, gas producing assets amid energy transition

India's ONGC Videsh is prioritising the acquisition of stakes in overseas oil and gas producing assets due to anticipated declines in demand for conventional fuels. The company is shifting focus away from long-term exploration projects, except for those already in progress, according to its finance head Anupam Agarwal at the APPEC conference.

Mint

NCLAT halts insolvency proceedings against Essar’s oil & gas subsidiary

The Ahmedabad bench of NCLT had initiated insolvency proceedings against Essar Oil and Gas Exploration and Production on 6 September, after Greka Green Solutions (India) Ltd filed a petition claiming ₹24.38 crore in unpaid dues.

The Economic Times

NCLT admits insolvency resolution plea against Essar Oil and Gas Exploration & Production

The bankruptcy court in Ahmedabad has admitted Essar Oil and Gas Exploration & Production Ltd under the Corporate Insolvency Resolution Process after it defaulted on dues of Rs 24.38 crore to Greka Green Solutions. The tribunal appointed Mohit B. Adatiya as the Interim Resolution Professional for the company.

The Economic Times

As crude oil prices fall, why next few weeks will set the course for IOC, ONGC stocks

In the last few days, Brent crude prices have fallen sharply. Analysts expect the prices to sink towards USD65 per barrel from nearly USD70 now. How will this impact OMCs and what are the implications for exploration and refining companies?

Business Standard

NCLT okays merger plan of this oil exploration company; shares surge 20%

Deep Energy Resources shares climbed as much as 20 per cent to hit the upper circuit of Rs 317.68 on the NSE, and Rs 316 on the BSE during intra-day deals on Wednesday

The Economic Times

Oil and gas companies dig deep for AI gold

The oil and gas industry is increasingly adopting AI and gen AI to optimise operations across the value chain, from exploration to refining. Firms are trying to enhance efficiency and reduce emissions through AI, reports Annapurna Roy

The Economic Times

Reverse merger likely to improve profit of Gujarat Gas

Before the merger, the Gujarat government had a controlling 55% stake in GSPC. GSPC, in turn, owned 37% of GSPL, which further held a 54% stake in Gujarat Gas. GSPC primarily focuses on gas trading and exploration, with gas trading contributing significantly to its operating profit. In the fiscal year 2024, GSPC's gas trading volume reached 11 million metric standard cubic meters per day.

The Economic Times

'First-of-its-kind' space travel reality series to get $50 million from Banijay Asia

The investment will cover the licensing fee to the US-based Space Exploration and Research Agency (SERA) as well as production and talent costs, they added. Industry watchers said 'Bigg Boss Hindi', hosted by Bollywood star Salman Khan, is currently the country's most expensive non-fiction show, with budgets exceeding Rs 150 crore.

CNBC TV18

Hindustan Oil Exploration Company gains nearly 6% on activation of wells in Block B-80 field

Hindustan Oil Exploration Company Share Price | Operations at HOEC's western offshore Block B-80 field were disrupted due to adverse weather conditions.

The Economic Times

Assam allows oil exploration near hoolock gibbon habitat, proposal sent to Centre for consideration

The Assam government has approved an oil exploration project by the Vedanta group near Hoollongapar Gibbon Wildlife Sanctuary. The proposal has been sent to the Centre for consideration. Environmentalists have opposed the plan, citing previous breaches of forest laws. The final decision will involve experts' consultations.

CNBC TV18

Nalco joint venture KABIL signs MoU with Oil India for mineral exploration

KABIL is a joint venture among three government enterprises: NALCO (National Aluminium Company), Hindustan Copper Ltd., and Mineral Exploration and Consultancy Ltd. The venture operates under the Ministry of Mines and focuses on overseas mineral asset development.

Business Standard

India to open its 1st lithium mines in Chhattisgarh after GSI confirmation

Lithium, one of the 23 proposed exploration projects, is considered crucial for producing lithium-ion batteries used in electric vehicles, which are in increasing demand

The Economic Times

Essar Oil to invest Rs 3,000 cr in Raniganj CBM block to increase gas production

Essar Oil and Gas Exploration and Production announced a ₹3,000 crore investment to enhance gas production at its Raniganj CBM block in West Bengal. The company aimed to boost its contribution to India's gas output from 1% to 5% in five years, exploring untapped portions of its 500 sq km acreage.

The Economic Times

Centre sweetens sops for exploring critical and strategic minerals

An official statement said a 25% exploration incentive for agencies engaged in discovering Critical and Strategic Minerals will “significantly enhance exploration efforts in these vital areas, contributing to India's self-reliance in mineral resources.”

Business Standard

Centre unveils rules to boost offshore mineral exploration & production

The Rules come ahead of the Centre's scheduled launch of the inaugural round of offshore mineral auctions

Mint

ONGC Videsh, Oil India may join forces again to bid for new offshore blocks in Bangladesh

Bangladesh government-owned PetroBangla has floated a tender inviting bids for the exploration of 24 offshore hydrocarbon blocks..Along with Oil India, ONGC Videsh is already involved in the exploration of two blocks in Bangladesh.

The Economic Times

Supreme Court dismisses ministry's appeal in Ravva oil field case

The Supreme Court of India has dismissed an appeal by the Ministry of Petroleum and Natural Gas regarding a case involving the development of Ravva oil and gas fields in Rajasthan. This decision clears the way for the foreign arbitral tribunal to award costs to Vedanta Ltd's predecessor, Cairn India. The dispute, dating back to the early 2000s, centered on cost recovery related to exploration activities under a production sharing contract. The tribunal had previously ruled in favor of Cairn (now Vedanta), prompting legal challenges from the government, which have now been unsuccessful in both Indian and Malaysian courts.

The Economic Times

Centre asks Jharkhand to auction 10 mineral blocks, warns it will go ahead if state fails to do so

The Mines Ministry has instructed the Jharkhand government to sell 10 mineral blocks, including a gold mine, warning of potential federal auction if the state fails to comply. it cited exploration levels of G2 and G3. These blocks encompass a copper mine, limestone mine, and graphite mine. The Centre's 2021 mining rule amendment empowers it to sell blocks if states do not conduct auctions within agreed timelines. Jharkhand is currently behind in this regard.

The Economic Times

Affordable fuel, not free market doctrine, is priority: Oil Minister Hardeep Puri

Oil Minister Hardeep Puri defended India's control over pump prices, prioritizing affordable fuel for consumers over free market principles. Speaking at an energy conference, Puri highlighted the government's commitment to ensuring availability and affordability rather than adhering strictly to global market doctrines. He expressed concerns about India's heavy reliance on imported crude and emphasized the role of the exploration and production sector in achieving energy self-sufficiency and economic growth. Puri also announced the formation of a committee to address industry issues collaboratively.

The Economic Times

Policy stability, tax cuts needed for Oil & Gas exploration: Vedanta

Top executives from Vedanta, BP India, and ONGC are urging India to ensure stable policies and lower taxes to boost oil and gas exploration. Steve Moore of Vedanta stressed the need for contract extensions and adjusted tax terms to support significant investments in enhanced oil recovery. BP India's Kartikeya Dube emphasized policy stability and suggested including natural gas in the GST. ONGC's Arun Kumar Singh highlighted their focus on exploration to ramp up domestic production amidst global shifts in oil company strategies.

The Economic Times

Oil Minister Hardeep Puri says India offers Rs 100 bn investment opportunities in explorations & productions

Union Minister Hardeep Singh Puri announced India offers an investment opportunity of at least 100 billion by 2030 in energy exploration and production. He highlighted the potential of India's 26 sedimentary basins, stating that despite progress, much of the potential remains untapped. Puri also mentioned that only 10% of India's sedimentary basins are currently under exploration, but this will increase to 16% by 2024.

The Economic Times

Exploration licensing bid date pushed

Some of the previous licensing rounds have also witnessed multiple bid submission deadline extensions, which are made in the hope of attracting more, especially foreign, bidders. Despite deadline extensions, foreign and private players have shown limited interest in India's exploration licensing rounds.

Business Standard

10th round of OALP bidding for oil and gas assets likely in August

The Centre is planning to bring 560,000 sqkm under oil exploration by the end of 2024

The Economic Times

India needs to develop mineral strategy for the entire value chain, from exploration to recycling

From FY19 to FY24, India's mineral production growth has stagnated, with many major minerals seeing only single-digit growth or decline, per an SBI Research report. To unlock its mineral potential, India must overhaul its value chain—from exploration to recycling—alongside comprehensive fiscal reforms, enhancing competitiveness and fostering sustainable economic growth.

The Economic Times

Jammu and Kashmir lithium block gets no bids in second attempt

India's Jammu and Kashmir failed to attract bids in its second attempt to auction mining rights for newly discovered lithium reserves, estimated at 5.9 million metric tons. The block may now be assigned to a government agency for further exploration. This comes amid India's strategic focus on securing critical minerals for electric vehicle batteries.

Business Standard

Govt offers 50% refund to licence holders for critical mineral exploration

The scheme allows optional participation for EL holders granted licences through auction after the scheme's introduction

The Economic Times

Govt to launch fourth tranche of auction for critical and strategic mineral blocks on Monday

The Ministry of Mines will launch the 4th tranche of auctions for critical and strategic mineral blocks on Monday in New Delhi. Union Minister G Kishan Reddy and Minister of State Satish Chandra Dubey will inaugurate the event. The launch follows amendments to the MMDR Act, allowing the Central Government to issue mineral concessions for 24 critical minerals. The event will announce the preferred bidders of the 1st tranche, present certificates to Notified Private Exploration Agencies, and introduce a scheme for partial reimbursement of exploration expenses.