Latest news with #OpenAcreageLicensingProgramme
Hans India
24-07-2025
- Business
- Hans India
Policymakers need to be vigilant of evolving global crude price dynamics impact: RBI
New Delhi: While active government intervention has contained spillover to domestic oil prices, policymakers need to be vigilant and cautious of the direct and indirect impact of the evolving global crude price dynamics through continuous assessment, given India's increasing dependence on crude oil imports, the Reserve Bank of India (RBI) has stressed. In this regard, government policies would play a pivotal role in containing the impact, said the RBI in a paper titled 'Revisiting the Oil Price and Inflation Nexus in India' in its latest Bulletin. 'Specifically, reducing crude oil dependence by promoting alternate non-fossil energy usage and regional free trade agreements and bilateral treaties with major oil exporters could be explored for oil imports at favourable prices,' the paper emphasised. In recent years, India's net import demand for crude oil has remained strong, fuelled by consumption growth and robust economic activity. Oil prices and their inflationary impact is a key metric that sensitise monetary policy formulation in economies vulnerable to oil price shocks, particularly net oil importers, where rising oil prices can significantly dampen economic growth and stoke inflation pressures. 'The direct impact of international crude oil price changes to domestic petrol and diesel inflation, and indirectly through transportation and input costs, is evident in the post-deregulation period albeit at a subdued level as government intervention by taxes, cess and regulation of oil marketing companies has often muted the impact,' the RBI paper noted. The results of the empirical analysis suggest that a 10 per cent increase in international crude oil prices could raise India's headline inflation by around 20 basis points on a contemporaneous basis. 'Although the pass-through to retail prices has remained contained with active government intervention, increasing dependence on crude oil imports may have inflationary consequences in the long run, warranting constant vigilance and careful monitoring of its potential impact,' said the RBI paper. Meanwhile, India is taking steady, confident steps towards oil self-sufficiency and under Prime Minister Narendra Modi's leadership, the country is securing its energy future, step by step, Petroleum Minister Hardeep Singh Puri said recently. While 1 million square km offshore area is now open for oilfield exploration, 99 per cent of 'No-Go' areas have been cleared. The oil and gas blocks being offered under the Open Acreage Licensing Programme (OALP) have already garnered attention from global and domestic energy players, and Round X is expected to set new benchmarks for participation and investment.
Time of India
09-07-2025
- Business
- Time of India
India set to explore over 2.5 lakh sq kms area in one of largest offshore energy efforts
As one of the world's largest offshore energy exploration efforts, India is set to explore more than 2.5 lakh square kms area under the Open Acreage Licensing Programme (OALP) Round X, Minister of Petroleum and Natural Gas, Hardeep Singh Puri , said on Wednesday. 'We are ready! For entering a new era of energy… In the field of oil and gas exploration and production, there are no longer obstacles, only possibilities,' the minister said in a post on X. In this regard, Hardeep Puri attended a meeting of the Offshore Energy Cluster in Bergen, Norway. 'The bold decision taken by PM Narendra Modi on the 'no go' area is not only enhancing the country's energy strength but also preparing India to lead a major transformation in the energy sector,' said the minister. The union minister also met Kristian Sorensen, CEO of BW-LPG which is the world's leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 4 million CBM. 'The company is among the leaders in LPG shipping, accounting for 20 per cent of LPG imports into India. In our meeting in the Norwegian capital Oslo, we discussed ways of further strengthening the collaboration between BW-LPG and Indian energy companies,' said Hardeep Puri. Meanwhile, the oil and gas blocks being offered under the OALP has already garnered attention from global and domestic energy players, and Round X is expected to set new benchmarks for participation and investment. The Petroleum Ministry has invited feedback and suggestions on Draft Petroleum and Natural Gas Rules, Model Revenue Sharing Contract (MRSC) and Petroleum Lease before July 17, 2025 as part of the country's focus to accelerate the oil and gas sector. Hardeep Puri is slated to engage with ministers, officials and industry leaders at 'Urja Varta 2025' at Bharat Mandapam on July 17 in the run-up to India's Round X of exploration and production bidding for oil and gas blocks, which is the biggest globally.
India Gazette
07-07-2025
- Business
- India Gazette
India trying to develop full E&P deepwater technology ecosystem: Hardeep Puri
New Delhi [India], July 7 (ANI): India is trying to develop a full exploration and production (E&P) deepwater technology ecosystem, as the country plans to explore over 2.5 lakh sq km in the Open Acreage Licensing Policy Round 10, Petroleum and Natural Gas Minister Hardeep said on Monday. In a series of posts on X, the Union Minister dubbed Round 10 as one of the largest offshore exploration bidding rounds globally. The Open Acreage Licensing Programme (OALP) provides potential investors with the freedom to select blocks of their choice by submitting an Expression of Interest (EOI). In a roundtable with representatives of the Offshore Energy Cluster in Bergen, Norway, the Union minister held discussions on technologies including well services, subsea operations, testing, maintenance operations, drilling tools, drilling submersible rigs, well completion services, high pressure high-temperature wells, drillships, monitoring technologies covering the entire gamut of hydrocarbons exploration, particularly deep sea exploration by the Norwegian energy professionals. Representatives from TechnipFMC, Reach Subsea, DNV Group, Odfjell Drilling, CCB Subsea, Shearwater, Innovasjon Norge, Norwegian Energy Partners, and Equinor India. Further, to provide momentum to India's efforts to achieve energy security, the minister visited the Northern Lights CO2 Terminal in Bergen, Norway. It is the largest carbon storage project funded by the Norwegian Government and partnered by Equinor, Shell, and TotalEnergies. 'This unique project can store up to 100 million tonnes of carbon dioxide. It has an open and flexible infrastructure to transport CO2 from capture sites by ship to a receiving terminal in western Norway for intermediate storage, before being transported by pipeline for safe and permanent storage in a reservoir 110 kms away from shore and 2,600 metres under the seabed,' the minister wrote in a post on X. 'We are reviewing this, and similar projects, to upgrade and expand India's energy capabilities. Norway's expertise in deepwater exploration, seismic oil surveys, offshore wind and carbon capture and storage (CCS) technologies aligns well with India's ambitious energy transition agenda,' he wrote. The minister also visited the CCB Energy Blue Hydrogen Plant, a first-of-its-kind commercial blue hydrogen facility located in Kollsnes as part of CCB Energy Park in Oygarden, Norway. 'It was interesting to see world's first commercial plant which produces blue hydrogen with integrated carbon capture and subsea storage. This strategically positioned plant is a joint initiative between CCB Energy (a part of CCB Energy Holding and H2 Production) and ZEG Power, leveraging proprietary 'ZEG-H' reforming technology with built-in CO capture. The captured carbon is transported to the adjacent Northern Lights facility for storage. The pilot plant produces around 1 ton of hydrogen per day while capturing nearly all associated CO2,' he wrote. (ANI)
Mint
05-05-2025
- Business
- Mint
Oil India in talks with global majors for joint E&P bids, says CMD Ranjit Rath
New Delhi: State-run Oil India Ltd (OIL) is in talks with global oil and gas exploration and production (E&P) companies to partner for exploration in deep and ultra-deep acreages won by it and also to jointly participate in upcoming bid rounds, its top official said. Ranjit Rath, chairman and managing director of OIL, said in an interview that several government-owned national oil companies (NOCs) as well as private international oil companies (IOCs) have shown interest in jointly bidding for blocks in the upcoming 10th round of auction under Open Acreage Licensing Programme (OALP-X). Further, he said that OIL is looking at expanding its international footprint to ensure energy security, and is also exploring a foray into critical mineral exploration overseas, through partnerships. It has already bagged a domestic vanadium and graphite block and is vying for more critical mineral mines. In February, the Maharatna company had signed a memorandum of understanding (MoU) with Petrobras, Brazil's state-owned oil major, to collaborate in the exploration and production of hydrocarbon resources in India's offshore regions. Rath said deliberations with Petrobras are underway. Also read | Major oil & gas discovery expected from blocks offered in OALP rounds, says Oil India CMD 'We are extremely upbeat about our possible collaboration with Petrobras," said Rath, adding that the IEW (India Energy Week 2025), a platform created by the ministry of petroleum and natural gas this February, helped the company reach out to both national and international oil companies for collaborations. The MoU with Petrobas was also signed at the IEW. 'We have several engagements currently going on," Rath said. 'With some of them, we have got NDAs (non-disclosure agreements) signed and we are having data exchanges." Rath added that all other oil companies contacted during IEW–both international and national–are showing keen interest for participation with OIL not only in the OALP-IX blocks, 'where we have already secured the blocks, but also possible joint-bidding in OALP-X". Read this | Oil India to be first state-run firm to tighten monetary limit for arbitration cases after finance ministry's nudge The talks for joint bidding with global players come at a time when another state-run E&P major–ONGC–has tied up with UK-headquartered bp plc and Reliance Industries. The three companies jointly bagged a block in the Saurashtra Basin in OALP-IX. The blocks were awarded last month. Apart from Petrobras and bp, other global majors in this space include Shell, Chevron, ExxonMobil and Petronas. Under the recently ended OALP-IX, OIL bagged nine blocks, adding 51,000 sq. km to its exploration portfolio. Three of the blocks–one each in Cambay basin, Mahanadi basin and Assam Shelf basin–were won in partnership with ONGC. According to Rath, OIL is also looking at more international exploration and production blocks and would look at partnering with local players for such projects. 'We are in discussion with several IOCs and NOCs as part of our overseas investment and discussions are at various stages…these are all under NDA," he said. 'In some cases, due diligence is also initiated. So, we are looking at both exploration and producing assets on a holistic basis." IOCs and NOCs refer to international oil companies and national oil companies, respectively. And this | ONGC Videsh, Oil India may join forces again to bid for new offshore blocks in Bangladesh As of 31 March 2024, its overseas E&P comprises 10 assets spread over seven countries–Libya, Gabon, Nigeria, Venezuela, Mozambique, Bangladesh and Russia. The portfolio includes four producing assets spread across Russia & Venezuela. Two assets, one each in Mozambique and Nigeria are under development. Four assets in Libya, Gabon and Bangladesh are under exploration. Rath also emphasized on the company's plans for acquisition of critical mineral mines both in India and overseas. "In recent times, we have secured one block of graphite and vanadium in Arunachal Pradesh, which has already been allocated to us. We have submitted bids for two potash blocks. And we are also looking at geographies, for overseas asset acquisitions in critical mineral space. And we are not looking at all the critical minerals per se. We are looking at a few select critical minerals where we see there is a commonality of understanding, both in terms of exploration possibilities or in and around our area of operation," Rath said. In August last year, the company signed an MoU with state-owned Khanij Bidesh India Ltd (KABIL) to collaborate for opportunities in critical mineral assets overseas. And read | Oil India plans green hydrogen hubs in energy-transition bid Speaking on OIL's efforts to boost oil production, Rath said the company has already arrested the decline in production from mature fields. 'We have secured a growth of 3-5% in the last three years. And, like last year, this year also we have scripted the highest-ever production, both oil and natural gas cumulative," he said. In the previous financial year (FY25), the company produced 6.71 million metric tonnes of oil and oil equivalent (MMTOE), compared to 6.54 MMTOE in FY24. Rath added that drilling is underway in the shallow waters on either side of Andaman island and a total of four wells would be drilled in the Andaman & Nicobar offshore waters.
