Latest news with #UrjaVarta2025
India.com
4 days ago
- Business
- India.com
No Double Standards On Energy Trade: India On Latest EU Sanctions Package Against Russia
NEW DELHI: Hours after the European Union (EU) agreed upon an 18th round of sanctions on Russia over its invasion of Ukraine, India on Friday said that it does not subscribe to any unilateral sanction measures and that there should be no "double standards", especially when it comes to energy trade. "We have noted the latest sanctions announced by the European Union. India does not subscribe to any unilateral sanction measures. We are a responsible actor and remain fully committed to our legal obligations," Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal said in response to media queries regarding the issue. "Government of India considers the provision of energy security a responsibility of paramount importance to meet the basic needs of its citizens. We would stress that there should be no double standards, especially when it comes to energy trade," he added. According to the EU, the 18th Russia sanctions package focuses on five building blocks: cutting Russia's energy revenues, hitting Russia's banking sector, further weakening its military-industrial complex, strengthening anti-circumvention measures, and holding Russia accountable for its crimes against Ukrainian children and cultural heritage. "With this package, the number of listed vessels in Russia's shadow fleet reaches a total of 444 vessels, and the number of individual listings exceeds 2,500. This package also includes new sanctions against Belarus," read the EU statement. On Thursday, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said that India has diversified its sources for buying oil in the global market, due to which the government is not 'unduly worried' over any US crackdown on Russia's oil exports. Speaking at the Urja Varta 2025, the minister said India currently buys oil from 40 nations, as compared to 27 countries in 2007, and the global market is well-supplied. "There is a lot of oil available in the market. Iran and Venezuela are currently under sanctions. But are they going to be under sanctions forever? Many countries, including Brazil, Canada and others, are ramping up output. I am not unduly worried about supplies as of now. We have diversified our sources," Puri said. The minister's statement came against the backdrop of US President Donald Trump announcing that secondary sanctions would be imposed on countries buying Russian oil. On July 15, Trump had threatened to impose serious trade restrictions on Russia unless a peace deal with Ukraine is reached within 50 days. Trump said US tariffs on Russian exports would be increased to 100 per cent, while also threatening to impose secondary sanctions on countries such as India and China that buy oil from Russia. Meanwhile, Moscow on Friday described the move as unlawful and emphasised that it will assess the latest package in order to minimise its impact. "So far, we continue to observe a fairly consistent anti-Russian stance from Europe. We have repeatedly stated that we view such unilateral restrictions as illegal and we oppose them," Russian state-run news agency TASS quoted Kremlin spokesperson Dmitry Peskov as saying. Peskov further emphasised that the Russian leadership will assess the latest package of European sanctions in order to minimise its impact. "Undoubtedly, the new package will need to be thoroughly analysed in order to minimise its impact," said Peskov. He further asserted that Russia has developed a degree of immunity to sanctions over the course of repeated waves of Western restrictions. "Over time, we have indeed developed a certain immunity to sanctions and have adapted to living under such conditions," he noted.
Time of India
5 days ago
- Business
- Time of India
ONGC inks pact with BP for drilling stratigraphic wells in India
State-owned ONGC has signed an agreement with global energy giant BP to collaborate on drilling multiple stratigraphic wells in India. This partnership will enhance geological understanding and unlock untapped hydrocarbon potential , strengthening India's long-term energy security , Oil and Natural Gas Corporation Limited (ONGC) said in a post on X. "#ONGC has signed a strategic Memorandum of Understanding ( MoU ) with @bp_plc on 17 July 2025, to collaborate on drilling stratigraphic wells in India's Category II & III offshore sedimentary basins : Andaman, Mahanadi, Saurashtra, and Bengal," the oil major said. The MoU was signed in the presence of Union Ministry of Petroleum and Natural Gas Hardeep Singh Puri on the sidelines of Urja Varta 2025 event in the national capital. Pankaj Jain, Secretary, Ministry of Petroleum and Natural Gas, said this was one of the initiatives that "we have been talking about sometime ... called stratigraphic wells." This is the first of the series of such initiatives which will be done. ONGC has taken the leap to tie up with BP in terms of well design, well location, understanding geology etc. As part of the agreement, ONGC will be putting in money, BP will provide expertise, he said. In a statement, Kartikeya Dube, Head of Country, bp India, and Senior Vice President, bp group, said: "We believe drilling of new stratigraphic wells will be very valuable and can lead to a new understanding and potential. bp's experience in deep water exploration supported by new seismic technologies would be of great assistance during the evaluation and subsequent drilling of stratigraphic wells." Stratigraphic wells are drilled mainly for the purpose of stratigraphic information to provide aid in oil and gas explorations. PTI
Mint
5 days ago
- Business
- Mint
ONGC, bp tie up to drill stratigraphic wells in offshore sedimentary basins
New Delhi: State-run Oil and Natural Gas Corp. Ltd (ONGC) on Thursday signed a memorandum of understanding (MoU) with global energy major bp to collaborate on drilling stratigraphic wells in four offshore sedimentary basins in India—Andamans, Mahanadi, Saurashtra and Bengal. The MoU was signed during the second edition of Urja Varta 2025, a conclave on upstream oil and gas sectors organized by the Directorate General of Hydrocarbons. A stratigraphic well is drilled specifically to obtain geological information rather than for oil or gas production. "ONGC has signed a strategic Memorandum of Understanding (MoU) with bp_plc on 17 July 2025, to collaborate on drilling stratigraphic wells in India's Category II & III offshore sedimentary basins: Andaman, Mahanadi, Saurashtra, and Bengal. This partnership will enhance geological understanding and unlock untapped hydrocarbon potential, strengthening India's long-term energy security," ONGC said in a tweet. Commenting on the development Kartikeya Dube, head of country, bp India and senior vice president, bp group said: "We are excited to underpin our existing alliance with ONGC in this project of national and strategic significance. We believe drilling of new stratigraphic wells will be very valuable and can lead to a new understanding and potential." He added that bp's experience in deep water exploration supported by new seismic technologies would be of great assistance during the evaluation and subsequent drilling of stratigraphic wells. In the ninth round of auctions under Centre's Open Acreage Licensing Policy (OALP), ONGC tied up with Reliance Industries Ltd and bp plc for a block in the Saurashtra Basin. This marked the entry of London-headquartered bp into India's upstream exploration & production (E&P) space. In the ninth round ONGC secured 15 blocks—four in partnership with other players, and 11 independently. In February this year ONGC had signed an MoU with bp for collaboration in exploration and production of oil and gas, energy trading and other segments in the energy business both in India and internationally. The state-run energy major's shares on the BSE closed at ₹ 243.90 on Thursday, higher by 0.41% from its previous close.
News18
5 days ago
- Business
- News18
ONGC inks pact with BP for drilling stratigraphic wells in India
New Delhi, Jul 17 (PTI) State-owned ONGC has signed an agreement with global energy giant BP to collaborate on drilling multiple stratigraphic wells in India. This partnership will enhance geological understanding and unlock untapped hydrocarbon potential, strengthening India's long-term energy security, Oil and Natural Gas Corporation Limited (ONGC) said in a post on X. '#ONGC has signed a strategic Memorandum of Understanding (MoU) with @bp_plc on 17 July 2025, to collaborate on drilling stratigraphic wells in India's Category II & III offshore sedimentary basins: Andaman, Mahanadi, Saurashtra, and Bengal," the oil major said. The MoU was signed in the presence of Union Ministry of Petroleum and Natural Gas Hardeep Singh Puri on the sidelines of Urja Varta 2025 event in the national capital. Pankaj Jain, Secretary, Ministry of Petroleum and Natural Gas, said this was one of the initiatives that 'we have been talking about sometime … called stratigraphic wells." This is the first of the series of such initiatives which will be done. ONGC has taken the leap to tie up with BP in terms of well design, well location, understanding geology etc. (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: July 17, 2025, 22:00 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
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Business Standard
5 days ago
- Business
- Business Standard
ONGC, BP to drill stratigraphic wells for India's energy security
State-owned ONGC has signed an agreement with global energy giant BP to collaborate on drilling multiple stratigraphic wells in India. This partnership will enhance geological understanding and unlock untapped hydrocarbon potential, strengthening India's long-term energy security, Oil and Natural Gas Corporation Limited (ONGC) said in a post on X. "#ONGC has signed a strategic Memorandum of Understanding (MoU) with @bp_plc on 17 July 2025, to collaborate on drilling stratigraphic wells in India's Category II & III offshore sedimentary basins: Andaman, Mahanadi, Saurashtra, and Bengal," the oil major said. The MoU was signed in the presence of Union Ministry of Petroleum and Natural Gas Hardeep Singh Puri on the sidelines of Urja Varta 2025 event in the national capital. Pankaj Jain, Secretary, Ministry of Petroleum and Natural Gas, said this was one of the initiatives that "we have been talking about sometime ... called stratigraphic wells." This is the first of the series of such initiatives which will be done. ONGC has taken the leap to tie up with BP in terms of well design, well location, understanding geology etc. As part of the agreement, ONGC will be putting in money, BP will provide expertise, he said. In a statement, Kartikeya Dube, Head of Country, bp India, and Senior Vice President, bp group, said: "We believe drilling of new stratigraphic wells will be very valuable and can lead to a new understanding and potential. bp's experience in deep water exploration supported by new seismic technologies would be of great assistance during the evaluation and subsequent drilling of stratigraphic wells." Stratigraphic wells are drilled mainly for the purpose of stratigraphic information to provide aid in oil and gas explorations.
