Indian Oil Corporation has started buying crude oil from Cairn India's Rajasthan oil fields, which have now crossed the 1,00,000 barrels per day mark in production.
India's oil ministry has decided to divert 30,000 barrels per day (bpd) of indigenous crude oil from refiner Hindustan Petroleum Corp, which is being privatised, to feed small state-run refineries in remote areas, officials said.
India is the world's fourth-largest importer of natural gas, accounting for six per cent of the global market.
Rising production from OPEC as well as the US also weighing on prices
Mumbai High during normal days produces 2,42,000 barrel per day (bpd) of crude oil while another 70,000 bpd is contributed by Heera and Neelam fields. The rest comes from South Bassein field, all lying off the west coast. Natural gas production from these fields had fallen to almost nil, impacting supply to industry and city gas operations in Mumbai.
Reliance Industries has sought environment ministry approval for a $13 billion upgrade to its Jamnagar complex, including a 400,000 barrels per day (bpd) refinery.
Saudi Arabia, the world's leading oil producer, is planning to invest $80 billion to increase its oil output to 12.5 million barrels per day (bpd) and expand its refining capacity by 43 per cent to six million bpd within the next few years.
Brent crude was trading at $105 a barrel on Friday while US oil was at $96.75.
Whatever be India's course of action, it will have an impact on India-Iran ties, notes Aveek Sen.
OPEC hopes lower fuel prices will stimulate more demand in the long run
The European Commission will propose scrapping tariffs on jet fuel imports starting January 1, an official said on Friday.
The shift comes as the gap between the international benchmark Brent and the Middle East price marker narrows
Moscow-based OAO Rosneft Chairman Igor Ivanovich Sechin said the agreement was to ship by sea as much as 10 million tons of oil per year to Essar Group.
OPEC agrees to keep pumping as oil glut fears persist.
Insurance companies are anticipating claims of at least Rs 500 crore from the incessant rains and flooding in Chennai.
Officials from India's biggest private refiner recently visited Iran to chalk out the details for resumption of trade ties with Tehran.
The International Energy Agency increased on Thursday its estimate of global demand for oil this year by 470,000 barrels per day to a total of 81.1 million bpd owing particularly to strong first-quarter demand in India and Brazil.\n\n\n\n
Prices are sustainable and not just driven by speculative gains
Oil prices dipped on Wednesday as the market prepared for a gradual increase of Iranian exports into an already oversupplied market from 2016.
Buyers find ways to cope with shipping restrictions.
The drop in oil to around $50 a barrel this year has triggered steep cutbacks in production of US shale oil
There was a fire at its older, 660,000 barrels-per-day (bpd) refinery in Jamnagar.
RIL wants to drill an exploration well on the D1&D3 gas fields in the KG-D6 block, Cairn on the Rajasthan block.
Given that India will get a huge part of its oil supplies from Iran through its government-owned oil PSUs, any unwelcome shocks in global crude rates could be absorbed well enough.
Governments encouraged motorists to switch to diesel in the belief that its superior fuel economy would outweigh the higher pollutants per litre burned.
Cairn India produces 125,000 barrels of crude oil per day (6.25 million tonnes a year) from Mangala oilfield, the largest among the 15 discoveries in the Rajasthan block RJ-ON-90/1.
While consumers have enjoyed lower fuel prices, producers have cut spending and thousands of jobs
Reliance Industries has seen crude oil production falling by more than 31 per cent from its MA oil field in the predominantly gas-rich KG-D6 block off the east coast.
The reference case forecast takes into account the dire state of the world economy and expects global demand to fall by 900,000 barrels per day (bpd) in 2009. It also does not foresee any further compliance by OPEC countries with the quota reductions announced last December. Dated Brent was expected to have average $45 per barrel in the first quarter, rising to $50.4 per barrel in the second and $51.8 per barrel in the third, then up to $53.4 per barrel.
India's imports from Iran rose to 250,200 barrels per day
The refinery is likely to be commissioned before December. The commissioning comes at a time when margins in the business are falling sharply and demand for fuel across the world is dropping due to a global slowdown. Demand for fuel from the US and Europe, two of Reliance's major markets, has slowed with US consumption falling to their lowest in the last three years.
The field is producing 18,000 to 20,000 barrels per day of oil as against 40,000 bpd normal production. Gas output is restricted to 2.5 million standard cubic meters per day as opposed to 5.5 mmscmd in normal times. Panna-Mukta oil and gas field was shut on June 3 morning for maintenance work to prepare for the forthcoming monsoon season. However, when the facility was being restarted that evening, an explosion occurred at Panna process platform killing one.
The field pumped about 5,000 barrels of crude oil on the restart as the company tested equipments and systems. Output may rise to 10,000-12,000 barrels per day (bpd) by the month-end, when the field would be shut again for 45 days to hook up more oil wells.
Essar Oil announced on Friday it will spend about $6 billion (Rs 24,000 crore) to more than triple its refining capacity in three years, and that it had shelved a plan to delist the company's shares from the stock market. The company, owned by Mumbai-based Ruias, plans to expand capacity from the current 10.5 million tonnes per annum to 34 million tonnes per annum by 2010.
Ajit Shukla, an ex-IITian who is spearheading a new political party in Uttar Pradesh led by former IITians -- the Bharat Punarnirman Dal.
Mukesh Ambani-controlled Reliance Petroleum Ltd will raise $1.5 billion (nearly Rs 6.9 billion) through Syndicated Term Loan Facility to finance its new 580,000 bpd refinery and a 0.9 MT polypropylene unit.\n\n
Oil Minister M Veerappa Moily has suggested pricking the ballooning oil bill with everything from a street theatre campaign encouraging lower fuel use, to shutting fuel stations, to increasing imports from Iran.
India will receive its first shipment of oil from Russia's Sakhalin-I fields, where it is investing more than $2.7-billion, from the second quarter of 2006.
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