Enough refining capacity in country to meet domestic needs: Puri

Union Petroleum and Natural Gas Minister Hardeep Singh Puri said there is no shortage of crude oil in the world and enough refining capacity in the country to meet the domestic requirements. Referring to geopolitical tensions in the Middle East, the minister said it was his personal assessment that things will calm down, noting that

India depends on Russia for 40% of crude oil imports  

India now depends on Russia for 40% of its crude oil imports, according to new analysis from shipping organisation BIMCO, something that has had a notable impact on the aframax and suezmax trades in particular. The increased import of Russian oil has contributed to a higher average sailing distance for crude oil tankers discharging in

Crude oil consumption increased by 4.6% in FY24: PPAC

India’s total consumption of crude oil or petroleum products rose 4.6 pent in fiscal 2023-24 (FY24) to 233.3 million metric tonne (MMT), while domestic production of crude oil rose marginally at 0.6 per cent. The domestic crude oil production was almost unchanged at 29.4 MMT in 2023-24, compared to 29.2 MMT in the year-ago period.

India grants permission to ADNOC for crude oil export

The Indian government has taken a significant step by granting permission to the Abu Dhabi National Oil Company (Adnoc) to export crude oil stored in underground strategic storages located in Mangalore. This move aims to provide operational flexibility to the foreign firm and marks a notable development in India’s oil industry. The decision, outlined in

Crude oil output rises 7.9% to 2.3 MMT in February

Crude oil imports decreased by 6.6 per cent and increased by 0.4 per cent during February 2024 and April-February 2024 respectively India produced a total of 2.3 million metric tonnes (MMT) of crude oil in February 2024 – registering a growth of 7.9 per cent compared to the year-ago period, according to Petroleum Planning &

ONGC starts oil production in KG basin

State-run Oil and Natural Gas Corporation (ONGC) said its deep-water block in the Krishna-Godavari basin off the coast of Bay of Bengal has started producing oil, a development that is expected to boost India’s quest for energy self-sufficiency. This development is set to boost ONGC’s overall oil and gas output by 11% and 15%, respectively,

India to buy crude oil from Guyana

India, the world’s third largest energy consumer and importer, is looking to diversify its sources of oil imports and the South American nation is one of the countries it is tapping for that. The Union Cabinet approved signing of a 5-year memorandum of understanding with Guyana for cooperation in the hydrocarbon sector including sourcing of

Neste’s Porvoo refinery to be gradually transformed into renewable hub

Neste launched the strategic study in September 2022 with an aim to significantly grow its renewables and circular production in Porvoo long term, starting with the co-processing of both renewable and circular feedstock which could lead to retrofits of existing units at a later stage, with a long-term capacity potential of 2 to 4 million

Angola leaving OPEC

Angola is leaving the Organization of the Petroleum Exporting Countries because membership is not serving its interests, oil minister Diamantino Azevedo said. Angola, which joined OPEC in 2007, produces about 1.1 million barrels of oil per day, compared with 28 million barrels per day for the whole group. Confirming an earlier report by local news

New EU oil cap sanction rules announced

The European Union has unveiled its 12th package of sanctions against Russia, with tankers very much included in the set of restrictions. The new sanctions call for notification rules for the sale of tankers to any third country in order to make more transparent their sale and export, in particular in the case of secondhand