India approves legislation to boost oil and gas exploration

India has passed legislation intended to encourage oil and gas exploration to help meet its energy needs, a move that highlights the difficulty of persuading the world’s most populous nation to phase out fossil fuels. India’s dependence on imported crude oil has been rising due to increasing energy demand and lagging domestic production, with imports

Centre extends bid deadline for oil, gas blocks

India government has further extended the deadline for submitting bids for 28 upstream oil and gas blocks in the ninth Open Acreage Licensing Programme (OALP) bidding round to 15 July. This is the second such extension in this bidding round under the Hydrocarbon Exploration and Licensing Policy’s OALP. The ninth bidding round was announced on

Fossil fuel addiction still gripping many nations

A new report published finds that governments plan to produce around 110 per cent more fossil fuels in 2030 than would be consistent with limiting warming to 1.5 degrees Celsius, and 69 per cent more than would be consistent with 2 degrees. This despite the fact that 151 national governments having pledged to achieve netzero

Heavy rains dampen India’s gasoil, gasoline sales

Indian state retailers’ gasoline and diesel sales fell in July from the previous month as monsoon rains reduced mobility and construction work, according to preliminary sales data. Fuel demand in India, the world’s third-biggest oil importer and consumer, typically falls during the four-month monsoon season beginning in June as parts of the country are affected

Oil and gas discover volumes drop to new lows

The conventional oil and gas exploration spending is expected to top $50bn this year, the highest level since 2019, but discovered volumes are plummeting to new lows. Norwegian energy intelligence firm Rystad Energy has estimated that 2.6bn barrels of oil equivalent (boe) were found in the first half of 2023, down 42% compared to 4.5bn

Norway gives nod to offshore oil and gas investments

The government of Norway has given the green light to companies to develop 19 oil and gas offshore fields with investments valued over NOK200bn ($18.5bn). The Norwegian government said in a press release that the projects were either new developments, further development of existing fields, or investments in projects for increased extraction at existing fields.

Oil and gas production in India to attain peak in 2027

The KG-Basin is a petroliferous margin basin and is spread over more than 50,000 square kilometres in the Krishna rriver and Godavari river basins in Andhra Pradesh.

Shell upgrades oil and gas assets amid demand for refining profits

Shell said that surging demand for oil products that had almost tripled refining profits in the second quarter would boost earnings by up to $1.2 billion. The increased refining margin is expected to boost the division’s earnings by $800 million to $1.2 billion in the second quarter compared with the first quarter. The upgrade will

In defiance to its own netzero targets UK to drill more oil and gas

The UK government is set to order more drilling for oil and gas in the North Sea in defiance of its own net zero targets, while neglecting alternative measures that experts say would provide much quicker relief from high energy bills and reduce greenhouse gas emissions instead of raising them. The energy security strategy to

O&G companies are eyeing at a windfall from the Ukraine war

Oil and gas companies are facing a potential bonanza from the Ukraine war, though few in the industry want to admit it, and many are using soaring prices and the fear of fuel shortages to cement their position with governments in ways that could have disastrous impacts on the climate crisis. “There is a huge