Prime Minister Modi: India to Double Refining Capacity in 5 Years
India plans to nearly double its oil refining capacity in the next five years, Prime Minister Narendra Modi said on Saturday, offering a much more aggressive timeline than previously despite the coronavirus pandemic blighting the economy.The country's energy minister was quoted http://www.ficci.in/ficci-in-news-page.asp?nid=23094 in June as saying India's oil refining capacity could…
Refineries around Asia Join Chinese Peers in Increasing Production
Refineries from India to South Korea are expected to increase output from June, joining their Chinese counterparts as the easing of lockdown measures boosts demand for oil products, industry executives said.The average operating rate for refineries in Asia is expected to rise to 75.5% and 82.2% in the third and fourth quarters, respectively, from 72.4% in the second quarter out of total capacity of about 35 million barrels per day…
India's April Crude Processing in Biggest Drop Since 2003
India's crude oil processing in April slumped by 28.8% from a year earlier, its biggest drop since at least 2003, as a nationwide lockdown weighed on fuel demand and forced refiners to cut production.Refiners processed about 14.75 million tonnes or 3.60 million barrels per day (bpd) of oil last month, government data showed.The lockdown and travel curbs aimed at stemming spread of COVID-19 since March 25 forced people to stay home…
India's African Oil Imports Hit 3-year High
India's oil imports from Africa in October rose to their highest level since August 2015, after a fall in Brent's premium to Dubai swaps made African crude more attractive, tanker arrival data from industry sources showed.India's overall imports in October rose 14.1 percent from a year earlier to 4.7 million barrels per day (bpd) with shipments from Africa more than doubling to 874…
Reliance Shuts Field in Krishna-Godavari Basin
India's Reliance Industries Ltd has shut down an offshore oil and gas field on the eastern coast of India, the company said in a statement on Friday, after seeing a natural decline in output for months.The closure marks the beginning of the end of the company's first foray into oil and gas exploration and production that started in September 2008 when the field produced first oil."Production…
US Oil Exports to India Soar Ahead of Iran Sanctions
U.S. crude oil exports to India hit a record in June and so far this year are almost double last year's total as the Asian nation's refiners move to replace supplies from Iran and Venezuela in a win for the Trump administration.U.S. President Donald Trump's administration has been pressuring its allies to cut imports of Iranian goods to zero by November and India's shift advances the U.S.
India Cuts Iranian Oil Imports Ahead of Sanctions
Indian refiners cut imports of Iranian oil last month as they started weaning their plants off crude from the country to avoid sanctions by the United States that are set to take effect in November.India's monthly oil imports from Iran declined to 592,800 barrels per day (bpd) in June, down 16 percent from May, according to data from industry and shipping sources.The United States…
India BPCL Seeks Extra Iran Oil Amid Sanctions Threat
Indian state refiner Bharat Petroleum Corp has requested an extra one million barrels of oil from the National Iranian Oil Co. (NIOC) for June, two industry sources said, amid a looming threat of stringent U.S. sanctions.The move by BPCL indicates that refiners will try to frontload their purchases from Iran ahead of a November U.S. deadline for re-imposing sanctions on the country's petroleum sector.Uncertainties cloud Iran's oil exports after U.S.
India's Reliance Sheds TX Shale Assets
Reliance Industries Ltd said on Tuesday its unit would sell some of its shale assets in the United States to privately held Sundance Energy Inc for $100 million, as the Indian oil-to-telecom conglomerate moves closer to exit U.S. shale investments. The sale includes Reliance's interest in the assets in the Eagle Ford shale in Texas, it said in a statement https://www.bseindia.com/xml-data/corpfiling/AttachLive/ffee7019-ddc0-498a-a7b9-2bd29972adc8.pdf.
Newest Outpost for US Crude Exports: India
India is set to emerge as a key market for American crude exports in coming months, as refineries in that country are ramping up "test" purchases of U.S. grades to diversify their imports. U.S. exports recently set a weekly record with nearly 2 million barrels of crude a day sent overseas. But shipments to India have been rare, with just a few deliveries since the U.S. lifted its ban on crude exports in late 2015.
IOC to Lift U.S. Crude for December Delivery
Indian Oil Corp, the country's largest refiner, has bought two new types of U.S. crude for December delivery as it tests different grades from the United States, trade sources said on Tuesday. IOC bought 1 million barrels each of U.S. Southern Green Canyon (SGC) and WTI Midland crude likely from a Chinese trader, the people said, speaking on condition of anonymity. The purchase was in addition to 2 million barrels of Basra Light crude to be delivered in the same month.
Reliance, Carrizo Oil Exit PA Shale Asset
Indian oil-to-telecoms conglomerate Reliance Industries Ltd signed a deal to exit a U.S. shale asset, a move that marks the end of its seven years of investment which slumped into losses due to the global oil price downturn. Houston-based Carrizo Oil & Gas Inc, the operator of the Marcellus shale in north-eastern and central Pennsylvania, also exited its investment, Reliance said in a statement on Friday.
India's Reliance Makes First Purchase of US Crude
India's Reliance Industries Ltd, owner of the world’s biggest refining complex, has bought its first ever crude oil cargoes from the United States, drawn by the oil's economics after the price spread between U.S. crude futures and Brent futures widened, three trade sources said on Tuesday. Reliance bought 1 million barrels each of West Texas Intermediate (WTI) Midland and Eagle Ford crude which are expected to arrive in November, they said.
Harvey Could Pinch Gulf Coast Energy Projects
Oil and petrochemical plants along the U.S. Gulf Coast intend to go ahead with plans for near record spending on expansions next year, despite Hurricane Harvey driving up labor costs and slowing work, experts said. Harvey largely spared oil and petrochemical plants along the U.S. Gulf Coast from significant damage but thousands of homes and businesses were not as fortunate. Refiners and recovery projects will complete for the same labor…
BP, Reliance to Invest $6 Bln More in Offshore Gasfield
BP and India's Reliance Industries Ltd will invest a further $6 billion in their jointly owned KG D6 gas field off India's eastern coast, the heads of the two companies said on Thursday. BP Chief Executive Bob Dudley, appearing alongside Reliance Chairman Mukesh Ambani at a news event in New Delhi, told reporters the additional investment signalled its confidence in India. Reliance holds a 60 percent stake in a gas block in the Krishna Godavari (KG) basin…
Iran overtakes Saudi Arabia as top oil supplier to India
Indian refiners take advantage of Iranian price discounts. Iran overtook political rival Saudi Arabia as India's top oil supplier in October, shipping data showed, just ahead of a producers' meeting this month to hammer out the details on output cuts aimed at reining in a global glut. Iran used to be India's second-biggest oil supplier, a position it ceded to Iraq after tough Western…
Reliance to Contest Govt's $1.55 bln penalty
India's Reliance Industries Ltd is to contest a $1.55 billion fine imposed by the government on the company and its partners for selling gas belonging to the blocks of Oil and Natural Gas Corp, Reliance said in a statement. "RIL proposes to invoke the dispute resolution mechanism in the production sharing contract and issue a Notice of Arbitration to the Government," the statement said.
Reliance Terminates Drillship Contract with Transocean
Reliance Industries Ltd. has exercised its contractual option to terminate its contract with Transocean Ltd. for the ultra-deepwater drillship Discoverer India, effective December 2016, prior to its expiration in January 2021. In accordance with the contract, Transocean will be compensated by Reliance and its partners for the early termination through a lump-sum payment of approximately $160 million.
India's Reliance Q1 Net Profit Up 18%
India's oil-to-telecoms conglomerate Reliance Industries Ltd reported on Friday a better-than-expected 18 percent increase in first-quarter profit on higher margins from its core refining business. Consolidated net profit rose to 71.13 billion rupees ($1.1 billion) for the three months to June 30, from 60.24 billion rupees a year earlier, Reliance, controlled by India's richest man Mukesh Ambani, said in a statement.
Reliance to Lift Iran Oil after 5-yr Hiatus
India's Reliance Industries Ltd, owner of the world's biggest refining complex, is preparing to lift oil from Iran next month after a gap of about five years, said an industry source with knowledge of talks between the two. The Indian conglomerate, controlled by billionaire Mukesh Ambani, stopped Iranian oil imports in 2010 because it was worried that the threat of U.S. sanctions…
