Reports suggest that India's dependence on Iran for oil import has been declining from 13 percent some years ago. India imported 18.11 mn t oil from Iran, which is less than 21.20 mn t imports in 2009-10 and 18.50 mn t in 2010-11. During April-November 2012, the country imported 118
Tag: Crude Oil
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IOC to upgrade refining capacity
State-run oil refiner Indian Oil Corporation (IndianOil) plans to upgrade itself to process heavier crude. In the first phase of its expansion plan, the company invested substantially to process high sulphur crude. In the second phase, it is looking at upgrading itself to pro
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Deal on US fiscal cliff raises oil prices
Crude oil futures in the international market rose marginally in recent trade because traders expected the US economy to avert recession after the US government arrived at a deal on fiscal cliff. Recently, the Senate and the House of Representatives approved a deal preventing a raft of aust
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BP, RIL start drilling well on satellite fields
As part of its plan to develop four satellite gas fields for $1.529 billion, UK-based energy major BP started drilling a well on the D-19 field, also called Satellite-1 field. The field is located around the now producing Dhirubhai-1 and 3 or D1&D3 fields in the Krishna Godavari basi
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Oil India appoints consultant for 2.5 mn t LNG project
According to company sources, Oil India (OIL) has appointed a consultant to prepare report on its proposed
2.5-million tonne (mn t) liquefied natural gas (LNG) receiving terminal in the country. Geneva-based Foster Wheeler AG is said to be the firm that bagged the consultancy contract for the project, which marks OIL's foray into imported gas. With the proposed LNG terminal, the company will join
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HPCL seeks assured oil supply for proposed refinery
Hindustan Petroleum Corp (HPCL), which proposed to set up a 9 million tonne a year refinery at Barmer in Rajasthan, has asked the oil ministry to give firm allocation of crude oil from Cairn India's oilfields in the state.
The company has reportedly told the oil ministry that
its p
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DGH insists on separate testing at discoveries
Reports suggest that two months ago Reliance Industries (RIL) and its partner BP proposed to do a single Drill-Stem Test (DST) on their three finds -D-29, 30 and 31 at KG basin- to establish them as commercially viable finds. However, it is learnt that the Directorate General of Hydrocarbons (DGH) rejected the proposal as it feels that
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RIL, BP secure oil supply tenders from Egypt
Reliance Industries (RIL) and its British partner BP secured large crude oil supply tenders from Egypt for 2013. Reports suggest that RIL secured the bulk (18 cargoes) on offer from EgyptÂ’s Ras Gharib terminal, winning around 1.5 million tonne of the heavy crude. BP managed to get 15 cargoes in 2013, amounting to 1.2 million
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RIL to conduct maintenance of Jamnagar unit
Reports indicate that Reliance Industries (RIL) planned to conduct maintenance operation at its newer 580,000 barrels-per-day (bpd) Jamnagar refining complex in January. Consequently, the company plans to close its crude distillation unit and a secondary unit temporarily. The company is planning to shut a 13.5 metric tonne per annum (270
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OVL plans to exit South China Sea block
According to source-based information, ONGC Videsh plans to exit the hydrocarbon block offered by Vietnam to it in the maritime region of South China Sea as it found that the bed of the block was very difficult. ONGC Videsh, the overseas arm of ONGC, feels that the cost of operating the block is higher than the benefits and so it is not conducting operation there. However, Viet