Latest news with #DGH
Indian Express
14-05-2025
- Business
- Indian Express
Oil India announces hydrocarbon exploration breakthrough in Tripura with Debtamura 1 well
In a major breakthrough in hydrocarbon exploration in Tripura, Oil India Limited (OIL) has commenced its exploration and production activities in the state by drilling the first foot of its Debtamura 1 well in Gomati district. On 11th May, 2025, Oil India Limited commenced its exploration and production activities in Tripura by spudding the well Debtamura#1 at Loc. TUL-B of DSF-II block AA/ONDSF/TULAMARA/2018. Shri Rupjyoti Phukan, RCE, OIL, Maj General (Retd.) Praveen Mathur, Advisor – Security (DGH),… — Oil India Limited (@OilIndiaLimited) May 13, 2025 The company wrote on X, 'On 11th May, 2025, Oil India Limited commenced its exploration and production activities in Tripura by spudding the well Debtamura#1 at Loc. TUL-B of DSF-II block AA/ONDSF/TULAMARA/2018.' 'The well Debtamura#1 is located approximately 120 KM from Agartala, inside Baramura- Debtamura Reserve Forest, Gomati district, near the Indo-Bangladesh International border,' the post further read. Oil India Limited said Debtamura 1 would be the 'first well drilled by any oil and gas company in the state of Tripura', under the central government's Hydrocarbon Exploration and Licensing Policy regime. Oil India Limited added that hydrocarbon exploration and production activities in this block were beset with a myriad of challenges. These included undulated and thick vegetated terrain, challenging surface logistics along narrow hilly roads, and predominant and extended monsoon season causing flooding and landslides due to younger sediments dissected by lineaments, which badly damaged the well plinths and the approach road. 'Overcoming all these, the spirit of all Oil Indians speaks to its moment and our aspiration of Atmanirbhar Bharat,' the company added. Rupjyoti Phukan, RCE, OIL; Maj General (Retd) Praveen Mathur, Advisor – Security (DGH); Directorate of Industries and Commerce Joint Director Sutirtha Paul; Executive Director and HoD, Frontier Basin Project, OIL, Chitra Mohan Bora; Arunav Baruah, Chief General Manager (FB), OIL; Pankaj Kumar Biswas, General Manager, Gas Authority of India Limited (GAIL); and other senior OIL officials attended the spudding at the location.
Time of India
09-05-2025
- Business
- Time of India
OTC 2025: India showcases offshore energy investment opportunities
India's offshore energy sector took center stage at the 55th annual Offshore Technology Conference (OTC) 2025, as the country highlighted the availability of rich geoscientific data and a regulatory framework designed to make India an attractive partner for international energy players . The OTC 2025 conference, which united over 30,000 professionals from 107 countries to explore the future of offshore energy, underscored India's strategic push to become a global leader in offshore exploration and production (E&P). Pallavi Jain Govil, Director General, DGH who led India's delegation and participated in the marquee 'Around the World Series' session, spotlighting the country's energy reforms and its growing role as an investment destination in the offshore sector. Govil highlighted the opening of new exploration blocks under OALP-X, the availability of rich geoscientific data, and a regulatory framework designed to make India an attractive partner for international energy players. The conference also featured Sridhar Krishnamoorthy of IIT Madras, who was honored as an OTC 2025 Emerging Leader, marking the first time an Indian academic received this global recognition for contributions to offshore engineering. DC Manjunath, Consul General of India in Houston, called for increased collaboration between US and Indian companies in the offshore sector, underlining India's stable policy environment and commitment to energy security . With ongoing regulatory reforms, access to vast natural resources, and a clear roadmap for investment, India is poised for a new era of offshore growth and global energy leadership. Vinod Sheshan, Joint Secretary (Exploration), Ministry of Petroleum and Natural Gas , discussed India's latest regulatory updates aimed at creating a more secure environment for foreign investment. Trailukya Borgohain, Director (Operations), Oil India Ltd , emphasized India's potential in deepwater and frontier basin exploration. Almost 1,300 companies showcased cutting-edge technologies at OTC 2025. The conference is expected to have contributed an estimated USD USD 3 billion to the local Houston economy.
Time of India
09-05-2025
- Business
- Time of India
OTC 2025: India showcases offshore energy investment opportunities
India showcased its offshore energy sector at OTC 2025, emphasizing rich geoscientific data and favorable regulations to attract international investment. Pallavi Jain Govil highlighted energy reforms, while Sridhar Krishnamoorthy of IIT Madras received the OTC Emerging Leader award. The event promoted US-India collaboration and India's commitment to energy security, signaling a new phase of offshore growth. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India's offshore energy sector took center stage at the 55th annual Offshore Technology Conference (OTC) 2025, as the country highlighted the availability of rich geoscientific data and a regulatory framework designed to make India an attractive partner for international energy players . The OTC 2025 conference, which united over 30,000 professionals from 107 countries to explore the future of offshore energy, underscored India's strategic push to become a global leader in offshore exploration and production (E&P).Pallavi Jain Govil, Director General, DGH who led India's delegation and participated in the marquee 'Around the World Series' session, spotlighting the country's energy reforms and its growing role as an investment destination in the offshore highlighted the opening of new exploration blocks under OALP-X, the availability of rich geoscientific data, and a regulatory framework designed to make India an attractive partner for international energy conference also featured Sridhar Krishnamoorthy of IIT Madras, who was honored as an OTC 2025 Emerging Leader, marking the first time an Indian academic received this global recognition for contributions to offshore Manjunath, Consul General of India in Houston, called for increased collaboration between US and Indian companies in the offshore sector, underlining India's stable policy environment and commitment to energy security With ongoing regulatory reforms, access to vast natural resources, and a clear roadmap for investment, India is poised for a new era of offshore growth and global energy Sheshan, Joint Secretary (Exploration), Ministry of Petroleum and Natural Gas , discussed India's latest regulatory updates aimed at creating a more secure environment for foreign Borgohain, Director (Operations), Oil India Ltd , emphasized India's potential in deepwater and frontier basin 1,300 companies showcased cutting-edge technologies at OTC 2025. The conference is expected to have contributed an estimated USD USD 3 billion to the local Houston economy.
Time of India
06-05-2025
- Business
- Time of India
Compensation for oil companies if changes in law shave off $5 mn in earnings a year
The government plans to compensate oil and gas explorers in new contracts if a future change in the law reduces their economic benefits by more than $5 million per year by adjusting its royalties, fees or revenue share from an oilfield. The proposed rule is expected to protect explorers from government action such as windfall or retrospective tax and allow for stable economic returns as the Centre seeks to boost investments in exploration. "In the event of a change in law subsequent to the grant of license or lease which results in an increase in costs, or reduction in net after-tax return, or otherwise reduces the economic benefit accruing to the licensee or affected licensee or lessee shall be entitled to be placed in the same financial condition had there been no such change in law," the Directorate General of Hydrocarbons (DGH) said in its proposed petroleum and natural gas rules for the upstream sector. Similarly, if a new law reduces costs or increases returns for the explorer, the government shall increase its levies or revenue or profit share to ensure explorers do not make extra economic gains, it said. The new rules have been proposed following the recent amendment of the Oilfields (Regulation and Development) Act. If a state government changes the law affecting an explorer's return, it will have to increase or decrease its levies to deal with the explorer, as per the proposed rule. But if a law passed by the Parliament affects return, the Centre will adjust its levies or revenue share to stabilise the explorer's economic benefit. Oil and gas explorers, who already face great geological and market risks, have been demanding policy stability to prevent any government move that could end up curbing their returns on investment. India had imposed windfall tax on producers such as ONGC , Oil India and Vedanta after oil prices soared following the Russian invasion of Ukraine in early 2022.
Time of India
06-05-2025
- Business
- Time of India
Compensation for oil companies if changes in law shave off $5 mn in earnings a year
The government plans to compensate oil and gas explorers in new contracts if a future change in the law reduces their economic benefits by more than $5 million per year by adjusting its royalties, fees or revenue share from an oilfield. The proposed rule is expected to protect explorers from government action such as windfall or retrospective tax and allow for stable economic returns as the Centre seeks to boost investments in exploration. "In the event of a change in law subsequent to the grant of license or lease which results in an increase in costs, or reduction in net after-tax return, or otherwise reduces the economic benefit accruing to the licensee or affected licensee or lessee shall be entitled to be placed in the same financial condition had there been no such change in law," the Directorate General of Hydrocarbons (DGH) said in its proposed petroleum and natural gas rules for the upstream sector. Similarly, if a new law reduces costs or increases returns for the explorer, the government shall increase its levies or revenue or profit share to ensure explorers do not make extra economic gains, it said. The new rules have been proposed following the recent amendment of the Oilfields (Regulation and Development) Act. If a state government changes the law affecting an explorer's return, it will have to increase or decrease its levies to deal with the explorer, as per the proposed rule. But if a law passed by the Parliament affects return, the Centre will adjust its levies or revenue share to stabilise the explorer's economic benefit. Oil and gas explorers, who already face great geological and market risks, have been demanding policy stability to prevent any government move that could end up curbing their returns on investment. India had imposed windfall tax on producers such as ONGC , Oil India and Vedanta after oil prices soared following the Russian invasion of Ukraine in early 2022.
