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Business Standard
2 days ago
- Business
- Business Standard
Govt likely to set up corpus for strategic deepwater exploration
The government is planning to set up a corpus under the National Deepwater Exploration Mission to support strategic oil and gas exploration efforts in deepwater and ultra-deepwater areas. The exact contours of the plan are yet to be finalised, including the size of the corpus and its sources. 'The Prime Minister has emphasised upon the National Deepwater Exploration Mission where a corpus is identified by the Government of India for a focused and concerted strategy-driven exploration in deepwater and ultra-deepwater areas and Oil India Ltd (OIL) remains committed to this clarion call,' OIL Chairman and Managing Director Ranjit Rath said in an address to employees. Under the ninth round of the Open Acreage Licensing Policy (OALP) bidding, OIL has already secured 40,000 square kilometre area in deepwater and ultra-deepwater exploration acreages in Mahanadi and KG Basins, and it is going to launch the seismic 3D and 2D data acquisition very soon, he said. Rath added that PM Modi has stressed upon the National Critical Mineral Mission, under which a corpus has already been identified to enhance exploration and production and also overseas assets acquisition with identified PSUs, in which OIL is also reflected. The company is pursuing such diversified alternatives aligned with national priorities. 'We have recently diversified to critical minerals. We have bagged two blocks, including a graphite and a vanadium block in Arunachal Pradesh, and a potash block in Rajasthan. We are also looking at acquisition of overseas assets of critical minerals,' he said. Rath said the company is on track to meet production targets, but more needs to be done. OIL operates primarily in upper Assam where the market for natural gas is still constrained. He congratulated the OIL team managing the Rajasthan asset for achieving the fastest monetisation of the Bakhri Tibba Discovered Small Field (DSF) block. 'We are supplying 30,000 standard cubic metres of natural gas towards power generation from that field. A similar call of duty is emerging in Tripura. I would call upon the Tripura asset team to ensure that by March 31, 2026, or before, we are able to monetise the Tulamara DSF where we have already done the first well and we intend to drill three more wells soon,' he said. India's crude oil import bill last financial year stood at around $140 billion, with import dependence of 90 per cent in case of crude oil and 50 per cent in case of natural gas, as on May 2025. 'Every drop of crude oil extracted from the sub-surface is a huge contribution. Gone are the days when we used to get price realisation of $80-85 per barrel. The current realisation is only $66 per barrel, a drop of 22 per cent. That is why enhanced production matters,' he said. OIL is also working on mapping areas where potential exists for productivity enhancement with a focus on cost optimisation.
News18
7 days ago
- Business
- News18
Oil India reports almost flat net profit in Q1
Last Updated: New Delhi, Aug 12 (PTI) State-owned Oil India Ltd (OIL) on Tuesday reported an almost flat net profit growth in the June quarter as oil prices fell. Its consolidated net profit of Rs 2,046.51 crore in April-June compared with Rs 2,016.30 crore earned in the same period last year, according to a company statement. Standalone net profit fell to Rs 813.48 crore in Q1 from Rs 1,466.84 crore last year 'due to a sharp drop in crude price realisation from USD 84.89 per barrel in Q1 FY25 to USD 66.20 per barrel in Q1 FY26, a drop of 22 per cent," it said. On the production front, OIL produced 1.680 million tonnes of oil and oil equivalent gas in April-June, compared to 1.689 million tonnes last year. 'During the quarter, OIL made a hydrocarbon discovery at Namrup-Borhat OALP block and commenced gas production from the Bakhritibba discovered small field (DSF) block located in Rajasthan's Jaisalmer district," the statement said. view comments First Published: August 12, 2025, 20:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Mint
12-07-2025
- Business
- Mint
Norms for transfer of participating interest among partners in oil, gas eased
New Delhi: In a move aimed at improving operational flexibility and ease of doing business in India's upstream oil and gas sector, the Union government has approved a long-pending recommendation to allow transfer of participating interest (PI) among existing partners without requiring government consent—as long as there is no change in operatorship. Participating interest means, in respect of each party constituting the contractor, the undivided share expressed as a percentage of such party's participation in the rights and obligations under the contract. Under the current contractual provisions of production sharing contracts (PSC), revenue sharing contracts (RSCs), discovered small fields (DSF) and coal bed methane (CBM), any participating interest or stake transfer within the existing parties requires prior written consent from the government. This move is part of the government's efforts to boost investors' interest and reduce energy import dependency. India aims to explore 2.5 lakh square km in the 10th round of auctions under the Open Acreage Licensing Policy. 'The Management Committee may be empowered to approve Participating Interest transfer cases where the contractor intends to transfer the PI within the existing parties of the contract, subject to no change in operatorship," said the report of the joint working group in April. A letter dated 10 July to the Director General of Hydrocarbons noted that the recommendation has been 'approved." The changes should come into effect at the earliest, as the Directorate General of Hydrocarbons has been asked to take necessary actions based on the ministry's approval. However, no specific timelines were mentioned. Noting that under the existing contractual provisions of all contracts, participating interest transfer within the existing parties of the contractor requires prior written consent from the government, the joint working group in June had recommended: 'However, this process involves a comprehensive technical, financial, and legal due diligence for each case." Expediting approval It added that in such cases, as the participating interest holders have already undergone verification during the contract award stage, evaluation for any change in the participating interest among existing parties of the contract may be foregone. 'Further, in many cases it has been observed that internal transfer approval can take up to six months, leading to significant project delays," the working group had said in its report on issues related to ease of doing business in the Indian upstream sector. The recommendation aims to expedite the approval process and reduce project delays, thereby promoting transparency and ease of doing business. 'PI holders should be required to comply with all the existing conditions of the contract," the recommendations said. Although the transfer of participating interest does not require the government's nod, it would need the signature of a government representative. This move is part of the government's efforts to boost investor interest. Under the 10th round of auction under the Open Acreage Licensing Policy, the government aims to explore 250,000 sq. km and reduce oil import dependence. The Draft Petroleum and Natural Gas Rules, 2025, for which stakeholders need to give their feedback by 17 July, also aim to modernise India's upstream oil and gas framework with several major reforms. Key among them is the introduction of an investor-friendly stabilisation clause, designed to protect lessees from adverse impacts of future legal or fiscal changes, such as increases in taxes, royalties or other levies, by allowing compensation or deductions. The Oilfields (Regulation and Development) Act, 1948, was amended in March 2025, which is also expected to boost investor interest in the oil and gas exploration and production sector. Data sharing in India During his visit to Vienna this week for the 9th Opec International Seminar, the minister for petroleum and natural gas, Hardeep Singh Puri, met several stakeholders in the oil and gas space, including Wael Sawan, chief executive officer (CEO) of Shell; Murray Auchincloss, CEO of bp; and Russel Hardy, Group CEO of Vitol, and spoke of opportunities to invest in the country's oil and gas sector. Among other recommendations, minister Puri approved open sharing of data from the National Data Repository at zero charge to micro, small and medium enterprises (MSMEs), startups and academic institutions. "NDR data may be integrated with the repositories of the National Oil Companies (NOCs), such as ONGC and OIL, and other ministries such as ministry of mines, ministry of coal, ministry of earth sciences, Central Ground Water Board, etc. ensuring seamless access to comprehensive datasets, including seismic, well, and other geological information," the recommendations said. The move aims to promote knowledge sharing, collaborative ventures, and technological advancements through enhanced data accessibility, thereby encouraging innovations in the oil and gas industry.
Time of India
25-06-2025
- Business
- Time of India
Cairn Oil & Gas powers Assam's tea industry with clean energy shift
Cairn Oil & Gas has been supplying clean natural gas from its Hazarigaon Gas unit in Assam to tea estates across Upper Assam. Producing more than 55 per cent of India's tea and nearly one-sixth of global supply, Assam's tea sector is the backbone of the state's economy. With over 650 million kilograms of tea produced annually, it supports the livelihoods of nearly three million people, from pluckers to packagers, and contributes significantly to India's GDP. As Assam's largest agri-based industry, tea is not just a symbol of heritage - it's a pillar of progress. Cairn Oil & Gas has been supplying clean natural gas from its Hazarigaon Gas unit in Assam, the first northeast block auctioned under the Discovered Small Fields (DSF) policy to be put to production, to tea estates across Upper Assam in collaboration with Assam Gas Company Limited (AGCL) since 2023. The gas is supplied through a main trunk pipeline and a gas cascading system. This transition away from coal-based energy systems is reducing carbon emissions, lowering production costs, and enabling estates to invest in modern, climate-resilient practices . 'Assam's tea is one of India's proudest exports, and at Cairn, we see clean energy as a catalyst for strengthening this legacy,' said spokesperson, Cairn Oil & Gas. 'Our mission is to support the industry's evolution through affordable, reliable energy that fuels not just operations, but long-term sustainability.' Tea estate owners are already witnessing the benefits. With Cairn's natural gas supply , gardens are reporting up to 15–20 per cent savings in fuel costs, alongside a measurable decline in greenhouse emissions. The improved energy efficiency is also allowing producers to diversify into specialty teas, adopt drought-resistant plant varieties, and integrate water-saving irrigation systems - critical steps in the face of climate uncertainties. One such estate, Arin Tea Pvt. Ltd., has implemented drip irrigation across 30 per cent of its acreage, resulting in 15 per cent water savings without compromising yield. 'Cairn's support has enabled us to innovate while preserving Assam's tea legacy,' said Rakhi Saikia, Director of Arin Tea. 'We're responding to the climate crisis with practical changes - shade trees, efficient irrigation, and climate-adapted cultivation - and clean energy is central to this journey.' This forward-looking approach echoes the vision of Vedanta Group Chairman Anil Agarwal, who, speaking at Advantage Assam 2.0, in February lauded the state's natural abundance and highlighted the transformative potential of aligning its traditional strengths - like tea - with sustainable, technology-driven growth.
Time of India
24-06-2025
- Business
- Time of India
Cairn Oil & Gas powers Assam's tea industry with clean energy shift
Guwahati: Cairn Oil & Gas has been supplying clean natural gas from its Hazarigaon Gas unit in Assam to tea estates across Upper Assam. Producing more than 55% of India's tea and nearly one-sixth of global supply, Assam's tea sector is the backbone of the state's economy. With over 650 million kilograms of tea produced annually, it supports the livelihoods of nearly three million people, from pluckers to packagers, and contributes significantly to India's GDP. As Assam's largest agri-based industry, tea is not just a symbol of heritage - it's a pillar of progress. Cairn Oil & Gas has been supplying clean natural gas from its Hazarigaon Gas unit in Assam, the first northeast block auctioned under the Discovered Small Fields (DSF) policy to be put to production, to tea estates across Upper Assam in collaboration with Assam Gas Company Limited (AGCL) since 2023. The gas is supplied through a main trunk pipeline and a gas cascading system. This transition away from coal-based energy systems is reducing carbon emissions, lowering production costs, and enabling estates to invest in modern, climate-resilient practices . 'Assam's tea is one of India's proudest exports, and at Cairn, we see clean energy as a catalyst for strengthening this legacy,' said spokesperson, Cairn Oil & Gas. 'Our mission is to support the industry's evolution through affordable, reliable energy that fuels not just operations, but long-term sustainability.' Tea estate owners are already witnessing the benefits. With Cairn's natural gas supply , gardens are reporting up to 15–20% savings in fuel costs, alongside a measurable decline in greenhouse emissions. The improved energy efficiency is also allowing producers to diversify into specialty teas, adopt drought-resistant plant varieties, and integrate water-saving irrigation systems - critical steps in the face of climate uncertainties. One such estate, Arin Tea Pvt. Ltd., has implemented drip irrigation across 30% of its acreage, resulting in 15% water savings without compromising yield. 'Cairn's support has enabled us to innovate while preserving Assam's tea legacy,' said Rakhi Saikia, Director of Arin Tea. 'We're responding to the climate crisis with practical changes - shade trees, efficient irrigation, and climate-adapted cultivation - and clean energy is central to this journey.' This forward-looking approach echoes the vision of Vedanta Group Chairman Anil Agarwal, who, speaking at Advantage Assam 2.0, in February lauded the state's natural abundance and highlighted the transformative potential of aligning its traditional strengths - like tea - with sustainable, technology-driven growth.
