Latest news with #DirectorateGeneralofHydrocarbons
NDTV
17-07-2025
- Business
- NDTV
"Don't Feel Any Pressure...": Minister On US Sanctions Threat Over Russian Oil
India on Thursday played down the threat of the US imposing sanctions on countries buying Russian oil, saying it is confident of meeting its needs from alternative sources. Oil Minister Hardeep Singh Puri said the world's third-largest oil importer should be able to deal with any problems with Russian imports by seeking supplies from other countries. India imports more than 85 per cent of its requirement of crude oil, which is turned into fuels like petrol and diesel in refineries. Traditionally, the Middle East was the main source, but Russia has been the mainstay supplier for nearly three years now. After much of the West shunned Russian crude following Moscow's invasion of Ukraine in February 2022, Russia began offering steep discounts to attract alternative buyers. Indian refiners seized the opportunity, turning Russia, once a marginal supplier, into India's largest source of crude oil, overtaking traditional suppliers from West Asia. Russia now accounts for as much as 40 per cent of India's oil imports. Speaking at the Urja Varta annual conference of the Directorate General of Hydrocarbons (DGH), Puri said there are many new suppliers coming onto the market, such as Guyana and supplies can also be ramped up from existing producers such as Brazil and Canada. "I don't feel any pressure in my mind. India has diversified the sources of supply," he said in reply to a question on the impact of the US threatening Russia with sanctions. Earlier this week, US President Donald Trump had threatened that countries purchasing Russian exports could face sanctions or steep tariffs if Moscow fails to reach a peace agreement with Ukraine within 50 days. Puri said India is also increasing the hunt for finding new deposits of oil within the country and quickly bringing them to production. "I'm not worried at all. If something happens, we'll deal with it," he said. "India has diversified the sources of supply and we have gone, I think, from about 27 countries that we used to buy from to about 40 countries now." In the event of Russian supplies being hit, Indian Oil Corp chairman A S Sahney said the country could "go back to the same template (of supplies) as was used pre-Ukraine crisis when Russian supplies to India were below 2 per cent." The Oil Minister said prior to February 2022, India was buying 0.2 per cent of overall crude oil from Russia. "Today... It has gone up considerably," he said. Addressing a press conference, Puri said at present the market does not react to geopolitical turmoil, especially in terms of prices as much as there is good availability of oil. Addressing a press conference, he said at present, the price of crude oil is around USD 68.5 per barrel and it is expected to remain around the same levels in the months to come. "I think it will be somewhere around USD 65/barrel," he said. Puri also said that there are discussions and consultations underway with industry stakeholders led by NITI Aayog to increase the percentage of ethanol blending from 20 per cent at present. This was one of the initiatives that we have been talking about for some time called "stratigraphic wells". This is the first of the series which will be carried out. "ONGC has taken the leap to tie up with BP in terms of well design, well location, understanding geology etc," he said. "ONGC will be putting in money, BP will provide expertise," he said, adding that the two entities are looking to work together in Andaman, Mahanadi, Saurashtra Kutch. According to an official statement, Puri said Russia remains one of the world's top oil producers with an output exceeding 9 million barrels per day. He also warned that a sudden removal of this supply from the global market-out of a total of approximately 97 million barrels per day-would have created chaos, pushing prices to between USD 130-200 per barrel. The minister said a series of transformative policy reforms were introduced over the last decade to make India's upstream sector globally competitive Among the major changes, he mentioned the reimagined exploration framework under the Oilfields Regulation and Development Act (ORDA), characterised by a co-designed approach, a single lease and approval mechanism, transparent operational rules, and the introduction of a 'no-sit' clause to eliminate inactive acreage. These measures, integrated with the revised Petroleum and Natural Gas Rules and the Model Revenue Sharing Contracts aim to simplify business operations and attract private investment. The Hydrocarbon Exploration and Licensing Policy and amendments to the ORD Act have opened nearly 1 million square kilometres of previously inaccessible "No-Go" areas to exploration, thereby unlocking significant resource potential. "In the last five years, India has contributed 16 per cent to the global increase in oil demand and is expected to account for nearly 25 per cent of the incremental global energy demand through 2045. Our demand is not only large, it is structured, predictable, and responsible," Puri said. India has invested over Rs 4 lakh crore in energy infrastructure over the past decade. These investments have not only strengthened national capacity but also created tangible value at the state level. With an envisaged investment of Rs 30-35 lakh crore over the next 10 years, the coming decade will be pivotal for energy infrastructure development across the country (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
The Print
17-07-2025
- Business
- The Print
India plays down threat of sanctions on Russian oil supplies, says can source from alternate places
India imports more than 85 per cent of its requirement of crude oil, which is turned into fuels like petrol and diesel in refineries. Oil Minister Hardeep Singh Puri said the world's third largest oil importer should be able to deal with any problems with Russian imports by seeking supplies from other countries. New Delhi, Jul 17 (PTI) India on Thursday played down the threat of the US imposing sanctions on countries buying Russian oil, saying it is confident of meeting its needs from alternative sources. Traditionally, the Middle East was the main source, but Russia has been the mainstay supplier for nearly three years now. After much of the West shunned Russian crude following Moscow's invasion of Ukraine in February 2022, Russia began offering steep discounts to attract alternative buyers. Indian refiners seized the opportunity, turning Russia, once a marginal supplier, into India's largest source of crude oil, overtaking traditional suppliers from West Asia. Russia now accounts for as much as 40 per cent of India's oil imports. Speaking at the Urja Varta annual conference of the Directorate General of Hydrocarbons (DGH), Puri said there are many new suppliers coming onto the market such as Guyana and supplies can also be ramped up from existing producers such as Brazil and Canada. 'I don't feel any pressure in my mind. India has diversified the sources of supply,' he said in reply to a question on the impact of the US threatening Russia with sanctions. Earlier this week, US President Donald Trump had threatened that countries purchasing Russian exports could face sanctions or steep tariffs if Moscow fails to reach a peace agreement with Ukraine within 50 days. Puri said India is also increasing the hunt for finding new deposits of oil within the country and quickly bringing them to production. 'I'm not worried at all. If something happens, we'll deal with it,' he said. 'India has diversified the sources of supply and we have gone, I think, from about 27 countries that we used to buy from to about 40 countries now.' In the event of Russian supplies being hit, Indian Oil Corp chairman A S Sahney said the country could 'go back to the same template (of supplies) as was used pre-Ukraine crisis when Russian supplies to India were below 2 per cent.' The Oil Minister said prior to February 2022, India was buying 0.2 per cent of overall crude oil from Russia. 'Today… It has gone up considerably,' he said. PTI ABI ANZ DRR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
17-07-2025
- Business
- Time of India
Andaman exploration could yield Guyana-like offshore fields: Puri
New Delhi: The Andaman Basin holds the potential for major offshore oil discoveries on the scale of the Guyana basin, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said on Thursday at Urja Varta 2025. 'I am positive we will find several fields of the size of Guyana, particularly in the Andaman Sea,' Puri said during a fireside chat session at the event. The Minister linked the confidence to India's access to high-quality geoscientific data, robust regulatory support, and de-risking policy incentives aimed at attracting upstream investments . He said the basin is expected to play a central role in India's deepwater exploration roadmap. Puri also spoke about the expansion and modernisation of India's seismic database, extensive seismic surveys , and the digitisation of upstream data through the National Data Repository to improve investor access and transparency. The second edition of Urja Varta, organised by the Directorate General of Hydrocarbons under the Ministry of Petroleum and Natural Gas , brought together over 700 delegates, including Union and state ministers, industry leaders, and domain experts.
New Indian Express
17-07-2025
- Business
- New Indian Express
Not worried about sanctions on Russian oil; global supply adequate: Hardeep Puri
NEW DELHI: As US President Donald Trump has threatened secondary sanctions on the import of Russian crude, Petroleum Minister Hardeep Singh Puri said India is not concerned about sanctions on Russian crude, as there are enough supplies in the market. Speaking at the Urja Varta 2025 event organized by the Directorate General of Hydrocarbons, Minister Puri said, 'I'm not worried at all. If something happens, we'll deal with it. India has diversified its sources of supply — we've gone from buying oil from about 27 countries to around 40 now.' He added that increased oil supply would continue to stabilize global prices, which currently hover around $65 per barrel. President Trump recently warned of 'biting' secondary sanctions — including tariffs of up to 100% — on buyers of Russian exports unless a peace deal is reached in the Russia-Ukraine conflict within 50 days. 'I'm not worried at all. If something happens, we'll deal with it. India has diversified the sources of supply, and we have gone, I think, from about 27 countries that we used to buy from to about 40 countries now,' he said.
Time of India
17-07-2025
- Business
- Time of India
No pressure on India on Russian crude, will buy crude from wherever required to meet demand: Oil Minister Puri
New Delhi: India's oil minister Hardeep Singh Puri today asserted the country will continue sourcing oil from "wherever necessary" to safeguard its interests and ensure energy security. This comes days after U.S. President Donald Trump's statement that countries purchasing Russian exports could face sanctions if Moscow fails to reach a peace agreement with Ukraine within 50 days Speaking at Urja Varta 2025, a flagship upstream oil and gas conclave of the Directorate General of Hydrocarbons (DGH), Puri said the country feels 'no pressure' and has enough supply options to ensure uninterrupted fuel availability even in turbulent times. 'We will buy from wherever we have to because the Prime Minister's commitment is to the Indian consumer,' Puri said at a public discussion on India's energy roadmap. Responding to the US threat, he added, 'I don't feel any pressure in my mind, and I don't think my boss's mind is wired to feel any pressure.' Russia now supplies around 35 per cent of India's crude oil, up from just 0.2% before the Ukraine conflict in early 2022. The minister said India has significantly diversified its sources—buying from 40 countries now compared to 27 earlier—and is ready for any global supply disruption, including a hypothetical closure of the Strait of Hormuz. 'We have 21 to 25 days of oil stock. Even if the Strait is closed for a few days, we can manage. I'm not unduly worried,' he said, adding that more oil is entering the global market from new players such as Brazil, Guyana and Canada. Puri also dismissed concerns over a potential price cap breach on Russian crude. 'Russian oil was never sanctioned, only capped. If we get oil below the cap, we will buy it. Why not? It benefits the consumer,' he said. India currently imports energy worth $15 billion from the US and may increase it to $25 billion. The minister confirmed LPG imports from the US account for about 10% and pointed to new contracts under discussion with Norway's Equinor and others. Amid sanctions on Iran and Venezuela, Puri said oil from those countries continues to reach the market, though India has refrained from buying since 2019 due to international restrictions. 'If it's a sanction we have agreed to, we won't violate it." Despite growing global pushback against fossil fuels, India is doubling down on domestic oil and gas exploration. The government has opened up 2.57 lakh square kilometres—its biggest ever offering—for bidding under the 10th round of the Open Acreage Licensing Policy (OALP). A total of 22 states are participating in the exploration drive. 'We had 3.5 million sq km of sedimentary area. We've already opened up 1 million sq km, including previously declared no-go zones,' Puri said, attributing the shift to clearance from defence and scientific agencies. 'Earlier, DRDO and Navy would say, 'no-go'. Now the PM has said, open it up.' The government is also pushing for more private and global participation in oil exploration by compensating technical partners for surveys and offering first right of refusal on finds. 'Petrobras is working with Oil India. We will pay them for services, and if oil is struck, they get priority,' he said. The changes have been formalised under the revamped Overhaul of Oilfields Regulation and Development Act, replacing the 1948-era law. The new law introduces a single permit system, stability in lease conditions, and removes archaic clauses that hindered investment. Puri said, 'It's not about changing laws in Shastri Bhavan. We did wide stakeholder consultations, took global best practices, and made the changes.' On enforcement, Puri said the government is taking action against firms that won blocks but failed to develop them. 'Many companies sat on unrealistic bids for 10–12 years. We're now cancelling those,' he said. Asked if global majors will invest under the new regime, Puri said the investor mood has changed. 'Earlier, no one wanted to explore. Now they see India as a long-term opportunity. The economic centre of gravity is shifting. India is growing at 6.5%—much faster than the economies we've overtaken.' Though over 85 per cent of India's crude demand is still met through imports, Puri said the ratio may gradually fall with rising domestic production, higher ethanol blending, and the adoption of green hydrogen and EVs. 'We were at 1.4 per cent ethanol blending, now we're at 20 per cent. Green hydrogen tenders are going below $4/kg. These changes will alter the energy basket,' he said. Asked about the use of AI in oil sector operations, Puri said its adoption is growing in refineries and exploration, though data is still being compiled for a clearer impact assessment. In the final stretch of the conversation, the minister addressed criticism of India's continued investment in oil exploration. 'In 1976, Shell predicted oil would peak by 2000. Today, no one will even say 2030 or 2040. Even as we transition, we need fossil fuels to bridge the gap. That's the reality.'
