Latest news with #HardeepPuri
India Gazette
3 days ago
- Business
- India Gazette
Govt has taken measures to keep oil prices in control for consumers: Hardeep Puri
New Delhi [India], May 30 (ANI): Union Minister for Petroleum and Natural Gas, Hardeep Puri on Friday highlighted how is India able to keep prices for oil in control through calibrated policy measures, including excise duty cuts and collaboration with state governments on VAT reductions. Puri mentioned that the government had reduced the cess on petrol and diesel in November 2021 and May 2022, leading to price reductions of Rs 13 and Rs 16 per liter, respectively. He attributed this to the combined efforts of the central and state governments in reducing taxes.'The excise duty shares are imposed by we reduced the Cess in November 2021 and May 2022, state govt also reduced their VAT, and that's why we were able to reduce the price of petrol and diesel, respectively, by Rs 13 and Rs 16 a liter,' the minister said after the CII Annual Business Summit 2025. The minister outlined the factors that influence fuel prices, including global prices, insurance costs, and refining margins. He suggested that if global prices remain stable, further price reductions could be further added, 'If prices are determined by global prices, to that you add cost of prices remain like this, going forward, these are the things that you can legitimately expect.'While speaking at the CII summit, the minister emphasized on the availability of crude from the western Hemisphere countries such as such as Brazil, Guyana, Suriname, and Canada. He noted that despite OPEC+ production cuts, global supply is rebounding with incremental output from the he also commented about the India's strategic tie up. He said, 'what we've done is we've diversified from 27 countries from which we imported to about 40 now. We bought consignments from Argentina also.' He also believes that, during tough times India has been able to navigate reasonable well and he further mentions that, 'and I have total confidence in going forward with more energy being available, we will be able to navigate it further also.'Referring to discounted Russian oil imports, Puri said that, Prime Minister's primary responsibility is to ensure affordable energy for Indian consumers. If oil is available at a lower cost, we will buy it, regardless of origin. (ANI)
Times of Oman
3 days ago
- Business
- Times of Oman
Govt has taken measures to keep oil prices in control for consumers: Hardeep Puri
New Delhi: Union Minister for Petroleum and Natural Gas, Hardeep Puri on Friday highlighted how is India able to keep prices for oil in control through calibrated policy measures, including excise duty cuts and collaboration with state governments on VAT reductions. Puri mentioned that the government had reduced the cess on petrol and diesel in November 2021 and May 2022, leading to price reductions of Rs 13 and Rs 16 per liter, respectively. He attributed this to the combined efforts of the central and state governments in reducing taxes. "The excise duty shares are imposed by we reduced the Cess in November 2021 and May 2022, state govt also reduced their VAT, and that's why we were able to reduce the price of petrol and diesel, respectively, by Rs 13 and Rs 16 a liter," the minister said after the CII Annual Business Summit 2025. The minister outlined the factors that influence fuel prices, including global prices, insurance costs, and refining margins. He suggested that if global prices remain stable, further price reductions could be expected. He further added, "If prices are determined by global prices, to that you add cost of prices remain like this, going forward, these are the things that you can legitimately expect." While speaking at the CII summit, the minister emphasized on the availability of crude from the western Hemisphere countries such as such as Brazil, Guyana, Suriname, and Canada. He noted that despite OPEC+ production cuts, global supply is rebounding with incremental output restorations. Apart from the he also commented about the India's strategic tie up. He said, "what we've done is we've diversified from 27 countries from which we imported to about 40 now. We bought consignments from Argentina also." He also believes that, during tough times India has been able to navigate reasonable well and he further mentions that, "and I have total confidence in going forward with more energy being available, we will be able to navigate it further also."
Time of India
21-05-2025
- Business
- Time of India
Exxon, BP & Shell explore tieup with ONGC in KG block
New Delhi: ExxonMobil, BP and Shell, three of the world's largest oil companies, have held preliminary discussions with Oil and Natural Gas Corp (ONGC) for a potential partnership in the Indian state-run firm's $5-billion deep-sea project in the KG basin, according to people familiar with the matter. ONGC's KG-DWN-98/2 block off India's eastern coast has faced prolonged delays and underperformance, prompting the PSU to seek partners with advanced capabilities to navigate the basin's complex geology, the people said. The KG Block comprises several discoveries grouped into three clusters, with only Cluster 2 currently producing. Drilling Cost The KG Block comprises several discoveries grouped into three clusters, with only Cluster 2 currently foreign majors are exploring a partnership specifically for Cluster 2. Exxon, BP, Shell and ONGC declined to comment. Exxon, with deep experience in deepwater drilling, is seen as the most serious contender. Its global CEO Darren Woods visited New Delhi in February — the first such visit by an Exxon CEO in a decade — and met oil minister Hardeep Puri, ministry officials and ONGC executives. Last year, Shell expressed initial interest in partnering with ONGC on its flagship Mumbai High field but did not submit a final bid. ONGC instead selected BP, the sole bidder, as the technical services provider for Mumbai High. Under the arrangement, BP will receive a fixed fee for the first two years and a share of incremental output over the next decade, without being required to make any capital investment. A similar model is unlikely for the KG project, as the basin is 'far too capital-intensive' compared to the western offshore, the people cited earlier said. The cost of drilling a single well in the KG block could be more than 10 times that of one in Mumbai High. 'A foreign partner can't come in just as a technical advisor. It must have skin in the game,' one person said. If a capex plan drawn up by an advisor were to fail, the financial burden would be huge and fall entirely on ONGC, the person added. Selling a participating interest is also fraught with complications, particularly given ONGC's state-owned status. 'Valuation can be questioned now or years later, with multiple state agencies getting involved,' the person said. A new partnership structure will likely need to be devised — one that enables risk-sharing while offering adequate safeguards for the state company to proceed, the person said. BP's chances appear slim due to a potential conflict of interest. BP and its partner Reliance Industries operate an adjacent KG block and have been in a prolonged legal dispute with the government following ONGC's 2014 accusation that the partners extracted gas that had migrated from ONGC's block. ONGC's KG block currently produces about 33,000 barrels per day (bpd) of oil and 2.5 million metric standard cubic meters per day (mmscmd) of gas. Production began last year, with peak output targets set at 45,000 bpd of oil and 10 mmscmd of gas — significantly lower than the 2016 projections of 70,000 bpd and 16.3 mmscmd.
Time of India
21-05-2025
- Business
- Time of India
Exxon, BP & Shell explore tieup with ONGC in KG block
New Delhi: ExxonMobil, BP and Shell, three of the world's largest oil companies, have held preliminary discussions with Oil and Natural Gas Corp (ONGC) for a potential partnership in the Indian state-run firm's $5-billion deep-sea project in the KG basin, according to people familiar with the matter. ONGC's KG-DWN-98/2 block off India's eastern coast has faced prolonged delays and underperformance, prompting the PSU to seek partners with advanced capabilities to navigate the basin's complex geology, the people said. The KG Block comprises several discoveries grouped into three clusters, with only Cluster 2 currently producing. Drilling Cost The KG Block comprises several discoveries grouped into three clusters, with only Cluster 2 currently foreign majors are exploring a partnership specifically for Cluster 2. Exxon, BP, Shell and ONGC declined to comment. Exxon, with deep experience in deepwater drilling, is seen as the most serious contender. Its global CEO Darren Woods visited New Delhi in February — the first such visit by an Exxon CEO in a decade — and met oil minister Hardeep Puri, ministry officials and ONGC executives. Last year, Shell expressed initial interest in partnering with ONGC on its flagship Mumbai High field but did not submit a final bid. ONGC instead selected BP, the sole bidder, as the technical services provider for Mumbai High. Under the arrangement, BP will receive a fixed fee for the first two years and a share of incremental output over the next decade, without being required to make any capital investment. A similar model is unlikely for the KG project, as the basin is 'far too capital-intensive' compared to the western offshore, the people cited earlier said. The cost of drilling a single well in the KG block could be more than 10 times that of one in Mumbai High. 'A foreign partner can't come in just as a technical advisor. It must have skin in the game,' one person said. If a capex plan drawn up by an advisor were to fail, the financial burden would be huge and fall entirely on ONGC, the person added. Selling a participating interest is also fraught with complications, particularly given ONGC's state-owned status. 'Valuation can be questioned now or years later, with multiple state agencies getting involved,' the person said. A new partnership structure will likely need to be devised — one that enables risk-sharing while offering adequate safeguards for the state company to proceed, the person said. BP's chances appear slim due to a potential conflict of interest. BP and its partner Reliance Industries operate an adjacent KG block and have been in a prolonged legal dispute with the government following ONGC's 2014 accusation that the partners extracted gas that had migrated from ONGC's block. ONGC's KG block currently produces about 33,000 barrels per day (bpd) of oil and 2.5 million metric standard cubic meters per day (mmscmd) of gas. Production began last year, with peak output targets set at 45,000 bpd of oil and 10 mmscmd of gas — significantly lower than the 2016 projections of 70,000 bpd and 16.3 mmscmd.
NDTV
28-04-2025
- Politics
- NDTV
Hardeep Puri On Pakistan After India Bans 16 Pakistani YouTube Channels
After Indian government banned 16 Pakistani YouTube channels for spreading provocative and communally sensitive content and misinformation against India, Union Minister Hardeep Puri on April 28 launched a sharp attack on Pakistan by saying that they have been using terror as an instrument of state policy.
