Latest news with #OIL
Business Standard
2 hours ago
- Business
- Business Standard
Oil India commences gas production from Bakhritibba Block in Jaisalmer
Oil India (OIL) has officially commenced gas production from the Bakhritibba Discovered Small Field (DSF) block located in the arid terrains of Western Rajasthan's Jaisalmer District w.e.f 1st June 2025. OIL has set benchmark by achieving fast monetization from DSF III block by successfully drilling 3 MWP wells within the development period leading to supply of 67,200 SCMD gas to be further enhanced to production of 100MSCMD gas from the Bakhritibba Block in Jaisalmer district in Western Rajasthan.
Time of India
4 hours ago
- Business
- Time of India
OIL India starts gas production from DSF-III Bakhritiba block in Rajasthan, to scale up output to 100 MSCMD
New Delhi: Oil India Ltd (OIL) has commenced natural gas production from the Bakhritiba block awarded under the Discovered Small Field (DSF) III bid round in Rajasthan's Jaisalmer district. The production has begun at a rate of 67,200 standard cubic meters per day (SCMD), which is planned to be enhanced to 100,000 SCMD (100 MSCMD), according to the Ministry of Petroleum and Natural Gas. The gas output is being supplied to GAIL (India) Ltd and Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RRVUNL), the ministry stated. The production comes after successful drilling of three MWP wells within the block's stipulated development period. Petroleum and Natural Gas Minister Hardeep Singh Puri, in a post on social media platform X, said, 'Heartiest congratulations to Oil India Limited (OIL) on setting a benchmark by achieving fast monetization from DSF III block by successfully drilling 3 MWP wells within the development period leading to supply of 67,200 SCMD gas to GAIL/ RRVUNL to be further enhanced to production of 100 MSCMD gas from the Bakhritiba Block in Jaisalmer district in Western Rajasthan.' Puri said the development 'stands as a testimony of OIL's resilience, resolve, and responsibility – delivering energy in challenging frontier environments.' The minister also acknowledged the efforts of the company's operational teams. 'I commend the tireless efforts of the OIL team, who brave extreme conditions every day to ensure steady energy flows. Every hydrocarbon molecule produced fuels India's march towards energy security and self-reliance,' he said. The Bakhritiba field development is part of India's broader effort to enhance domestic oil and gas output by monetising smaller hydrocarbon reserves awarded under the DSF policy.>
Business Upturn
5 hours ago
- Business
- Business Upturn
Oil India commences gas production from Bakhritibba Block in Rajasthan
Oil India Limited (OIL), a leading upstream oil and gas company in India, has recently informed exchanges that the company commenced natural gas production from the Bakhritibba Discovered Small Field (DSF) block located in the Jaisalmer district of Western Rajasthan. The project marks the beginning of gas output from the DSF III round, with OIL successfully drilling three MWP (Minimum Work Program) wells within the designated development period. Initial production is recorded at 67,200 standard cubic meters per day (SCMD) and is expected to scale up to 100,000 SCMD (100 MSCMD) in the coming months. Advertisement This development highlights OIL's operational progress in harnessing hydrocarbon resources from challenging terrains. The Bakhritibba field is situated in an arid zone, requiring technical adaptation and logistical coordination to sustain production. The gas output from this block is anticipated to contribute to regional energy supply and aligns with broader efforts to enhance domestic natural gas availability under India's energy strategy.
Business Insider
a day ago
- Business
- Business Insider
Phillip Securities Sticks to Its Buy Rating for Oil India Limited (OIL)
In a report released yesterday, from Phillip Securities maintained a Buy rating on Oil India Limited (OIL – Research Report), with a price target of INR545.00. The company's shares closed last Friday at INR426.80. Confident Investing Starts Here: The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Oil India Limited with a INR462.00 average price target. Based on Oil India Limited's latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of INR81.2 billion and a net profit of INR18.86 billion. In comparison, last year the company earned a revenue of INR62.08 billion and had a net profit of INR14.27 billion
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Business Standard
3 days ago
- Business
- Business Standard
Foreign technical partners to have 1st right of refusal on oil finds: Puri
Foreign oil and gas companies entering into technical partnerships with Indian counterparts will be given the right of first refusal (ROFR) in the event of crude oil or gas discoveries, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Friday. Puri cited state-owned ONGC's recent partnership with BP for the Mumbai High offshore field and Oil India Limited's (OIL's) agreement with Brazil's Petrobras in the Andaman Sea basin. He said such provisions are already in place in these cases. The ROFR is a contractual arrangement that typically allows the holder to enter a business transaction with the grantor before the asset can be offered to any third party. In the context of oil and gas, this right may give a foreign joint venture partner or lessee to match any offer received by the owner of hydrocarbon blocks, such as ONGC or OIL, from a third party, before the asset can be sold or transferred. Officials did not clarify what exact terms have been offered to BP and Petrobras. Puri said foreign entities need to commit large amounts of money for exploration, which sometimes they are not willing to do. 'It's better that they come in as technical partners, for which they will be paid, and when you strike energy, they'll have the right of first refusal,' Puri said at the CII Annual Business Summit here. In February, ONGC signed a contract to enhance production from Mumbai High. Part of the 116,000 sq km Mumbai Offshore Basin in the Arabian Sea, BP Exploration (Alpha) Ltd, a London-incorporated, wholly-owned subsidiary of BP Plc, was appointed as a Technical Services Provider (TSP). At the time, ONGC had said: 'The TSP has indicated a substantial increase in the oil and oil equivalent gas production (up to 60 per cent) from the baseline production levels (reputed third-party vetted production estimates with natural decline) over a 10-year contract period," ONGC had said back then. Similarly, in February, OIL signed a Memorandum of Understanding with Petrobras to leverage the Brazilian major's deepwater drilling expertise in the deep and ultra-deep offshore regions, including the Andaman basin. The collaboration also covers the Mahanadi and other sedimentary basins. One big find The government's 2016 shift from a production-sharing regime to a revenue-sharing agreement for foreign entities was necessitated by the disagreements and litigation experienced in the previous regime, Puri said. 'A revenue-sharing agreement is easier, and a lot of these (foreign companies) are not willing to commit upfront,' he said. Referring to oil-rich Guyana, Puri said there could be many 'Guyanas' waiting to be discovered in the Andaman Sea. 'One big find in the Andaman sea will change everything. It will be a huge transformation in India's economic strength,' Puri said. The average expenditure for digging a well onshore is $4 million, while it is exponentially higher at about $100 million offshore. Guyana dug 47 offshore wells before they struck oil, Puri said. He revealed ONGC has dug the highest number of wells in 37 years in FY25.
