Latest news with #andProduction
Time of India
5 days ago
- Business
- Time of India
India's energy sector is rising through global uncertainty: Hardeep Puri
New Delhi: Petroleum and Natural Gas Minister Hardeep Singh Puri said on Sunday that India's energy sector is rising through global uncertainty with the reforms that have been rolled out in the oil and gas sector. "While the world faces fuel volatility, India is moving ahead with reforms. Oil refining capacity in the country has increased from 215 to 258 million metric tonnes per annum (MMTPA), and Jamnagar is now Asia's largest refinery, exporting petroleum products to 100+ countries," the minister said in a post on X. Highlighting the reforms in the upstream oil & gas exploration and production segment, the minister said that the open acreage licensing policy (OALP) Round 10 has unlocked 2.5 lakh sq km for further exploration and production. The clearances required for exploration have also been reduced from 37 to 18 to facilitate the ease of doing business. "Prime Minister Narendra Modi's vision is driving India's energy security through resilience with over $1.3 billion having been invested in the upstream segment to increase oil exploration and production," he said. The minister has also recently highlighted in the Parliament that India is witnessing a renewed surge in oil and gas exploration with the opening of nearly one million square kilometres of erstwhile 'No-Go' offshore areas in 2022. Since 2015, Exploration and Production (E&P) companies operating in India have reported 172 hydrocarbon discoveries , including 62 in offshore areas. Puri highlighted the geological significance of the AN basin, which lies at the junction of the Andaman and Nicobar Basins within the Bengal-Arakan sedimentary system. The tectonic setting, located at the boundary of the Indian and Burmese plates, has led to the formation of numerous stratigraphic traps that are conducive to hydrocarbon accumulation. This geological promise is further amplified by the basin's proximity to proven petroleum systems in Myanmar and North Sumatra. The region has attracted renewed global interest following significant gas discoveries in South Andaman offshore Indonesia, underlining the geological continuity across the region, the minister explained. In a significant development, ONGC and Oil India Ltd (OIL) have launched an ambitious exploration campaign in the Andaman ultra-deepwater region. For the first time, drilling operations are targeting depths of up to 5,000 metres. One such wildcat well, ANDW-7, drilled in a carbonate play in the East Andaman Back Arc region, has yielded encouraging geological insights. These include traces of light crude and condensate in cutting samples, heavy hydrocarbons like C-5 neo-pentane in trip gases, the minister further stated. These findings establish, for the first time, the existence of an active thermogenic petroleum system in the region, comparable to those in Myanmar and North Sumatra. While commercial reserves remain to be established, this campaign has validated the presence of a working petroleum system and laid the foundation for focused exploration in the area, the minister said. Providing an overview of the exploration outcomes so far, the Minister informed that ONGC has made hydrocarbon discoveries in 20 blocks, with an estimated reserve of 75 million metric tonnes of oil equivalent (MMTOE). Oil India Ltd., on its part, has made seven oil and gas discoveries over the past four years, with reserves estimated at 9.8 million barrels of oil and 2,706.3 million standard cubic meters of gas. --IANS sps/vd
India.com
6 days ago
- Business
- India.com
Amid Russia Oil Row, India Says Its Energy Sector Is Rising Through Global Uncertainty
NEW DELHI: Petroleum and Natural Gas Minister Hardeep Singh Puri said on Sunday that India's energy sector is rising through global uncertainty with the reforms that have been rolled out in the oil and gas sector. "While the world faces fuel volatility, India is moving ahead with reforms. Oil refining capacity in the country has increased from 215 to 258 million metric tonnes per annum (MMTPA), and Jamnagar is now Asia's largest refinery, exporting petroleum products to 100+ countries," the minister said in a post on X. Highlighting the reforms in the upstream oil gas exploration and production segment, the minister said that the open acreage licensing policy (OALP) Round 10 has unlocked 2.5 lakh sq km for further exploration and production. The clearances required for exploration have also been reduced from 37 to 18 to facilitate the ease of doing business. "Prime Minister Narendra Modi's vision is driving India's energy security through resilience with over $1.3 billion having been invested in the upstream segment to increase oil exploration and production," he said. The minister has also recently highlighted in the Parliament that India is witnessing a renewed surge in oil and gas exploration with the opening of nearly one million square kilometres of erstwhile 'No-Go' offshore areas in 2022. Since 2015, Exploration and Production companies operating in India have reported 172 hydrocarbon discoveries, including 62 in offshore areas. Puri highlighted the geological significance of the AN basin, which lies at the junction of the Andaman and Nicobar Basins within the Bengal-Arakan sedimentary system. The tectonic setting, located at the boundary of the Indian and Burmese plates, has led to the formation of numerous stratigraphic traps that are conducive to hydrocarbon accumulation. This geological promise is further amplified by the basin's proximity to proven petroleum systems in Myanmar and North Sumatra. The region has attracted renewed global interest following significant gas discoveries in South Andaman offshore Indonesia, underlining the geological continuity across the region, the minister explained. In a significant development, ONGC and Oil India Ltd (OIL) have launched an ambitious exploration campaign in the Andaman ultra-deepwater region. For the first time, drilling operations are targeting depths of up to 5,000 metres. One such wildcat well, ANDW-7, drilled in a carbonate play in the East Andaman Back Arc region, has yielded encouraging geological insights. These include traces of light crude and condensate in cutting samples, heavy hydrocarbons like C-5 neo-pentane in trip gases, the minister further stated. These findings establish, for the first time, the existence of an active thermogenic petroleum system in the region, comparable to those in Myanmar and North Sumatra. While commercial reserves remain to be established, this campaign has validated the presence of a working petroleum system and laid the foundation for focused exploration in the area, the minister said. Providing an overview of the exploration outcomes so far, the Minister informed that ONGC has made hydrocarbon discoveries in 20 blocks, with an estimated reserve of 75 million metric tonnes of oil equivalent (MMTOE). Oil India Ltd., on its part, has made seven oil and gas discoveries over the past four years, with reserves estimated at 9.8 million barrels of oil and 2,706.3 million standard cubic meters of gas.
Hindustan Times
28-07-2025
- Business
- Hindustan Times
Huge potential for oil, gas exploration in Andaman & Nicobar offshore areas: Govt
New Delhi: India has witnessed a spurt in oil and gas exploration, particularly in offshore areas, and among these, the opening up of nearly 1 million sq km of erstwhile 'No-Go' offshore areas for exploration in 2022 has opened vast new frontiers, especially in deepwater and frontier regions like the Andaman-Nicobar (AN) offshore basin, the ministry of petroleum and natural gas told Rajya Sabha on Monday. Hardeep Singh Puri, minister of petroleum and natural gas. (File Photo) Hardeep Singh Puri, minister of petroleum and natural gas, said the bold policy move to open 'No-Go' areas has facilitated unprecedented access for exploration and is a key enabler of the recent momentum in offshore activity. He was responding to questions by John Brittas, CPIM member of Parliament (MP) on 1. details of the recent claims regarding significant offshore oil and gas discoveries in the country, including near the Andaman & Nicobar Islands, specifying the location and estimated reserve found; 2. whether these claims have been independently verified; and 3. timeline and plan for their commercial exploitation to reduce country's import dependence while ensuring environmental safeguards? 'Since 2015, Exploration and Production (E&P) companies operating in India have reported 172 hydrocarbon discoveries, including 62 in offshore areas. Geologically, the A&N basin lies at the intersection of the Andaman and Nicobar Basins, part of the Bengal-Arakan sedimentary system. The tectonic setting at the boundary of the Indian and Burmese plates has created numerous stratigraphic traps conducive to hydrocarbon accumulation. The basin's geological promise is further amplified by its proximity to proven petroleum systems in Myanmar and North Sumatra,' Singh said, adding that global interest in the A&N basin has been rekindled following significant gas discoveries in South Andaman offshore Indonesia, highlighting geological continuity across this region. While geology is favourable, the real breakthrough has come from the opening up of the region and the implementation of a new exploration strategy, which includes--Aggressive seismic acquisition, Initiation of stratigraphic and exploratory drilling, and increased engagement with international players, many of whom have shown interest in partnering for exploration in the newly accessible frontier blocks, he said in a written response. 'The Government through National Oil Companies have planned to drill four offshore stratigraphic wells, including one in the Andaman- Nicobar basin. These wells are designed to test key geological concepts, validate petroleum systems, and help de-risk future exploration,' the response said. Further, ONGC and OIL have embarked on an ambitious exploration campaign in the Andaman ultra-deepwater region where they have planned to drill deepwater exploration wells reaching depths of 5,000 metres, which has never been done in the past. 'A wildcat well (ANDW-7), drilled in one of these blocks targeting carbonate plays, has provided crucial geological insights, including signs of light crude and condensate in cutting samples, heavy hydrocarbons such as C 5 neo-pentane in trip gases, and the presence of suitable reservoir facies. These findings indicate, for the first time, the existence of an active thermogenic petroleum system in the East Andaman Back Arc region, comparable to those in Myanmar and North Sumatra. While commercial accumulations are yet to be confirmed, the ongoing campaign has successfully established a working petroleum system and has laid the foundation for more focused exploration ahead,' Singh said. To ensure environmental safeguards, exploration activities can only commence after due clearance under the EIA Notification, 2006 (as amended). The EIA process involves scientific assessment, stakeholder consultation (including with local communities and fisherfolk), and clearance from the Ministry of Environment, Forest and Climate Change (MoEF&CC). Only upon securing these clearances, can companies begin operations, with all mandated safeguards in place, the response said. Apart from oil and gas exploration, HT has reported that the ministry of mines has auctioned 13 offshore blocks including three in Kerala for construction sand; three in Gujarat for limemud ; and seven in Great Nicobar for polymetallic nodules and crusts. HT reported on April 4 that the Union environment ministry and the department of fisheries have approved offshore mining blocks, including seven off the coast of Great Nicobar. HT has also reported that several infrastructure and tourism projects are coming up in Andaman and Nicobar. The Great Nicobar Holistic Development Project has four major components: an International Container Transshipment Terminal (ICCT); an international airport; a power plant; and a township. There is also a Trunk Infrastructure Road that will cut through Great Nicobar Island. The total cost is estimated at ₹81,800 crore. The Nicobar Islands fall in the Sundaland Biodiversity Hotspot and cover the western half of the Indonesian archipelago.
The Hindu
03-06-2025
- Business
- The Hindu
A strategy fuelled by vision, powered by energy
A few days ago, India overtook Japan to become the world's fourth largest economy. Since 2014, under Prime Minister Narendra Modi's leadership, India's GDP has more than doubled to $4.3 trillion in 2025. This is the result of a decade-long strategy centred on reforms, resilience and relentless pursuit of self-reliance. India has not only become the world's fastest-growing major economy but is also a strategic force. The energy sector, integral to this rise, has undergone a structural transformation during the first year of Modi 3.0, building on 10 years of foundational change. More importantly, India's growth rate of 6.7% in the last quarter places it on a fast trajectory that none of the other countries can remotely hope to achieve in the coming years. Outlining an energy strategy India is now the third largest energy and oil consumer, fourth-largest refiner, and fourth-largest LNG importer globally. With energy demand expected to grow two and a half times by 2047 and 25% of incremental global demand set to come from India, the road map is clear: energy security is development security. The Modi government's energy strategy addresses the energy trilemma of availability, affordability, and sustainability through a four-pronged approach — diversification of sources and suppliers, expansion of domestic production, transition to renewables, and affordability. In the upstream oil and gas sector, India's exploration acreage has doubled from 8% in 2021 to 16% in 2025. With a goal of covering one million square kilometres by 2030, the government aims to unlock 42 billion tonnes of oil and oil-equivalent gas. This expansion has been enabled by landmark reforms such as the reduction of 'No-Go' areas by 99%, streamlined licensing through Open Acreage Licensing Policy (OALP) rounds, and attractive pricing incentives for new gas wells. The revised gas pricing mechanism — linking prices to 10% of the Indian crude basket and offering a 20% premium for new wells — has enhanced gas availability for city gas networks and industrial usage. To reduce costs and accelerate monetisation, new revenue-sharing contracts allow shared infrastructure among Exploration and Production (E&P) players. Technological and geophysical efforts have complemented policy reforms. The National Seismic Programme, Mission Anveshan, airborne gravity gradiometry (AGG) surveys, and continental shelf mapping have expanded data and exploration confidence, especially in frontier basins such as the Andamans, the Mahanadi, and the Cauvery. The Oil and Natural Gas Corporation Limited (ONGC) and Oil India have together made over 25 hydrocarbon discoveries across the Mumbai Offshore, Cambay, Mahanadi, and Assam basins in the last four years. Noteworthy among these are the Suryamani and Vajramani wells on the west coast offshore and the Utkal and Konark fields on the east coast deep waters. These discoveries add over 75 MMtoe (million metric tonnes of oil equivalent) and 2,700 MMSCM (million metric standard cubic metres) of gas to India's reserves. Collaborations with global majors are bearing fruit. ONGC's partnership with bp is projected to boost output from Mumbai High by 44% for oil and 89% for gas. A data centre at the University of Houston now facilitates access to India's exploration datasets for international investors. Downstream infrastructure has seen parallel expansion. India now operates 24,000 kilometres of product pipelines, nearly 96,000 retail outlets, and has significantly strengthened its strategic reserves and LPG storage. Over 67 million people visit petrol pumps daily, which is testimony to the scale and efficiency of India's fuel supply ecosystem. India's city gas network has grown from 55 geographic areas in 2014 to 307 in 2025, with piped natural gas (PNG) connections up from 25 lakh to 1.5 crore and over 7,500 compressed natural gas (CNG) stations in operation. Unified pipeline tariffs and city gas expansions have ensured affordable access even in distant States. The focus of the green strategy Biofuels have emerged as a cornerstone of India's green strategy. Ethanol blending in petrol has surged from 1.5% in 2013 to 19.7% in 2025. Blending quantities have expanded from 38 crore litres to 484 crore litres. This has saved 1.26 lakh crore in foreign exchange, reduced emissions by 643 lakh MT, and paid ₹1.79 lakh crore to distillers and over ₹1 lakh crore to farmers. Feedstock diversification ranging from molasses to maize has created a robust ethanol ecosystem. Parallelly, the Sustainable Alternative Towards Affordable Transportation (SATAT) initiative has commissioned over 100 compressed biogas (CBG) plants and aims for a 5% CBG blending mandate by 2028. Central support for biomass procurement and CBG-pipeline connectivity is accelerating circular energy adoption. Green hydrogen has been given a massive thrust with 8.62 lakh tonnes of production and 3,000 MW of electrolyser tenders awarded. Oil public sector undertakings are leading from the front — Indian Oil Corporation Ltd. (IOCL) recently awarded a landmark 10 kilo-tonnes per annum (KTPA) green hydrogen tender to Larsen & Toubro for its Panipat refinery. Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL), and GAIL India Limited are similarly progressing with large-scale hydrogen projects, while the Numaligarh Refinery Limited (NRL)'s green hydrogen unit in Assam is poised to become a first in the northeast. India's natural gas pipeline network now spans over 25,000 km; it targets 33,000 km by 2030. Strategic pricing reforms and inclusion of gas in the 'No Cut' category for transport and domestic segments are ensuring supply stability. Gas production has increased steadily from 28.7 billion cubic metre (BCM) in 2020-21 to 36.4 BCM in 2023-24, with further growth projected. No other country has so drastically altered its 'Systems' as India, as evinced by the Oilfields (Regulation and Development) Amendment Act 2024 which has enabled hybrid leases, allowing renewables alongside hydrocarbons. Discovered small fields (DSF) fields now operate under simplified contracts with minimal compliance burdens, unlocking marginal fields across basins. These sweeping policy reforms show that we are ready to tweak and do more to make India's upstream sector as competitive as any in the world. Through PM Gati Shakti, the Ministry of Petroleum and Natural Gas has digitally mapped over one lakh assets and pipelines. Integration with the National Master Plan ensures real-time project visibility and synergy across ministries. Key projects such as the Indo-Nepal pipeline and Samruddhi Utility Corridor have benefited from route optimisation and cost savings of over ₹169 crore. A consumer outlook Affordability remains central. Despite global LPG prices rising by 58%, Pradhan Mantri Ujjwala Yojana (PMUY) beneficiaries pay ₹553 per cylinder, supported by targeted subsidies and compensation to oil companies. Fuel prices in India have been kept stable through excise cuts, insulating citizens from volatility seen in neighbouring countries. Eleven years into the Prime Minister's transformative leadership, India's energy sector is no longer defined by anxiety. It is now marked by confidence, self-reliance and strategic foresight. Energy is not just a commodity. It is a catalyst for sovereignty, security and sustainable development. Hardeep S. Puri is Union Minister of Petroleum and Natural Gas in the Government of India
Associated Press
03-06-2025
- Business
- Associated Press
RTX's Raytheon awarded $536 million US Navy contract for SPY-6 family of radars
Contract provides continued integration and test support for the U.S. Navy's most advanced maritime radar ANDOVER, Mass., June 3, 2025 /PRNewswire/ -- Raytheon, an RTX (NYSE: RTX) business, has been awarded a $536 million contract from the U.S. Navy for the SPY-6 family of radars. The contract is a follow-on to the previously awarded Integration and Production Support contract and includes upgrading Flight IIA destroyers with the SPY-6(V)4 variant. Under the sole source award, Raytheon will provide continued support for the SPY-6 family of radars through training, engineering services, ship installation, integration and testing, as well as software upgrades to enhance radar capabilities. 'SPY-6 is the most advanced radar in the U.S. naval fleet, providing ships a new level of defense against evolving threats,' said Barbara Borgonovi, president of Naval Power at Raytheon. 'This contract highlights the essential role of this technology in supporting the U.S. Navy's technology roadmap for several decades to come.' SPY-6 is now installed on two new U.S. Navy ships, with three additional ships slated for installation and undergoing various stages of testing in 2025. Over the next decade, SPY-6 is expected to be deployed on more than 60 U.S. Navy ships, enhancing defense against air, surface, and ballistic threats. Work on this contract is expected to be completed by May 2026. About Raytheon Raytheon, an RTX business, is a leading provider of defense solutions to help the U.S. government, our allies and partners defend their national sovereignty and ensure their security. For more than 100 years, Raytheon has developed new technologies and enhanced existing capabilities in integrated air and missile defense, smart weapons, missiles, advanced sensors and radars, interceptors, space-based systems, hypersonics and missile defense across land, air, sea and space. About RTX RTX is the world's largest aerospace and defense company. With more than 185,000 global employees, we push the limits of technology and science to redefine how we connect and protect our world. Through industry-leading businesses – Collins Aerospace, Pratt & Whitney and Raytheon – we are advancing aviation, engineering integrated defense systems for operational success, and developing next-generation technology solutions and manufacturing to help global customers address their most critical challenges. The company, with 2024 sales of more than $80 billion, is headquartered in Arlington, Virginia. For questions or to schedule an interview, please contact [email protected]. View original content: SOURCE RTX
