• 2 days Iraq Begins To Rebuild Largest Refinery
  • 2 days Canadian Producers Struggle To Find Transport Oil Cargo
  • 2 days Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
  • 2 days China's CNPC Considers Taking Over South Pars Gas Field
  • 2 days BP To Invest $200 Million In Solar
  • 2 days Tesla Opens New Showroom In NYC
  • 2 days Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 2 days Venezuela Sells Oil Refinery Stake To Cuba
  • 3 days Tesla Is “Headed For A Brick Wall”
  • 3 days Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 3 days IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 3 days Goldman Bullish On Oil Markets
  • 3 days OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 3 days Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 3 days Syria Aims To Begin Offshore Gas Exploration In 2019
  • 3 days Australian Watchdog Blocks BP Fuel Station Acquisition
  • 4 days Colombia Boosts Oil & Gas Investment
  • 4 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 4 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 4 days Aramco On The Hunt For IPO Global Coordinators
  • 4 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 4 days India Feels the Pinch As Oil Prices Rise
  • 4 days Aramco Announces $40 Billion Investment Program
  • 4 days Top Insurer Axa To Exit Oil Sands
  • 5 days API Reports Huge Crude Draw
  • 5 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 5 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 5 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 5 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 5 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 5 days Exxon To Start Reporting On Climate Change Effect
  • 6 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 6 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 6 days Forties Pipeline Could Remain Shuttered For Weeks
  • 6 days Desjardins Ends Energy Loan Moratorium
  • 6 days ADNOC Distribution IPO Valuation Could Be Lesson For Aramco
  • 6 days Russia May Turn To Cryptocurrencies For Oil Trade
  • 6 days Iraq-Iran Oil Swap Deal To Run For 1 Year
  • 9 days Venezuelan Crude Exports To U.S. Fall To 15-year Lows
  • 9 days Mexico Blames Brazil For Failing Auction

Breaking News:

Iraq Begins To Rebuild Largest Refinery

This OPEC Member Aims To Boost Oil Output By 40%

This OPEC Member Aims To Boost Oil Output By 40%

Kuwait, one of OPEC’s core…

The Noose Tightens: Venezuela Struggles To Ship Oil

The Noose Tightens: Venezuela Struggles To Ship Oil

As production plunges, Venezuela’s PDVSA…

Private Oil Firms Snap 2/3 Of Fields Tendered In India

India Oil

Private oil companies were awarded licenses for the development of two-thirds of the 31 small oil and gas fields tendered by the Indian government as part of efforts to reduce the country’s dependence on imports. According to local media, these fields, although small, will be instrumental in achieving PM Modi’s target of cutting imports by 10 percent by 2022.

The rest of the fields were awarded to state-owned companies, including Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum Corporation. Bharat Petroleum got the most licenses, for five fields, after bidding for eight. The company that bid for the most fields was one of the newest entrants, Akhtil Teja Natural Resources, which placed offers for 17 fields but came away from the auction empty-handed.

A total of 46 small oil and gas fields were tendered last year, with just 34 of them attracting bids. This was the first oil and gas tender in the country in six years.

The 31 fields hold a combined 62 million tons of crude and oil equivalent in gas and can produce, at peak exploitation, 15,000 barrels of oil and 2 million cu m of natural gas daily, according to the Directorate General of Hydrocarbons.

India’s daily oil demand is forecasted to reach 4.13 million barrels this year, up 7 percent on 2016, according to Platts. Last month, imports went up by 3.7 percent on the year, to 4.34 million barrels daily, down from 4.47 million bpd in December but up from 4.186 in January 2016. The country has been expanding its refining capacity in response to higher fuel demand.

Related: Are Ice Batteries The Future Of Energy Storage?

India is the focus of attention for many players in the global oil industry as it is widely seen to replace China as the world’s economic powerhouse, betting on manufacturing. At the moment, India is importing the most oil from the Middle East and Russia, with Iran standing out among the rest as imports from there tripled last month from a year ago. Iran used to be India’s number-two supplier of oil before the sanctions, and is now third, after Saudi Arabia and Iraq.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News