Oil Exploration

This is an unnecessary overhang, since the company has not been on an investment spree

Nagaland Chief Minister Neiphiu Rio on Monday presented a Rs 23,183-crore budget for the 2023-24 fiscal, and called for oil exploration along the disputed border with Assam, besides allowing liquor sales in star category hotels. The budget also emphasised on building infrastructure and strengthening the agriculture sector. The government intends to start exploration and extraction of oil in the Disputed Area Belt (DAB) once the tripartite MoU with the Centre, Nagaland and Assam is signed, Rio said. We are concerned at the substantial loss in revenues, while Assam continues to exploit the resources in the border areas to our disadvantage, the CM said, adding that the state government will also explore the possibility of introducing the sale of its own lotteries within Nagaland, to begin with. Stressing the need to mobilise more resources to meet its increasing developmental needs, Rio also proposed allowing the sale of liquor to foreigners visiting the state, which, he said, is ...

President Joe Biden will prevent or limit oil drilling in 16 million acres in Alaska and the Arctic Ocean, an administration official said on Sunday. The announcement, which is expected as soon as Sunday evening, comes as regulators prepare to announce a final decision on the Willow project, a controversial oil drilling plan pushed by ConocoPhillips. The official requested anonymity to discuss the conservation effort before it is officially unveiled. The plan has two parts. First, the official said, Biden will bar drilling in nearly 3 million acres of the Arctic Ocean, closing off the rest of its federal waters from oil exploration. Second, the administration will develop new rules for more than 13 million acres in a vast swath of land known as the National Petroleum Reserve - Alaska. The official said the area includes the Teshekpuk Lake, Utukok Uplands, Colville River, Kasegaluk Lagoon and Peard Bay Special Areas. It's unclear whether the announcement will mollify environmentali

ONGC, will invest $3.5 billion over the next three-four years to boost output from its western offshore assets, Pankaj Kumar, head of offshore assets, said on Tuesday

India's top oil and gas producer ONGC is pivoting a four-pronged strategy of ramping up exploration efforts, quickly bringing discovered resources to production, raising recovery from existing fields and increasing collaborations with experts to reverse years of decline in output, its new chairman Arun Kumar Singh said. Oil and Natural Gas Corporation (ONGC) is keen to induct internationally renowned exploration firms as strategic partners in difficult areas such as deepsea and bring-in experts who can help raise productivity from ageing and mature fields such as prime Mumbai High, Singh told PTI in an interview here. ONGC, which contributes around 71 per cent to India's domestic production, has reported a gradual decline in output for over a decade now primarily because its fields are old and ageing. It produced 21.707 million tonnes of crude oil, which is refined to produce petroleum products like petrol and diesel, and 21.68 billion cubic meter (bcm) of natural gas, which is used

Rajasthan is among the top oil producers in the inland area of the country

The company is expected to start production from the block during the third quarter of the current financial year

Nippon Power, South Asia Consultancy, PFH (Poddar Family Holdings) Resources and Chennai-based Adbhoot Estates could be the first ones to start production from blocks awarded during DSF-1 auctions

Covid-19 has added to these issues. It has not only impacted the demand for fuel but also made the acquisition process slower.

Environmental groups hailed the expected moratorium as the kind of bold, urgent action needed to slow climate change

Oil prices gained for the fourth day on Wednesday, extending a rally driven by hopes that a Covid-19 vaccine will boost fuel demand.

Oil prices hit their highest level since March amid news flow related to smooth US presidency transition and encouraging developments on the Covid-19 vaccine front

He added that the draft notification was not circulated as mandated and no opportunity was given to the stakeholders and to the state government to offer their views

ONGC signed contracts for the seven blocks at an event where Oil Minister Dharmendra Pradhan and other ministry officials were also present

Despite paring its current production, the UAE is working to build greater future capacity

Global investment in exploration will reach $37 billion in 2018, down 7% from a year earlier

Jindal Drilling, GOL Offshore and Dolphin Offshore were up in the range of 12% to 20%.