Author: Admin

Petroleum and Natural Gas Minister Hardeep Singh Puri stated that the ministry will persist in demanding USD 2.81 billion from Reliance Industries following the Delhi High Court’s decision on the gas migration issue. Reliance Industries plans to challenge the verdict in the Supreme Court.

Sanjeev Choudhary Kaushal, an accomplished private-sector executive, has been appointed to lead a state-run refiner, marking a significant government move in talent selection. Kaushal, a chemical engineering graduate with an MBA, faces the challenge of steering the company through a volatile energy environment and climate change pressures, despite taking an 80% pay cut.

Indian state refiner Bharat Petroleum Corp plans a 4-month tender next week to buy U.S. West Texas Intermediate crude. The tender seeks one million barrels of WTI per month from May or June. Last year, BPCL awarded a similar tender to BP. India’s imports of U.S. oil increased recently due to tighter U.S. sanctions on Russia.

India, heavily reliant on oil imports, spent approximately Rs 1.5 lakh crore on Russian crude oil following the Ukraine war, lured by significant discounts due to Western sanctions. This shifted India’s oil sourcing from the Middle East, leading Russia to become its top supplier. However, recent US sanctions reduced these imports, despite continued significant purchasing.

Nayara Energy announced a buyback offer for its minority shareholders to purchase over 2.59 crore shares at Rs 731 each, providing an exit opportunity for shareholders unable to trade since delisting in 2016. This follows frequent shareholder requests for liquidity.

U.S. crude oil exports to India surged to their highest level in over two years, reaching about 357,000 barrels per day in February. This increase stems from Indian refiners seeking alternative supplies due to tighter U.S. sanctions on Russia. The major buyers included Indian Oil Corp, Reliance Industries, and Bharat Petroleum Corp.

Adani Welspun Exploration Ltd will start gas production from its Tapti-Daman sector block in the Mumbai Offshore basin by 2028. The joint venture, comprising Adani Group and Welspun Group, has invested around ₹2,300 crore and is awaiting approval for its gas extraction plans from the Directorate General of Hydrocarbons.

India is set to finalize a road map under the Nuclear Energy Mission to achieve 100 GW of nuclear power by March end. An inter-ministerial committee will outline steps to support this goal, including the development of small modular reactors (SMRs) and joint ventures. The initiative aims to address rising power demand and achieve ‘net zero’ by 2070.

Brent crude prices dropped to their lowest since 2021, falling 3.36% to $68.65, following data showing a 3.6 million barrel increase in US crude stocks. The main US crude contract also fell by 4%, reaching $65.53.

Saudi Aramco is considering bidding for BP’s Castrol lubricant assets, which could be worth around $10 billion. This acquisition would align with Aramco’s strategy to expand in fast-growing markets like India and Southeast Asia, enhancing its position in the global energy value chain.