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India targets attracting international oil leaders for exploration
(MENAFN) India’s state-owned oil companies are looking to partner with international energy firms once new legislation aimed at attracting investment and advanced technology in oil and gas exploration is approved.
Oil India Limited chairman and managing director Ranjit Rath told Moneycontrol on Monday that the industry is awaiting the passage of the Oilfields Regulation and Development (ORD) Amendment Bill. The bill, which was cleared by India’s upper house of parliament in December, is now set for approval by the lower house.
Oil Minister Hardeep Singh Puri has emphasized that India’s growing economy will continue to depend on oil and gas for at least the next two decades. He highlighted the need for the new legislation to boost investor confidence and encourage both domestic and foreign players to participate in India’s energy sector.
As part of its efforts to enhance energy security, India recently launched its largest auction of oil and gas exploration blocks, offering 25 sites covering a total of 191,986 square kilometers, primarily in offshore regions. This marks the country’s tenth round of bidding, with over 150 blocks auctioned since 2017.
While India pushes to increase domestic oil exploration, it has already become the leading exporter of refined oil products to the European Union. Indian refiners have significantly boosted output in the past two years, largely due to New Delhi’s decision to import discounted Russian crude despite Western pressure. A report from Finland-based Centre for Research on Energy and Clean Air (CREA) revealed that fuel exports from major Indian refineries to the EU surged by 58% in the first three quarters of 2024.
India has carefully navigated its diplomatic ties amid the Ukraine conflict, balancing strong relations with the US and Europe while deepening strategic energy partnerships with Russia. Moscow has emerged as India’s largest oil supplier and has also made significant investments in the country’s refining sector. In 2017, a Russian-led consortium, spearheaded by state-owned Rosneft, acquired a 98% stake in India’s Essar Oil for $12.9 billion. The refinery was later rebranded as Nayara Energy, with Rosneft holding a 49.13% stake.
Further strengthening Indo-Russian energy ties, India’s privately owned Reliance Group signed a ten-year agreement with Rosneft in December 2023. The deal secures the shipment of 500,000 barrels of crude per day, making it the largest energy agreement between the two nations, valued at approximately $13 billion annually.
Oil India Limited chairman and managing director Ranjit Rath told Moneycontrol on Monday that the industry is awaiting the passage of the Oilfields Regulation and Development (ORD) Amendment Bill. The bill, which was cleared by India’s upper house of parliament in December, is now set for approval by the lower house.
Oil Minister Hardeep Singh Puri has emphasized that India’s growing economy will continue to depend on oil and gas for at least the next two decades. He highlighted the need for the new legislation to boost investor confidence and encourage both domestic and foreign players to participate in India’s energy sector.
As part of its efforts to enhance energy security, India recently launched its largest auction of oil and gas exploration blocks, offering 25 sites covering a total of 191,986 square kilometers, primarily in offshore regions. This marks the country’s tenth round of bidding, with over 150 blocks auctioned since 2017.
While India pushes to increase domestic oil exploration, it has already become the leading exporter of refined oil products to the European Union. Indian refiners have significantly boosted output in the past two years, largely due to New Delhi’s decision to import discounted Russian crude despite Western pressure. A report from Finland-based Centre for Research on Energy and Clean Air (CREA) revealed that fuel exports from major Indian refineries to the EU surged by 58% in the first three quarters of 2024.
India has carefully navigated its diplomatic ties amid the Ukraine conflict, balancing strong relations with the US and Europe while deepening strategic energy partnerships with Russia. Moscow has emerged as India’s largest oil supplier and has also made significant investments in the country’s refining sector. In 2017, a Russian-led consortium, spearheaded by state-owned Rosneft, acquired a 98% stake in India’s Essar Oil for $12.9 billion. The refinery was later rebranded as Nayara Energy, with Rosneft holding a 49.13% stake.
Further strengthening Indo-Russian energy ties, India’s privately owned Reliance Group signed a ten-year agreement with Rosneft in December 2023. The deal secures the shipment of 500,000 barrels of crude per day, making it the largest energy agreement between the two nations, valued at approximately $13 billion annually.
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