• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 14 mins Changing Gazprom ADRs to Russian shares
  • 2 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 21 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 5 days "How China Could Send LNG Prices Into The Stratosphere" by Irina Slav
  • 4 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 6 days The Federal Reserve and Money...Aspects which are not widely known
  • 7 days How Far Have We Really Gotten With Alternative Energy

Breaking News:

Buffett Boosts Oxy Stake Above 20%

India Sets Sights On Deepwater Basin In Oil Exploration Push

The Indian government has plans to finance a deepwater oil exploration campaign to be led by ONGC as it seeks to boost local oil production amid strong demand and rising international prices.

The Economic Times cited unnamed sources familiar with the plans that the state-owned energy major would begin drilling in the Andaman basin after the monsoon was over and was currently in talks with Exxon and Shell to take them on as partners.

The plan involves drilling three to four wells in the Andaman Sea, with the drilling funded by the Indian government. The supermajors’ involvement will be as third-party assessors of the resource potential of the site since they have the deepwater experience required for the job.

ONGC has the rights to two blocks in the Andaman Sea’s deepwater sector and another one in shallower waters.

India relies on crude oil imports for more than 80 percent of its consumption. Domestic production, meanwhile, has been on a decline for the past four years, reaching the lowest in almost three decades in the latest financial year, which ended this May.

In the meantime, India is boosting its imports of cheap Russian oil. Since April, these have risen 50-fold, now accounting for a tenth of India’s total crude imports and sparking worry that India is acting as a “back door” for Russian crude into Europe through its refined product exports.

Because of its appetite for cheap crude, India drew the pointed attention of the U.S., which is seeking to stifle Russian oil exports but in such a way as to not push oil prices even higher.

This week, the U.S. and the other six members of G7 discussed an oil price cap for Russian crude with India and China, with one unnamed source saying the discussions were “positive”.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News