Energy & Petroleum News Today

India plans to kick off an oil and gas exploration licensing round early next year, according to a source from the oil ministry. This initiative aims to boost domestic energy production and reduce dependency on imports.

India plans to offer 'no-go' areas for oil and gas exploration in the OALP-X bidding round in early 2025, following amendments to the Oilfields Act. The current OALP-IX round has 28 blocks, with bids closing on September 21. The changes aim to boost domestic production and reduce import dependency.

Asia’s gasoline margins increased for the second straight session, driven by a tightening supply due to ongoing refinery maintenance, traders reported on Tuesday.

Oil steadied with Brent near $74 a barrel and West Texas Intermediate above $71 after a two-day gain. Tensions in the Middle East, rising US stockpiles, and Federal Reserve’s rate expectations influenced the market. US crude inventories rose by almost 2 million barrels last week.

The decline in Chinese demand and increased supply from Non-OPEC+ producers have led to lower oil prices. OPEC+ postponed its production revival plan to December, but Brent is projected to average $73/b in Q4 as market surplus grows. Demand recovery expected from future central bank rate cuts.

U.S. crude oil stockpiles were expected to have decreased last week, while gasoline inventories likely saw an increase, according to a preliminary Reuters poll conducted on Monday.

Investor sentiment towards crude oil turned increasingly bearish last week, extending a protracted selloff and pushing prices to multi-year lows due to concerns about declining demand in major consuming countries.

Oil India reports uninterrupted diesel exports to Bangladesh and equipment receipt for Numaligarh Refinery expansion. NRL exports 0.1 mtpa diesel through a pipeline with 1 mtpa capacity. Expansion to 9 mtpa on track for December 2025. Adani seeks payment assistance for electricity supplied to Bangladesh.

Oil India Limited plans to begin drilling in Andaman and Nicobar offshore waters, eyeing stable oil prices for exploration. Reporting a 5.5%-6% production growth and highest-ever EBITDA of Rs 11,600 crore, the company aims for 4 million metric tons of crude oil and 5 billion cubic meters of natural gas, while committing to Net Zero by 2040.

India's energy demand is growing three times faster than global demand, with a significant rise in natural gas and oil consumption projected. The country plans to expand refining capacity by 1.12 million bpd annually until 2028 and aims to achieve 500 GW of renewable capacity by 2030.