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In January 2014, OVL and Oil India completed the acquisition of Videocon Group's ten percent stake in a Mozambican gas field for a total of $2.47 billion. [16] In June 2015, Oil and Natural Gas Corporation (ONGC) gave a ₹ 27bn ($427m) offshore contract for the Bassein development project to Larsen & Toubro (L&T). [17]
Russian state-owned oil firm Rosneft has signed a deal worth $13bn (£10bn) a year selling oil to Indian refiner Reliance in a blow to sanctions against Vladimir Putin’s government.. The 10-year ...
Oil minister Hardeep Singh Puri said Russian oil accounted for about 0.2% of India's overall crude imports prior to the Ukraine war. Russian oil now accounts for over a third of Indian oil imports.
Oil India was founded on 18 February 1959, with its registered office in Duliajan, Assam, as a privately held oil exploration company. Burmah Oil Company originally held two-thirds of the stock and the Government of India (via the Office of the President) held the rest. [5]
IIPE has achieved this prestigious status by joining with the major oil and gas corporations such as HPCL, IOCL, ONGC, OIL & GAIL. IIPE is a research focussed Institute with an emphasis on the emerging areas in the energy sectors, namely Shale Gas, Coal Bed Methane, Gas Hydrates, Conventional Energy Sources, Renewable Energy Sources, Storage ...
Bharat Petroleum Corporation Limited is an Indian public sector oil and gas company, headquartered in Mumbai.It is India's second-largest government-owned downstream oil producer, whose operations are overseen by the Ministry of Petroleum and Natural Gas.
In May 2018, IOCL became India's most profitable government corporation for the second consecutive year, with a record profit of ₹21,346 crores in 2017–18. [16] In February 2020, the company signed a deal with the Russian oil company Rosneft to buy 140,000 barrels per day of crude in year 2020. [17]
India was the second top net crude oil (including crude oil products) importer of 205.3 Mt in 2019. [ 4 ] By March 2021, India's domestic crude oil production output fell by 5.2% and natural gas production by 8.1% in the FY21 as producers extracted 30.4917 Mt of crude oil and 28.67 BCM of natural gas in the fiscal year.