Oil & Natural Gas: News & Discussion

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kit
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Re: Oil & Natural Gas: News & Discussion

Post by kit »

A Deshmukh wrote:India can take this to another level with quid pro deals - Akash, Tejas,....
Indeed whatever uncle Sam did there is an opportunity for India to do the same. They can potentially increase purchases of commodities, weaponry and provide increased access to professionals.

The artificially increased petroleum prices does not seem to be sustainable ., any thaw in Iran / west relations and the market is going to see a glut when tehran pumps out for all its worth !., opec or not
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Re: Oil & Natural Gas: News & Discussion

Post by Vips »

'India invited to become full-time IEA member’.

International Energy Agency (IEA) has invited India, the world’s third-largest energy consumer, to become its full-time member - a proposal if accepted will require New Delhi to raise strategic oil reserves to 90 days requirement.

Oil Minister Hardeep Singh Puri on Monday said he held online discussions with IEA Executive Director Fatih Birol.

“As a natural corollary to the India-IEA strategic partnership, Dr. Birol invited India to deepen its cooperation with IEA by becoming a full Member,” Mr. Puri tweeted without saying if the full-time membership proposal was acceptable to the government or not.

India, in March 2017, became an associate member of the Paris-based body which advises industrialised nations on energy policies.

On its website, IEA states that “India is becoming increasingly influential in global energy trends.”
bharathp
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Re: Oil & Natural Gas: News & Discussion

Post by bharathp »

only OECD countries can become mebers of IEA - looks like that rule may be going away then?
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Re: Oil & Natural Gas: News & Discussion

Post by Ambar »

'Tripling on bikes when petrol costs Rs 200 a litre': Assam BJP chief fuels a conversation

https://www.newindianexpress.com/nation ... 73227.html

Given that the fuel prices have been revised upwards 18 times in the last 3 weeks the above may not be a bad idea after all.
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Post by Vayutuvan »

https://www.hpcwire.com/off-the-wire/hp ... rporation/
NEW DELHI, India, Oct.27, 2021 — Hewlett Packard Enterprise today announced that Oil and Natural Gas Corporation Limited (ONGC), the largest crude oil and natural gas company in India, has selected the HPE GreenLake edge-to-cloud platform to run its advanced SAP S/4 HANA mission-critical environment to improve performance, accelerate digitization, reduce transaction processing and gain better insights from improved analytics. ONGC, which boasts one of the largest SAP implementations in the world, chose to host the SAP S/4 HANA workloads on the HPE GreenLake platform in ONGC data centers, due to strategic compliance, performance, and security priorities.
...
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Re: Oil & Natural Gas: News & Discussion

Post by Najunamar »

https://www.rediff.com/business/report/ ... 211114.htm

While there are delays in many projects due to ongoing supply disruptions, is there any truth to the assertions here that the delays are avoidable and a direct result of mismanagement/is this motivated campaign to malign ONGC which posted the largest ever profits by an Indian company in the latest quarter (Rs 18743 Crores)?
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Re: Oil & Natural Gas: News & Discussion

Post by Vips »

GAIL to connect Srinagar to gas grid; Mumbai-Nagpur line by May 2023.

State-owned GAIL India Ltd plans to lay a pipeline to Srinagar to take the environmentally friendly natural gas to the Kashmir Valley as it doubles down on efforts to expand infrastructure to helm the government vision of a gas-based economy, its chairman and managing director Manoj Jain said.

GAIL will by May 2023 complete a 700-km pipeline from Mumbai to Nagpur, enabling the flow of gas to central India and is on track to meeting the target of mid-2022 for completing major portions of the ambitious Urja Ganga project, bringing eastern India on the energy map, he said.

Gas pipelines are planned to take the fuel to the east and northeast regions as well as to consumers in the south as part of the government push to raise the share of natural gas in India's energy basket to 15 per cent by 2030 from the current 6.7 per cent.

"We are in the process of getting an authorisation from the regulator (PNGRB) for the 425-km Gurudaspur (in Punjab) to Srinagar pipeline via Jammu," he told PTI in an interview.

The project needs a viability gap funding from the government due to tough terrain and few customers at present. "We will start work on the project no sooner, this is decided," he said adding the project will be completed in 3-4 years.

Parallelly, the oil ministry has asked the Government of J&K to levy 0 per cent VAT on natural gas in the UT of J&K to keep the cost of the fuel down.

GAIL is also laying a 1,405 km pipeline from Mumbai to Jharsuguda (Odisha) via Nagpur and Raipur in Chhattisgarh. "The section up to Nagpur will be commissioned by May 2023," he said adding the remaining length will come in the next two years.

Currently, the total natural gas pipeline network in India is about 18,700 km, of which 12,500 km is operated by GAIL. GAIL, which sells two-thirds of all-natural gas sold in the country, will add 7,000 km of pipeline length in the next five years, Jain said.

Historically, most pipelines were built in the west and the northern part of India, connecting gas fields in the Arabian Sea and import terminals on the coast there to market en route. But now lines are being laid to connect east and west as well.

Pipeline projects at hand include the ambitious 2,655-km gas pipeline from Jagdishpur in Uttar Pradesh to Haldia in West Bengal, Bokaro in Jharkhand and Dhamra in Odisha (Jagdishpur-Haldia & Bokaro-Dhamra Natural Gas Pipeline also known as the 'Urja Ganga' project) as well as Kochi-Kootanad-Bangalore-Mangalore line; and Indradhanush North East Gas Grid.

Jain said the section connecting Bokaro and Angul in Odisha of the Urja Ganga will be completed by March. The pipeline will be extended to Guwahati by laying an additional 729-km line from Barauni in Bihar. At Guwahati, it would interconnect with the upcoming 1,500-km 'Indradhanush' pipeline network conceived to operate in the northeast region by the public sector oil and gas majors.

GAIL will also lay a 750 km Srikakulam-Angul natural gas pipeline. Barauni will be connected with Guwahati by June 2023, he said.

GAIL's push for infrastructure creation is in line with Prime Minister Narendra Modi's vision of creating a gas-based economy that is less reliant on polluting fuels for meeting its energy needs.

India currently consumes some 160 million standard cubic meters of gas per day and the consumption has to rise to 600 mmscmd to reach a 15 per cent share in the energy mix, and GAIL is laying the infrastructure to help achieve that.

The company is scaling up on liquefied natural gas (LNG) import capacity. Besides owning a part of Petronet LNG Ltd, India's biggest liquid gas importer, it also owns and operates a 5 million tonnes LNG import facility at Dabhol in Maharashtra.

"We have awarded the contract for construction of a breakwater at Dabhol to L&T and this should get completed in next year. The completion will help operate the Dabhol terminal at its full capacity of 5 million tonnes per annum," he said.

Currently, operations are restricted during monsoon months as high tide could damage ships carrying gas in its liquid form. Also, the company has booked capacity at Adani Group's upcoming terminal at Dhamra in Odisha, Jain noted.

Domestic gas production meets just half of the country's demand and the rest has to be imported.

Besides pipelines, GAIL is also expanding city gas distribution (CGD) networks for retailing of CNG to automobiles and piped natural gas to household kitchens, he said, adding investments are also planned for the expansion of Pata petrochemical plant in Uttar Pradesh as well as converting a LPG recovery unit at Usar in Maharashtra into 5,00,000 tonnes Polypropylene plant.

GAIL is looking to put up 400 CNG stations and give out a record 10 lakh piped natural gas (PNG) connections to household kitchens in the next 3-5 years.

GAIL also has a small portfolio of 120 megawatts (MW) of wind and solar power generation capacity and plans to scale up capacity to 1 gigawatt (GW) at an investment of Rs 4,000 crore in the next 3-4 years.
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Re: Oil & Natural Gas: News & Discussion

Post by Ambar »

Yes, we will not reduce the 250% + increase in excise on petroleum product but we will tap into our strategic reserves in times when the entire world is sitting on powder keg :roll:
India, the world's third largest oil consumer and importer, on Saturday said it would tap into its national stockpile for oil reserves in an effort to curb rising global energy prices amid Russia's invasion of Ukraine.

The country already released 3.5 million barrels as part of an agreement with the U.S. to combating rising gas prices. But India is now further "supporting initiatives for releases from strategic petroleum reserves to mitigate market volatility and calm the rise in crude oil prices," according to a government statement reviewed by Reuters.

India has about 31 million barrels in emergency reserve, according to Bloomberg.

The price per barrel of oil soared past $100 internationally after Russia invaded Ukraine on Thursday.

President Biden on Thursday signaled he was working with other nations to limit energy prices and help consumers at the pump.

"We are actively working with countries around the world to elevate collective release from the strategic petroleum reserves of major energy consuming companies, and the United States will release additional barrels of oil as conditions warrant," he said in a speech addressing the Russian invasion of Ukraine.

Japan and Australia have also agreed to tap oil reserves, according to Reuters.
https://finance.yahoo.com/news/india-pr ... 43648.html
Vayutuvan
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Re: Oil & Natural Gas: News & Discussion

Post by Vayutuvan »

^ I think it is a bone thrown to the US after India abstained in the vote on Ukraine. Modi/Putin meet just recently and Minister S. Jainshankar at Munich might have figured out the thinking and how this Russia-Ukraine spat is going to pan out in the near future.
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Re: Oil & Natural Gas: News & Discussion

Post by srin »

Ambar wrote:Yes, we will not reduce the 250% + increase in excise on petroleum product but we will tap into our strategic reserves in times when the entire world is sitting on powder keg :roll:
That's the right way to do it. The price rise is due to a supply shock (Russia kicked out of market), therefore the solution has to be to increase supply. Decreasing the tax on petroleum products in a supply constrained scenario will only exacerbate the problem - reducing prices increases demand (within limits of elasticity of demand), which will cause even worse shortage.
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Re: Oil & Natural Gas: News & Discussion

Post by Vips »

MEIL to commission 15 oil and gas rigs for ONGC by May.

Megha Engineering and Infrastructures Limited (MEIL), which has secured an order from ONGC Limited to supply 47 oil and gas rigs, expects commissioning of 15 of them by May end, a senior official of the infra major said on Tuesday. K Satyanarayana, Technical Head, Rigs Project, MEIL, said most of the 15 rigs have reached the respective locations and commissioning will be expedited soon.

"The total order from ONGC was for 47 rigs-20 are workover rigs, and 27 are land drilling rigs. We will be able to commission the first lot, 15 rigs (10 Drilling Rigs and five Workover Rigs by May end," he told reporters. The capacity of the 20 Workover Rigs ranges from 50 to 150 tonnes while the Land Drilling Rigs have a capacity of 1500HP to 2000 HP, he noted. As of now, the MEIL has supplied 10 Drilling rigs.

While three of them are already operational, seven others are in the final stage of installation and commissioning, and these rigs will be operational in 4 to 5 weeks across various onshore ONGC Fields. Satya Narayana said the second lot of the 47 Rigs comprising six Rigs will be delivered as per the given schedule.

The MEIL will be manufacturing and supplying all the rigs to the ONGC assets in Assam (Sibsagar, Jorahat), Andhra Pradesh (Rajahmundry), Gujarat (Ahmedabad, Ankaleshwar, Mehasana and Cambay), Tripura (Agartala) and Tamil Nadu (Karaikal). In spite of COVID-19, MEIL is committed to completing the project with its expertise, dedication and hard work. The problem of procuring components from global suppliers still persists, however, the supply chain of the industry is slowly recovering which is helping in the timely delivery of the rigs.

As the energy prices soar, the advanced rigs are very crucial for the Indian energy sector to drill the oil and gas wells faster and increase the oil and gas production for domestic use, the MEIL official added.
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Re: Oil & Natural Gas: News & Discussion

Post by Ambar »

Oil Traders Selling Pricey Russian Crude Chafe Indian Refiners

(Bloomberg) -- Indian refiners that are among the few remaining eager buyers of Russian oil are baffled as to why they’re paying nearly full cost for cargoes that are being offered at record discounts in Europe.

Processors in the South Asian nation recently bought millions of barrels of Urals crude via open tenders, with some supplies going at a premium of $1 a barrel to London’s Dated Brent benchmark on a delivered basis, said traders. That compares with discounts of more than $30 a barrel for the same grade in Europe.

Officials at the Indian refineries said they don’t understand why they’re not receiving offers of discounts anywhere near what they’re seeing in Europe when they’ve been vocally supportive of continuing to import Russian crude. The lack of price cuts is especially galling for them as the invasion sent prices to more than $100 a barrel, adding inflationary concerns to the poorest major oil importer.

India is under pressure from allies including the U.S. to stop importing Russian energy to deprive Vladimir Putin of income to keep the economy afloat and fund the invasion of Ukraine. Russia and India have been long-time trade partners in everything from energy to food to weapons.

India’s state refiners usually procure spot crude via open tenders, in which prospective sellers submit their interest along with details on the oil type, volume, price and other offer terms.

The process is aimed at transparency and accountability, but it can be gamed by sellers who have a good sense of what price they need to beat, said refinery officials. Offers for Urals have been just slightly cheaper than other medium-sour grades typically sold to India such as Oman and Upper Zakum, instead of the deep discounts seen offered in Europe, they said.

The seller of many of the spot cargoes was Vitol Group, said the officials, who can’t be named because of company policy. Vitol declined to comment on specific trading activities.

Traders said that anyone who’s able to load Urals at prices near the discounted European offers would be making a profit between $10 and $20 a barrel for sales into India, after taking into account freight, insurance and other costs. Those are staggering profits in an industry where competition usually shaves margins to a few cents a barrel.

In late March, Suezmax tankers with a capacity of 1 million barrels were chartered at the equivalent of near $5 a barrel to transport crude from the Black Sea to India. The backwardated market structure meant the loss of another $4 a barrel during the month-long journey, among other costs. That still adds up to profits of $10 million to $20 million for the shipment, traders estimated.

Little Competition

Just a handful of companies are lifting Urals and selling it in Asia, said Indian refinery officials. This means there’s not a lot of competition, which is needed to drive down offers, they said.

More sellers are entering the market as traders get clarity on the various restrictions and sanctions on Russia and as workarounds emerge. This is beginning to increase the discounts offered to Indian buyers.

Tanker fixtures and port agent reports show that companies such as Vitol, Trafigura Group, Petraco Oil, Glencore PLC, Litasco SA and Gunvor Group continue to load crude from Russian ports, likely via pre-existing contracts entered before Ukraine’s invasion. The cargoes may sail directly to buyers, or undergo what’s known as ship-to-ship transfers onto larger vessels to save on freight costs or for other strategic reasons.

Indian refiners have historically been passive buyers, taking the best price offered to them via tenders, as opposed to setting up separate trading arms. That leaves them without trading units that can scour the global market for the most affordable physical oil grades, and even buy, sell and swap cargoes for profits, like Chinese state-owned refiners do.

Most Read from Bloomberg Businessweek
Rakesh
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Re: Oil & Natural Gas: News & Discussion

Post by Rakesh »

PM to lay foundation stone of world's first CNG terminal in Bhavnagar and Brown Field Port
https://www.deshgujarat.com/2022/09/24/ ... ield-port/
24 Sept 2022

https://twitter.com/DeshGujarat/status/ ... pxiyMr05Vg --->

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Re: Oil & Natural Gas: News & Discussion

Post by Dilbu »

Iran offers Indian firms 30 pc stake in gas field
Iran has offered ONGC Videsh Ltd and its partners a 30 per cent interest in development of the Farzad-B gas field in the Persian Gulf that was discovered by the Indian consortium, officials said.

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), in 2008 had discovered a giant gas field in the 3,500 square kilometer Farsi offshore block. In April 2011, it submitted a master development plan (MDP) to bring the discovery, which was named Farzad-B, for production but negotiations got stalled as international sanctions were slapped on Iran over its nuclear plans.
OVL holds a 40 per cent stake in the 3,500 square kilometre Farsi offshore exploration block in the Persian Gulf Iran. Indian Oil Corp (IOC) holds 40 per cent stake and the remaining 20 per cent is with Oil India Ltd (OIL).

The Exploration Service Contract (ESC) for the Block was signed on December 25, 2002 and OVL in 2008 made a giant discovery on the block, which was later rechristened as Farzad-B.

The field holds 23 trillion cubic feet of in-place gas reserves, of which 5,000 barrels per billion cubic feet of gas.

The Indian consortium submitted a Master Development Plan (MDP) of Farzad-B gas field in April 2011 to Iranian Offshore Oil Company (IOOC), the then designated authority by NIOC for the development of Farzad-B gas field.
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Re: Oil & Natural Gas: News & Discussion

Post by Varoon Shekhar »

^^^
Is the old deal from 2011 still on/operational? I vaguely remember reading that Iran cancelled some major oil project involving India. Was that some other venture? The way the article is worded, it does look like the former deal is still very much going on, and a new one is being offered.
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Re: Oil & Natural Gas: News & Discussion

Post by Cyrano »

The barrel falls below $80 due to weakening demand from the western nations heading into recession.
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Re: Oil & Natural Gas: News & Discussion

Post by kit »

Cyrano wrote:The barrel falls below $80 due to weakening demand from the western nations heading into recession.

Image

https://www.dailyfreeman.com/2022/07/31 ... recession/. :((
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Re: Oil & Natural Gas: News & Discussion

Post by Dilbu »

India not obligated to buy Russian oil below Western price cap- Indian oil ministry source
India is not obligated to buy Russian oil at rates below the price cap imposed by the Group of Seven (G7) and other Western nations, an Indian oil ministry source told Reuters on Tuesday.

India has not signed any agreement with the Western powers to impose a price cap on Russian oil, added the source, who could not be named due to the confidential nature of the matter.
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Re: Oil & Natural Gas: News & Discussion

Post by ricky_v »

https://archive.is/20FLA
From the rundown Neptune Magnet Mall in Mumbai, a giant of international oil shipping has emerged over the past 18 months, seemingly from nowhere.
Since Russia invaded Ukraine, the company has bought more oil tankers than anyone else, elevating itself from an unknown Indian shipping business into one of the world’s largest vessel owners.
Gatik Ship Management owned just two chemical tankers in 2021. By April, it had acquired a fleet of 58 vessels with an estimated combined value of $1.6bn, according to shipping experts VesselsValue.
Yet the origins and ownership of the business are a mystery, while its corporate records are scant. The group was registered as an exporter in India on March 31 this year but does not appear in India’s official corporate registry.
One important clue is that Gatik shares an address in the dreary shopping mall with Mumbai-registered company Buena Vista Shipping, another little-known operation that two years ago reported a little over $100,000 worth of assets.
Who really owns Buena Vista Shipping and who funded the rapid expansion of Gatik’s fleet has perplexed the oil market. But shipbrokers, analysts and commodity traders suspect a link with its biggest client: the Russian oil giant Rosneft.
Gatik’s newly acquired fleet has been used largely to transport oil from Russia, mainly to ports in India, tanker tracking data shows. A Financial Times analysis of data from Kpler, an analytics company, shows the Indian group has shipped at least 83mn barrels of Russian crude and oil products — enough to meet total UK oil demand for more than two months. More than half of that has come from Rosneft. Total figures are believed to be even larger than those in Kpler’s data set.
“It was inevitable after the west’s sanctions that the Russian oil companies would want to get into shipping and I think Gatik is the ultimate example of this happening,” said Viktor Katona, head of crude analysis at Kpler.
VesselsValue, which tracks tanker sales, calculates that Gatik has acquired at least 56 vessels since March 2022, including 13 vessels in December alone when the EU’s embargo on Russian oil began.
The purchases put Gatik among the largest tanker owners in the world, according to VesselsValue’s Rebecca Galanopoulos. “To put this into perspective, out of almost 14,000 live tankers, the majority of these companies — 1,361 — own fewer than 10 live tankers; only 20 companies, including Gatik, own 50 or more.”
The vessels have also faded into the shadows. As recently as late March, at least 35 of Gatik’s ships held western insurance — a condition of which is adherence to the G7 price cap on Russian oil sales imposed from last December.
By early April, however, none of Gatik’s ships held insurance from any of the recognised large mutual providers.
https://archive.is/dR4Rz
Gatik Ship Management lost so-called protection and indemnity cover that was provided by the American Club, a person familiar with the matter said, declining to be identified discussing sensitive information. The cover protects against risks including collisions and spills.
The cover was terminated because the American Club was informed that Gatik intended to transport barrels bought at prices above the threshold, the person said. The American Club confirmed the discontinuation of cover. It declined to comment on why.
The American Club is one of 12 organizations within the International Group of P&I Clubs, which collectively provide industry standard cover that serves as a passport to trade freely.
Gatik, which has an address in Mumbai according to the Equasis international maritime database, is one of a handful of tanker companies that sprang up out of nowhere when the west began ratcheting up sanctions on Moscow last year.

The insurance that Gatik lost is important for vessels when they enter ports or sail through key waterways like Turkey’s Bosphorus and Dardanelles shipping straits.
https://www.globalwitness.org/en/campai ... ssian-oil/
We set off from Brighton into the choppy waters of the English Channel to try and catch a glimpse of Artemis, a crude oil tanker that departed the Baltic port of Primorsk in mid-April. Our small catamaran was carrying five: a captain, skipper, two journalists and a campaigner. Laden with three-quarters of a million barrels of Russian oil, Artemis is a member of what’s known as the ‘shadow fleet’ - group of aging tankers with opaque corporate structures and unknown ultimate ownership that are deployed to transport sanctioned oil.

The tanker is operated by Gatik Ship Management, which formed last year and has rapidly grown, acquiring over fifty vessels valued at $1.3 billion. Very little is known about the India and Dubai-linked entity, whose website has been ‘under construction’ for over six months, despite it having one of the fastest growing fleets in shipping. Many of Gatik’s tankers, which have an average age of 17 years, would normally be headed for a scrap yard, but despite their high risk, they’ve been given a second life shuttling oil from Russia to India.
Like most of Gatik’s tankers, Artemis flies the flag of St. Kitts. There are many reasons shipowners adopt flags of other countries – some to avoid paying taxes, most others to swap more robust labour and safety standards for laxer regulations. Prior to Russia’s invasion, St. Kitt’s primarily registered smaller boats like tugs, yachts, and fishing vessels. Now, it’s the flag of choice for a large portion of the shadow fleet: over 70% of Gatik’s fleet is flagged by the UK-incorporated registry. Under pressure, the registry recently announced that it would de-flag the 36 Gatik tankers on its roster.

Vadinar refinery's corporate structure further demonstrates the entanglements between Russia’s fossil fuel industry and the west. The refinery is owned and operated by Nayara Energy, a joint venture between Rosneft, Russia’s largest oil and gas company and Mareterra Group Holding an investment group based in Rome. Rosneft, which holds a 49% stake in Nayara, is run by Igor Sechin, a heavily sanctioned oligarch and one of Putin’s closest allies.
VinodTK
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Re: Oil & Natural Gas: News & Discussion

Post by VinodTK »

Krishna-Godavari basin project to produce 45,000 BPD of crude

- Off the coast of AP
- Difficult to extract, location is in deep sea
- Took long time to extract work started in 2018, getting ready to extract (reached production level)
- Expecting 23.52 million barrels of oil 50 billion cubick meters of oil (during life time)

https://www.youtube.com/watch?v=fPypIndqcag
sanjaykumar
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Re: Oil & Natural Gas: News & Discussion

Post by sanjaykumar »

There seems to be some drilling to be done in the Andaman sea.
Details are sketchy. Meaning this may not be just hype.
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