India has started extracting oil from the $ 5 billion deepwater project in the Krishna Godavari basin located in southern India. India's Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri on Monday (Jan 8) shared the news with the country. On Sunday the state-controlled ONGC kicked off oil extraction from its flagship deep-water project and the first oil was extracted a day before at 30 kilometres off the coast of Kakinada in the Krishna Godavari Basin.
15 Jan 2024Crude oil imports from Russia to India have nearly tripled in Q1 of this fiscal year compared to the same period last year, totaling $12.36 billion. This rise coincides with a decline in oil imports from West Asian countries. The increase is due to Russia's discounted oil offers amid Western sanctions, leading India to boost imports from Russia. Despite recent production cuts by Russia, the imports continue to rise. However, the impact on India's overall import cost is yet to be seen due to calculation methods. This shift reflects changing global energy dynamics influenced by geopolitical tensions and market fluctuations.
1 Sep 2023India invited the West’s anger over Russian oil. But buying discounted Russian oil was in India’s interest, so the Modi government stood its ground and bought shipload after shipload of Russian Ural grade oil. It was a win for Russia too which found a buyer with an unlimited appetite, so it didn't really mind the discounts But That has changed. Deep discounts on Russian crude which were to the tune of $30 per barrel at one point have come down to just 4$. What will India do now? Watch the video to find out.
19 Jul 2023The party for Russian crude importers is probably getting over, as in the last few months, steep discounts which India has enjoyed so far have come crashing down. Additionally, shipping rates shipping entities are charging India continue to remain higher than normal. But if Indian Russian crude importers hadn’t made this one mistake India could still be enjoying heavy discounts. What mistake did Indian importers make? Watch the full video to find out.
10 Jul 2023Discover the implications of Russia's shift in crude oil trade towards India and China after its invasion of Ukraine. While recent events in Russia have raised questions about the reliability of its oil exports, the global oil market remains stable. India's reliance on Russian oil has been economically advantageous, but the potential for regime change in Moscow could disrupt bilateral trade ties. This video explores the strategic considerations and potential consequences of maintaining or re-evaluating India's oil strategy with Russia.
10 Jul 2023India & China snapped up 80% of Russian crude exports in May. And if that’s hard to believe consider this, Russia managed to break records with their seaborne crude exports in May despite all the sanctions.Russia is now supplying 45% of India's and 20% of China's crude imports. The international energy agency forsees a further increase in the demand of Russian crude by India and China.
16 Jun 2023Discover how India, the world's third-largest oil importer, plans to bolster its energy security through a strategic plan to source a significant portion of Guyana's oil share. With long-term supply contracts at preferential rates, India aims to ensure a steady supply from one of the world's most significant recent oil discoveries. Join us as we unravel the complex web of energy politics, historical ties, and strategic decision-making behind India's pursuit of Guyana's oil. Explore how this move aligns with global trends and India's efforts to diversify its oil supplies while mitigating risk. Stay tuned to understand the impact on India's energy landscape and its implications for the future.
22 May 2023According To A Statement Released By The Company, Oil And Natural Gas Corporation Limited (Ongc) Just Recently Made An Important Announcement Regarding The Discovery Of Oil And Gas In Two Different Offshore Exploration Blocks Located In The Mumbai Offshore Region .
19 May 2023Invoice discounting is a process that solves working capital issues for start-ups and MSMEs by unlocking the value of unpaid invoices and allowing retail investors to invest in them for high returns and short-term investment opportunities.
5 min read10 May 2023As Russia scrambled for buyers after its invasion of Ukraine sparked Western sanctions, India stepped up as a new major buyer, securing discounts of as much as $15-20 a barrel. This has since fallen below $10 and has touched even $5. The steep discounts India enjoyed on Russian crude oil through most of FY23 have plunged, two government officials aware of the development said, as China boosted purchases and oil producers cut production.
10 May 2023The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared