IndianOil stake to be bought by ExxonMobil
OIL & GAS

IndianOil stake to be bought by ExxonMobil

Oil Minister Dharmendra Pradhan revealed this week that talks are in progress for energy pioneer ExxonMobil Corp to purchase a stake in producing oil and gas fields in India, highlighting it as a part of the efforts being made to increase domestic output and reduce imports.

The total area for exploration and production of oil and gas in 2014 was approximately 90,000 sq km. An additional 1.65 lakh sq km of the area has been added with five rounds of Open Acreage Licensing Policy (OALP) and two rounds of the auction of small discovered fields (DSF).

The Texas shale oil and gas revolution in the USA was brought about by small companies. Pradhan added that India is anticipating a similar outcome through progressive policies and involving a lot of small and mid-sized companies. ONGC is currently constructing deepwater oil and gas blocks on the east coast, which at a peak is forecasted to produce more than 15 million standard cubic meters per day of gas.

Another memorandum was signed by ExxonMobil, in October last year, with Indian Oil Corporation (IOC) in a bid to explore ways to supply liquefied natural gas to meet India's rapidly increasing demand for gas. A 5 mtpa LNG import facility in Gujarat is operated by Shell whereas Total of France has collaborated with Adani Group for city gas projects. Pradhan said the exploration area gave a fair picture of the government's intent and policies.

Oil Minister Dharmendra Pradhan revealed this week that talks are in progress for energy pioneer ExxonMobil Corp to purchase a stake in producing oil and gas fields in India, highlighting it as a part of the efforts being made to increase domestic output and reduce imports. The total area for exploration and production of oil and gas in 2014 was approximately 90,000 sq km. An additional 1.65 lakh sq km of the area has been added with five rounds of Open Acreage Licensing Policy (OALP) and two rounds of the auction of small discovered fields (DSF). The Texas shale oil and gas revolution in the USA was brought about by small companies. Pradhan added that India is anticipating a similar outcome through progressive policies and involving a lot of small and mid-sized companies. ONGC is currently constructing deepwater oil and gas blocks on the east coast, which at a peak is forecasted to produce more than 15 million standard cubic meters per day of gas. Another memorandum was signed by ExxonMobil, in October last year, with Indian Oil Corporation (IOC) in a bid to explore ways to supply liquefied natural gas to meet India's rapidly increasing demand for gas. A 5 mtpa LNG import facility in Gujarat is operated by Shell whereas Total of France has collaborated with Adani Group for city gas projects. Pradhan said the exploration area gave a fair picture of the government's intent and policies.

Next Story
Infrastructure Energy

South West Pinnacle Wins Rs 30 Cr Oman Mining Contract

South West Pinnacle Exploration Ltd has secured a Rs 30 crore contract from Minerals Development Oman (MDO) for mining exploration in concession areas 12B and 13.The two-year project will be carried out via Alara Resources LLC, a JV in Oman. MDO, backed by Oman’s investment authorities, focuses on monetising mineral wealth.The contract covers copper, gold, and chromite and highlights South West Pinnacle’s growing footprint in international exploration and mining services. ..

Next Story
Equipment

Godrej GEG Boosts Intralogistics with AI and Green Tech

Godrej Enterprises Group (GEG) is revolutionising warehouse and factory logistics through its Material Handling Equipment and Storage Solutions arms by integrating AI, IoT, and automation.With 20–25% market share and 85% local sourcing, GEG champions Atmanirbhar Bharat and sustainability. The Chennai plant, a green manufacturing leader, uses RoHS-compliant materials and has slashed energy consumption by 60%.GEG serves e-commerce, FMCG, retail, and cold chains with high-performance racking and electric forklifts. Upcoming IoT-enabled forklifts and telematics solutions aim to improve speed, sa..

Next Story
Infrastructure Urban

Amit Shah Inaugurates Key Projects Across Gujarat

Union Home Minister Amit Shah inaugurated and laid the foundation stone for various projects in Gujarat’s Panchmahal district and Ahmedabad.In Godhra, he inaugurated the Center of Excellence building, sports complex, reservoir, and Miyawaki plantation. In Ahmedabad, he unveiled a new cooperative complex in Adaroda village and a primary school in Juwal.These projects, under the Model Co-op Village scheme, aim to boost education, sustainability, and rural development across the state. ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?