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2015-11-30 19:50:00

INDIA'S OIL WILL TAIL

INDIA'S OIL WILL TAIL

India's reliance on foreign oil will jump from 80 percent to 90 percent by 2040 and it would lead global energy demand growth, the International Energy Agency said in a report on the world's third largest energy consumer released in New Delhi on Friday.

"India is set to contribute more than any other country to the rise in global energy demand over the next 25 years, underlining its ever-greater influence in Asia and on the world stage," the report said.

As a consequence India's economy will remain vulnerable to oil price volatility and political turbulence in oil and gas producing countries.

IEA Executive Director Fatih Birol said the think-tank expects global oil prices to hit levels of around $80 per barrel by 2020.

Brent crude weakened to $45.17 per barrel on Friday.

The Indian government is trying to make it easier for companies like Reliance Industries (RELI.NS), ONGC Ltd (ONGC.NS) and Vedanta Ltd (VDAN.NS) to tap small and difficult fields to boost domestic and meet a target to halve imports in 15 years.

But the IEA said India's production will tail off due to limited resources and relatively high costs for new projects, leading to more imports as economic growth picks up speed.

India's oil minister Dharmendra Pradhan has visited energy-rich countries including Saudi Arabia, Mexico, Canada and Colombia in his first 18 months in office.

reuters.com

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More: 

INDIAN INVESTMENTS: $10 BLN 

INDIAN INVESTMENTS TO IRAN: $15 BLN 

INDIA & CHINA COMPETITION 

ROSNEFT & ESSAR SUPPLIES 

INDIA BUY US LNG 

 

 

Tags: INDIA, OIL

Chronicle:

INDIA'S OIL WILL TAIL
November, 22, 11:05:00

NIGERIA & CHEVRON PROJECT &1.7 BLN

Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement that would increase crude oil production in the country by about 39,000 barrels per day.

INDIA'S OIL WILL TAIL
November, 22, 11:00:00

MAERSK-AKER-HALLIBURTON ALLIANCE

OGJ - Maersk Drilling and Aker BP announced a drilling rig alliance based on a tripartite collaboration model that also includes service provider Halliburton Co.

INDIA'S OIL WILL TAIL
November, 20, 09:35:00

OIL PRICE: ABOVE $62 YET

REUTERS - Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.

INDIA'S OIL WILL TAIL
November, 20, 09:30:00

ROSNEFT'S WORLD RECORD: 15000 M

Rosneft as a member of Sakhalin-1 Consortium successfully completed drilling of the world's longest well from Orlan platform at Chaivo field in the Sea of Okhotsk. The length of the well with horizontal completion is 15000 m which currently is a world record. This is a supercomplex well with DDI (Directional drilling index) of 8.0 and 14,129 m stepout.

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