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News18
3 days ago
- Business
- News18
India's Oil & Gas Exploration: Reforms, Big Discoveries Pave Way For Viksit Bharat
Last Updated: As India builds its energy future, the last few years reflect a strategic, tech-forward, and investor-friendly pivot in upstream oil and gas India's exploration and production (E&P) sector has undergone a transformative journey in the past three-four years, getting a robust foundation built on improved data access, investor confidence, cutting-edge technology, and better access to capital. The government's decision to slash 'no-go" areas by a staggering 99% in 2022 opened up over 1 million square kilometers of India's Exclusive Economic Zone (EEZ) for oil and gas exploration, which marked a bold step towards energy security. In a landmark move in April 2023, the Centre revised the pricing mechanism for domestically produced natural gas. The new formula pegs prices to 10% of the monthly average of the Indian crude basket, updated every month. Additionally, new wells by ONGC and OIL are entitled to a 20% premium over the APM (Administered Price Mechanism) rate, which came as a shot in the arm for India's upstream sector. Backing this policy thrust is a Rs 3,200-crore drilling campaign launched in 2024, targeting four offshore stratigraphic wells across the Mahanadi, Bengal, Saurashtra, and Andaman basins to map India's untapped petroleum potential. A look at several highlights of the journey: KEY DISCOVERIES Oil India Limited (OIL) has made seven key discoveries, adding 18 MMTOE and over 2,700 MMSCM of gas reserves. Among the major basin-wise discoveries are: Mumbai Offshore Basin: Discoveries like Suryamani, Vajramani, Moti, Amrit show high initial production rates; Amrit alone holds 8.0 MMTOE of reserves. Mahanadi Basin: Konark and Utkal delivered major gas finds, with Konark accounting for 21 MMTOE. Cauvery Basin: The ultra-deepwater Chola-1 yielded 37.5 MMTOE, a standout discovery. Cambay Basin: Moderate oil and gas yields from PURN-1 and West Amod-1. In the east, post-2022 clearance from defence agencies, the Andaman offshore area was finally opened for E&P. Two wells have already been drilled in the region. A significant development in 2025 saw ONGC signing a Technical Services Agreement with bp, which will now serve as the technical partner for Mumbai High field. The goal: to stabilize declining production and achieve a 44% rise in oil output and 89% increase in gas production. As India builds its energy future, the last few years reflect a strategic, tech-forward, and investor-friendly pivot in upstream oil and gas. With a reformed regulatory landscape, landmark discoveries, and global interest reignited, the country is poised to unlock new hydrocarbon frontiers, laying the path for long-term energy resilience.
GMA Network
4 days ago
- Politics
- GMA Network
No Chinese patrols during PH-Japan maritime activity —PH Navy
The Philippine Navy on Tuesday said that the recent Bilateral Maritime Cooperative Activity (BMCA) between Philippines and Japan had been lawfully conducted with no alleged Chinese coordinated air and sea patrols. That's according to Philippine Navy Spokesperson for the West Philippine Sea Rear Admiral Roy Vincent Trinidad, as he denied a report from South China Morning that Beijing conducted patrols during the two countries' BMCA. 'What was monitored by the Philippine Navy is the continued illegal presence of the [People's Liberation Army Navy (PLA-N)] and [Chinese Coast Guard (CCG)] in our maritime zones, specifically in Bajo de Masinloc, Sabina Shoal, Pag-asa Island, and Ayungin Shoal," Trinidad said in a statement. Based on a monitoring report by the Philippine Navy, there were at least 12 Chinese vessels observed within the disputed waters from June 14 to 15, 2025. "This report is another attempt on misinformation, disinformation and malinformation to shape the domestic and international narrative favorable to the illegal claims in our maritime zones of the Communist Party of China," Trinidad added. The Navy reported that despite Chinese presence, the BMCA was successful and was conducted professionally and safely within the Philippines' Exclusive Economic Zone (EEZ). 'This maritime activity was more than a demonstration of maritime capability; it was a clear expression of our enduring commitment to peace, regional stability, and a rules-based international order in the Indo-Pacific,' Trinidad added. —Jiselle Anne Casucian/ VAL, GMA Integrated News
India Today
13-06-2025
- Politics
- India Today
Act now or this becomes habit: Kerala High Court to Centre, State on ship mishaps
The Kerala High Court came down heavily on Centre and state government in the wake of two ship accidents off the Kerala coast, directing them to take immediate and strict action to prevent such incidents from becoming a recurring court was hearing a public interest litigation (PIL) filed by former MP TN Prathapan, seeking compensation for those affected by the sinking of MSC Elsa 3, a Liberia-flagged vessel that went down off the Kerala coast on May 25 while carrying hazardous a more recent incident, a Singapore-flagged container ship, Wan Hai 503, caught fire off the Beypore coast on June 9, with flames raging till Friday, June 13, morning. Observing that inaction would normalise such accidents, the court said governments must examine existing laws and international agreements before taking directed that losses must be recovered from the shipping company and not be compensated using public funds. The court also stressed the need to investigate environmental damage caused by the High Court asked both governments to submit details of the measures taken so far and said it would appoint an amicus curiae to assist the court in the the state government said that the accident occurred in India's Exclusive Economic Zone (EEZ) and hence the Centre must take responsibility under the Merchant Shipping Act, the court noted that action can also be taken under the Admiralty Act, allowing the ship to be arrested. The district collector can also invoke provisions under this Act, the court High Court further sought to know whether the National Investigation Agency (NIA) could take up the matter. According to the petitioner, the NIA can step in if a complaint is filed by the district collector or through a private suit in a magistrate court citing environmental law court also directed the petitioner to amend the PIL to include both recent ship accidents in the case. IN THIS STORY#Kerala
Time of India
11-06-2025
- General
- Time of India
CG intensifies firefighting as blaze persists on cargo vessel
Kochi: Coast Guard (CG) is intensifying its firefighting and salvage operations to douse the fire that erupted on the Singapore-flagged container vessel, M V Wan Hai 503, off Kerala coast. The vessel, carrying over 1.22 lakh metric tonnes of fuel and hazardous cargo, poses a significant threat to marine ecology and nearby shipping lanes as it drifts southeast within India's Exclusive Economic Zone. Currently located 42 nautical miles from Beypore, the fire has been largely contained but remains active in the vessel's inner decks and near fuel tanks. The operation involves five CG ships, two Dornier surveillance aircraft and a helicopter, with additional support from the directorate general of shipping. A salvage team and Indian Air Force are also assisting. In a daring operation, a CG helicopter winched five salvage team members and an aircrew diver onto the burning vessel to facilitate towing. The ship is stable but slightly tilted to the port side. Poor weather initially hampered aerial efforts, but a Coast Guard Dornier aircraft is now airborne. Eighteen crew members were rescued, while four remain missing. Continuous monitoring and efforts to fully extinguish the fire are ongoing.
Express Tribune
10-06-2025
- Business
- Express Tribune
Chinese aircraft carriers appear in Pacific together for first time, Japan says
Listen to article Two Chinese aircraft carriers were spotted conducting simultaneous operations in the Pacific for the first time, in a move that Japan's defence minister said signified Beijing's intention to further widen its capabilities beyond its borders. Since May, China has been flexing its muscles by sending an unusually large number of naval and coast guard vessels through a swathe of East Asian waters, according to security documents and officials, in moves that have unnerved regional capitals. Japan's defence ministry has confirmed the two carriers, Liaoning and Shandong, were operating in separate areas in the Pacific on Saturday, both near remote southern islands belonging to Japan. "Japan's prompt disclosure of information concerning the carriers underscores its commitment to deter any forceful, unilateral shifts in the regional status quo," Defence Minister Gen Nakatani told a press conference. He added that Tokyo has engaged with Beijing to ensure its operations did not pose a threat to Japan's national security, but stopped short of criticising the neighbour. Japan is pursuing the build-up of its Pacific air defences and will closely monitor the movements of Chinese naval vessels, Nakatani said. Earlier, Japan said the Liaoning sailed within its Exclusive Economic Zone (EEZ) near Minamitorishima, a remote island east of Iwo Jima. Beijing's activities were consistent with international law and practice, its foreign ministry said. "China has always pursued a defensive national defence policy and hopes that the Japanese side will look at the matter objectively and rationally," ministry spokesperson Lin Jian told a regular news briefing.
