India, the world's third-biggest oil consumer, meets more than 80 per cent of its oil needs through imports. Iran is its third-largest supplier after Iraq and Saudi Arabia and meets about 10 per cent of the total needs.
Talking to reporters on the sidelines of a conclave organised in Surat, Pradhan said the factors responsible for drop in production of crude oil have caused a spike in fuel prices in India. "I would like to mention two points, and both these subjects are external. OPEC (Organisation of the Petroleum
The proposal to share royalty and cess as per PI, which will be applicable on seven blocks - will help ONGC and Oil India as they were liable to pay 100 per cent of the two taxes, irrespective of their PIs in the pre-NELP blocks.
New Delhi, Jan 22 (ANI): Petroleum Minister Dharmendra Pradhan has said that with the global economic situation currently at a critical phase, it is imperative that India and Africa forge deeper collaboration, particularly in the field of energy. Indian refiners boosted imports of African crude oil in 2015 to the highest in at least five years and slightly cut their intake from America as refiners benefited from changing global oil flows caused by surplus supply. Pradhan said the Government has decided to diversify energy basket. Pradhan added that the new discoveries in Africa have seen oil reserves grow by over 100 percent and gas reserves grow by over 55 percent and this would improve Africa's position as an exporter of not only oil but also gas. India, the world's fourth-biggest oil consumer, raised its imports of African oil as the continent's mainly light, sweet crudes helped fill increasing demand for gasoline and diesel fuel.