The Indian oil industry is changing. The recent bidding for Discovered Small Fields saw the emergence of small, independent oil explorers in a country that has been dominated by state-owned companies and only a few private sector firms
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OPEC’s announcement of a cut in oil production shows that Saudi Arabia is being affected by low oil prices even as Iran gains ground
The fall in oil prices means it is now cheaper for ONGC to acquire discovered oil fields than to explore on its own. To profit from the changed dynamic, India needs to go big on a ‘buy’ strategy.
India’s newest reactor shows what’s wrong with nuclear power, and why India must go slow on expensive western designed nuclear power projects.
India needs to act faster to ensure it continues to get energy at an affordable price. The oil price increase to $50 per barrel shows there is a limited window of time to act.
Saudi Arabia, Russia and other oil producers are trying to cap oil production to support prices. Such distortions are unlikely to work. India should be more concerned about the long term rise in oil prices due to falling investment in exploration and production – and should protect itself by acquiring oil and gas assets to cover its energy needs.
The common Indian complaint is that, despite a global trend of falling crude oil prices, the price of petrol has not reduced. However, if the dollar price is examined with the price of oil, it becomes clear that Indians are paying less for fuel now than they would have, had the 2003 pricing trend continued.
ONGC’s purchase of a 15% stake in Russia’s Vankorneft presents the road ahead for India – by acquiring oil and gas fields today, India has a chance to lock in the price of imported energy at the current low level for the long run.
The jobs of 6.5 million Indians working in GCC countries could be at risk due to the fall in global oil prices. Securing the interests of these workers should be on Prime Minister Modi’s agenda when he visits UAE on August 16-17
The oil-rich GCC countries are starting to show signs of financial stress maintaining high defense and social spending while the price of oil remains low