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India unveils new blocks for oil exploration, An analysis

Indian Oil

New Delhi: In order to decrease the rising burden of oil imports, India recently opened up bidding for 26 blocks for oil exploration in India.
India currently imports 85 per cent of countryโ€™s oil requirements, and plans to reduce its dependence on imported crude oil by at least 10 per cent in the coming years. Under the HELP policy, the government has re-modeled the hydrocarbon licensing policies to make E&P investment commercially attractive with incentives like no category- basis revenue sharing.

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India recently launched a sizable offering for oil and gas exploration, with most of the blocks on offer lying offshore and in deeper waters.
The government awarded another 31 contracts for oil and gas developments last month through the DSF-3 competitive bidding round, in what was the countryโ€™s largest-ever offering of areas with known oil and gas accumulations.
India has tried to carry out several biddings for oil exploration in the past decade, however, it has failed to attract the big international energy companies, despite lucrative incentives. India wants to attract companies from Western nations who can bring in technical capabilities to get the most out of domestic offshore assets.
Global oil exploration companies are also eager to gain a foothold in India, where fuel demand is expected to keep rising with the countryโ€™s economic growth. Indiaโ€™s oil consumption or demand is expected to rise to almost 3.3 billion barrels annually by 2040 from about 1.6 billion barrels this year 2022.
Recently, in its largest offshore rig exploration exercise in recent years, ONGC has floated a tender for 12 jack-up rigs with some relaxations in liquidity damages clauses. But, as per some experts, these kind of relaxations may provide an edge to international players in comparison to local offshore players.
This story has been provided by PNN. ANI will not be responsible in any way for the content in this article.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

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Accused Of Hitting Mall Parking Staff With Car, Daughter Of Delhi Police Official Arrested

ANI
delhi Police

A woman, the daughter of a senior Delhi Police official was arrested on Saturday for allegedly causing injuries to a parking attendant whom she allegedly rammed her car into, at a mall in Saket here, officials said.

New Delhi:  A woman, the daughter of a senior Delhi Police official was arrested on Saturday for allegedly causing injuries to a parking attendant whom she allegedly rammed her car into, at a mall in Saket here, officials said.

โ€œThe car has been seized,โ€ officials said. The Delhi Police on Thursday registered a case against the woman at the Saket Police Station for driving rashly and leaving one person injured.

โ€œThe woman is the daughter of a Delhi police officer,โ€ Police said.

A parking staff (35) member, working as a parking assistant in Saket Mall, filed a complaint against the woman after being allegedly hit by a rashly driven car in the Saket Police Station area.

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As per reports, the incident pertains to October 16.

The parking staff member was handing over a car to a customer when another car exiting the parking ran over his legs, leaving him injured.

The incident took place at around 9.35 PM. The injured person was rushed to hospital, where he was under treatment.

โ€œThe injured person on Thursday filed a complaint against the woman for driving rashly and leaving him injured,โ€ officials said.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

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