Petrol price hiked by Rs 2 -Import lobbies threaten oil ministers, says veerappa moily--INDIA AND THE OIL MONOPOLY

Petrol price hiked by Rs 2 due to weak rupee

Petrol prices to rise by Rs 2 per litre from midnight today
This is the second increase in a fortnight and market leader IndianOil said the new prices would come into effect from the intervening midnight between Saturday and Sunday.

NEW DELHI: State-run fuel retailers on Saturday decided to raisepetrol price by Rs 2 a litre, excluding state taxes, to offset the twin effects of the rupee's sharp fall against the Greenback and hardening of the fuel's price in the international trading hubs. 

This is the second increase in a fortnight and market leader IndianOilsaid the new prices would come into effect from the intervening midnight between Saturday and Sunday. Consumers would, however, have to pay more that Rs 2 a litre due to the incremental impact of state levies. 

The retailers had hiked petrol price last on June 1 by 75 paise a litre, reversing a three-month trend that had seen subsequent reductions aggregating over Rs 6 a litre in the fuel's price. 

After the latest revision, petrol price in Delhi would go up by Rs 2.40 a litre to Rs 66.39 from Rs 63.99. In Mumbai, the increase would be to the tune of Rs 2.52 to Rs 74.60, while in Kolkata the rate would go up from Rs 71.29 to Rs 73.79 per litre. In Chennai, the price would go up by Rs 2.54 to Rs 69.39. 

"Since the last price change, the slide in rupee (against the dollar) has continued and the exchange rate has deteriorated from Rs 55.32 to Rs 57.08 per dollar," IndianOil in a statement, adding that international petrol prices have also hardened during this period. 

The company also said that the retailers were suffering under-recovery (revenue loss) of Rs 6.31 on a litre of diesel, Rs 27.75 on a litre of kerosene and Rs.335 on each subsidized cooking gas cylinder that has been capped at nine per year for each household. 

The under-recovery on the three fuels for all the three state-run fuel retailers is estimated at around Rs 112,500 crore in 2013-14. 

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Import lobbies threaten oil ministers, says Veerappa Moily

Oil Minister Veerappa Moily sparked off a controversy saying that oil ministers in the country faced threats from oil import lobbies, which did not want the imports to come down.

The stunning remark came at a time when the oil and gas production in the country has been stagnant, and the only way to increase it, according to Moily, is giving higher returns on investments to private players. “A price correction will help attract investments in the stagnant oil and gas exploration and will lead to higher domestic output and lesser reliance on imports,” he said.

“There are bureaucratic obstructions and delays. And also there are other lobbies. They don’t want us to stop imports. There are some lobbies who are working on that. Every minister is threatened many a times. Every minister who occupies this position is threatened,” Moily added. He, however, refused to name anyone or identify anyone who may have directly or indirectly threatened ministers. “History will speak about it. It is for you to judge,” he said.

His statement immediately drew sharp reactions, with the opposition challenging him to name the people who threatened him. Former petroleum minister and senior BJP leader Ram Naik said no pressure was ever brought on him during his five year tenure from 1999, and Moily should name the lobbies that put pressure on him or his predecessors, S Jaipal Reddy, Murli Deora or Mani Shankar Aiyar.

Criticising Moily for the statement, CPI leader D Raja asked him to name the people or company who threatened him. “He wants to justify the hike in natural gas price by saying this. Nobody can threaten  a cabinet minister, and if someone is doing it, he should name him,”Raja said.

Later in the day, the Congress party seemed to distance itself from Moily’s remark saying that only he can explain it. “He (Moily) will explain what he has said. This is for the concerned minister to explain not for the party to say anything. Only Moily can say what is the issue and its context... What action he has taken to isolate such lobbies,” party spokesperson Shakeel Ahmed told reporters at the AICC briefing.

India currently imports crude oil worth $160 billion and it is the largest item in the import basket of the country. In the field of natural gas, India is the fifth largest importer after Japan, South Korea, the UK and Spain. 

India Oil And Gas Profile
rating: +1+x


  • According to the International Energy Agency (IEA), coal/peat account for nearly 40 percent of India’s total energy consumption, followed by nearly 27 percent for combustible renewables and waste. Oil accounts for nearly 24 percent of total energy consumption, natural gas six percent, hydroelectric power almost 2 percent, nuclear nearly 1 percent, and other renewables less than 0.5 percent. Although nuclear power comprises a very small percentage of total energy consumption at this time, it is expected to increase in light of international civil nuclear energy cooperation deals. According to the Indian government, nearly 30 percent of India’s total energy needs are met through imports
  • IEA data for 2008 indicate that electrification rates for India were nearly 65 percent for the country as a whole. In urban areas, 93 percent had access to electricity compared to rural areas where electrification rates were approximately 50 percent. Roughly 400 million people do not have access to electricity in India
  • According to Oil & Gas Journal (OGJ), India had approximately 5.6 billion barrels of proven oil reserves as of January 2010, the second-largest amount in the Asia-Pacific region after China. India’s crude oil reserves tend to be light and sweet, with specific gravity varying from 38° API in the offshore Mumbai High field to 32° API at other onshore basins.
  • In 2009, India consumed nearly 3 million bbl/d, making it the fourth largest consumer of oil in the world. EIA expects approximately 100 thousand bbl/d annual consumption growth through 2011.


  • Though the government has taken steps in recent years to deregulate the hydrocarbons industry and encourage greater foreign involvement, India’s oil sector is dominated by state-owned enterprises. India’s state-owned Oil and Natural Gas Corporation (ONGC) is the largest oil company and dominates India’s upstream sector. State-owned Oil India Limited (OIL) is the next largest oil producer. Other major state-run players include the Indian Oil Corporation (IOC) and the Gas Authority of Indian Limited (GAIL). In addition, the private Indian firm, Reliance Industries Limited, is becoming a significant operator in the oil sector and is the largest private oil and gas company in the country. Cairn India, a branch of UK-based Cairn Energy, and BG Exploration are also important private sector operators in the industry.
  • As a net importer of oil, the Indian government has policies aimed at increasing domestic exploration and production (E&P) activities. As part of an effort to attract oil majors with deepwater drilling experience and other technical expertise, the Ministry of Petroleum and Natural Gas created the New Exploration License Policy (NELP) in 2000, which for the first time permits foreign companies to hold 100 percent equity ownership in oil and natural gas projects. Despite this, international oil and gas companies currently operate a small number of fields.
  • The Petroleum and Natural Gas Regulatory Board (PNGRB) was constituted under The Petroleum and Natural Gas Regulatory Board Act, 2006 (NO. 19 OF 2006) notified via Gazette Notification dated 31st March, 2006.
  • The Act provide for the establishment of Petroleum and Natural Gas Regulatory Board to protect the interests of consumers and entities engaged in specified activities relating to petroleum, petroleum products and natural gas and to promote competitive markets and for matters connected therewith or incidental thereto.
  • Further as enshrined in the act, the board has also been mandated to regulate the refining, processing, storage, transportation, distribution, marketing and sale of petroleum, petroleum products and natural gas excluding production of crude oil and natural gas so as and to ensure uninterrupted and adequate supply of petroleum, petroleum products and natural gas in all parts of the country.
  • India’s downstream sector is also dominated by state-owned entities. The Indian Oil Corporation (IOC) is the largest state-owned company in the downstream sector, operating 10 of India’s 18 refineries and controlling about three-quarters of the domestic oil pipeline transportation network. Reliance Industries opened India’s first privately-owned refinery in 1999, and has gained a considerable market share in India’s oil sector.


  • India produced roughly 880 thousand barrels per day (bbl/d) of total oil in 2009 from over 3,600 operating oil wells. Approximately 680 thousand bbl/d was crude oil, the remainder was other liquids and refinery gain.
  • Most of India’s crude oil reserves are located offshore, in the west of the country, and onshore in the northeast. Substantial reserves, however, are located offshore in the Bay of Bengal and in Rajasthan state. India’s largest oil field is the offshore Mumbai High field, located north-west of Mumbai and operated by ONGC. Another of India’s large oil fields is the Krishna-Godavari basin, located in the Bay of Bengal. Block D6 in the Krishna-Godavari basin, operated by Reliance Industries, began oil production in September 2008.
  • The primary mechanism through which the Indian government has promoted new E&P projects has been the NELP framework. The latest round of auctions, NELP VIII, was launched in April 2009 and attracted nearly $1.1 billion in investment. India currently plans to launch the NELP IX bidding round in the third quarter of 2010
  • According to Oil and Gas Journal, India had approximately 38 trillion cubic feet (Tcf) of proven natural gas reserves as of January 2010. The EIA estimates that India produced approximately 1.4 Tcf of natural gas in 2009, a 20 percent increase over 2008 production levels. The bulk of India’s natural gas production comes from the western offshore regions, especially the Mumbai High complex, though the Bay of Bengal and its Krishna-Godavari (KG) fields are proving quite productive. The onshore fields in Assam, Andhra Pradesh, and Gujarat states are also significant sources of natural gas production.
  • There have been several large natural gas finds in India over the last several years, predominantly offshore in the Bay of Bengal. ONGC announced a find in late 2006 in the Mahanadi basin off the coast of Orissa state, with an estimated 3 to 4 Tcf of reserves in place. In December 2006, ONGC announced a find of an estimated 21 to 22 Tcf of natural gas in place at the KG-DOWN-98/2 block off the coast of Andhra Pradesh in the KG basin. In addition, state-owned Gujarat State Petroleum Corporation (GSPC) holds an estimated 1.8 Tcf of natural gas reserves at the KG-OSN-2001/3 block in the KG area.
  • Reliance Industries’KG-D6 block holds estimated reserves of 11.5 Tcf and came online in April 2009. Of the nearly 1.4 Bcf/d of initial production, nearly half went to gas based power plants, the rest to fertilizer, LPG plants, and city gas distribution entities. After reaching a production peak of 2.8 Bcf/d in December 2009, Reliance decided in July 2010 to cap production of KG-D6 at 2.1 Bcf/d pending resolution of infrastructure and field maintenance issues. The power sector continues to receive the lion’s share of production allotments. Production from the KG basin is expected to double the country’s current natural gas output in coming years.

Active Companies

  • IndianOil is India's flagship national oil company with business interests straddling the entire hydrocarbon value chain – from refining, pipeline transportation and marketing of petroleum products to exploration & production of crude oil & gas, marketing of natural gas and petrochemicals. It is the leading Indian corporate in the Fortune 'Global 500' listing, ranked at the 98th position in the year 2011.

Crude Oils

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  • India began importing liquefied natural gas (LNG) in 2004. In 2008, India imported 372 Bcf of LNG, nearly 75 percent of it from Qatar, making it the sixth largest importer of LNG in the world. India imports LNG through both long-term contracts and spot shipments.
  • Currently, India has two operational LNG import terminals, Dahej and Hazira. India received its first LNG shipments in January 2004 with the start-up of the Dahej terminal in Gujarat state. Petronet LNG, a consortium of state-owned Indian companies and international investors, owns and operates the Dahej LNG facility with a capacity of 5 million tons per year (mtpa) (975 Bcf/y). India’s second terminal, Hazira LNG, started operations in April 2005, and is owned by a joint venture of Shell and Total. The facility has a capacity of 2.5 mtpa (488 Bcf/y), which may be expanded to 5 mtpa (975 Bcf/y) in the future.
  • The 5 mtpa (975 Bcf/y) LNG processing plant in Dabhol continues to face delays. Currently operating as a power plant, the LNG receiving terminal may be operational in 2011 after dredging operations are complete so that a breakwater can be built.
  • In addition, Petronet LNG has begun construction of a 2.5 mtpa (488 Bcf/y) LNG import facility at Kochi. The facility is expected to be completed in the first quarter of 2012 and has secured a 1.5 mtpa (293 Bcf/y) supply from Australia’s Gorgon LNG project.
  • In order to secure supply of natural gas to India and meet growing demand, India is currently looking to invest in liquefaction projects abroad. For example, ONGC and the UK-based Hinduja Group are considering service contracts in Iran to supply 5 mtpa (975 Bcf/y) of LNG to India. The country is also exploring the possibility of investing more in the Sakhalin I LNG project.
  • Long-term growth in demand for LNG remains unclear however, as price is an issue of contention in India and increasing domestic natural gas production is expected from eastern offshore fields. Industry analysts note that Indian companies appear unwilling to commit to long-term LNG supply contracts at international prices. While negotiations are currently underway for several long-term LNG supply deals, whether or not India’s bids will be accepted is questionable in light of the low prices that India has offered to pay. Instead, India is becoming an important destination for spot LNG cargoes


  • Nearly 70 percent of India’s crude oil imports come from the Middle East, primarily from Saudi Arabia, followed by Iran. The Indian government expects this geographical dependence to rise in light of limited prospects for domestic production.
  • According to OGJ, India had 2.8 million bbl/d of crude oil refining capacity at 18 facilities as of January 1, 2010.
  • India has the fifth largest refinery capacity in the world.

Refineries in India

Indian Oil Refineries

Indian Refining Projects

  • In 2009, privately-owned Reliance Industries added another refinery to its Jamnagar complex to raise the entire complex’s refining capacity from 660,000 bbl/d to 1.24 million bbl/d. The Jamnagar complex is the largest oil refinery complex in the world.
  • Other key upcoming refinery projects include Essar Oil’s Vadinar refinery expansion of 110,000 bbl/d in 2011, 120,000 bbl/d greenfield refinery in Bina in 2011 by a joint venture between Bharat Petroleum Corporation Limited and Oman Oil Company Limited, a 180,000 bbl/d grassroots refinery in Bhatinda in 2014 by Hindustan Petroleum Corporation Limited, and IOC’s grassroots Paradeep refinery of 300,000 bbl/d in 2015.
  • India is slated to add 840 thousand bbl/d of refining capacity through 2015 based on currently proposed projects.
  • Due to expectations of higher demand for petroleum products in the region, further investment in the Indian refining sector is likely. As part of the country’s 11th Five Year Plan from 2007 to 2012, the government would like to promote India as a competitive refining destination, and industry experts expect the country to be an exporter of refined products to Asia in the near future
Complete List of Indian Refinery Projects

Relevant Links


Major Oil Companies Operating in the Gulf Region

Compiled by Eric V. Thompson

Petroleum Archives Project 
Arabian Peninsula and Gulf Studies Program 
University of Virginia
Prepared with support from
The Kuwait Foundation for the Advancement of Sciences

State Companies:
The Bahrain National Oil Company (BANOCO), wholly owned by the Bahrain Government, and is the holding company for the Bahrain Petroleum Company (BAPCO)
Joint Ventures:
Bahrain National Gas Co. (Banagas) is owned 75% by the government of Bahrain, 12.5% by Caltex, and 12.5% by the Arab Petroleum Investment Corp.
Bahrain Aviation Fueling Co. (Bafco) is the aviation refueling service at Bahrain International Airport. It is owned by Banoco, 60%; Caltex 27%; BP, 13%
Original Concession Holders:
Bahrain Petroleum Co. Ltd., an equal partnership of Texas Oil Co. and Socal, also offshore concession granted to Continental Oil Co.
Continental Oil Co. of Bahrain, Continental Oil Co., Pure Oil Middle East Inc. (Union Oil of California)
Major Foreign Oil Company Involvement:
Harken Oil, of Grand Prairie, Texas, who is backed in part by Bass Enterprise Production Company of Fort Worth, Texas Harvard University, a major shareholder in Harken through an affiliate, and George W. Bush


State companies:
National Iranian Oil Company (NIOC) - oil and gas exploration and production, refining and oil transportation; National Iranian Gas Company (NIGC) – manages gathering, treatment, processing, transmission, distribution, and exports of gas and gas liquids; National Petrochemical Company (NPC) - handles petrochemical production, distribution, and exports.
Original Concession Holders:
Anglo Persian Oil Company, replaced in 1954 by Iranian Oil Participants Limited, a joint venture of British Petroleum, Jersey, Socony, Texaco and Socal, Gulf, Royal Dutch/Shell Group, Iricon Agency Ltd., Richfield Oil Corp., Signal Oil and Gas, Aminoil, Sohio, Getty, Atlantic Oil, Tidewater Oil, San Jacinto Petroleum Corp., and CFP
Iran Pan American Oil Co., American International Oil Co. (Standard Oil of Indiana)
Iranian Offshore Petroleum Co., Tidewater Oil, Superior Oil, Sunray DX, Cities Service, Kerr-McGee, Atlantic Richfield, Skelly Oil
Lavan Petroleum Co., Atlantic Richfield, Murphy Oil, Sun Oil Co., Union Oil of California
Major Foreign Oil Company Involvement:
Recent Developments:
(Concluded at least negotiations with):
Elf Aquitaine
Japex, the state-owned Japanese Exploration and Production Co.,
Ultramar (Canada)
The U.S. Treasury has allowed two American companies (Chevron, Coastal) to import Iranian crude


State companies:
The Oil Ministry oversees the nationalized oil industry through the Iraq National Oil Company (INOC). Autonomous companies under INOC include: State Company for Oil Projects (SCOP) - design and engineering of upstream and downstream projects; Oil Exploration Company (OEC) - exploration; Northern Oil Company (NOC) and Southern Oil Company (SOC) - upstream activities in northern/central and southern Iraq, respectively; State Organization for Oil Marketing (SOMO) - crude oil sales and OPEC relations; Iraqi Oil Tankers Company (IOTC)
Original Concession Holders:
Iraq Petroleum Company (Mosul Oil Company and Basrah Oil Company), Royal Dutch/Shell, Anglo-Persian, CFP, Exxon, Mobil, Atlantic Richfield, Gulf Oil Corporation, Standard Oil of Indiana [Amoco], and Participations and Explorations Corp., under auspices of the Near East Development Company.
Recent Developments:
U.S. previously operating in Iraq include Haliburton, Howe-Baker Engineering Inc., Mobil Oil, and Pullman-Kellogg.
Iraq's State Oil Marketing Organization (SOMO), -- pending U.N. approval --is in discussions with: U.S. companies Coastal Corp., Phoenix, Chevron Corp. and Mobil Corp.
Iraq has current contracts with Coastal, Russian Sidanco and France's Total S.A.
The Oil Daily reports that Shell, BP, Chevron, and Coastal are among the companies interested in buying Iraqi crude


State Companies:
Subsidiaries of Kuwait Petroleum Corp. include: Kuwait Oil Co. (KOC), Kuwait National Petroleum Co., Petrochemical Industries Co. (PIC), Kuwait Oil Tanker Co., Kuwait Foreign Petroleum Exploration Co. (Kufpec), and Kuwait Petroleum International (KPI, London)
Original Concession Holders:
Kuwait Oil Co. Ltd., subsidiary of BO (Kuwait) Ltd., and Gulf Kuwait Co., Kuwait Shell Development Co. Ltd., owned by Royal Dutch/Shell Group
For Kuwaiti portion of Neutral Zone:
Offshore: Arabian Oil Company Limited, Japan Petroleum Trading Co. Ltd.
Onshore: American Independent Oil Co., joint venture of Phillips Petroleum, Signal Oil and Gas, Ashland, J.S. Abercrombie, Sunray Mid-Continent Oil Co., Globe Oil and Refining Co., and Pauley Petroleum Inc.
Major Foreign Oil Company Involvement:
British Petroleum Co. Plc
Getty Oil Co.
Gulf Oil
Japan's Arabian Oil Co. (AOC)
Mobil Corp.
Royal Dutch/Shell,
Shell International Petroleum Co. Ltd.


State companies:
Petroleum Development Oman Ltd. (PDO) controls all oil resources. Oman Oil Company (OOC) is the overseas investment arm of the Ministry of Petroleum, until recently headquartered in Houston and headed by John Deuss
Joint Ventures:
Petroleum Development Oman Ltd. (PDO) controls all oil resources. PDO is a partnership between the Omani government (60%), Shell Petroleum Co. Ltd. (34%), Total-CFP (4%), and Partex (Oman) Corp. (2%)
CXO Ltd. Is a joint venture of Oman Oil Co. Ltd. and Caltex
Original Concession Holders:
Petroleum Development (Oman) Ltd., Shell Group, CFP, Participations and Explorations Corp., and John W. Mecom
Mecom-Pure-Conoco, John W. Mecom, Pure Oil, Continental Oil
Major Foreign Oil Company Involvement:
There are two American concessionaires: Occidental/Gulf and Amoco. Ashland Oil manages Oman's sole refinery, and U.S. firms lift Oman's crude.


State Companies:
The Qatar General Petroleum Corporation (QGPC)
Joint Ventures:
QGPC owns 65% of Qatar Liquefied Gas Co. (QatarGas) the rest of the interest is divided among France's Total SA. (10%), Mobil Qatar Gas Inc. (10%), Mitsui & Co. Ltd. (7.5%), and Marubeni Corp. (7.5%)
QatarGas Upstream, partners are Total, 20%, Mobil 10%, and Mitsui and Marubeni, 2.5 each
QGPC holds 66.5% of Ras Laffan LNG Co. (RasGas); Mobil 26.5 ; the Japanese companies Itochu Corp. and Nissho Iwai, respectively, 4% and 3%
Qatar Vinyl Co. (25.5% QGPC, 31.9% Qapco, 29.7% Norsk Hydro, and 12.9% Elf Atochem)
Qatar Fuel Additives Co. (50% QGPC, 20% Chinese Petroleum Corp., 15% Lee Chang Yung Chemical Industry Corp., and 15% International Octane Ltd.)
Original Concession Holders:
Continental Oil Co. of Qatar, Continental Oil Co., Pure Oil Middle East Inc. (Union Oil of California)
Anglo Saxon Petroleum Company, Shell
Major Foreign Oil Company Involvement:
ARCO Qatar Inc., (as operator for a consortium of Germany's Wintershall A.G. and Preussag A.G., British Gas Co., and Gulfstream Resources Canada Ltd. of Calgary)
Chevron Over-seas Petroleum (Qatar) Ltd. and its partner Magyar Olaj Gazi (MOL), the Hungarian Oil & Gas Co. Ltd.
Elf Petroleum Qatar.
Maersk Oil Qatar Co.
Methanex Corp. (Vancouver)
Mobil Oil Qatar
Mobil, MOL
Occidental Petroleum of Qatar Ltd..
Pennzoil Qatar Oil Co.
Phillips Petroleum Co.
Royal Dutch Shell

Saudi Arabia:

State Companies:
Saudi Aramco
Petromin Lubricating Oil Refining Co. (Luberef), [Mobil Oil Corp. holds a minority interest in this company]
Petromin Lubricating Oil Co.,
Saudi Arabian Basic Industries (Sabic)
Original Concession Holders:
Arabian American Oil Company, Socal, Texas Oil, Jersey, Socony-Vacuum
For Saudi portion of Neutral Zone: Getty Oil Co., Japan Petroleum Trading Co.
Joint Ventures:
Star Enterprise (U.S.) ­ Saudi Refining Inc. (50%), Texaco (50%);
Ssangyong Oil Refining Co. (S. Korea) ­ Saudi Aramco (35%), Ssangyong (65%); Luberef - Mobil (30%) and Petrolube - Mobil (29%)
Samref, an export fuels company- Mobil is a 50% shareholder
Subsidiaries: Aramco Services Co. (Houston), Aramco Overseas Co. (Netherlands), Saudi Petroleum International Inc. (New York), Saudi Petroleum Overseas Ltd. (London/Tokyo)
Major Foreign Oil Company Involvement:


State Companies:
Abu Dhabi National Oil Company (ADNOC) has controlling interest in 21 domestic oil and natural gas companies.
Joint Ventures:
Abu Dhabi Co. for Onshore Oil Operations (ADCO) is held by ADNOC (60%) and a consortium comprising British Petroleum (BP) (9.5%), Shell (9.5%), Total (9.5%), Exxon (4.75%), Mobil (4.75%), and Partex (2%).
Abu Dhabi Marine Operating Company (ADMA­OPCO) is held by ADNOC (60%) and a consortium comprising BP (14.7%), Total (13.3%), and Japan's Jodco (12%).
Zakum Development Company (ZADCO) is operated by ADNOC (88%) and a consortium (12%) comprising BP, Jodco, and Total
Original Concession Holders:
Union Oil Co., venture of Union Oil Co. and Southern Natural Gas Co.
Abu Dhabi Marine Areas Ltd., BP, CFP, Continental
Dubai Marine Areas Ltd., Continental Oil, BP, CFP, Deutche Erdol AG, Sun Oil Co.
Phillips-AGIP-Aminoil, joint venture of Phillips, AGIP, and Aminoil
Major Foreign Oil Company Involvement:
Caltex Petroleum Corp.,
Miutsui & Co. Ltd.
Shell Gas BV