February 7, 2023: Indian refineries have never been known for their high refining margins. Technologically, they are not very advanced. Their share of imported crude has been increasing consistently over the years. But their performance during April-September 2022 got them the highest GRMs in history. The secret behind this is the cheap Russian crude. Presenting the GRM history since FY 2017-18. Click column Special Database for details.

January 25, 2023 | Crank Up The Oil Wells But Don’t Fall For The Hype: Back in the 1980s, with the launch of accelerated production plan at ONGC’s Bombay High offshore oilfield, India’s domestic output soared to a level where it could meet 80 per cent of the country’s crude oil demand. But that brief, self-indulgent period of relative energy security did not last for very long. A combination of several factors twisted the tale into a nightmarish ride into terrible uncertainty. Today, India imports 86 per cent of its crude oil requirement. But on the flip side, there is also a palpable sense of excitement triggered by a senior executive of ExxonMobil who recently said that he found the Indian geology highly prospective for oil finds and compared it to the attractiveness of oil rich Guyana. Petroleum minister Hardeep Singh Puri should do everything legally possible to attract oil multinationals and encourage domestic E&P companies to step up exploration efforts. But he must not allow himself to be taken for a ride by statements made by oil ‘pundits’ and business executives. In the early 1980s when the renowned international magazine Time carried an article which made the outlandish claim that India’s Godavari offshore was floating on oil. Click Free Access column Petro Intelligence for an exciting piece on the subject.