Reliance & other Indian private refiners dominate buying of main Russia oil grade
India has taken 80% of Russian seaborne exports of its flagship oil grade so far this year, with the country’s only two private refineries scooping up a growing portion of the cut-price crude. The South Asian nation has bought 231 million barrels of Urals in the year through June 24, according to data analytics provider Kpler. Reliance Industries Ltd. and Nayara Energy Ltd. alone took 45% of Russia’s shipments of the medium-sour variety. India’s increasing dominance as a buyer of Urals — it took 74% of exports of the grade in 2024 — highlights the country’s dependence on Russian energy, as well as its importance as a revenue generator for the Kremlin. Chinese independent refineries, known as teapots, have traditionally been enthusiastic buyers of Russian oil, but they’re getting squeezed by a stricter tax regime and weak local demand this year. The portion of Urals being purchased by the two private Indian refiners has been rising steadily over the last few years, and has jumped sharply so far in 2025. Reliance — which has taken 77 million barrels of the grade this year — is now the world’s single biggest buyer of Urals. The refiner, owned by Indian tycoon Mukesh Ambani, entered into a 10-year agreement with Russia to buy as much as 500,000 barrels a day of oil from January. Urals now makes up 36% of all of Reliance’s crude purchases, up from 10% in 2022, according to Kpler. The grade accounts for a whopping 72% of Nayara’s oil buying, compared with 27% three years ago. India’s major state-owned refiners — Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp Ltd. — haven’t entered into any term deals with Russia and are more constrained in the currencies they can use to buy their crude.
Shell Addresses BP Merger Speculation
Shell said on Thursday it hasn’t actively considered an offer for BP and has no intention of making such a bid, after a media report earlier this week rekindled speculation about a giant energy tie-up of the two UK-based rivals. On Wednesday, BP shares jumped by nearly 7% before paring the bulk of those gains after The Wall Street Journal reported that Shell is in early-stage discussions to acquire its British rival. Shell on Wednesday dismissed the Journal’s report as “market speculation.” Shell then put out a statement on Thursday, in which it said “In response to recent media speculation Shell wishes to clarify that it has not been actively considering making an offer for BP and confirms it has not made an approach to, and no talks have taken place with, BP with regards to a possible offer.” Under UK market rules, Shell confirmed it has no intention of making an offer for BP and by confirming this, Shell will be bound by the restrictions in the rules not to make an offer for BP in the next six months. “We remain focused on delivering more value with less emissions through performance, discipline and simplification,” Shell said. The supermajor, however, left the door slightly open to an offer in the future if a third party announces a firm intention to make an offer for BP, or “if there has been a material change of circumstances.” BP’s weak first-quarter results and stock underperformance over the past year have rekindled speculation that the UK-based supermajor could be a target of a blockbuster acquisition. Speculation about another oil giant taking over BP is not new—such rumors have been swirling for over a decade, particularly ones suggesting that Shell could be the bidder for a merger with BP. Shell’s CEO Wael Sawan told analysts on the Q1 earnings call last month that “before we ever look at a sizable inorganic, we have to have our own house in order.” “I’ve said in the past we want to be value hunters. Today value hunting, in my view, is buying back more Shell,” Sawan said. Still, market analysts and investment banks have started to run the numbers on how big a Shell-BP oil and gas giant could be.
ONGC deploys 200-ton crane at Assam gas leak site as well capping preparations advance
Oil and Natural Gas Corporation Limited (ONGC) has commissioned a 200-tonne crane with an 80-metre boom at the site of well RDS#147A in Assam’s Rudrasagar field, the company said on Tuesday. “This marks a significant advancement in the preparatory phase leading to the well-capping operation,” a statement issued by ONGC said. The oil major said that it “continues to make measured and strategic progress in the well control operations at RDS#147A, despite persistent rainfall and challenging site conditions.” The crane is now fully operational and is actively supporting critical tasks at the site. Its deployment follows extensive stabilisation work to ensure safe use amid persistent rainfall and challenging ground conditions. “Several site stabilisation and preparatory activities were undertaken to ensure the safe deployment and operation of the heavy-duty crane,” ONGC said. “ONGC teams responded promptly, reinforcing the location to maintain momentum in the ongoing operations,” it added.