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Indian oil major will expand oil exploration significantly

Mar 21, 2022

India's state-owned Oil and Gas Corporation (ONGC) plans to quadruple its exploration and development area by 2025, from the current 127,000 square kilometers to 500,000 square kilometers, said by Indian Oil and Gas Minister Hardeep Singh Puri. As the world's third-largest oil importer, India seeks to reduce its heavy reliance on crude imports.
Shell ordered to temporarily halt exploration in South Africa
A South African high court on Tuesday issued an injunction preventing Shell from conducting seismic tests on South Africa's pristine Wild Coast. The ruling follows a public outcry over Shell's project on South Africa's Wild Coast. Shell insists the practice has been used to explore for oil and gas for decades, but has expressed its willingness to suspend exploration in deference to a local court decision.
Mexico will stop oil exports in 2023
Mexico will stop exporting crude oil in 2023 and reduce exports to 435,000 barrels per day in 2022, the CEO of Pemex said at a press conference in Mexico City recently. self-sufficiency in its own country. Mexico is one of the largest oil producers in the world and the fourth largest crude oil producer in the Americas after the United States, Canada and Brazil. If Mexico's action is implemented, it will not only have a major impact on the international crude oil market, but also "additional building blocks" to the major restructuring of the global supply chain that is currently underway.