Vedanta Oil & Gas increased Ravva field production by over 1,000 boepd, unlocking 1.5 million barrels through surface optimisation
Bhattacharya said the project would also contribute to India’s energy security
India and China are the world's two largest crude oil importers, making developments in global oil supplies and prices particularly significant for both economies
Brent crude futures rose $3.21, or 3.1 per cent, to $107.82 a barrel by 1218 GMT, after touching an intraday high of $108.65
The extensions give companies additional time to assess offshore acreage, where exploration typically requires greater upfront capital, sophisticated technology and longer development timelines
MRPL separately plans to operate its refinery at more than 100 per cent capacity until March next year
Under L&T’s order classification, a “large” contract is valued between Rs 2,500 crore and Rs 5,000 crore
The Cabinet recently approved an Rs 84,000 crore scheme to support deepwater exploration through 2030-31
The assessment comes as energy markets contend with disruption around the Strait of Hormuz and the possibility of continued instability in the Red Sea
Both benchmarks had settled more than $1 higher on Tuesday, reaching their highest closing levels since July 31
