Under the new marketing regime, ONGC has successfully initiated the first e-auction of Mumbai Offshore crude oil, it added. BPCL Mumbai refinery has a longstanding association with ONGC, processing its crude oil since 1976. Domestic crude oil outputIn June 2022, the government gave exploration and production (E&P) companies the freedom to sell crude oil produced domestically to any company within the country, including PSU refiners, from October 1 this year. Earlier, the petroleum ministry had decided on how much crude oil was to be allocated to a producer. The development is expected to not only shore up government revenues, but also boost realisation from crude oil produced by ONGC and Oil India.

Source: The Hindu August 04, 2023 05:22 UTC