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[oilgasenergymagazine]

Rosneft and Reliance Sign Historic $13 Billion Oil Deal, Strengthening India-Russia Ties

https://oilgasenergymagazine.com/wp-content/uploads/2024/12/1-Rosneft-and-Reliance-Sign-Historic-13-Billion-Oil-Deal-Strengthening-India-Russia-Ties-Source-businessupturn.com_.jpg

Source: businessupturn.com

Category: News

  

In a landmark agreement, Russia’s state-owned oil giant Rosneft has signed its largest-ever crude supply deal with India’s private refiner, Reliance Industries. The deal, spanning 10 years, involves the supply of approximately 500,000 barrels per day (bpd) of crude oil, accounting for nearly 0.5% of the global supply. At current prices, this agreement is valued at around $13 billion annually. The deal comes at a time when Western sanctions on Russia, stemming from its 2022 invasion of Ukraine, have redirected global energy trade flows.

The agreement highlights India’s growing role as a critical buyer of Russian oil amid sanctions. As the European Union reduced Russian imports, India seized the opportunity to purchase oil at discounted prices. Russia now accounts for over a third of India’s total energy imports, making it a significant player in India’s energy security strategy. This deal strengthens bilateral energy cooperation ahead of Russian President Vladimir Putin’s planned visit to India.

Competitive Edge and Market Dynamics

The Reliance and Rosneft deal poses a challenge for competing oil producers, particularly those in the Middle East, like Saudi Arabia. India is one of the fastest-growing energy markets, with increasing demand positioning it as a key player in global energy consumption. With slowing growth in China, oil producers are fiercely competing for market share in India.

Under the agreement, Rosneft will supply Reliance with 20-21 Aframax-sized shipments of Russian crude monthly, along with three cargoes of fuel oil. These deliveries will be directed to Reliance’s Jamnagar refining complex in Gujarat, the largest refining hub in the world. The deal’s terms allow for annual reviews of pricing and volumes to reflect changes in global market dynamics.

Reliance and Rosneft had previously collaborated on smaller crude supply deals, but this agreement marks a substantial increase in volumes. It is expected to absorb nearly half of Rosneft’s seaborne oil exports, significantly limiting supplies available for intermediaries and other buyers.

Oil Pricing and Future Prospects

Sources familiar with the agreement revealed that pricing will be linked to the Dubai benchmark, with slight premiums for specific Russian light sweet crude grades like ESPO, Sokol, and Siberian Light. Meanwhile, the medium-sulphur Urals crude, which is particularly favored by Indian refiners, will be priced at a discount of $3 per barrel to Dubai quotes.

This long-term deal, set to begin in January 2024, could extend for another decade, underlining the strategic importance of the India-Russia energy partnership. Reliance’s imports of Russian crude have already surged, averaging 405,000 bpd between January and October 2023, up from 388,500 bpd during the same period last year.

With this agreement, Reliance further cements its position as a leading buyer of Russian oil, ensuring a steady and cost-effective supply. For Rosneft, this deal secures a long-term buyer at a time when Western sanctions have restricted access to key markets. As global energy dynamics evolve, this partnership underscores how geopolitical shifts are reshaping the flow of oil trade across the world.

[octg-network]

TXOGA Virtual Lone Star Energy Forum Industry Executive Panel: Devon Energy President & CEO Dave Hager Takeaways: It starts with the rocks. Energy transition is not transitioning away from oil and gas. Only 11% of the world’s energy is renewable energy. Oil & Gas will continue to be the industry that fuels all of our country’s innovations. TXOGA President Todd Staples Takeaways: Oil & Gas is a life-saving power. Thank you to the Oil & Gas Industry! Thank you to the Men & Women of energy! You are essential. Stay oilfield strong! #txoga #oilandgas @txoga #texasoil #energysecurity #naturalgas #devonenergy #oilfields #oilcountrymedia #oilandgaspeople #oilandgasindustry #energydemand #americanenergy #octg #kristenoctg (at Texas) https://www.instagram.com/p/CHN9YXlDVcZ/?igshid=hza1qp8h0kpx

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[roxanatesting]

@OilAndGasPeople: Maersk Drilling Secures North Sea Contract with Nexen Petroleum U.K. Limited

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[octg-network]

There is nothing quite like flying into the #permianbasin! Have a safe Friday oil country! #oilandgaspeople #oilcountrymedia #texasoil (at Midland, Texas) https://www.instagram.com/p/CGaLdjVjHBf/?igshid=1smsb91kae6bf

[octg-network]

Enverus:#RigData - US Weekly Rig Count ending November 12, 2020 = 379 (+20) #oilandgas #enverus #rigcount #oilandgaspeople #oilcountrymedia https://www.instagram.com/p/CHif044jLwC/?igshid=mb62gmrnkz8m

[octg-network]

We keep seeing this picture all over Facebook and IG. This was originally sent to us by our friends on the #latshaw20 crew Jeremy White & Manny Cervantes on August 20, 2019. It was a different time when it was sent in, and we shared it. It was a powerful message then, and it is amazing to see how powerful this image has become for our #oilfieldculture right now! I know #latshaw20 is lying down but, she is super proud. Here is to the next 4 years, America, Oil & Gas, National Security, Energy Independence, and to all of you who are #oilfieldproud & #oilfieldstrong ❤️🇺🇸🛢 #maga #americanoil #americansoil #oilfieldlife #oilandgaspeople #oilcountrymedia #oilandgas ・・・ 📷Jeremy White - pretty powerful image! I’ll post the full picture in IG Stories! Thanks for sending/sharing! #maga #latshawdrilling I’m sending y’all decals!🇺🇸 https://www.instagram.com/p/CG52F8XjCRl/?igshid=8g2z23tg78lw

[octg-network]

📷 Stephanie Canales A beautiful day in the field. #oilandgas #downhole #oilfield #oilcountrymedia #oilandgaspeople https://www.instagram.com/p/CGodTzOjHwW/?igshid=o75b6eixh3k9

[octg-network]

Good morning Oilfield Family!! From SW Florida. Stay strong everyone-it's a new day! 📷 Sarah Train #oilandgaspeople #oilcountrymedia https://www.instagram.com/p/CFPMvjnDU88/?igshid=1qy5u6umg8fwr

[octg-network]

@miss_wolfcamp holding it down. #westtexas style. Thanks for the story mention! I had to share! Yes it’s true- we are your biggest fan! Have a safe weekend 🇺🇸🛢❤️ #wellsitegeologist #energyindependence #oilandgas #westtexasoilfield #respectwhereitcomesfrom #inspirationalwomen #oilandgaspeople https://www.instagram.com/p/CExZP_kjSi9/?igshid=mv3x3sdh08e1

[octg-network]

Permian oil drillers bounce back with biggest rig hike this year – Midland Reporter-Telegram Photo: James Durbin/ @theoilfieldphotographer/ @midlandreportertelegram (Bloomberg) — Explorers in the world’s biggest shale patch are roaring back, putting an additional 10 rigs to work this week for the biggest jump in activity since a price crash triggered an unprecedented collapse in drilling. Drillers in the Permian Basin of West Texas and New Mexico led the rest of the nation in expanding the rig count. With crude stabilizing above $40 a barrel, the total number of active U.S. oil rigs rose by 11 to 183 this week, according to Baker Hughes Co. data released Friday. The increase in the Permian was the biggest since December. But despite the jump, overall drilling is still mired at levels not seen since the early days of the shale boom more than a decade ago. Read more : link in stories! #permianbasin #oilgas #oilandgas #oilandgaspeople https://www.instagram.com/p/CEjza-XDBhQ/?igshid=1l83awy1yhft2

[octg-network]

Getting Ready for the big 20 Holes event! @texasoilgroup Big thanks to @ussafetysign for our exhibit sign! The official signage sure looks great too! 20 HOLE TOURNAMENT RECOGNIZING & BENEFITING VETERANS IN THE OILFIELD! #VSRG SEPTEMBER 21, 2018 (20holes.com) 8:00 AM – 5:00 PM CST THE GOLF CLUB OF TEXAS, SAN ANTONIO R&D Pipe Company _________________________________ #octg #casing #tubing #riglife #righand #oilfield #drillingrig #txenergy #oilcountrymedia #oilandgasindustry #steelmill #oilandgas #oilfieldstrong #drillbabydrill #fossilfuels #oilpatchtough #oilcountry #petroleumengineer #oilandgaspeople #oilandgaslife #fraclife #petroleumengineering #petroleum #pipeyard #loadedtrucks #milllionaireimage #oilboom #oilbusiness https://www.instagram.com/p/Bn4idp2BkWG/?utm_source=ig_tumblr_share&igshid=1t6e7ka2848v4

[octg-network]

Hear from Mike Cool on @texasoilandgaspodcast LIVE on IG Big shout out to Ryan Ray @ryanraysr and @texasoilgroup Meet Mike Cool, Sales Representative for R&D Pipe Company at the 20 Holes Networking Event TODAY in San Antonio. We are proud to be exhibiting! R&D Pipe Company #veteranowned JOIN US! 20holesponsors.eventbrite.com - 20holes.com Join executives from Roseland Oil and Gas, one the largest oil and gas marketing and event companies with ties to thousands of companies and individuals. Join the ranks of U.S. Commercial Services, Arguindegui, R&D Pipe Company, Knighted Industries, and many more companies and individuals in the Texas Oil & Gas Energy Sector. Be part of the popular Texas Oil and Gas Pod Cast LIVE! and talk with Oil Country Media about marketing yourself and your organization in the online world of Oil and Gas Social Media. GROW your network, speak with Veterans seeking jobs and contracting opportunities, and talk with Ryan Ray the author of “Careers in the Oil & Gas Industry: A Guidebook of Practical Advice”, about your goals in the Oil & Gas Industry. The day will also include BBQ, drinks, music, games, prizes, a silent auction, raffle items and a beer pong tournament – all to support our Veterans in the energy sector. ( @TexasOilGroup) 20 HOLE TOURNAMENT RECOGNIZING & BENEFITING VETERANS IN THE OILFIELD! #VSRG SEPTEMBER 21, 2018 (20holes.com) 8:00 AM – 5:00 PM CST THE GOLF CLUB OF TEXAS, SAN ANTONIO TOURNAMENT SCHEDULE R&D Pipe Company _________________________________ #octg #casing #tubing #riglife #righand #oilfield #drillingrig #txenergy #oilcountrymedia #oilandgasindustry #steelmill #oilandgas #oilfieldstrong #drillbabydrill #fossilfuels #oilpatchtough #oilcountry #petroleumengineer #oilandgaspeople #oilandgaslife #fraclife #petroleumengineering #petroleum #pipeyard #loadedtrucks #milllionaireimage #oilboom #oilbusiness https://www.instagram.com/p/Bn_4op_lyCK/?utm_source=ig_tumblr_share&igshid=n0togp49dvgh

[octg-network]

Today is the day! Day 1! The DUG Permian Basin and DUG Eagle Ford Virtual Conference goes live at 9 a.m. CDT. Log on for complimentary access! Link in bio and stories: dugpermian.live/Oil-Country-Media Go ahead and share this link with your team, customers & colleagues because all sessions are available on-demand, meaning they are available to watch at your convenience! Hear from operators & analysts discuss technology, ESG & the 2020 election. Hart Energy and industry experts cover Texas’ two largest plays that made Texas a leader in the U.S. Shale Revolution. DUG Permian and DUG Eagle Ford. Two Plays, One Conference. Broadcasting September 29-30, 2020! #DUGPermianBasin #DUGEagleford #oilandgas #shale #hartenergy #permianbasin #eagleford #oilcountrymedia #energyindependence #oilprices #operators #analysts #shaleplays #technology #ESG #2020election #oilgas #unconventionals #octg #kristenoctg #oilfieldfamily #oilandgaspeople https://www.instagram.com/p/CFuTfxVjJsZ/?igshid=zrusj0yupp21