India's exploration licensing rounds have so far seen a lukewarm response from global oil majors, with most of the blocks awarded to local companies, mainly ONGC and Oil India.
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Aramco needs the money to pay dividends of $37.5 billion for the second half of 2020 and fund its $69.1 billion purchase of 70% of Saudi Basic Industries (SABIC).
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Brent crude futures for January rose 16 cents, or 0.4%, to $43.98 a barrel by 0104 GMT and U.S. West Texas Intermediate crude for December added 13 cents, or 0.3%, to $41.47 a barrel.
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Other than a higher percentage of bio-content, the B40 programme will also be produced using a different formulation, combining 30% FAME and 10% "green diesel" made out of palm oil with conventional diesel.
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Aramco needs cash to pay $37.5 billion in dividends for the second half of 2020 and to fund its $69.1 billion acquisition of 70% of Saudi Basic Industries (SABIC), for which it will pay instalments through 2028.
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Diesel consumption, a key parameter linked to economic growth and which accounts for about 40% of overall refined fuel sales in India, fell 5% year-over-year to 2.86 million tonnes during the first fifteen days of November.
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BPCL will give buyers ready access to 15.3 per cent of India's oil refining capacity and 22 per cent of the fuel market share in the world's fastest-growing energy market.
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Brent crude futures for January rose 27 cents, or 0.6%, to $43.05 a barrel by 0043 GMT while U.S. West Texas Intermediate crude for December was at $40.48 a barrel, up 35 cents, or 0.9%.
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Total demand for petroleum products rose 2.5 per cent in October to reach 17.77 million tonnes as compared to 17.34 million tonnes a year back
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The company's oil and gas condensate output for the July to September period was down 3.2% from the previous quarter at 3.91 million barrels per day.
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