Aberdeen KPMG seminar examines oil and gas opportunities in India
A seminar that examines the opportunities for exploration and production (E&P) companies and oilfield services companies in India takes place in Aberdeen next week.
India
Petronet appoints new boss
Petronet has announced Shri Prabhat Singh is taking over as the Indian LNG producer's new chief.
India’s Hydro push revives $1.4 billion Goldman-backed plant
India’s Power Minister Piyush Goyal said disputes blocking a hydroelectricity project worth at least $1.4 billion have been cleared, part of a drive to revitalize the industry as he targets an unprecedented expansion in renewable energy. Resolving the years-long delay in the Teesta-III project in northeastern Sikkim state near China will make hydroelectricity more alluring to investors, according to Goyal. One of his major challenges is finding the $200 billion India needs for a goal of 175 gigawatts of green-energy capacity by 2022. “If you go back in history for the last five years, the entire hydel industry has come to a standstill in India,” Goyal, a 51-year-old former banker and chartered accountant, said in an interview in New Delhi on Tuesday. “We’re going to revive it.”
Rebound forecast for India earnings as oil drop to buoy spending
Indian money managers are starting to see the glass as half full in their company earnings outlook. Falling oil prices are underpinning expectations that the worst is over for corporate profits as savings translate into higher investment and consumer spending, despite the worst equity losses in six years on Monday amid a global rout. The S&P BSE Sensex earnings climbed 1 percent in the quarter to June, following a 45 percent drop in the prior three months, data compiled by Bloomberg show. The 57 percent drop in Brent crude in the past 12 months will save the government about $50 billion a year, estimates Ramesh Damani, an investor and a member of BSE Ltd., Asia’s oldest bourse. Sensex earnings will jump more than 40 percent in the coming year, forecasts compiled by Bloomberg show.
UAE open to meeting Indian oil demand -UAE economy minister
The United Arab Emirates is open to meeting any demand for oil from India, the Gulf OPEC member's economy minister Sultan bin Saeed al-Mansouri told Reuters on Monday. Mansouri was speaking after meeting with Indian Prime Minister Narendra Modi, who is in the UAE on a two-day visit. "India is importing oil now and the UAE is open to meet demand for any oil from India," Mansouri said, adding that the issue would be discussed further by representatives of the two sides. Abu Dhabi currently provides 9 percent of India’s energy needs and India is the world's fourth biggest oil consumer.
Wind blows favourably for Mytrah
Indian renewable power producer Mytrah Energy made a pre-tax loss in the first half of 2015 whilst making progress towards new construction projects.
ONGC said to seek $900 million stake in Rosneft Vankor field
Oil & Natural Gas Corp. is seeking through its overseas unit to buy a stake in Russia’s second-largest oil producing development from OAO Rosneft, according to two people with direct knowledge of the plan. ONGC Videsh Ltd. is in discussions to purchase a share of the Vankor oil field in East Siberia, said the people, who asked not to be identified because discussions are ongoing. The New Delhi-based company is seeking to pay $900 million for the stake, which will secure about 3.5 million metric tons of oil a year (about 70,290 barrels a day), and expects to sign a deal as early as next month, one of the people said.
ONGC sees rise in profit after cutting discounts on crude oil to refiners
Indian explorer Oil and Natural Gas corp (ONGC) has reported a 14% increase in quarterly net profit. The rise was seen as the company significantly cut its discounts on crude oil to refiners after global oil prices fell. The company's net income for the first fiscal quarter rose to 54.59billion rupees from 47.82billion rupees a year earlier.
BP’s Indiana refinery outage ripples through US oil market
For want of a refinery unit in Indiana, oil is tumbling in Oklahoma and Alberta while gasoline in the Midwest is soaring. Leaking tubes on a piece of equipment forced BP Plc to shut the largest crude unit at its refinery near Chicago over the weekend, according to a person familiar with operations there. It could be down for at least a month. The shutdown of the most important unit in the biggest plant in the Midwest has disrupted markets throughout the region. It puts extra oil onto an already-oversupplied market and cuts the supply of gasoline to the Midwest in the middle of peak summer demand. That’s helped push heavy Canadian crude to trade at the lowest level in a year and propelled wholesale gasoline in Chicago to the highest level since 2013.
Oilex urges shareholder support for tranche of investment plans
Oilex has asked its shareholders to vote in support of a capital funding program for work on the Cambay and Bhandut fields and the Canning basin. The company is looking to build on a “growth opportunity” which it says is underpinned by a recent independent reserve classification of gas and light field oil in the region. Managing director Ron Miller has written to shareholders asking for support to make the new investments.
Oilex copes with rising demand in India
Oilex has reported better than anticipated results from its recently on-stream Cambay-73 field in India.
Putin welcomes India and Pakistan to alliance
Russian president Vladimir Putin said India and Pakistan will join the Shanghai Co-operation Organisation (SCO), a group dominated by Russia and China and also including former Soviet republics in Central Asia.
Russia’s Rosneft signs preliminary deal to buy into Essar’s Vadinar refinery
Russia's top oil producer Rosneft has made a significant step in its efforts to expand its global reach by signing a preliminary deal with Essar Group about acquiring up to 49 percent of the Vadinar oil refinery in India. Rosneft, the world's top listed oil producer, has long sought to increase its exposure to the global markets but its efforts have been hampered by Western sanctions over Moscow's role in the Ukraine crisis. State-controlled Rosneft said on Wednesday that it has also finalised a deal to supply 10 million tonnes of oil a year (200,000 barrels per day) to the refinery over 10 years.
Cairn India seeks to export oil despite ban
Cairn India is thought to have invited initial bids for exports of its oil from the desert state of Rajasthan, despite a government ban on overseas sales of locally-produced crude.
Most profitable India explorer turns funds seeker as cash dries
Just when India’s biggest oil and gas explorer needs to find new reserves to replace aging wells, it’s running out of money. “Depleting cash reserves are a serious concern,” Oil and Natural Gas Corp. Chairman Dinesh Kumar Sarraf said in an interview on April 30. “But that doesn’t stop us from drilling more wells. As a loan-free company, we have lots of options.” Oil’s 36 percent plunge since June has lowered the valuation of global energy assets, paving the way for takeovers in the sector. State-run ONGC’s $3.3 billion of record cash reserves have all but vanished in the last three years, making it more difficult to compete for acquisitions with rivals such as Royal Dutch Shell Plc and Total SA that are as much as 14 times its size.
KDM Marine International appoint new regional manager for eastern hemisphere
KDM Marine International have appointed a regional manager for their work in the eastern hemisphere. The company, which is part of the James Fisher Group, has appointed Faisel Chaudry as their new regional manager for the eastern hemisphere. Faisel, who has more than eight years' experience in the oil and gas and offshore renewables industries, is tasked with growing the market-leading company's presence in regions like the Middle East, India, North Africa and Asia Pacific.
China and India build oil stockpiles to offset risk of disruption in supplies
China and India are poised to fill up their strategic oil reserves this year, taking advantage of lower prices, according to the International Energy Agency (IEA). The two nations are building emergency stockpiles with millions of barrels of crude that mirror the reserves of oil and refined products that the US and its western allies amassed after the first oil crisis of 1973 to 1974.
Cairn in new battle with India’s taxman
Indian tax authorities last night slapped oil explorer Cairn Energy with a £1billion draft assessment order on a business transaction in the country seven years ago. In retaliation, Cairn said it has instructed counsel to fight the notice, which the Edinburgh firm argues stems from retrospective legislation imposed in 2012.
Oilex looks to India for shelter from low oil prices
Updating the market on its Indian assets, Australia's Oilex said the 2015/16 work programme for proof of concept well Cambay-77H had been approved by both its joint-venture and the government of India. Oilex has commenced work on schedule critical tendering activities and expects to take advantage of the recent decrease in global oil and gas activity to achieve a reduction in drilling and other costs.
Oilex receives endorsement for sale of gas from Cambay-77H well
Oilex said it has received endorsement from the relevant authorities of the Government of India for the sale of gas from the Cambay-77H well. It follows the approval last year to sell gas from Cambay-73 and Bhandut-3. The appropriate production facilities for Cambay-77H will now be established and will initially connect the well to a low pressure pipeline grid to service the area.
India refiners boom amid oil bust as investors eye risks
Oil’s slump has almost doubled the value of India’s big, state-owned refiners, outpacing the rest of the industry from China to the US. The companies had been forced to make a large proportion of sales at below cost for over a decade. Now, they can profit from fuels after India’s new government saw its opportunity in falling oil prices to deregulate the market without bothering its inflation targets. OPEC’s decision to sit on its hands in the face of an oil glut has only accelerated share gains.
Technip wins €100million terminal contract in India
Technip has won a €100million contract to build an onshore terminal in India as part of the intergrated development of the Vashishta and S1 fields. The award, from the ONGC (Oil and Natural Gas Corporation Limited), is one of the critical componenets in the development of the fields. The contract will include basic design, detailed engineering, procurement and fabrication of the new onshore terminal facilities which will be integrated into the existing terminal.
Oilex hits commercial potential at Cambay field
Oilex has completed proof-of-concept objectives for the commercial development of the Cambay field in India. The company said initial the key field results from Cambay-77H flowback and production tests were encouraging. The sustained initial 24 hour rate during flowback was 2.03MMscfe/d, comprising 55% light oil with concurrent operations water production of 1,867bbls/d.
Government endorsement for Oilex
Oilex has been endorsed by the Indian government for the sales from the Bhandut-3 well in the Bhundut field. The company said the backing was a "critical milestone" for the field's production. The project will now gather the appropriate production facilities including a compressed natural gas (CNG) loading facility that will enable "bullet" trucks to be loaded for transportation on site.
Oilex begins production tests at Cambay 77-H well
Oilex has started production tests on the Cambay-77H well in India. The company completed a five day shut-in period to stabilise the well after it underwent 85 days of flowback production. The well will now have a 300 hour flow period and a 300 hour shut-in period where the data will be recorded and monitored, which could be extended depending on the response.