HOEC to produce oil from Mumbai field by 2021, invest $43 million

Source: Financial Express, Nov 14, 2017

Hindustan Oil Exploration Co Ltd (HOEC) has submitted a USD 43-million development plan to bring to production the Mumbai offshore oil field it had won in the first discovered field auction in March. HOEC is the first company out of the 31 that signed contracts for the fields won in the auction in March, to have submitted a field development plan (FDP). “We have submitted to the Directorate General of Hydrocarbon (DGH) an FDP for B-80 block that envisages production of 5,000 barrels of oil and 15 million standard cubic feet per day of gas by 2020-21,” HOEC CEO P Elango told PTI. The B-80 block, which lies in the vicinity of state-owned Oil and Natural Gas Corporation’s (ONGC) giant oil and gas fields in Mumbai offshore, is estimated to hold inplace reserves of 40 million barrels of oil and 26 billion cubic feet of gas. Elango said the plan envisages drilling two new offshore wells and installing a Mobile Offshore Process Unit (MOPU).

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Kuwait’s Al Arfaj group plans 600,000 bpd refinery, LNG terminal in India

Source: Business Standard, Oct. 24, 2017

New Delhi: Kuwait’s Al Arfaj Group plans to build a 600,000 barrels per day oil refinery and a 10 million tonnes a year liquefied natural gas (LNG) terminal in the Indian coastal state of Andhra Pradesh, the state’s Chief Minister said on Tuesday.

Al Arfaj Holding Co has signed a memorandum of understanding with Andhra’s Economic Development Board for the project, which also includes a petrochemical complex, N Chandrababu Naidu said.

India, which imports about 80 percent of its oil needs, aims to raise its refining capacity by 50 per cent in the next seven years to about 7 million barrels per day.

Earlier this month Saudi Aramco said it planned a ‘mega investment’ in refining, petrochemicals and fuel retailing in India.

Lens on foreign firms investing in power sector

Source: The Economic Times, Oct. 25, 2017

NEW DELHI: A high-level panel will look at possible checks on foreign firms investing in the Indian power sector, a move aimed at preventing cyberattacks on the electricity grid. This comes about two months after the eastern electricity grid suffered a malware attack, allegedly from China.

Overseas firms eyeing investments in power plants in the country may have to undergo security clearances and may be mandated to employ majority Indian nationals including at top managerial positions, a senior government official said. The restrictions are in line with India’s commitments to WTO, said the official, who did not wish to be identified. Read the rest of this entry »

India, Japan to join hands for LNG import

Source: Business Standard, Oct. 20, 2017

New Delhi: India and Japan on Wednesday agreed to explore joint cooperation in the areas of sourcing, swapping and optimisation of liquefied natural gas sources in the global market and commercial exploitation of methane hydrates.

In a bilateral meeting held in Tokyo on Wednesday, Petroleum Minister Dharmendra Pradhan and Hiroshige Seko, Minister of Economy, Trade, and Industry of Japan, signed a memorandum of cooperation on establishing a liquid, flexible and global LNG Market. India is the fourth largest importer of LNG in the world. Read the rest of this entry »

India fast tracks gas exchange proposal

Source: Business Standard, Oct 11, 2017

New Delhi: The Ministry of Petroleum and Natural Gas is set to approach the Cabinet to set up a gas exchange in an effort to move towards market-driven pricing and pool domestic natural gas with imported liquefied natural gas (LNG), Petroleum Minister Dharmendra Pradhan said on Tuesday.

The ministry has set up a think tank on India’s hydrocarbon sector. Its members include international energy expert Daniel Yergin, economist Vijay Kelkar, Dev Sanyal of British Petroleum, ICICI Bank Chief Executive Officer Chanda Kochhar, Schlumberger’s Ashok Belani, New Development Bank (of BRICS) chief K V Kamath, and former Cairn India chief Rahul Dhir.

The think tank would come up with suggestions on bringing down India’s energy imports by 10 per cent, setting up the gas infrastructure, and foreign direct investment and technology for the oil and gas sector.

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Cairn India to invest $4.6 bn in new oil & gas exploration projects

Source: Business Standard, Oct 09, 2017

New Delhi: Cairn India, a unit of Vedanta Resources Plc, will invest about 300 billion rupees ($4.59 billion) in oil and gas exploration projects off the country’s east coast and in the onshore fields of Barmer in the west, its finance head said.

Sudhir Mathur expects all approvals for the projects to be in place by the end of this month, he told Reuters on Monday on the sidelines of the three-day India Energy Forum by Ceraweek in New Delhi that ends on Tuesday.

Power sector’s first InvIT IndiGrid acquires 3 more projects at Rs 1,490 cr

download.jpgSource: Business Standard, Oct 09, 2017

New Delhi: IndiGrid, first infrastructure investment trust (InvIT) in the power sector, has acquired three more projects of its sponsor, Sterlite Power Grid Ventures, for Rs 1,490 crore.

These acquisitions result in a 40 per cent increase in asset under management to Rs 5,300 crore, said the company. The three assets consist of five transmission lines aggregating 1,425 circuit km, thereby increasing the total portfolio of IndiGrid to 13 transmission lines and two substations, across eight states.

IndiGrid was floated with two assets of Sterlite – Jabalpur Transmission Company and Bhopal Dhule Transmission Company. It has now acquired RAPP Transmission Company, Purulia & Kharagpur Transmission Company and Maheshwaram Transmission. The company said annualised distribution will increase by four, Rs 11 to Rs 11.44 per unit and the implied yield would increase to 12.1 per cent, from 11.6 per cent.

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