ONGC makes massive new discovery at Mumbai High; find may pep up production for years

Source: LiveMint.com, Sept 21, 2017

New Delhi: State-run hydrocarbon explorer ONGC has found reserves to the west of its Mumbai High offshore fields, with initial estimates suggesting the new discovery’s size to be about 20 million tonnes of oil equivalent (mtoe). The firm’s output has been stagnating over the last many years with annual oil production in the range of 25-26 million tonnes (mt) and natural gas output around 23 billion cubic metres (bcm). Though the zones at the well WO 24-3 are still under assessment, the new find is believed to be big enough to pep up the firm’s production in coming years. Mumbai High in the Arabian sea annually produces about 10 mtoe. The newly discovered reserves are located 10 km west of Mumbai High, which is 180 km off the city’s coast. Read the rest of this entry »

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Reliance Industries plans major expansion at world’s largest oil refinery complex

Source: The Economic Times, Sept 21, 2017

NEW DELHI: Reliance Industries (RIL) is keeping its options open to significantly expand its giant Jamnagar refinery in the long run depending on fuel demand, but it has not taken any investment decision for such a project, according to industry sources and an agency report.

Jamnagar already has a capacity to process 60 million tonne of crude oil a year, making it the biggest refining complex in the world.

The company can expand this capacity to 100 million tonne a year by 2030 at an estimated cost of $10 billion, Reuters reported, citing two sources that the news agency did not identify. Read the rest of this entry »

Govt plans larger oil auctions as Narendra Modi pursues import cuts

Source: LiveMint.com, Sept 14, 2017

New Delhi: India will offer larger areas with higher oil and natural gas reserves in the next auction of discovered fields later this year as Prime Minister Narendra Modi’s government seeks to curtail rising crude oil imports.“The next round would be meatier, bigger and players can expect even better fields,” Atanu Chakraborty, head of oil regulator Directorate General of Hydrocarbons (DGH), said in an interview. “The reserves are twice of that we offered in the first auction round, on a very conservative estimate.”

India last year offered 67 small oil and gas fields holding about 625 million barrels of reserves in its first auction in six years allowing new entrants such as drugmakers and engineering companies to try their hand at boosting local production. The government also relaxed rules by allowing pricing freedom for oil and gas and a uniform policy for extraction of all hydrocarbons under a single license to encourage investments.

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Cabinet approves Rs3,000 crore project for oil, gas reserves appraisal

Source: LiveMint.com, Sept 12, 2017

New Delhi: The Union Cabinet on Tuesday approved a Rs3,000 crore project to acquire seismic data for prospecting of oil and natural gas reserves.

The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi approved a project to acquire 48,243 line kilometre (LKM) 2D seismic data for appraisal of Indian sedimentary basins where limited data is available, an official statement said in New Delhi.

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Government formulating fresh scheme to revive stressed power assets

download (3)Source: The Economic Times, Sept 06, 2017

NEW DELHI: The government is formulating a novel scheme to revive stressed power assets by inviting competitive bids from them to supply electricity for five years – a move that will give state utilities cheaper electricity and help stranded plants start operation and start repaying debt.

The proposal is the government’s biggest plan to help 34 stressed plants with a capacity of 40,000 megawatts. Former power minister Piyush Goyal had told Parliament that the combined debt of the projects is Rs 1.77 lakh crore. A senior government official told ET that the power ministry is considering pooling electricity demand of various states and call tariff-based bids. The contracts will be passed on to the states later, he said.
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New norms for power purchase by discoms to revive PPAs

Source: Business Standard, Aug 09, 2017

Bhubneshwar: The government is working on new norms for power purchase by electricity distribution companies (discoms) that promise to revive demand for power purchase agreements (PPAs). The long-term PPAs have dried off due to weak industrial power demand and tepid offtake.

“If the new norms are enforced, the discoms no longer need to pay a fixed cost to the power generating companies. They will only pay for the power bought. This measure will improve the financial health of the discoms and encourage buying of more power especially from the stressed thermal power assets,” said an Odisha government official.

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Petronas eyes bigger slice of India energy pie

Source: The Economic Times, Aug 10, 2017

MUMBAI: Malaysian governmentowned Petroliam Nasional Berhad, better known as Petronas , is looking to expand its operations in India by entering into more longterm contracts for supply of liquified natural gas (LNG) and scaling up its lubricants business.

The company, which has been in business with Indian companies for over two decades, is for the first time setting up headquarters for all its local businesses in Delhi, and has appointed a general manager to head it.

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