Govt sets up 6-member panel to frame plan to sell 149 ONGC, OIL oil fields

Source: Business Standard, Dec 03, 2018

New Delhi: The government has constituted a six-member committee to look at selling as many as 149 small and marginal oil and gas fields of state-owned ONGC and OIL to private and foreign companies to boost domestic output, sources said.

The panel is headed by NITI Aayog Vice Chairman Rajiv Kumar and includes Cabinet Secretary P K Sinha, Economic Affairs Secretary Subhash Chandra Garg, Oil Secretary M M Kutty, NITI Aayog CEO Amitabh Kant and ONGC Chairman and Managing Director Shashi Shanker.

Sources said the committee is a follow up of the October 12 meeting called by Prime Minister Narendra Modi to review domestic production profile of oil and gas and the roadmap for cutting import dependence by 10 per cent by 2022. Read the rest of this entry »

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Reliance Industries planning expansion of Jamnagar refinery

Source: LiveMint.com, Nov 20, 2018

Mumbai/New Delhi: Billionaire Mukesh Ambani-owned Reliance Industries Ltd is considering a plan to boost its oil refining capacity by about half, people with knowledge of the matter said.

The proposed plant, to come up at the world’s biggest refining complex in Jamnagar, will be able to process as much as 30 million tonnes of crude a year, the people said asking not to be identified because the discussions are private. The company’s shares closed 2% higher in Mumbai, compared with 0.9% gain in the benchmark BSE Sensex index.

Asia’s richest man seeks to cement Reliance’s dominance in the world’s fastest-growing major oil consuming nation as rivals including Saudi Aramco, Abu Dhabi National Oil Co., and Russia’s Rosneft PJSC acquire plants in India. Total SA and Royal Dutch Shell are also expanding into fuel retailing in India. International Energy Agency expects India’s energy demand to more than double by 2040, making it the single largest source of global growth. Read the rest of this entry »

Adani, GAIL & Bharat Gas to invest Rs 34 bn in gas distribution in Odisha

Source: Business Standard, Nov 20, 2018

Bhubnaewar: Adani Gas, GAIL Gas and Bharat Gas Resources (a subsidiary of BPCL) will invest Rs 34 billion in creating city gas distribution (CGD) network in Odisha in the next eight years in seven geographical areas (GA) covering 17 districts.

A CGD network is an interconnected network of pipelines for supply of gas to domestic, industrial or commercial premises and CNG stations situated in a specified GA.

These three companies have emerged as the successful bidders in the ninth round of bidding for implementing the project in the state.

In this round, Bharat Gas Resources bagged four GAs covering nine districts in the state. Bharat Gas Resources will invest Rs 12.52 billion to provide PNG (piped natural gas) to 67,000 homes and set up 61 CNG stations in Jagatsinghpur, Kendrapada, Jajpur, Keonjhar, Angul, Dhenkanal, Bargarh, Debgarh, and Sambalpur districts. Read the rest of this entry »

Govt weighing sale of 149 ONGC fields to private companies

Source: LiveMint.com, Nov 11, 2018

New Delhi: The government is weighing sale of as many as 149 small and marginal oil and gas fields of Oil and Natural Gas Corp. Ltd (ONGC) to private and foreign companies and allow the state-owned firm to focus only on big fields, people with knowledge of the development said. On the anvil is some kind of extension of the discovered small field (DSF) bid round, where discovered and producing fields of ONGC are auctioned to private firms offering the maximum share of output to the government.

This is the second attempt by the oil ministry to take away some of the fields of ONGC for private and foreign companies.

In October last year, the Directorate General of Hydrocarbons (DGH) had identified 15 producing fields with collective reserve of 791.2 million tonnes of crude oil and 333.46 billion cubic metres of gas of national oil companies for handing over to private firms in the hope that they would improve upon the baseline estimate and its extraction. Read the rest of this entry »

India opens Padur strategic reserves for foreign oil companies

Source: Business Standard, Nov 09, 2018

New Delhi: After Abu Dhabi National Oil Corporation (Adnoc) started storing crude oil at Mangalore strategic reserves recently, the Union Cabinet on Thursday approved the filling of Padur strategic petroleum reserves (SPR) in Karnataka too by overseas national oil companies.

The SPR facility at Padur is an underground rock cavern with a total capacity of 2.5 million tonnes (MT) having four compartments of 0.625 MT each. The filling of the SPR under public private partnership model is being undertaken to reduce budgetary support of Government of India. Read the rest of this entry »

Reliance, BP to jointly set up 2,000 petrol pumps in India

Source: LiveMint.com, Oct 23, 2018

Mumbai: British oil major BP Plc and Reliance Industries Ltd (RIL) are planning to jointly set up as many as 2,000 petrol pumps in India over the next three years, according to two people aware of the development. The exact arrangement of the venture is being worked out and would be decided in a few months, a Reliance executive, one of the two people cited above, said on condition of anonymity.

While Reliance already independently runs 1,343 petrol pumps, BP received a licence to set up 3,500 fuel retail outlets in India in October 2016.

India is one of the few major global markets where fuel demand is growing and has attracted attention from foreign fuel retailers seeking to gain a toehold in a country where fuel retailing is dominated by state-run companies.

BP is RIL’s partner in its exploration and production ventures in the country. In February 2011, London-based BP bought a 30% stake in 21 oil and gas production-sharing contracts operated by RIL for $7.2 billion. The two are also partners in India Gas Solutions Pvt. Ltd, an equal joint venture for sourcing and marketing of gas in the country. Read the rest of this entry »

India-US talks over S-400 deal, Iran oil continue amid sanctions, CAATSA

Source: Business Standard, Oct 18, 2018

New Delhi: India is continuing to engage with the US and all other stakeholders regarding the S-400 missile deal with Russia and import of crude oil from Iran following Washington’s sanctions on Moscow and Tehran, the Ministry of External Affairs said on Thursday.

“On S-400, I can tell you that this is dictated by our national interests,” ministry spokesperson Raveesh Kumar said at a media briefing here.

“We are engaged with the US on this matter and we have shared our position with the US at different levels,” Kumar said.

“These discussions have contributed to a better understanding by the US on our objectives, our concerns, as well as our sensitivities and expectations.” Read the rest of this entry »