HYDROCARBON
After 7 years and $1.2 bn investment, ONGC offers stake in Deen Dayal gas field
After investing nearly USD 1.2 billion over seven years with limited success, the state-owned Oil and Natural Gas Corporation (ONGC) is actively searching for partners to salvage the Deen Dayal gas field in the KG basin of the Bay of Bengal. On June 12, ONGC issued a call for expressions of interest from international oil and gas firms possessing the necessary technical expertise and financial capability to participate as partners, aiming to develop a viable strategy for the field, as per the tender document.
ONGC, IOC partner to set up LNG plant in Madhya Pradesh
ONGC and IOC signed an agreement to set up a small-scale LNG plant near the Hatta gas field in Madhya Pradesh.
L&T bags 'large' offshore order from ONGC
The scope of work includes engineering, procurement, construction, installation, and commissioning of four wellhead platforms, 140-km pipeline and associated topside modifications at Tapti Daman block at a Western offshore location, the company said.
GAIL announces Rs 60,000 crore ethane capex
Gail India plans to set up a 1500 KTA ethane cracker project in Madhya Pradesh, with an investment of Rs 60,000 crore. Ethane, a component of natural gas, will be converted into ethylene for plastics, adhesives, and more. The project awaits state government enablers and proposes a 70-hectare township. Groundbreaking is expected by February 2025, with production starting in 2030-31. Gail aims to import ethane for the project, signing an MoU with ONGC and Shell Energy India for this purpose.
How a small crack in a pipeline gave a big jolt to Europe’s gas market
Repair efforts are ongoing for a pipeline on a Norwegian gas platform, highlighting the potential for even minor outages to impact European prices. The Sleipner platform, crucial to Europe’s gas network, faces repairs for a small pipeline crack. The incident underscores Norway’s significant role in European energy security.
Income tax dept imposes penalty of Rs 4.68 cr on L&T
Indian multinational conglomerate Larsen & Toubro Ltd has been fined over Rs 4.68 crore by the income tax department for the tax proceedings of its former subsidiary, L&T Hydrocarbon Engineering Limited. The penalty was imposed due to the adjustment in the company's income tax assessment for the 2020-21 assessment year.
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Government offers two discovered oil and gas fields, one coal bed methane block in special bidding round
DSF was launched in 2016 and since then three rounds have been held. In the first round, 67 discovered oil and gas fields that were clubbed into 46 contract areas were awarded. These fields had an inplace resource potential of 45 million tonnes of oil and oil equivalent gas.
India offers a special auction of discovered small oil and gas fields
The Indian government is offering three small oil and gas fields in an auction closing on July 15. The Directorate General of Hydrocarbons announced the bid round, with two fields in Mumbai offshore and one coal bed methane field in West Bengal. These fields were previously discovered but left undeveloped. Private players have the opportunity for exploration and full pricing and marketing freedom.
Big electoral bond buyer Megha Engineering to sell city gas business
Megha City Gas Distribution (MCGDPL), a wholly-owned subsidiary, has decided to consolidate operations and reached out to state-run Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Indraprastha Gas, among other players. It ventured into city gas distribution under the brand name Megha Gas in 2015 and continued to operate as MEIL till FY22.
Oil India signs agreement with NRL for transportation of additional petroleum productsthrough NSPL
Oil India Limited (OIL) and Numaligarh Refinery Limited (NRL) signed a new long-term Definitive Agreement for transporting additional petroleum products through OIL’s Numaligarh-Siliguri Product Pipeline (NSPL). Effective for 25 years from the commencement of augmented pipeline operations, the agreement aims to enhance capacity from 1.72 MMTPA to 5.50 MMTPA. Since its establishment in 2008-09, the NSPL has been vital for evacuating products from NRL’s Refinery to Siliguri Marketing Terminal.
Gail may line up Rs 50,000 crore capex in big petrochemical bet
Gail (India) intends to invest up to ₹50,000 crore in constructing a 1.5 million tonnes per annum ethane cracking unit at Sehore, Madhya Pradesh, according to sources familiar with the matter. This significant investment marks one of the largest proposed capital expenditures by the state-run gas utility.
Govt extends oil exploration licensing bid deadline to July 15
The Centre extended the deadline for submitting bids in the latest auctions of oil and gas exploration licences managed by the Directorate General of Hydrocarbons (DGH). Multiple deadline extensions in recent bidding rounds aim to attract more investors. In the first round, Vedanta was the top winner of licences.
We see $50-60 billion opportunities in Middle East over next three years: Subramanian Sarma, L&T
Subramanian Sarma of L&T discusses the Middle East's vital role in energy, power transmission, solar parks, and infrastructure projects. With a strong presence and positive outlook, L&T anticipates growth opportunities in the region over the next few years.
Oil India to take external commercial loan route to raise $550 million loans to fund expansion
"The loan will be priced 110 basis points above the six-month SOFR rate with a reset clause after every six months linked to the then prevailing SOFR rate," said a person familiar with the deal. One basis point is 0.01 percentage point. The six-month SOFR is around 5.39%. The final pricing of deal is likely to be around 6.49%. Bank of Baroda has agreed to underwrite the whole amount initially with a possibility of a loan syndication after a few months.
Govt moves High Court challenging Arbitral Award to Vedanta
The dispute between the Directorate of Hydrocarbons and Vedanta - Cairn arose due to incorrect cost recovery and non-allocation of common costs that allegedly had a huge "adverse financial implication on the Profit Oil/Gas" payable to the government.
Larsen & Toubro bags major gas pipeline project in Middle East
The scope of work comprises Engineering, Procurement, and Construction (EPC) of two new pipelines along with associated work parallel to the existing pipeline corridor, the infrastructure major said in a statement. The major onshore gas pipeline project has been received by the company's hydrocarbon vertical L&T Energy Hydrocarbon - LTEH, it said.
GAIL, ONGC to look at importing ethane at Shell's Hazira terminal
State gas utility GAIL (India) Ltd and oil producer ONGC have signed a tripartite memorandum of understanding (MoU) to explore opportunities for importing ethane and other hydrocarbons from Shell's import terminal in Gujarat. Both companies are exploring ethane imports from countries like the US for planned petrochemical plants. GAIL is looking to build an ethane cracker to produce ethylene for products like plastics.
NRL executes longest horizontal drilling for crude oil pipeline project
Numaligarh Refinery Limited (NRL) has achieved a milestone by successfully executing one of the longest Horizontal Directional Drilling (HDD) projects in the Subansiri River, connecting Lakhimpur and Majuli in Assam, as part of its crude oil pipeline project. The project is a part of the 'Numaligarh Refinery Expansion Project (NREP)', which involves laying a 1,635km pipeline from Paradip Port in Odisha to Numaligarh in Assam, alongside expanding the refinery's capacity from 3.0 MMTPA to 9.0 MMTPA.
Global oil, gas demand will sustain for decades, says Saudi Aramco top executive
Saudi Aramco, a long-standing supplier of crude oil to India, has been actively seeking investment opportunities in India's downstream sector. Despite the failure of its $15 billion bid for a 20% stake in Reliance Industries' oil-to-chemicals business and ongoing developments with the Ratnagiri refinery in Maharashtra, Fahad Al Dhubaib, Senior Vice President of Strategy and Market Analysis at Saudi Aramco, emphasizes India's significance as a key market.
Numaligarh Refinery Limited achieves milestone with longest HDD for crude oil pipeline in Assam's Subansiri River
Assam-based Numaligarh Refinery Limited (NRL) is executing the Numaligarh Refinery Expansion Project (NREP), which includes laying a cross country pipeline from Paradip Port to Numaligarh. The project faces challenges at Subansiri River and aims to be completed by mid-2025.
How does outer space smell like: burnt meat, booze, or rotten eggs? Here is what we know
Those aboard the Apollo moon landings described the scent of outer space as gunpowder-like. On the other hand, those who traversed the International Space Station compared the smell to burnt steak. The upper atmosphere of Uranus is made up of hydrogen sulfide, the compound that creates the smell of rotten eggs and human farts.
Cabinet approves MoU between India, Guyana on cooperation in hydrocarbons
The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the signing of a Memorandum of Understanding (MoU) between the Ministry of Petroleum and Natural Gas, India and the Ministry of Natural Resources, Guyana, on cooperation in the hydrocarbon sector.
L&T bags order in Middle East valued between Rs 10,000-15,000 cr
Larsen and Tourbo (L&T) on Monday said its hydrocarbon business has bagged a mega order from a client in the Middle East. While L&T did not disclose the exact value of the contract, it counts an order as "mega" when it is valued between Rs 10,000-15,000 crore. "The hydrocarbon business (L&T Energy Hydrocarbon - LTEH) of L&T has received a Letter of Intent for mega offshore order from a prestigious client in the Middle East," the company said in a filing to BSE.
L&T bags offshore project worth Rs 15,000 cr in Middle East for gas compression plant
Larsen & Toubro has bagged an offshore project for a gas compression plant worth over Rs 15,000 crore in the Middle East. The scope of work includes procurement and construction for a gas processing plant, consisting of inlet separation facilities and booster compression system, among others, in new onshore facilities and its integration with existing gas processing plants.
L&T bags new order worth Rs 7,000 cr from Middle East
Larsen and Toubro's (L&T) energy hydrocarbon arm has secured a contract worth over Rs 7,000 crore from a client in the Middle East. The project involves the engineering, procurement, and construction of gas compression plants, as well as the establishment of three extra-high-voltage substations.
Government extends deadline for bid submission in eighth round of oilfield auctions to July 5
The government has extended the deadline for bid submission in the eighth round of oilfield auctions to July 5, according to a notification by the Directorate General of Hydrocarbons (DGH). This is yet another extension for the auction, which was launched on July 7 last year.
Proposed change to forest law will boost oil exploration
India's hydrocarbon exploration could be boosted by a proposal to amend the forest conservation law.The Forest (Conservation) Amendment Bill envisages seismic surveys would not be treated as a non-forest activity but explorers would be granted prompt access to forests, cutting time-consuming permit seeking. A seismic survey is the initial stage to determine evidence of economically viable hydrocarbon resources below the ground.
IGGL completes Asia's largest underwater hydrocarbon pipeline across Brahmaputra: CEO
The total length of the pipeline is 4,080 metre. It connects Jorhat and Majuli and will form a part of the 1,656 km long North East Gas Grid connecting the major cities and demand centres of North East India with the National Gas Grid. The 1656 km long natural gas pipeline is constructed at a project cost of Rs 9,265 crore.
ONGC Tripura Asset posts highest ever gas production
ONGC Tripura Asset has achieved record gas production of 1,675 Million Standard Cubic Metres (MMSCM) in 2022-23 FY, breaking its previous records in the region. Despite the inherent challenges of the business, the Asset managed to achieve the feat with the commissioning of aerial hydrocarbon survey and hi-tech drilling rigs. ONGC Tripura Asset has registered a 3% production growth in the last six years despite the fields' remoteness and high decline rates.
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