OIL AND GAS
BPCL subsidiary gets NCLT nod to take over Videocon Oil
Bharat PetroResources secured the acquisition of Videocon Oil Ventures by matching offers and paying upfront, resulting in minimal creditor recovery. The resolution professional managed claims totaling Rs 30,640 crore from financial creditors.
Indian Oil to boost LNG portfolio to 20 million tonnes by 2030
Indian Oil is set to increase its liquified natural gas (LNG) portfolio to 20 million tonnes per annum by 2030. The current portfolio stands at 7.8 million tonnes per year. Sujoy Choudhury, head of planning and business development revealed the development.
Hedge funds rebuild oil position after OPEC⁺ round trip: Kemp
Navigating through diverse commodities, my investment strategy adapted to changing market conditions. From crude oil to natural gas, I observed shifts in positions and prices, reflecting resilience and caution. The market's response to OPEC+ reassurance and high inventories showcased a dynamic landscape, with investors strategizing for potential opportunities and challenges ahead.
Buy Oil And Natural Gas Corporation, target price Rs 340: Motilal Oswal
Oil And Natural Gas Corporation Ltd., incorporated in the year 1993, is a Large Cap company (having a market cap of Rs 339541.74 Crore) operating in Gas & Petroleum sector.
EU slaps fresh curbs on Russia gas shipments
The new restrictions on gas aim to reduce Russia's revenues from liquefied natural gas (LNG) exports by banning trans-shipments off EU ports and a clause allowing Sweden and Finland to cancel some LNG contracts. The measures stop short of an EU ban on LNG imports, which have risen since the start of the war.
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.
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India's downstream oil and gas profits to fall; upstream to remain strong: Fitch Ratings
India's oil and gas sector is forecasted to have mixed fiscal performance in FY24, with downstream profits expected to decline while upstream growth remains robust, driven by a 3-4% increase in petroleum product demand for FY25. Diesel and petrol will dominate consumption, with anticipated stable marketing margins for oil marketing companies. Upstream companies will continue high capex for production growth, while crude oil import dependency is projected to increase despite rising domestic production.
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.
India fossil fuel consumption up 8% in 2023
The report suggests that five key stories emerge from the 2023 data, starting with record global energy consumption, with coal and oil pushing fossil fuels and their emissions to record levels. "Global primary energy consumption overall was at a record absolute high, up 2 per cent on the previous year to 620 Exajoules (EJ). Global fossil fuel consumption reached a record high, up 1.5 per cent to 505 EJ (driven by coal up 1.6 per cent, oil up 2 per cent to above 100 million barrels for first time, while gas was flat)," said the report.
New govt not in favour to sell stake in OMCs, says Oil Minister Puri
India's oil minister, Hardeep Singh Puri, has announced plans to bring petrol, diesel, and natural gas under the Goods and Services Tax (GST) as part of the new cabinet. Puri emphasized that the government is not in favor of stake sales in state-run oil firms, following the scrapping of the Bharat Petroleum Corporation Ltd (BPCL) divestment process in 2022. The Indian firms are also in talks for a term oil deal with Russia.
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.
ONGC seeks to engage global oil majors to boost output at Mumbai High field
State-owned Oil and Natural Gas Corporation (ONGC) has issued an international tender to find a technical service provider to boost production from its aging Mumbai High field in the Arabian Sea. This field, operational since 1976, contributes significantly to India's oil output but is now in decline. ONGC seeks a global partner to implement advanced reservoir management and operational practices over a 10-year contract, extendable by five years
Government seeks candidates for new chief at Indian Oil
The petroleum ministry recommended a tenure extension for SM Vaidya, but the prime minister's office rejected it. Speculation arises about Vaidya's future as his term nears an end.
Cairn Oil & Gas targets net zero by 2030
Cairn Oil & Gas, part of Vedanta Group, aims to achieve net zero by 2030 through renewable energy initiatives like sourcing 70 MW of renewable energy and installing solar rooftops in Rajasthan and Gujarat. Moreover, the group also aims to achieve net zero by tree planting.
PNGRB withdraws notices to declare 54 city gas networks as common carrier
The Petroleum and Natural Gas Regulatory Board (PNGRB) has withdrawn notices to declare city gas networks in 54 licensed areas as common carriers, ending a legal tussle with affected city gas distributors.
ONGC cuts offshore helicopter sorties during monsoon to avoid accidents
India's top oil and gas producer, ONGC, has reduced helicopter sorties to its offshore installations in the Arabian Sea for three months to prevent deadly accidents during the monsoon season. The temporary measure, which is only in effect from June to August, aims to reduce the number of helicopters needed to transport personnel and material to the installations. ONGC does not respond to an email asking why it is following a 21-day cycle when internationally the 28-day cycle is followed.
Government slashes domestic natural gas prices amid major pricing overhaul
The Ministry of Oil lowered domestic natural gas price to USD 8.44 per mmBtu for June 2024, following a new pricing mechanism. This adjustment aims to stabilize the market and meet energy targets, benefiting consumers and producers alike.
ONGC to form an equal JV with EverEnviro to build 10 CBG plants
Oil and Natural Gas Corp (ONGC) and EverEnviro Resource Management Pvt Ltd are joining forces to construct 10 compressed biogas (CBG) plants, leveraging various feedstocks to reduce CO2 emissions by 7.5 lakh tons annually. ONGC, transitioning into the renewables sector, plans to establish solar, wind, and biofuel facilities alongside acquiring renewable projects. This strategic partnership signifies a pivotal step towards advancing renewable energy production in India.
IGGL updates Mizoram CM on the progress of NEGG project
IGGL, a joint venture of five major petroleum PSUs, has met with Mizoram's Chief Minister, Lalduhoma, to discuss the construction status of the Panisagar - Aizawl natural gas pipeline. The project, part of the North East Gas Grid Project, aims to connect state capitals, major cities, and demand centers in eight North Eastern states at an estimated cost of Rs 9265 crore.
LNG terminals get busier as imports balloon
Capacity utilisation at most import terminals increased during the year, with utilisation rising to 95% from 78% in FY23 at India's largest import terminal at Dahej, showed oil ministry data. Petronet LNG operates the Dahej terminal in Gujarat. Its other terminal at Kochi operated at 21% capacity in FY24, up from 19%.
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.
ONGC's high investments to delay deleveraging: S&P
S&P Global Ratings stated that increased investments by Oil and Natural Gas Corp (ONGC) will slow its deleveraging over the next 12-24 months, affecting its 'bbb+' standalone credit profile. Despite a 2-3% drop in domestic production and lower realizations in FY2024, ONGC's EBITDA rose to Rs 1.1 lakh crore due to strong performance from subsidiaries MRPL and HPCL. S&P forecasts EBITDA to remain around Rs 1 lakh crore for FY2025 and FY2026, supported by increased production from the Krishna Godavari basin and international assets.
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.
Bank curbs hit ONGC's plans to gain 20% stake in Russia oilfield
ONGC, hindered by banking restrictions, faces challenges in paying its share to the abandonment fund for Russia's Sakhalin-1 field, obstructing its efforts to regain a 20% stake in the oilfield. Banking constraints prevent the repatriation of dividends from another Russian field, Vankor, leaving funds inaccessible outside Russia. ONGC Videsh, ONGC's subsidiary, aims to transfer the abandonment fund, necessary for project closure and environmental safety, but discussions with Russian authorities seek alternatives amid banking limitations.
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.
Reliance seeks access to ATF pipelines, storages of PSU oil firms
RIL aims to expand its market share in aviation turbine fuel (ATF) by accessing pipelines at major Indian airports like Delhi, Mumbai, Bengaluru, Hyderabad, Kochi, and Lucknow, competing with state-owned firms like Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL).
Indian Oil completes Mercator acquisition
Indian Oil Corp Ltd (IOCL), India's largest oil marketing company, has successfully completed a Rs 148 crore acquisition of oil and gas company Mercator Petroleum through the insolvency and bankruptcy code (IBC). The deal, finalized on Tuesday, involved transferring the amount to lead lender Bank of Baroda (BoB). The Rs 148 crore transaction represents approximately a 31% recovery for the total admitted dues of Rs 482 crore.
Oil & gas PSUs cut 15,700 jobs in 6 years even as revenue doubles
Over the span of six years, state-operated oil and gas enterprises reduced their workforce by 15,700 positions, constituting 14% of their total employees, despite a near doubling of their revenues. This downsizing trend particularly affected non-managerial roles.
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