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PostPosted: 25 Feb 2011 09:11 
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Two reasons why oil prices are going through the roof

http://oilandglory.foreignpolicy.com/posts/2011/02/24/two_reasons_why_oil_prices_are_going_through_the_roof


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PostPosted: 29 Mar 2011 06:59 
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Response to NELP IX better than in previous rounds
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In what must have come as some relief for the Government, bidding for oil and gas blocks on offer under NELP-IX (which closed yesterday) met with a better response than that seen under NELP-VIII. Out of the 34 blocks on offer in this latest and possibly last round of NELP (before the open acreage licensing policy comes into play), 74 bids were received for 33 blocks. Only one offshore block did not receive any bid. As against this, NELP-VIII saw bidding for only 36 of 70 oil and gas blocks, with a total of 76 bids received. Another positive feature in NELP-IX was the return of energy behemoth Reliance Industries (bid for 6 blocks), which had kept away from the NELP-VIII auction.

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Yet, all is not hunky-dory. Participation by international oil majors has again been minimal with BHP Billiton, BG Group and East West Petroleum Corp among the eight foreign bidders.
Quote:
Also, the predominance of public sector oil and gas companies continued in NELP-IX too, with ONGC bidding for a lion's share (29 blocks). 14 blocks received a single bid, with ONGC and its partners being the sole bidder in 10 blocks. A more broad-based participation would have been better representative of investor interest.


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PostPosted: 05 Apr 2011 22:39 
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Four companies get Assam-Arakan block

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Apr 5, 2011

By OGJ editors

HOUSTON, Apr. 5 -- India’s DGH has awarded the AA-ONN-2010/2 exploration block in the Assam-Arakan basin to a combine of Oil India Ltd., operator with 40% interest, Oil & Natural Gas Corp. 30%, Gas Authority of India Ltd. 20%, and East West Petroleum Corp., Vancouver, BC, 10%.

The 400 sq km block in the Karbi Anglong District has a primary term of 5 years. East West cited its management’s expertise in unconventional plays such as shale resource plays.

East West Petroleum said the Assam-Arakan basin produces 95,000 b/d of oil equivalent. The basin has 118 oil and gas fields with an estimated 36 billion bbl of original oil in place.


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PostPosted: 13 Apr 2011 06:54 
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New deepwater drilling record set in Krishna-Godavari field
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Offshore oil drilling group Transocean claimed on Tuesday that it had a set a world record of deep water drilling at a depth of 3,107 metres (10,194 feet) off the coast of India.

The depth was achieved by ultra-deepwater drillship Dhirubhai Deepwater KG2, surpassing the previous record of 10,011 feet, also set by Transocean in 2003 in the Gulf of Mexico, the group said in a statement.

It set “what the company believes a world record for the deepest water depth by an offshore drilling rig of 10,194 feet of water while working for Reliance Industries offshore India.”


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PostPosted: 16 Apr 2011 14:44 
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ONGC Videsh signs definitive agreements for 25% interest in Satpayev block with KazMunaiGas

Assam Asset Overachieves Annual Targets : ONGC


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PostPosted: 17 Apr 2011 20:29 
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^^^^
Old dated article but will deeper drilling tech its possible
http://news.cnet.com/Indias-next-big-bu ... g=mncol;1n
Quote:
grounded in massive oil deposits, close to 30 billion tons, in Central India. That's twice the size of the deposits in Iraq (13 billion tons, according to the Institute of Petroleum) and just shy of Saudi deposits. With this, India, which imports 70 percent of its oil, could become an exporter, Aiyar hypothesized


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PostPosted: 21 Apr 2011 20:44 
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Whats with articles from 2005! WRT to the Deccan traps the land underneath is basement rock, not sedimentary. No way for organics to get there ergo unlikely to have oil. BTW most of India is really really ancient 2 Billion year plus basement rock. Hence our lack of oil but plenty of coal.

First big strike in this area. Should be another KG...

http://online.wsj.com/article/SB1000142 ... 96034.html

Reliance Makes Discovery in Cauvery-Palar Basin

Quote:
Reliance Industries Ltd. Thursday said it made a rich gas and condensate discovery in the first well drilled in the CY-PR-DWN-2001/3 exploration block in the deepwater Cauvery-Palar basin in southern India.

The block, located off the coast of Tamil Nadu state, was handed out in the third round of auctions under the government's New Exploration Licensing Policy. It covers 8,600 square kilometers and is fully owned by Reliance.

It is also one of the 23 exploration blocks in which BP PLC will take a 30% stake according to a recent agreement with the energy major.

The discovery well CYPR-D6-SA1 is located at a water depth of 1,194 meters and was drilled to a depth of 3,815 meters. During tests it produced 37 million standard cubic feet of gas and 1,100 barrels of condensate a day, Reliance said.


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PostPosted: 02 May 2011 21:38 
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India wants Turkmenistan gas price to be attractive for all pipeline partners

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India would like the delivered price (landed cost) of Turkmenistan gas to be in the same range for all buyer countries – Afghanistan, Pakistan and India.

Gas pricing is a crucial component for the $7.6-billion Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline project, which would ferry gas from Turkmenistan. “Our endeavour would be that the delivered price of gas remains more or less the same for all countries,” a senior official told Business Line.

The gas price has to be captured in the gas sales and purchase agreement (GSPA), which the member countries have decided to conclude by July 31.
----------------------------------
The project envisages the construction of a 1,700-km-long pipeline, which would originate from Turkmenistan, travel through Afghanistan and Pakistan, before entering India. It would carry 90 mscmd gas of which, 14 mscmd would be for Afghanistan and 38 mscmd each for India and Pakistan.


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PostPosted: 21 May 2011 05:52 
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Consortium to invest Rs.12,500 crore in gas pipeline project

link

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Gandhinagar, May 21 (IANS) A consortium led by the Gujarat State Petronet Limited (GSPL) will invest Rs.12,500 crore over the next three years to lay three cross-country gas pipelines.

The pipeline will be laid from Mallavaram in Andhra Pradesh to Bhilwara in Rajasthan (1,611 km), Mehsana in Gujarat to Bhatinda in Punjab (1,688 km) and Bhatinda to Jammu (512 km), said Tapan Ray, managing director of Gujarat State Petroleum Corporation (GSPC) said here Friday.

The letter of authorisation was granted Wednesday by the Petroleum and Natural Gas Regulatory Board (PNGRB).

According to the GSPC chief, the pipelines will travel through Andhra Pradesh, Maharashtra, Madhya Pradesh, Gujarat, Rajasthan, Haryana, the National Capital Region, Punjab and Jammu and Kashmir and benefit industries and city agglomerations lacking piped gas connectivity.

Ray said that the consortium comprising GSPL (52 percent), Indian Oil Corporation (26 percent), Bharat Petroleum Corporation and Hindustan Petroleum Corporation (11 percent each) will also be bidding for the proposed gas pipeline from Hazira near Surat to Paradip (Orissa) soon.


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PostPosted: 27 May 2011 15:51 
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3 die in Mangalore oil unit blast

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Three persons, including a Korean mining expert, were killed and four suffered injuries in a blast at the construction site of the Indian Strategic Petroleum Reserves Limited (ISPRL) at Surathkal near here on Thursday evening.

An ISPRL official said those who were killed have been identified as Song (36), a mining expert from South Korea; Sirajuddin (25), a safety officer hailing from Katipalla; and Shivnath (40), a labourer.


Quote:
The foundation for the construction of oil reserve near Surathkal was laid in May 2009 and it can store 1.5 million tonnes of crude oil when completed. The other two oil reserves of India are in Padur near Udupi and at Vishakapatnam.

These oil reserves can store 5 million tonnes of crude oil for 14 days in case of emergency. The facility in Mangalore is among the three strategic crude oil storages proposed to be set up by the government of India ensure energy security


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PostPosted: 22 Jun 2011 22:21 
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India IOC buys extra Saudi oil for July, Essar seeks
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Wed Jun 22, 2011 2:41pm GMT

Print | Single Page
[-] Text [+]

(Refiles to correct figure in final paragraph to 500,000 from 500,0000)

NEW DELHI, June 22 (Reuters) - Saudi Aramco will supply an additional one million barrels of oil to Indian Oil Corp (IOC.NS: Quote) for July while Indian private firm Essar Oil (ESRO.NS: Quote) has requested similar volumes, trade sources with direct knowledge of the matter told Reuters on Wednesday.

Essar's request has not yet been confirmed as the refiner is seeking volumes for loading in the first half of July, said two of the sources. Indian refiner MRPL (MRPL.NS: Quote) bought about 600,000 barrels of extra Saudi oil for July earlier. [ID:nL3E7HA1CE]

"There should not be any problem in confirming Essar's request. IOC's request for an extra one million barrels has been confirmed by Saudi," said one of those two sources.

IOC is India's biggest refiner, controlling over 1.3 million barrels per day (bpd) of crude processing capacity. It normally buys about 110,000 bpd of oil from the Kingdom.

Essar operates a 280,000 bpd refinery at Vadinar in western Gujarat state and on average buys 500,000-600,000 barrels Saudi crude in a month. (Reporting by Nidhi Verma; Editing by Jo Winterbottom and Anthony Barker)


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PostPosted: 23 Jun 2011 07:42 
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So D9 has paid off. This is a massive complex. Much larger than D6. Lets see what the final number is, fingers crossed...
Here's what I said about D9 way back when. Geologists think this is a massive offshore anticline trap.
viewtopic.php?f=2&t=3577&start=520#p964416

http://economictimes.indiatimes.com/new ... 952013.cms
Quote:
Reliance Industries has made a natural gas discovery in the very first well drilled on its D9 block in the Krishna Godavari basin off the east coast of India, its junior partner Hardy Oil and Gas Plc said today.


Quote:
"Three sand reservoirs with a gross thickness of approximately 22 meters were encountered and evaluated by wireline MDT. This discovery, named 'Dhirubhai - 54' has been notified to the Government of India and DGH," it added.

Hardy did not give reserves the discovery may hold saying the potential commerciality of this discovery is being ascertained through more data gathering and analysis.

The D9 exploration licence is located in the Krishna Godavari Basin on the east coast of India and presently covers an area of approximately 8,695 square kilometers. The licence's minimum work programme provides for the drilling of four exploration wells.

Commenting on the well results, Yogeshwar Sharma, Chief Executive Officer of Hardy said: "We are encouraged by this discovery which extends the proven Miocene play fairway into the frontier D9 block.


Meanwhile ONGC continues to futz around. How about producing guys...

http://www.reuters.com/article/2011/06/ ... NB20110622

Quote:
India's Oil and Natural Gas Corp estimates its east coast block, near the huge gas producer D6, has total gas volumes, or "intial in-place" quantities, of 101 billion cubic metres (BCM) or 3.57 trillion cubic feet.

The state-run explorer, which is in talks with Italy's Eni and BG to sell up to 30 percent in the block, believes its discoveries in the northern part of its deep water block are commercial, it said in a statement on Wednesday.


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PostPosted: 24 Jun 2011 05:19 
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Theo_Fidel wrote:
So D9 has paid off. This is a massive complex. Much larger than D6. Lets see what the final number is, fingers crossed...
http://economictimes.indiatimes.com/new ... 952013.cms
Reliance Industries has made a natural gas discovery in the very first well drilled on its D9 block in the Krishna Godavari basin off the east coast of India, its junior partner Hardy Oil and Gas Plc said today.

This is gonna be huge! :D

Quote:
London-listed Hardy through a press statement announced "first gas discovery in the exploration well KG-D9-A2 within the D9 licence."
Reliance hold 90 per cent interest and is the operator of the deep-sea block KG-DWN-2001/1 (D9). Reliance-Hardy combine had won the 11,605 square kilometer (equivalent to 48 North Sea blocks) in the third round of bidding under New Exploration Licensing Policy (NELP) in 2003.


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PostPosted: 24 Jun 2011 23:49 
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Hardy now estimates the resource potential of the block at 5.2 10 trillion cubic feet (tcf). The block was initially expected to hold over 10 tcf of gas reserves, according to estimates of independent consultant Gaffney, Cline and Associates (GCA), but was reduced when the first well drilled in the block turned dry last year. A 5 tcf of gas is worth over $20 billion at current market prices, when extracted


http://www.rttnews.com/Content/IndianNe ... 52299&SM=1


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PostPosted: 25 Jun 2011 05:31 
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It appears I spoke too soon about ONGC. The oil PSU's appear driven to one up the private companies no matter what the truth is. They did the exact same thing after D$ with GSPC and OIL India who then went on to not produce a single foot of gas to date.

Here ONGC is less than economical with the truth. Some of it is retaliation too.

http://articles.economictimes.indiatime ... merciality

Quote:
Oil and Natural Gas Corporation (ONGC) and Cairn India have crossed swords again as the British explorer has questioned the estimates of gas reserves in the state-firm's deep-sea block in the KG Basin – a contention sternly rejected by ONGC Chairman AK Hazarika.

The two companies have been squabbling for almost 10 months over royalty payments in the Cairn-operated oilfield in Rajasthan, which is a potential deal breaker in Vedanta's $9.6-billion bid for a controlling stake in Cairn's Indian arm. According to agency reports Cairn that holds 10% of KG-DWN-98/2 block has told the director general of hydrocarbons that ONGC, which holds 90% stake, gas resources in the block are "marginal to noncommercial". A spokesman for Cairn India declined comment.

The ONGC chairman responded angrily to the development. "Cairn India has no right to talk about our reserves in the Krishna Godavri basin, especially as we have not booked these reserves into our book of accounts as yet," Hazarika told ET. "Cairn India has no locus standi on the issue. They are talking on their own and creating un-necessary problems. In-place reserves in our block in the KG basin have been assessed by ONGC," Hazarika said.


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PostPosted: 01 Jul 2011 05:50 
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A good report on Shale gas prospects in india.
We have much more area than "israel".
http://breport.myiris.com/MOTOSW/OILOTHER_20110329.pdf


Last edited by Jhujar on 02 Jul 2011 02:45, edited 1 time in total.

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PostPosted: 01 Jul 2011 23:12 
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New oil war in Asia: Saudi Arabia versus Russia


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PostPosted: 04 Jul 2011 04:36 
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how did germany manage to power its war machine all through WWII with just coal ?


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PostPosted: 04 Jul 2011 07:28 
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Neshant wrote:
how did germany manage to power its war machine all through WWII with just coal ?

Two ways.

1) One of the first countries to be occupied in the push to the east was Romania and that was because of the Ploesti oil fields

2) The used their brains. Just like in the 1st World War, they came up with the Haber Bosch Process which ripped through the crucial British monopoly on Salt Petre (without that you cant have nitrogen in gunpowder and in fact,no nitrogen based fertilizers), which in my opinion is one of the greatest inventions of all time (war is unfortunately the greatest incubator of tech , antibiotics, jet engine, computers, radar.. without war, none of this would have happened) which allows the world to feed itself today and no mass famines, during WW-II , they came up with a brilliant Fischer Tropsch Process, which converts coal and gas to liquid fuels. In fact, South Africa, held out for long under sanctions precisely because Sasoil,used an evolved version of Fishcer Tropsch to hold out. Now everyone talks about Gas To Liquid, if that happens on a large scale, you know where the seeds of that technology came from.

And finally, the push towards Stalingrad and the Crimea were largely to get to the oil and gas at Baku and the Caspian sea area.


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PostPosted: 05 Jul 2011 22:16 
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ONGC to start production from KG basin by month-end.


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PostPosted: 06 Jul 2011 08:42 
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vina wrote:
2) The used their brains. Just like in the 1st World War, they came up with the Haber Bosch Process Fischer Tropsch Process[/url], which converts coal and gas to liquid fuels.


If that was so successful, how come we are not using it today on a large scale. India has lots of coal reserves yet we paying $100 to import oil ?

I'm wondering if the west is raising the cost of energy, food..etc. to retard development of emerging powers - more so felt by India than any of the other BRICS.


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PostPosted: 06 Jul 2011 08:55 
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Neshant wrote:
If that was so successful, how come we are not using it today on a large scale. India has lots of coal reserves yet we paying $100 to import oil ?

Coal to Liquid is still way more expensive than just refining from crude. You would never do it unless in a life and death situation like Germany was in WWII or South Africa under sanctions was. In case of gas , it usually is an "islanded commodity" and GTL makes it fully marketable and get the best price possible in an open market. Hence the attraction. It basically arbitrages the price difference between Nat Gas (including LNG) and liquid distillate fuel.


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PostPosted: 06 Jul 2011 09:13 
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You mean even at $100 oil, its not profitable?

Surely $100 leaving the country is a lot more painful than spending $200 within the country.


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PostPosted: 06 Jul 2011 09:27 
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Neshant wrote:
You mean even at $100 oil, its not profitable?

NOT profitable.

Quote:
Surely $100 leaving the country is a lot more painful than spending $200 within the country.


Welcome to the world of "self reliance", "import substitution", low growth, grinding poverty and "Hindoo" growth rates and perpetual poverty if that is the kind of logic that is going to be used.


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PostPosted: 07 Jul 2011 08:21 
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vina wrote:
Welcome to the world of "self reliance", "import substitution", low growth, grinding poverty and "Hindoo" growth rates and perpetual poverty if that is the kind of logic that is going to be used.


Since when does the run up huge deficits and go Greece style bankrupt make any sense?

At some price point, doing something locally even if slightly more expensive is of better value to the economy than sending all hard earned money to some foreign country. For one thing money continues its circulation in the economy. As long as the free market and private capital decides it is so (instead of govt), its a good thing.


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PostPosted: 07 Jul 2011 10:41 
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The breakeven for CTL, GTL, anything-to-coal is USD 40 per barrel equivalent of energy. No investor would even think of investing if oil price is below USD 60 / barrel. They need to be assured that the oil prices will remain above that for the long term.

The main problem with turning any carbon source (including garbage, wood chips, etc) to liquid fuel is the amount of CO2 that is created as a by product. A solution of sorts is carbon sequestration - putting CO2 into the ground (most likely into the enptied oil fields). As long as CO2 generation is a problem, no environmental group worth its name would let this technology get off ground.

---------
I got all this from the Horse's mouth as I had done an interview with the CEO of a startup a couple of years back.


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PostPosted: 07 Jul 2011 10:56 
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Neshant wrote:
vina wrote:
Welcome to the world of "self reliance", "import substitution", low growth, grinding poverty and "Hindoo" growth rates and perpetual poverty if that is the kind of logic that is going to be used.


Since when does the run up huge deficits and go Greece style bankrupt make any sense?

At some price point, doing something locally even if slightly more expensive is of better value to the economy than sending all hard earned money to some foreign country. For one thing money continues its circulation in the economy. As long as the free market and private capital decides it is so (instead of govt), its a good thing.

Have come to expect this sort of stuff from you..But this is precisely the sort of rubbish that went around as policy in the '60s-'80s in India...Greece is going bankrupt not because its not producing everything in GReece, but that it cannot generate enough tax revenues to pay for its expenses! And the only way a country can do so is by being efficient, which typically means buying (most, not all) stuff from wherever its cheapest and concentrating on what it does best (Ricardo - comparative advantage, remember?)....Making oil @ 200 dollars when it is available @ 100 in the world market is as stupid as it gets...I wont getting into explaining the monetary/fiscal implications - it would be too long, and anyway be lost on you...


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PostPosted: 07 Jul 2011 11:41 
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Neshant wrote:
I'm wondering if the west is raising the cost of energy, food..etc. to retard development of emerging powers - more so felt by India than any of the other BRICS.


Neshant,

That is not an invalid suspicion. In the 60s and early 70s, when the developing world was expected to achieve prosperity, the 1973 war quadrupled prices overnight. And all the surplus money flowed into the booming Western financial markets.


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PostPosted: 07 Jul 2011 11:59 
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Somnath,

The reason Greece is not generating enough taxes is because its most productive industry (shipping) does not pay any or much taxes - because most of it is offshored into tax havens.

And yes, Greece does have a comparative advantage in shipping because they have been doing it since before Socrates - shipping is the identity of Greece.

So, the theories you mention have all been practiced by the Greeks, but still its economy collapsed. Ever wondered why? - Precisely because there were a bunch of theoritical busybodies who did not understand that the economy is a subset of the society, not a superset.

---------
There are advantages of producing at home, even if it is somewhat costlier than outside, the profit marging keeps circulating within the economy. So there is a natural benefit of local production which cannot be captured/understood by price levels alone.


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PostPosted: 07 Jul 2011 13:44 
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abhischekcc wrote:
Neshant wrote:
I'm wondering if the west is raising the cost of energy, food..etc. to retard development of emerging powers - more so felt by India than any of the other BRICS.


Neshant,

That is not an invalid suspicion. In the 60s and early 70s, when the developing world was expected to achieve prosperity, the 1973 war quadrupled prices overnight. And all the surplus money flowed into the booming Western financial markets.


Is a repeat of the same coming? $200 dollar oil anyone? Sure would explain why US & Europe are trying to grab places like Iraq, Libya, Venesuela and install stooges in other petro countries.


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PostPosted: 07 Jul 2011 14:07 
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abhischekcc wrote:
There are advantages of producing at home, even if it is somewhat costlier than outside, the profit marging keeps circulating within the economy

Wow, so if Greece decided to "manufacture" oil @ 200 dollars at home, suddenly all Greeks would have decided to start paying taxes?!

Has it occured to you that if a raw material or intermdiate is costlier, the end product will also be costlier, hence less competitive in the global economy, and generally act as a tax on consumer income?

BTW, shipping is about 6-7% of Greek GDP..


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PostPosted: 07 Jul 2011 14:16 
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somnath wrote:
Making oil @ 200 dollars when it is available @ 100 in the world market is as stupid as it gets...I wont getting into explaining the monetary/fiscal implications - it would be too long, and anyway be lost on you


You need to deprogram yourself from textbook economics crap which you've been reading. None of the fools writing economics textbooks predicted the 2008 collapse which gives us an idea of how little they know. They are as clueless as you & Bernanke who pretend to know what ails the economy.

Its not as straight forward as a savings of $100. There is a world of difference between $100 leaving an economy altogether to a foreign country and $200 dollars spent within an economy to produce the same outcome. A multiplier effect is felt when $1 enters an economy and so too exists a multiplier effect when that $200 stays in the economy. As long as the decision to spend that amount of money is MADE BY THE FREE MARKET, no dumb ass oracle economists sitting up top can claim to be any wiser.

If Reliance decides to spend $200 on sourcing oil from its oil fields, refiining it at its refineries, selling it at its retail outlets with its companies absorbing profits along the way, that is a FAR BETTER outcome than sending $100 overseas for the Indian economy so long as it has rough profit parity to its importing competitors.

Secondly there is benefit to strategic autonomy which I won't even go into.

For now, Greece is better off sourcing its needs locally in a local currency than spending in euros that it has difficulty paying back. Its not an advanced economy that needs high tech imports. Most of its needs are basic and there's no reason it can't meet a lot of its needs locally. In fact it WILL now that it is bankrupt and that is the best thing yet for the country than importing crap on debt and doing what it does best (which at the moment is nothing!).


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PostPosted: 07 Jul 2011 17:24 
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Neshant wrote:
If Reliance decides to spend $200 on sourcing oil from its oil fields, refiining it at its refineries, selling it at its retail outlets with its companies absorbing profits along the way, that is a FAR BETTER outcome than sending $100 overseas for the Indian economy so long as it has rough profit parity to its importing competitors. .


Since you used the word "Free Market" , Reliance would be wiped out by oil @ $100 flooding in from abroad! This kind of thing can only work if you put in barriers to imports.. oops.. there goes the "Free Market" and in reality you are forcing customers to cough up $100 worth of value .. so a tax of $100, so that you could allow Reliance to stay in Business. How different is that from Air India?


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PostPosted: 08 Jul 2011 09:21 
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vina wrote:
Since you used the word "Free Market" , Reliance would be wiped out by oil @ $100 flooding in from abroad! This kind of thing can only work if you put in barriers to imports.. oops.. there goes the "Free Market" and in reality you are forcing customers to cough up $100 worth of value .. so a tax of $100, so that you could allow Reliance to stay in Business. How different is that from Air India?


There are many ways the govt can enable Indian businesses to compete against foreign competitors that don't involve trade barriers or subsidies against the competitor. Its among the things the govt is by its nature involved in - port & landing facilities, power infrastructure, transportation & distribution network, taxation & beaurocracy, trade agreements with foreign countries, defence (against piracy), financing, an educated workforce.. etc.

For example, The Three Gorges dam in China was in part built not just for electricity but to allow inland penetration of large shipping freighters. Transportation costs into China is high and this helped reduce it. A whole bunch of businesses became profitable as a result.

The $200 to $100 difference is a stark one. Let us assume it is $100 to $99.

Is it still a good idea to drain $100 from the economy and send it abroad to save $1?

Textbook economic theory would suggest its a great idea.


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PostPosted: 08 Jul 2011 16:54 
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somnath wrote:
Wow, so if Greece decided to "manufacture" oil @ 200 dollars at home, suddenly all Greeks would have decided to start paying taxes?!


This is such a ridiculuous statement that it does not even bear refuting.


Quote:
BTW, shipping is about 6-7% of Greek GDP..

Most of Greek shipping per se is outside Greece. They country provides a lot of facilities such as manpower to the industry. That fact you quoted above does not prove anything.


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PostPosted: 08 Jul 2011 17:28 
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Somnath. the Greek maritime fleet is the largest in the world at 18% of the world's total maritime fleet.


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PostPosted: 10 Jul 2011 01:33 
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abhischekcc wrote:
Somnath. the Greek maritime fleet is the largest in the world at 18% of the world's total maritime fleet.


Now when they say shipping industry, is it the fleet that the Greeks own (ships and other capital assets) or is it just the coolies operating in the steer to keep the ship running that make up the Greek shipping industry.

I`ve heard a lot of Filipinos and increasingly Indians are hired for that kind of grunt work. I`ve not heard of Greeks being used for that purpose since they would have to be paid a high wage.


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PostPosted: 10 Jul 2011 19:52 
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Shipping share is by ownership, but I suspect that Greece probably allows generous low/no taxation to their shipping firms. So the success of the shipping industry does not translate into higher tax revenues for taxes.

Greeks also provide a lot of manpower to the global shipping industry, but so does India.


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PostPosted: 12 Jul 2011 12:34 
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vina wrote:
Neshant wrote:
.


Since you used the word "Free Market" , Reliance would be wiped out by oil @ $100 flooding in from abroad!


Vina ji:

Just curious. Can you please explain how Reliance would be wiped out by oil at $100 / barrel? I always thought we (India as a whole) imported about 70% of our oil. Doesn't it mean it is always better to get it cheap?

I can understand if somebody dumped refined products into India below Reliance's cost then Reliance will be hit.


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PostPosted: 13 Jul 2011 21:08 
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devaraj_d wrote:

I can understand if somebody dumped refined products into India below Reliance's cost then Reliance will be hit.


Devraj ji, Reliance refinery is an export oriented refinery.More than 90% of reliance production is straightaway exported.Hence they are not concerned about the domestic market.Because of APM they anyway cannot compete in the domestic market.


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