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PostPosted: 26 Feb 2012 02:23 
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Theo,
There is gas in that basin but it is evident now that it may not be anywhere near what it was made out to be, in early years of discovery. Besides Reliance a PSU from Gujrat also reported similar size gas discoveries but nothing came out of that either or atleast the news died down. I think unlike Reliance, the PSU guys were not able to BS there way to investor's money. In 2005-06 there were talks of India being a gas surplus country and all cities will be piped for domestic use in next 5 years. A gas authority was created and licenses were given for city gas supply infrastructure build up. Some hyper-yahoos even talked about chances of short term gas exports. All this talk was based on finding's of these two companies and reliance's find was declared as largest find for that year.

I hope these are short term technical glitches and we'll have decent quantities of gas extracted from KG by both companies.


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PostPosted: 26 Feb 2012 07:22 
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Katare,

I agree. Any gas we produce will be hard fought for and wrested from the basin with great effort. I have always said this, it is a curse of our Geology. Reliance's find was and is massive for our country. Without it we would be crushed by the LPG import bill, an import situation some here blithely advocate without bothering to do the math involved.

The thing we have to keep in mind is the production rate the GOI greedily foisted on the field operators. D6 was a 8tcf-10tcf type field. A gas field is typically planned for 30 years of life. This should have meant a ~ 0.250 tcf per annum or 250 million cubic feet or 6 MMSCMD. Instead the Babus decided to flog the field at roughly 60 MMSCMD per day. 10 times the carefully managed flow rate.

At a flow rate of 60 MMSCMD we are producing ~60x35 = 2100 MMSCFD ~ 2 Billion Cubic feet per day. Or roughly 2x365 = 700 Billion Cubic feet or 0.70 TCF per year. At that rate the life of the field is 10 years. Is it any wonder we are having trouble after 5 years of production.

Lets take the math further, to replace D6 with imports we would need 0.70x14 = $9.8 Billion or roughly $10 Billion annually. So our import bill will spiral by that amount. We are not that rich yet. These sorts of imports of Gas, Coal and Uranium will bankrupt us. We should be cautious and learn to live within our means.

I have been pointing out repeatedly that all this does is buy us time, we need to drill roughly 100,000 (yes, correct number of zero's) wells from Mahanadi to the Cauvery. To get at the estimated 1000 tcf of gas there. Even then we will never have surplus gas. Where are the PSU's in all this. They should be drilling like crazy and suffering a dry hole rate of 90%. Something the rest of the world deals with. Instead they sit on their butts and complain about Reliance.


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PostPosted: 26 Feb 2012 09:59 
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Look where they find gas now! There is no way India has less than 1000TCF. Investing pennies wont do.

http://af.reuters.com/article/investing ... 2W20120224
Statoil's Tanzania find raises hopes for Africa gas
Quote:
OSLO (Reuters) - Norwegian oil firm Statoil's recent huge gas discovery off the coast of Tanzania reinforces Eastern African hopes to become a gas production and distribution hub serving fast-growing Asian markets.
Statoil said on Friday its Tanzanian gas discovery, the biggest oil or gas discovery ever made in the country, has so far proven to hold up to 5 trillion cubic feet of gas, or about 891 million barrels of oil equivalents (boe).
"We have very good reservoir in this well, much better than we had thought, and there is more potential on this structure as well," Statoil exploration chief Tim Dodson told Reuters after announcing the firm's fifth big discovery worldwide in a year.Drillers encountered 120 metres of "excellent quality reservoir" with "high porosity and high permeability", in its Zafarani well, Statoil said, adding it will continue to drill on the structure before starting on another prospect off Tanzania.
Neighbouring Mozambique, the fastest growing energy player in the region, this month estimated that energy firms will spend $50 billion over the next decade to develop its liquefied natural gas (LNG) industry.Earlier this month, Italy's Eni said it had made a new giant offshore gas discovery in Mozambique with a potential capacity of 1.3 billion boe while Anadarko Petroleum last month made a discovery in a Mozambique well it called its best so far in the region.East Africa is definitely a hot spot at the moment and I guess our expectations had been growing before we drilled this, so.. . we are very pleased and see an upside potential both in Tanzania and in Mozambique," Dodson said.


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PostPosted: 27 Feb 2012 10:48 
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http://www.marketwatch.com/story/us-chi ... 2012-02-26
U.S., China threaten Australia’s gas hopes
Quote:
GLADSTONE, Australia (MarketWatch) — The global natural gas race is heating up, with Australia enviably placed to feed Asia’s growing appetite for energy. But rising threats from North America and China could frustrate Australia’s multi-billion dollar ambitions. More than 175 billion Australian dollars ($188.5 billion) has been invested in Australia’s liquefied natural gas (LNG) sector, in a bid to become the region’s clean-energy engine room. Ninety percent of new global capacity is being built in the country at a time when Asia’s demand for LNG is growing at around 10% a year. “There is this golden period for Australia,” said Simon Powell, head of Asian oil and gas at CLSA in Hong Kong. “But the two elephants in the room as far as Australian LNG is concerned are the U.S. and China.” The world’s two largest economies are sitting on massive shale reserves. The push by North America and China to become gas exporters — or in the case of China, a domestic supplier — could upset Australia’s longer- term gas ambitions. “It would mean that Australia is not as well placed as it likes to think it is,” Powell said. At present, LNG world-leader Qatar has around 80 million tonnes of installed capacity. Australia has close to 20 million tonnes, with this expected to ramp up to 80 million tonnes over the next five years.
Adding to strain in the supply market are LNG aspirants Canada and Russia, as well as Mozambique, Tanzania, Cyprus and Israel. Craig McMahon, head of Australasian upstream research at global energy consultants Wood Mackenzie, acknowledges that while global supply competition will stir over the next decade, Australia remains well-positioned. “Australia has made hay whilst the sun shone,” McMahon said. “But Australia’s window of opportunity could be narrowing. Energy companies are tapping into previously untouched North American gas reserves. Cheniere Energy Inc. /quotes/zigman/269665/quotes/nls/lng LNG +0.72% is moving closer to building a $5 billion liquefaction-export facility at its Sabine Pass site in the U.S. The U.S. could become a meaningful exporter in the next five years. The question is how big? North America is a meaningful threat to Australia’s aspirations,” he said.
“It’s not beyond the realms of possibility that the U.S. could be a 20 [million] to 30 million tonne per year exporter if it wanted to be,” Powell said. But the other creeping threat is China. The world’s fastest growing economy is sitting on significant coal-bed methane and shale reserves. “We’ve all been shocked at how much shale the U.S. fields have spat out. China might be sitting on a shale reserve that makes the U.S. shale reserve look small,” Powell saidIf the Chinese find out they have a lot of shale, you could see the Chinese say [to Australia]: Thanks a lot, we found the mother of all shale reserves, we don’t’ need you anymore,” he said. “If you look out to 2020, you could envisage a future where China’s producing a hell of a lot of shale gas of its own,” Powell said


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PostPosted: 27 Feb 2012 13:22 
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^^^ It is good if this is indeed the case. There will be meaningful and natural competition and vendors who just keep repeatedly banking on their 'geographical location' will have to rethink their stand. Either way, Australia has always punched above its weight and tried to stay relevant by charging top dollar on all its exports.


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PostPosted: 27 Feb 2012 21:39 
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Look for China to try to acquire Shale gas technology. From what I have heard from engineers it is more art than science right now. Every hole is different and must be approached by very very skilled people. IIRC one of the reasons Reliance is messing about with Marcellus acreage is to acquire the technology as well.

India too has plenty of Shale though it has not been as well mapped as it was never thought of as a resource.


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PostPosted: 27 Feb 2012 23:02 
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I have read many reports of massive shale oil or natural gas find in countries which are presently dependent on imports to meet their needs. The high prices are on account of the huge demand from these countries.
The hold of OPEC ensures the kid glove treatment to countries in this region(nuisance value).
What will be the Geo-Political implications of a world not dependent on the energy resources of countries in the midle east/west Asia?


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PostPosted: 28 Feb 2012 00:05 
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India can now hard bargain with Asurtalians for their natural resources and who knows may be one day it become Indian majority Country. IMHO, Asurtalians showed flexibility in making Uranium sale for this reason as they realized big Customer China might bot buy much. India is now right in the middle to utilize both Australian and African energy sources and with right moves can have good balanced, stable energy security immune to the whims of ME or geolpoliticsEtc.


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PostPosted: 28 Feb 2012 05:53 
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http://www.nakedcapitalism.com/2012/02/ ... -game.html
Chris Cook: The Oil End Game By Chris Cook, former compliance and market supervision director of the International Petroleum Exchange. Cross posted from Asia Times
Quote:
The oil markets are completely manipulated and orchestrated, and the conductors of the orchestra have the benefit of having already held a rehearsal in 2008. History never repeats itself, but it does rhyme. This time around it is not demand from the United States that is collapsing, but European Union and United Kingdom demand, as oil prices in euros and pounds sterling have never been higher. In the meantime, the US is awash in oil as domestic production quietly increases, flushed out by the high prices. As I have outlined in previous articles, the culprit for the high oil prices between 2009 and 2012 – with the exception of the speculative “spike” between March 2011 and June 2011 driven by Fukushima and Libyan price shocks – has been passive investment by risk-averse investors, which enabled producers to support oil prices at high levels. uch of this passive money underpinning the market and enabling producers to monetize inventory pulled out of the market in September 2011, and another wave pulled out in December 2011. What is now happening is the end game: an orchestrated wave of noise that is drawing in speculative money. This is enabling the producers who are actually in the know to hedge by selling production forward during what they confidently expect will be a temporary – and pre-planned – managed fall in the oil price. But the US has been quite happy to let the EU – as useful idiots – take the economic hit. The high oil prices caused by all this noise and nonsense are actually a net benefit to Iran – which rattles its sabre loudly as elections approach.
The effect of a managed decline in oil prices to, and probably over-correcting well through, $60 a barrel – which is coming fairly soon – will be extremely beneficial to the US in two ways. Firstly, it will be catastrophic in particular for Iran, Russia and Venezuela – not exactly on the White House party list – whose hugely oil-dependent revenues will collapse. The ensuing economic mayhem will open these countries up to regime change and to rescue plans which Wall Street will be dusting off. Secondly, the US population will be laughing all the way to the gas station as gasoline prices fall – at least temporarily – below $2.50 a gallon and release purchasing power into the economy, thereby doing the president’s re-election chances no harm at all.
What will then happen is that members of the Organization for Petroleum Exporting Countries will panic and genuinely reduce their production. The Saudis/Gulf Cooperation Council will again orchestrate the inflation of the oil price – as they did in 2009 – comfortable in the knowledge that they have been able to hedge against this temporary fall in prices at the expense of the speculators currently pouring in to the market.
That’s the game plan as I see it of the smartest kids on the block. What could ever go wrong?


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PostPosted: 05 Mar 2012 03:46 
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Theo_Fidel wrote:
<snip>
I have been pointing out repeatedly that all this does is buy us time, we need to drill roughly 100,000 (yes, correct number of zero's) wells from Mahanadi to the Cauvery. To get at the estimated 1000 tcf of gas there. Even then we will never have surplus gas. Where are the PSU's in all this. They should be drilling like crazy and suffering a dry hole rate of 90%. Something the rest of the world deals with. Instead they sit on their butts and complain about Reliance.


Oil PSUs have been left to the dogs by the Government in the last decade. The dominant downstream player, IndianOil (richest corp in India 10 years back) has more refining capacity than Reliance Industries, but hasn't added more capacity just because its saddled with subsidy burdens. To cite a defence related example, Reliance doesn't do an iota of R&D in lubricants and greases. IOC has been doing it since 1972, and has kept IAF/IN/IA out of sanctions in this area. IOC has had to minimize and even quit its upstream ventures in Africa. IOC today doesn't have money for importing oil. It lives quarter to quarter waiting for Govt's promised subsidy.

ONGC's best chairman, Subir Raha, was shunted out unceremoniously. This was the guy who weeded out the Govt's control and raised ONGC mkt cap from 30,000 crores to 200,000 crores. All because the leftist Mani Aiyar did not like him. Raha aggressively bought equity abroad throug OVL. Fast forward 5 years today, have you heard of OVL in any news lately?

And btw, Reliance is no messiah for KG-D6. It has inflated its cost of digging to ~$9bn, which has directly come out of the tax-payer's pocket.


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PostPosted: 06 Mar 2012 10:52 
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BJP demands probe into the shortage of gas
Quote:
The Bharatiya Janata Party on Sunday demanded enquiry into the allocation of gas of KG Basin to power generating units in Andhra Pradesh.

In a letter to Petroleum and Natural Gas Minister S Jaipal Reddy, former minister Bandaru Dattatreyya said that the capacity of Well No D 6 of KG Basin, owned by Reliance, was 50 MMCM, but the actual production was not more than 30 MMCM. He alleged that the Reliance was deliberately cutting down the production to create artificial shortage.

Demanding detailed enquiry, Dattatreyya said that more than seven gas-based power projects owned by GVK, Spectrum, Lanco, Vemagiri, Gautami and Konaseema, came out in East Godavari district with a captive power of 2900 MW. "As there is a short supply of gas, the power projects could generate only 1300 MW of power," he said.

Dattatreyya said that the industrial and agriculture sectors were suffering due to shortage of power supply
. Therefore, he demanded that the reasons for shortage of gas should be probed. Further, he said that former Chief Minister late YS Rajasekhara Reddy announced a 1000 MW power plant at Sankarpally in Ranga Reddy district with a Gas Grid. Further, the government also promised to supply domestic gas directly to houses through pipeline.

The present government also promised to install gas-based power project of 2100 MW at Karimnagar. However, those projects could not be executed unless the gas is allotted for the same, he said. Therefore, he demanded that the sufficient gas be allocated for the proposed projects in the State.


wiki says http://en.wikipedia.org/wiki/Krishna_Godavari_Basin
Quote:
Krishna-Godavari Basin is a peri-cratonic passive margin basin in India. It is spread across more than 50,000 square kilometers[1] in the Krishna River and Godavari River basins in Andhra Pradesh. The site is known for the D-6 block where Reliance Industries discovered the biggest natural gas reserves in India in 2002


Reliance Industries is owned by Mukesh Ambani (Chairman & MD) http://en.wikipedia.org/wiki/Reliance_Industries

Mukesh Ambani is slave of CFR http://en.wikipedia.org/wiki/Mukesh_Ambani
Quote:
Mukesh Dhirubhai Ambani (born on 19 April 1957) is an Indian business magnate. He is the chairman and managing director of Indian conglomerate Reliance Industries. He is a member of the board of directors of Bank of America Corporation and a present member of the international advisory board of the Council on Foreign Relations


By creating a artifical gas shortage in AP, construction of gas fired power plants has stopped thereby reducing economic development and employment prospects for the people in the region. CFR slave is part of a secret economic war against India.

Govt should transfer extraction of gas from KG Basin to oil PSU and arrest mukesh ambani for being part of a foreign cabal which has launched war against Indian economic interests.


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PostPosted: 26 Mar 2012 07:43 
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GAIL’s 2200 km Dahej – Vijaipur – Dadr i- Bawana – Nangal – Bhatinda regasified LNG pipeline dedicated:

Quote:
Prime Minister Dr Manmohan Singh dedicated GAIL’s 2200 km Dahej-Vijaipur-Dadri-Bawana-Nangal-Bhatinda cross-country pipeline running through North West corridor of India here today at the inaugural ceremony of 7th Asian Gas Partnership Summit at Taj Palace, Delhi.

Speaking at the summit, Dr Manmohan Singh said that “The cross-country pipeline of GAIL stands testimony to India’s commitment to develop large infrastructure to support the growth of natural gas sector in the country.” On this occasion, Dr Singh expressed his satisfaction and dedicatedthe pipeline project to the Nation with the wishes that its extension would soon carry the gas from TAPI pipeline into the Indian hinterland.

The pipeline project with the overall investment of INR 13,000 crores covers 8 states namely Gujarat, Madhya Pradesh, Rajasthan, Uttar Pradesh, Haryana, Delhi (UT), Punjab and Uttarakhand. This pipeline will not only interconnect the existing network but also meet the demand-supply gap of natural gas in the Northern region of the country. Completed in a record 45 months, it traverses 399 water bodies, 25 national highway crossings and 35 railway crossings. This project will spur industrial development across 40 industrial hubs and has the potential to energize 3500 MW of power supply, 1.8 MMTPA of Urea productions and provide cities along the pipeline network with CNG/PNG/Natural gas for industrial and domestic applications. …………………..

Clicky


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PostPosted: 31 Mar 2012 03:15 
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http://online.wsj.com/article/SB1000142 ... lenews_wsj
ONGC, ConocoPhillips to Sign Exploration Pact
Quote:
NEW DELHI – India's state-run Oil & Natural Gas Corp. Friday will sign an initial agreement with ConocoPhillips on the exploration and development of shale-gas reserves and deep-water oil and gas blocks, two ONGC executives said.One of the executives said the partnership could result in ONGC offering equity stakes in some of its blocks in India to the U.S.-based ConocoPhillips. "It will be a broad memorandum of understanding, without any financial commitment at this stage. We want their technology for deep-water and shale-gas exploration and development." ConocoPhillips didn't immediately respond to an email seeking comment.
Indian exploration companies have sought partnerships with overseas oil and gas majors to gain access to technology that will help them increase output and expand their geographical footprints. he ONGC-ConocoPhillips agreement on shale gas mirrors recent developments in China, where Western energy majors have scrambled to enter pacts with local companies. On March 21, Royal Dutch Shell PLC and China National Petroleum Corp., China's largest energy producer, signed an agreement to develop shale-gas reserves in Sichuan province. The pact with ConocoPhillips comes as ONGC, India's flagship explorer, tries to arrest a fall in domestic production. ONGC accounted for 65% of crude oil production and 44% of natural gas output in India in the financial year through March 2011. ONGC's crude-oil output declined 6.3% over four years to 24.42 million tons, or 488,400 barrels a day, in the year ended March 31, 2011, from 26.05 million tons, in the year ended March 31, 2007.


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PostPosted: 01 Apr 2012 08:58 
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“HPCL-Mittal Energy Ltd (HMEL) has fully operationalised its 9 million tonne a year or 180,000 barrels a day Guru Gobind Singh Refinery (GGSR) at Phullokari, Bhatinda” :

HPCL-Mittal's Bhatinda refinery becomes fully operational


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PostPosted: 01 Apr 2012 09:14 
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The first of two other refinery capacity expansions that have go on stream over the past couple of days.

Essar Oil Ltd. completes the expansion of its Vadinar Refinery to a capacity of 18 mtpa / 375,000 bpd:

Essar Oil completes Vadinar expansion project


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PostPosted: 01 Apr 2012 09:15 
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The second of the two other refinery capacity expansions that have go on stream over the past couple of days.

“Mangalore Refinery and Petrochemical Ltd today (MRPL) said it has completed expansion of its refinery to 15 million tons, raising India's refining capacity to 216 million tons” :

MRPL ramps up refining capacity to 15 mn tons


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PostPosted: 01 Apr 2012 11:46 
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ONGC and ConocoPhillips MoU for Shale gas


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PostPosted: 11 Apr 2012 02:11 
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India and Qatar ink oil and gas pact amid Iran pressure
http://www.bbc.co.uk/news/business-17661345

Quote:
India and Qatar have signed a pact to increase cooperation in the field of oil and gas exploration.
The deal comes as India looks for more sources of oil and gas to meet its growing energy demands. India has also been facing pressure to reduce its imports of Iranian oil amid nuclear sanctions against Tehran.
Qatar has sixth-largest oil reserves in the Middle East and the world's third-largest natural gas reserves after Russia and Iran.India is heavily dependent on Iranian oil imports, but the US and its western partners have been targeting Tehran's oil exports to try to force it to abandon its nuclear programme.The US plans to implement a round of sanctions, starting on 28 June, on banks based in countries that do not cut their oil imports from Iran.Along with the oil and gas pact, Indian Prime Minister Manmohan Singh signed five other agreements with the Emir of Qatar, Sheikh Hamad bin Khalifa al-Thani, to boost trade and investment ties


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PostPosted: 17 Apr 2012 03:11 
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http://online.wsj.com/article/SB1000142 ... 25490.html
China Forecasts Soaring Shale-Gas Output

Quote:
By 2015, the report said, China is expected to have identified total exploitable gas reserves of 200 billion cubic meters and total proven reserves of 600 billion cubic meters, in addition to producing 6.5 billion cubic meters. By 2020, annual production is forecast to reach between 60 billion and 100 billion cubic meters, due to more intensive exploration in the 19 designated exploration areas, the plan said.The plan was drafted by the National Energy Administration and issued by the National Development Reform Commission. The targeted 2015 output of 6.5 billion cubic meters would boost China's overall natural-gas output by more than 6% from current levels, and by substituting for coal in power generation would reduce emissions of carbon dioxide by 14 million metric tons, sulfur dioxide by 115,000 tons and nitrogen oxides by 43,000 tons.China has an estimated 25.08 trillion cubic meters of potentially recoverable shale-gas reserves, domestic media reported this month, citing the Ministry of Land and Resources. The U.S. Energy Information Administration last year estimated those Chinese reserves at 1,275 trillion cubic feet (36.1 trillion cubic meters), which would be the largest repository of shale gas in the world.Domestic and foreign energy majors working in China hope to replicate the huge increase in shale-gas output seen in the U.S. over the past decade. U.S. companies pioneered the technique known as hydraulic fracturing, or "fracking," enabling them to extract previously inaccessible gas from rock formations.


( Ng prices in Asia will crumble soon)


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PostPosted: 17 Apr 2012 19:09 
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That China number is for GIP. Only a fraction will be viable to recover. Similar numbers for GIP abound in India as well.

Much of India is underlain by Shale as well. No proper estimate has been done yet. We should get our deep water gas first though. Kick out the PSU's squatting on undeveloped acreage and give others a chance to get at the gas that is there.

Shale makes me nervous over the damage to ground water systems. Most of India is completely dependent on good ground water.


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PostPosted: 18 Apr 2012 04:12 
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India mulls quadrupling strategic crude oil stockpile.

India is considering quadrupling the size of strategic crude oil stockpile it is building as insurance against supply disruption.

India is currently building 5.33 million tonnes of storages at Vishkhapatnam, Mangalore and Padur by 2013 and has now initiated studies to construct space to store an additional 12.5 million tonnes of strategic reserves, official sources said here.

Additional storage of 5 million tonnes was being considered at Padur in Karnataka and 2.5 million tonnes each at Chandikhol in Odisha, Rajkot in Gujarat and Bikaner in Rajasthan.

The 12.5 million tonnes of stockpile would be build would take at least 4-5 years to build.

Sources said the Strategic Crude Oil Reserves are meant to take care of oil security concerns of the country and could be released to meet contingencies arising out of supply disruptions and cushion abnormal increase in prices.

An inter-ministerial empowered committee chaired by Oil Secretary will decide on releasing emergency stocks, they said adding the panel would include secretaries to the department of expenditure Secretary, home, Planning Commission, defence, National Security Council and shipping.

Currently strategic storages under are being build in underground rock caverns but in the next phase salt cavern storage and underground concrete tank storages would also be considered.

Indian Strategic Petroleum Reserves Ltd, a subsidiary of Oil India Development Board (OIDB), is a special purpose vehicle that is building the strategic stockpile.

Sources said 1.33 million tonnes strategic storage under construction at Visakhapatnam will cost Rs 1,038 crore and would be completed by October this year.

The Rs 732 crore, 1.5 million tonnes Mangalore storage would be completed by December 2013 and the third storage at Padur which will have a capacity to stock 2.5 million tonnes of crude oil and cost Rs 993 crore, would be ready by April 2014.


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PostPosted: 18 Apr 2012 05:35 
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Iran's FARS News is saying that India has replaced China as top Client for its Oil. It will be good to buy Iranian oil to build our strategic reserves.


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PostPosted: 18 Apr 2012 08:55 
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If true, it looks like our Government will be handing over a loaded gun with a hair trigger to a psychopathic teenager , namely the Islamic Republic of Pakistan, who will promptly point the gun to our head:

TAPI pipeline: Pakistan, Afghanistan and India agree on transit fee


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PostPosted: 20 Apr 2012 11:43 
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Cairn India gets government nod to raise output
Quote:
The government has approved Cairn India's proposal to ramp up its Rajasthan block's output by another 25,000 barrels per day after its partner in the block, public sector ONGC, has endorsed raising production would not damage the reservoir and that the infrastructure is adequate to handle 16% jump is crude oil output.


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PostPosted: 22 Apr 2012 09:44 
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“India's oil refining capacity will rise by more than 43% to 310 million tonne a year by March 2017 from current 216 million tonne, Oil Secretary GC Chaturvedi said today”:

Oil refining capacity to rise 43% a year by March 2017


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PostPosted: 22 Apr 2012 22:40 
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Cairn India's Rajasthan block has record 7.3 billion-barrel oil reserve.

Cairn India's Rajasthan block is now estimated to hold a record 7.3 billion barrels of oil reserves that can produce 15 million tonnes of oil, the highest by any field in India, the company said.

The crown-jewel Rajasthan block is now estimated to hold discovered and yet to be discovered reserves of 7.3 billion barrels of oil equivalent, an increase of 12 per cent over previous estimate, the company said in its fourth quarter earnings announcement.

Of these, 3.1 billion barrels of reserves are yet to be discovered. Considering risk prospectivity, 530 million barrels have potential to be recovered.

Cairn India Managing Director and CEO Rahul Dhir said: "The ONGC-Cairn Joint Venture has reached a major milestone of achieving 175,000 barrels of oil per day production from Rajasthan" on April 20.

This production comprises of 150,000 bpd (7.5 million tonnes a year) from Mangala and 25,000 bpd from Bhagyam, the second biggest of 25 oil and gas finds in the Rajasthan block.

Production from Mangala, the largest onland oil field in India, was hiked by 20 per cent within a day of approval.

Cairn had on April 19 secured government approval for hiking Mangala output from 125,000 bpd to 150,000 bpd.

"Positive results of the enhanced oil recovery (EOR) pilot, re-evaluation of the exploration potential in Rajasthan along with the discovered resource support a basin production potential of 300,000 bpd," Cairn said.

Cairn is the operator of Rajasthan block with 70 per cent interest while state-owned Oil and Natural Gas Corp (ONGC) holds the remaining 30 per cent.

"We continue to add value and to contribute to our nation's energy security. Last year, we have reduced oil imports by $ 6 billion and have contributed $ 2.4 billion to the national exchequer," Dhir said.

Mangala field, the largest discovery in Rajasthan commenced production in August, 2009, following a period of five years from discovery to production. The field has consistently produced at its previously approved rate of 125,000 bpd for over one and a half years. Post higher offtake approval, production has been ramped up to 150,000 bpd.

Oil production from Bhagyam commenced on January 19, 2012 and is currently producing 25,000 bpd. Marginal oil field Raageshwari also commenced production on March 8, 2012 and is currently producing in excess of 250 bpd. The Saraswati field commenced production on May 27, 2011 and has produced over 75,000 barrels of oil till date.


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PostPosted: 23 Apr 2012 12:42 
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^^^In the article it mentions
Quote:
We continue to add value and to contribute to our nation's energy security. Last year, we have reduced oil imports by $ 6 billion and have contributed $ 2.4 billion to the national exchequer


Can the guru's pls explain what exactly cairn india ceo meant. $6 billion was saved by having lesser imports, but "contributed 2.4 billion to exchequer" means???


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PostPosted: 24 Apr 2012 11:33 
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India one step back in South China Sea
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The global arm of ONGC - ONGC Videsh Ltd (OVL) that has been carrying out exploration work in the deep-water offshore in the South China Sea -has written to the petroleum ministry, expressing its intent to relinquish the block.

Reason: repeated attempts to drill wells in this block failed due to the hard seabed in the area.

But as these blocks are of strategic importance and as exploration by OVL led to a face-off between India and China last year - reported first by HT - New Delhi does not want ONGC to stage a "sudden exit" from the block at this stage.
If ONGC moves out of Block 128, India may be seen as bowing to the pressures from Beijing that has been terming the exploration activities by India as 'illegal'," said a senior government official.

OVL has already moved out of another exploration block last year citing similar reasons.

The ministry said in a letter to the ministry of external affairs on April 10: "OVL's decision to initiate relinquishment process is based purely on techno-commercial considerations."

An ONGC official said, "This is not the end of India's presence in the South China Sea. OVL has an agreement with Vietnam's national oil company PetroVietnam to jointly explore for more oil and gas in the area."

OVL also has a 45% stake in an offshore block situated on the southern Vietnamese coast - which is not in the disputed waters - with BP and PetroVietnam as partners.

Some fields in this block have been producing gas since 2003 and OVL is developing more wells in this block to step up gas production.

New Delhi has been maintaining that the blocks that have been claimed by China in the South China Sea belonged to Vietnam and the Chinese claim has no "legal basis".
:
:


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PostPosted: 24 Apr 2012 21:53 
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India Mulls $10 Billion Strategic Energy Fund
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NEW DELHI—India's government is considering the formation of a strategic energy fund to help secure supplies of raw materials such as coal and crude oil to sustain the nation's economic expansion.Such a fund likely would begin with $10 billion and would be India's first attempt at a government-backed investment vehicle – a model that has been used for years by other emerging-market nations including China and Singapore. But the relatively small amount of initial capital also highlights the limitations that India faces in competing globally for assets with other, larger funds

http://online.wsj.com/article/SB1000142 ... 47568.html


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PostPosted: 25 Apr 2012 18:22 
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Happy to see ONGC helping DRDO in the successful launch of Agni-V like a squirrel helping Rama to build the bridge...
Quote:
Pitching In

ONGC can claim to have made some important contribution in the test flight of Agni V missile last week. The longest range missile to have ever been fired by India, Agni V was required to be tracked by five ships during its flight. Given that the missile had to make a 20-minute journey, the Navy, which is already stretched for resources, decided against diverting its facilities for so long. The government then roped in the ONGC which has several ships routinely operating in the Indian Ocean region. Four ships of the company were retrofitted with missile tracking equipment while the Navy provided the fifth ship.


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PostPosted: 27 Apr 2012 04:29 
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Arav wrote:
Iran's FARS News is saying that India has replaced China as top Client for its Oil. It will be good to buy Iranian oil to build our strategic reserves.


India importing 14 mt of oil from Iran, says Pranab

Quote:
India, the second-largest consumer of Iranian oil after China, said it was now importing 14 million tonnes of crude from Iran and has “substantially” reduced its imports from the country as the deadline to comply with Western sanctions against Tehran looms. “Where Iran is concerned, we are buying Iran oil,” finance minister Pranab Mukherjee told reporters on Sunday after a group of 20 finance minister meetings in Washington. “In terms of percentage it has been reduced substantially, because currently I think our imported oil is 1,60, 170 mt, so 14 million is out of that 170 million,” he said.


Time to ignore western sanctions and increase oil imports from Iran to build large strategic reserves.


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PostPosted: 02 May 2012 11:49 
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Gunjur wrote:
^^^In the article it mentions
Quote:
We continue to add value and to contribute to our nation's energy security. Last year, we have reduced oil imports by $ 6 billion and have contributed $ 2.4 billion to the national exchequer


Can the guru's pls explain what exactly cairn india ceo meant. $6 billion was saved by having lesser imports, but "contributed 2.4 billion to exchequer" means???


2.4 bn is the involuntary contribution to state and local governments - local taxes, ad valorem duty on crude (~Rs 4500 per tonne)


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PostPosted: 26 May 2012 12:50 
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US Helping India Find Alternative Sources Of Oil Supply

Quote:
In the face of a public outcry in India over rising oil prices due to Iran oil sanctions, the US said it was trying to help New Delhi find alternative sources of supply.

"We are working with countries around the world to encourage them to diversify supply away from Iranian crude," State Department spokesperson Victoria Nuland told reporters Wednesday when asked about the impact of Iran sanctions on India.

"This isn't just about India. It's about a whole list of countries who we are trying, in the first instance, to help find alternative sources of supply, to work through what their options might be," she said.

Nuland also welcomed the signing of an agreement for the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline as "a perfect example of energy diversification, energy integration, done right".


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PostPosted: 21 Jun 2012 15:09 
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http://www.rediff.com/business/report/r ... 120621.htm


Quote:
Reliance Industries' flagging KG-D6 gas block holds 80 per cent less reserves than previously estimated, the firm's junior partner Niko Resources of Canada [ Images ] said.

Proved plus probable reserves at Krishna Godavari basin D6 block has decreased to 1.93 Trillion cubic feet from about 9.65 Tcf previous estimate, Niko said in a statement.

Niko holds 10 per cent stake in KG-DWN-98/3 or KG-D6 block where RIL [ Get Quote ] is the operator with 60 per cent interest. The remaining 30 per cent is held by BP plc of UK.

In its 'Reserves and Contingent Resources Update', the Canadian oil and gas producer said total proved plus probable natural gas reserves in its various blocks have fallen almost 51 per cent to 377 billion cubic feet equivalent (bcfe) mainly due to lower reserves in KG-D6.

"The reason for the decline in reserves referred to above relates to the D6 block. Proved plus probable reserves at D6 as at March 31, 2012 have reduced to 193 bcfe," it said.

The 7,645 sq km KG-D6 Block has 19 oil and gas discoveries. Of these, production from the MA oil find began in September 2008 and from the Dhirubhai 1 and 3 gas discoveries in April 2009.

Natural gas output at KG-D6 fields has dipped to 31.33 million standard cubic meters per day this month after hitting a peak of 61.5 mmscmd in June 2010. RIL had in 2006 stated that output would rise to 80 mmscmd by 2012-13.

Niko said the field performance at the D1/D3 fields during 2011 demonstrated "higher than expected pressure draw-downs".

"An assessment of reservoir performance concluded that, contrary to the previous geological model, the current D1/D3 producing wells did not appear to be receiving any contribution from outside the main channel areas," it said.


Such a big difference ????


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PostPosted: 21 Jun 2012 15:40 
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May be that is why he is artificially hoarding it to stretch out?


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PostPosted: 22 Jun 2012 12:37 
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Refineries and the boon of over-capacity
Quote:
India's surplus capacity in oil refining is set to grow exponentially and become a major foreign exchange earner. Can it be sustained?

Quote:
The country currently has 22 refineries with a total capacity of 213 million tonnes. By 2017, the country will add another 97 million tonnes, taking total refining capacity to 310 million tonnes.

Quote:
Petroleum and oil products account for 19 per cent of the country’s $303 billion exports, up from 3.8 per cent a decade ago and India has been a net exporter for the past 10 years.

Quote:
“Petroleum products are the second-most exported product after engineering goods. But in the current fiscal alone, they may overtake engineering goods on account of rising exports and higher prices,” says Ajai Sahai, director general of the Federation of Indian Export Organisations.

Quote:
India is not alone in expanding capacity. China, too, has spotted the opportunity and is, in fact, well ahead in terms of capacity, though not exports. In 2011, China’s total refining capacity was 459.8 million tonnes, of which the domestic market accounted for over 90 per cent. By 2016, China is expected to add 122.4 million tonnes, according to a recent report by New York-based business intelligence firm GlobalData. In 2010, China exported 29.4 million tonnes petroleum products compared to India’s 57 million tonnes.


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PostPosted: 26 Jun 2012 20:39 
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India spent $160 billion for crude import in FY12.

India spent a staggering $ 160 billion to import crude oil in 2011-12, an amount equivalent to more than half of the country's total earnings from exports during the same period, a study has said.

"For the past five years, crude oil imports have been equivalent to about 40 per cent of the country's total exports. In 2011-12, the figure was at an astonishing high of over 53 per cent," Assocham President Rajkumar Dhoot said. India's exports crossed $ 300 billion in 2011-12, while imports stood at $ 485 billion.

The maximum imports were of crude oil -- about $ 160 billion, while gold and silver contributed to $ 60 billion in the last fiscal.
"This is a worrying aspect, since it implies that a major share of the country's foreign exchange earnings are spent on import of a single commodity," Dhoot said.The study said India's total import bill increased mainly due to high crude oil prices and huge demand for gold and silver during the last fiscal.However, the chamber said that with crude prices falling in the international market, the equation is expected to change in the current financial year.

"Every fall in the crude oil prices is a good news for the Indian economy and for the government's fiscal situation," Dhoot said. Further, the study said, widening trade deficit and rising current account deficit (CAD) are among the main challenges faced by the economy.Consequently, the trade deficit is estimated to have widened to $ 185 billion in 2011-12 from $ 104.4 billion in the previous fiscal.

The CAD stood at about 4 per cent of the country's Gross Domestic Product (GDP) in the last fiscal.


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PostPosted: 28 Jun 2012 14:55 
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http://www.thehindubusinessline.com/com ... 577448.ece

Production of a certain offshore field reaches 500 million barrels. Good news, but what's not clear is whether this is the total cumulative production since the field was discovered, or is some kind of annual or decade statistic. If it is the total, it would be nice to know the 'life' of the deposit, how many more years it can go on producing.


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PostPosted: 28 Jun 2012 15:01 
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And how much did we spend in importing Gold in FY12?


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PostPosted: 28 Jun 2012 15:04 
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Quote:
India spent a staggering $ 160 billion to import crude oil in 2011-12, an amount equivalent to more than half of the country's total earnings from exports during the same period, a study has said.

The figure should be netted out for exports or it is misleading. We export a large amount of refined products (also again the single largest export item) . No denying the fact that India's fuel bills have increased. But a large part of the total crude import is a pass thru to exports.


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