Oil & Natural Gas: News & Discussion - VI

Kanu
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Postby Kanu » 14 Nov 2004 05:25

Dont know quite what to make of it. There is a lot of conspiracy based stuff on that website. Can be dangerous to read it, sort of stuff that really sucks you in, but who knows if any of it is true or not!?!?!

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Postby Calvin » 14 Nov 2004 20:33

The Russian theory that deep oil is inexhaustible is one that has made the rounds. It insists that oil has no biological basis - which is somewhat at variance with the porphyrins and other bio-signatures we find in the oil. However, there may be something to it.

Of somewhat recent origin is the notion that 1/3 of the biomass on earth lives 15,000 ft+ under the surface of the earth - these bacteria generate methane that is consumed by other bacteria. If this theory is true, then there may be a biological basis to the essential implication of deep oil - which is that it is inexhaustible.

Again, one should not hang-up our hats and go to sleep upon hearing this news. The oil is only inexhaustible if our consumption of the oil does not exceed earth's production of it - which doesn't appear to be the case at the preent time. Nevertheless, what it does do is push the end of oil out to around 2100AD. This gives us even more time to develop a suitable alternative energy source.

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Postby Rupak » 15 Nov 2004 14:01

Hi Matt
Could you please drop me a line at rupak AT Br.com
thanks
R

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Postby Calvin » 15 Nov 2004 17:49

Rupak, I just did. Please let me know if you have gotten it. If not, chances are I didnt use the right address.

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Postby SaiK » 15 Nov 2004 23:02

http://hindustantimes.com/news/181_1106039,0002.htm

whiile talking about china's $70 billion deal with iran, india's deal is not evaluated. ?

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Postby Guha » 16 Nov 2004 19:47

Reliance and Niko strike more gas in D-6 block (off shore Andhra) and NEC-25 (offshore orissa)

http://timesofindia.indiatimes.com/arti ... 924046.cms
---------------
D-6 block:

The M-1 discovery was announed earlier (Aug 2004) so no new news there. What is new is well H-1 (no details provided, is it a new reservoir or delineating an old one?) and well G-1 being drilled in a new prospect.

New gas find in NEC-25 but no details again.

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Postby JTull » 17 Nov 2004 00:48


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Postby SSridhar » 17 Nov 2004 17:02

TSP will get only USD 70 ~ 80 Million as transit fees

Iftikhar Rashid, the spokesman and additional secretary of the ministry of petroleum, confirmed that Pakistan would get $70 million to $80 million as transit fee. This has been estimated based on transit fees of the other oil or gas pipelines laid in other parts of the world. He said $500 million to $600 million as transit fee is “an exaggerated and fabricated figure and India would never accept this huge amount under the head of transit fee for Pakistan.” He refused to say whether India had agreed on the figure of $70 million. He said the consortium, which is yet to be set up to run the mega project would, decide the exact transit fee for Pakistan, which he expects to range between $70 million and $80 million. He said consortium would also consider the views of Iran and India since they would be the ultimate users of the gas from the pipeline.

He also said the consortium would decide on the transit fee keeping in view the length and diameter of the pipeline and the volume of gas which the pipeline would take from Iran to India. He said if Pakistan uses the gas from the pipeline for its own consumption, then the transit royalty would further reduce.


and, more importantly...

Mr Rashid said the Indian authorities wanted to link the safety of the gas pipeline and the smooth supply of gas with the import of high speed diesel from India but Pakistan has turned down this condition. He said Pakistan would extend international guarantees for the safety and smooth supply of gas to India.

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Postby Vasu » 17 Nov 2004 22:13

Gail planning Rs 2,366 cr pipeline grid

Gail India Ltd has chalked out gas pipeline projects worth Rs 2,366 crore under a programme which envisages creation of infrastructure for linking gas sources to gas markets.

The pipeline projects are being implemented as part of a larger programme, which the company has termed as ‘arterial energy flow programme’.

According to Gail chairman and managing director Proshanto Banerjee, the new job for transporting profit gas will give a further thrust to the programme.

The 450-km Dahej-Uran pipeline with an estimated investment of Rs 1,800 crore is expected to be ready in 21 months. The company has tied up offtake for about 6 million standard cubic metre per day (mmscmd) of gas. The 30 inch diameter pipeline will supply 12 mmscmd gas to consumers in south Gujarat, Tombay, Thal and Salav.

Another project which is coming up is the 139-km Thulendi-Phulpur pipeline at a cost of Rs 22 crore. It is an 18 inch diameter pipeline and is designed to carry 2.8 mmscmd gas to Iffco’s Phulpur plant.

The 191-km pipeline to supply gas to Chambal Fertiliser and other industries in and around Kota is being laid from Vijaipur at a cost of Rs 300 crore. It will carry 3.47 mmscmd of gas.

Among the regional pipelines is the 48-km Narimanam-Kuthalam interconnection in the Kaveri Basin which is being implemented to supply gas to independent power producers at a cost of Rs 46 crore.

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Postby Manu » 18 Nov 2004 04:34

http://www.indiadaily.com/editorial/11-17a-04.asp

Oil War - China and India competing head to head for the rights to explore for oil and gas all over the world
Balaji Reddy, Special Correspondent
November 17, 2004

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Postby SSridhar » 19 Nov 2004 15:50


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Postby SSridhar » 20 Nov 2004 10:54

Aiyar hopes to 'revive' Iran-TSP-India gas pipeline

Even so, the sources said the Foreign Office and the security establishment were not showing the same enthusiasm for the project as the Petroleum Ministry in view of the security issues involved in using Pakistan as a transit corridor.

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Postby Neshant » 21 Nov 2004 21:23

Any Indian companies making a bid?

---

Auction set for Yukos's main unit

http://www.bday.co.za/bday/content/dire ... -0,00.html

No restrictions on foreigners participating in the auction have been set.

The state is selling Yukos's crown jewel in order to cover the back taxes that it says the oil giant owes the government. Yukos's current tax bill stands at some 18.4 billion dollars.

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Postby SaiK » 21 Nov 2004 21:39

regarding iran-tsp-india pipeline, the strategic interests and infrastructure planning should along side of the pipeline planning. large oil reserves must be built in india that is fed direct from the pipeline for all contingency. perhaps a 6 month project specific contingency should be planned. in case of a war, and pak blows up the pipes, lets say, the war takes 2 months. india goes and fixes the pipeline later, 1 month, and return back to normal status couple of months.

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Postby Calvin » 21 Nov 2004 21:47

Are there underground Salt Domes available for NG storage in the Western part of India? What other storage mechanisms are viable (i.e., not subject to attack).

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Postby Gerard » 23 Nov 2004 03:52


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Postby SaiK » 24 Nov 2004 06:28

India-Pak: what's in the pipeline?
AROONIM BHUYAN

ECONOMICTIMES.COM[ WEDNESDAY, NOVEMBER 24, 2004 01:31:18 AM]
Pakistan Prime Minister Shaukat Aziz arrived in New Delhi on Tuesday on a two-day visit to the country. A very important feature of this visit will be the meeting between Aziz and Union Petroleum Minister Mani Shankar Aiyar on Wednesday.

One of the important issues to be discussed will be the proposed Iran-India gas pipeline via Pakistan. According to reports, India is likely to ask Pakistan to confer upon it the most favoured nation (MFN) status and allow use of its territory as transit for bringing gas and oil from central Asia as part of a wider economic cooperation package.

How did the Iran-Pakistan-India pipeline idea come about?

Originally, the idea of an Iran-Pakistan gas pipeline project was conceived in 1993. It was only later that it was proposed to be extended to India.

Negotiations on the Iran-India 2,775-kilometre pipeline began in 1994, but no headway was made for a long time because of tensions between Pakistan and India.

In early 2003, Iran's Deputy Foreign Minister for Economic Affairs Mohammad Hossein Adeli came to India as a special envoy of Iranian President Mohammed Khatami.

During that visit, Adeli made a very tempting offer to India. Iran offered to supply India 2.5 million tons of LNG per annum at half the international prices and that too payable after delivery.

There have been quite a few rounds of negotiations on this issue after Adeli’s offer.

What is the latest on the India-Iran negotiations on the issue of gas supply?

India is likely to seal a LNG-for-oilfield deal with Iran this week wherein New Delhi will buy five million tonnes of liquefied natural gas from Iran in exchange of Tehran offering it a stake in an oil field.

Petroleum Secretary SC Tripathi is leading a delegation to Tehran on Monday, November 23, to negotiate the price of LNG.

According to a PTI report, Iran has offered to sell five million tonnes per annum of LNG at $2.57 per million British thermal unit (mBtu) but New Delhi is not willing to pay anything more than $2.40 per mBtu.

To get India to buy LNG, Iran has agreed to give ONGC Videsh, on nomination basis a 20 per cent stake in Yadevaran oilfield, which is said to have a potential to produce 300,000 barrels per day, after an operator, most likely a Chinese firm, is selected through international bidding.

The PTI report quoted sources as saying that India will insist on getting LNG at a price lower than $2.53 per mBtu which New Delhi is currently paying Qatar for importing similar quantities of LNG.

The $2.40 per mBtu would translate into a delivered price of $3.30 per mBtu, a price considered attractive enough for power and fertiliser customers who have till date not bought any of the LNG being imported from Qatar.

Sources said OVL was to compete with multinational giants like Total and Petronas of Malaysia for getting 51 per cent stake in Yadevaran oilfield, recently renamed from Kush-Hossainieh, but Iran said it would give OVL 20 per cent stake from National Iranian Oil Company's (NIOC) 49 per cent stake after the bidding round concludes.

Iran had earlier offered to sell LNG to India from its South Pars field at $2.22 per mBtu, an offer New Delhi rejected outright as Tehran had offered lean gas (natural gas stripped of value-added products like ethane-propane C2/C3 and LPG).

It wanted rich gas to extract C2/C3 and LPG and was willing to pay no more than $1.72 per mBtu for the lean gas. It scaled up the price to $1.85 per mBtu later.

Under the new deal, Gail and Indian Oil would buy up to five million tonnes a year of LNG from the National Iranian Gas Exporting Co under a 20-year contract beginning 2008-09.

India would receive deliveries at Petronet LNG's Dahej terminal in Gujarat, which would be expanded to handle 10 million tonnes per annum by that time for the purpose.

According to the sources mentioned in the report, the offer price would remain fixed for first five years from the date of beginning of supplies, after which the price would be renegotiated.

While Indian state-run firms would also invest in the liquification facility to be put up at South Pars gas fields, Iranian oil companies may also take up stake in LNG import and regasification terminal in India.

In the Yadevaran oilfield, OVL will get a fixed rate of return on the capital along with the majority operator, to be selected through international tender.

What are the costs involved in such a pipeline?

The cost of laying this pipeline is expected to be around $4.2 billion.

The proposed 2,775-km long pipeline will link the South Pars gasfields in Iran with markets in Pakistan and India. It is proposed to be built across Baluchistan and Sind, before entering Indian territory in Rajasthan to connect to the HBJ pipeline.

BHP Billiton of Australia has already done a feasibility study of the pipeline. It has been estimated that the 1,115-km line from the Assaluyah (Sout Pars) oilfield to the Pakistani border would require an investment of $ 1.9 billion.

The 770-km stretch in Pakistan will cost $1.2 biillion.

An additional $ 1.1billion would be needed for laying a 900-km pipeline from Indo-Pak border to the HBJ line. This apart, there is also the issue of transit fee, which will have to be paid to Pakistan.

Why is India concerned about the pipeline passing though Pakistan?

Of the 2,775-km pipeline, 770 km will pass through Pakistan.

Give India’s tense relations with Pakistan there is very reason to fear that the pipeline will be target for saboteurs in that country.

India will become heavily dependant on the pipeline and in case it is sabotaged, India will suffer heavily in times of emergency.

There is also the fear of Pakistan switching off supplies in case tensions rise between the two countries, which have already seen four wars being fought.

Are there no alternatives to this?

If India does not bring the gas over land via Pakistan, it will have the options of deep water and shallow water routes.

The deep-water pipeline option would mean going beyond 220 nautical miles into the sea, beyond Pakistan. The cost for such a six or seven times that of the land route, which is already quite expensive at $4.2 billion. Also, there is the question

The shallow water option too cannot be taken up because the pipeline will have to come via Pakistan’s territorial waters (12 nautical miles into the sea). The problem then will be the same as that of the overland route’s.

On its part, Iran, in order to allay India’s security concerns, has suggested that the pipeline be owned and operated by an international consortium of bankers and oil companies, which would buy the oil from Iran and sell it to India. Such a deal would ensure that India would not need to deal directly with Pakistan, and remove Pakistan's motivations to disrupt supplies.

Another suggestion from the Iran side is that spigots (or taps) on the pipeline be based only in Iran and India. In such a scenario, Pakistan would not be able to turn off the supply without actually blowing it up or destroying a section. In case it does so, it will only end up hurting its own supplies.

How will Pakistan gain if it allows the pipeline to pass through its territory?

Pakistan is expected to get $600-800 million annually in transit fee alone from India from the proposed pipeline.

India has also offered that it could meet the entire diesel requirements of Pakistan by laying a pipeline from Jalandhar (in Punjab) to Lahore. In turn, Pakistan could help in laying the gas pipeline from Iran to Gujarat.

Pakistan currently imports 4.5 million tons of diesel every year from Kuwait and other Middle Eastern countries. Pakistan has said that it may review its ban on imports of diesel from India to try to reduce its dependence on Middle Eastern supplies.

Indian Oil Corporation, which has pipelines running close to the Pakistan border, has already submitted a proposal to export surplus diesel to Pakistan.

Does India’s energy needs warrant such a pipeline?

Of course. India, because of its booming economy, is emerging as one of the largest consumers of oil and gas. Accroding to Goldman Sachs, India’s oil consumption will double in 10 years.

As of now, India imports 75 per cent of its crude oil needs for $25 million. The figure is expected to jump to 85 per cent.

According to the Economic Survey, the increase in volume coupled with firm international oil prices led to a 15 per cent jump in India's oil import bill in 2003-04.

Crude oil and petroleum product import bill grew to Rs 93,159 crore in 2003-04 over Rs 85,042 crore in the previous year as the refiners resorted to heavy exports of refined petroleum products.

India exported 14 million tonnes of petroleum products for Rs 16,101 crore in 2003-04 as compared to 10.28 million tonnes exported the previous year for Rs 10,868 crore.

The net oil import bill (import minus exports) was Rs 77,058 crore in 2003-04 as against Rs 74,174 crore (Rs 741.74 billion) in the last year.

India is faced with rising demand, lower than normal fuel inventories and rising concerns about the security of Middle East supplies.

Hence, the supply of Iranian gas through the pipeline in Pakistan will help significantly in reducing India’s oil import bill, saving millions of dollars. According to current estimates, India will save around $300 million annually in energy transport costs alone when this pipeline becomes a reality.

ET

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Postby SSridhar » 24 Nov 2004 12:45


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Postby putnanja » 25 Nov 2004 00:52


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Postby putnanja » 25 Nov 2004 02:00

The politics of gas: treading the fine line

...
The LNG is expected to come at an FOB price of about $2.57 per mmbtu, (India is making all efforts to freeze the deal at $ 240 per mmbtu). Spot prices rule at $4-5 per mmbtu. Add to this, the shipping cost which is estimated to be around 0.26 per mmbtu and a gasification cost of 0.37 per mmbtu. All told, LNG from Iran could be supplied at a cost of $3.10 per mmbtu.

Compare this to the gas brought in through pipeline. It is estimated by energy analysts that gas could be procured at a basic price between $0.6 and $1 per mmbtu. The pipeline cost up to the Indian border is estimated to cost around $1.2 per mmbtu.

This would work out a price of around $2.2 per mmbtu. However, this does not take into account the transit fee that India will have to fork out to Pakistan for using the transit corridor. It is estimated that a $700m transit fee will translate to around $1 per mmbtu.

The gas through the pipeline would thus work out to be in the region of $3.2 per mmbtu, only a shade cheaper than LNG. An independent study by ADB has, however, suggested that the transit fees should be restricted to a maximum of $100m per year.

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Postby SSridhar » 25 Nov 2004 09:23

Shaukat Aziz's fudging

At a breakfast interaction with Indian editors, Mr. Aziz said he was convinced the pipeline was in India's interest too and that there was no need for Pakistan to grant reverse-transit rights for Indian products to Afghanistan in exchange. "India's economy is growing, you are going to need hydrocarbons... and you need many diverse sources and routes for this energy. Not everything should come through Kandla :-? or the traditional ports."


"let me tell you, we are going ahead anyway. It has nothing to do with whether India uses this route or doesn't, because it makes economic sense for Pakistan."
Go ahead, Mr. Prime Minister. Let's see if you can afford it

Mr. Aziz said that if Pakistan and India built the pipeline together, "we create mutual dependencies and linkages... if diplomacy has to succeed, these linkages have to be created."
But, what mutual dependencies and linkages you are talking about, Mr. Prime Minister ? On the one hand you do not want to open trade routes to Afghanistan and CAR countries from India thro' TSP and you do not even want to buy diesel (where is the Diesel mullah ?) from India and on the other you are talking about mutual linkages ?

"Trade is not permanent, trade can be switched off or on any time... but once you have a pipeline with international investors — today the financial world has got very sophisticated, there are some excellent techniques for risk mitigation which can protect ourselves and India against the traditional risks which may occur to people who are looking at this issue."
Ahh...now you reveal your mind. So, trade can be switched on-and-off, eh ? So, what stops you from doing the same with the gas in spite of those "excellent and sophisticated" techniques ? What traditional risks ? Are you saying, Mr. Prime Minister that blowing-up gas pipelines and jihadi terrorism are traditional risks in your country ?

Mr. Aziz said people should not think the pipeline "is a real slam-dunk, or a real big advantage for Pakistan and not for India, or that we are doing this because we see some royalty or transit fees."
No, Mr. Prime Minister. We know why you are so keen on this and not anything else at all. No, no.. it is certainly not for royalty or transit fees.

Asked about India's demand for reverse transit rights to Afghanistan and Iran, Mr. Aziz was non-committal. "Eventually, we can look at transit also," he said. "We do allow inbound transit from Afghanistan to India... But reverse traffic is not allowed.

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Postby Neshant » 25 Nov 2004 13:27

> open trade routes to Afghanistan and CAR countries from India

this is a good thing to ask in return for the on-land pipeline.

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Postby Manne » 25 Nov 2004 13:45

The question is - even if TSP opens trade route for Indian goodies to Afghanistan and CAR countries, will there be a ray of hope in the pipeline for India?

I had mentioned international guarantees in one of my debates with Peregrine. I will move one steps forwards and say that the guarantees should be tied in with a wide safety margin should someone decide to go ahead with the pipeline. Throw in a fat fat security deposit for added measure. TSP wants to play ball, let's sqeeze theirs. Make them "testi-fy" and see how they wail. :evil:

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Postby SSridhar » 25 Nov 2004 14:15

Frankly, I do not believe any reciprocal arrangement with TSP would provide the kind of guarantee that would be iron-clad for a project like the gas-pipeline which will roughly tie-up a fourth of our gas needs. TSP-India conflict is unlike any other conflict as it is not territorial. It is not even linked to water and physical securities. It is a burning desire of one country to destroy a much larger and stronger neighbour at any cost to itself. We have not seen a fundamental shift in TSP's policy as far as India goes. Even the so-called moderates in that country wish the same end-result for India, may be more "moderately", but otherwise there is no distinction.

We may play any ballgame with TSP provided we keep this simple truth in mind.

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Postby pintoo_kumar » 25 Nov 2004 21:06

forget about pipeline. we cannot even reach agreement with iran on price for the gas.

http://sify.com/finance/fullstory.php?id=13618109
http://www.hindustantimes.com/news/181_1122018,0002.htm

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Postby SSridhar » 26 Nov 2004 20:37

ADB keen to pick up stake in GAIL's multi-city project
GAIL India's Rs 11,000 crore piped gas project has evinced interest from Asian Development Bank (ADB). The bank made a presentation to GAIL expressing its desire to pick up equity in the project which is currently being implemented in 22 cities across India. The 22 new cities are spread across Uttar Pradesh, Madhya Pradesh, Bihar, Rajasthan, Gujarat, Andhra Pradesh, Tripura, Karnataka, Maharashtra and Tamil Nadu. Some of the major cities include Ahmedabad, Hyderabad, Rajkot, Allahabad, Gwalior, Indore, Jodhpur, Patna, Chennai, Agartala, Mathura and Bangalore.

OVL to boost gas output in its Vietnam field
ONGC Videsh plans to boost gas production from its Vietnam offshore gas field by 30 % to 3.15 bn cm (305 cfpd) by 2005.Raha said OVL will also soon begin work on the $ 1 bn contract for revamp and upgradation of a petroleum oil refinery at Port of Sudan in Sudan

OVL will increase supplies to Vietnam power plants
BP-OVL currently supplies gas from the basin to four gas-based power plants, with a total power generation capacity of 2,550 MW.
OVL has a 45 % stake in the Lan Tay and Lan Do fields in Block 6-1, which hold an estimated total reserves of about 58 bn cm (2.05 tcf).

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Postby Neshant » 26 Nov 2004 22:59

India`s ONGC Videsh to invest more in Russian oil field

New Delhi, Nov 26, IRNA -- Indian Government Thursday approved an
additional investment of $1.07 billion by ONGC Videsh Limited (OVL) in
the giant Sakhalin-I oil and gas field in Russia.
According to the Hindu, a New Delhi-based English daily, this will
be over and above the $1.7 billion already cleared for investment in
this major offshore oil project.
The other partners of OVL in Sakhalin-I include the oil major,
ExxonMobil, the Russian national companies, Rosneft and SMNG-S, and a
consortium of Japanese companies, Sodeco. The decision to approve the
higher investment was taken here Wednesday at a meeting of the Cabinet
Committee on Economic Affairs (CCEA).
Briefing newspersons after the meeting, Indian Finance Minister,
P. Chidambaram, said OVL now had a 20 per cent stake in the Sakhalin-I
project. The additional amount of $1.07 billion would include about
$503 million towards `carry loan` to Russian parties in the production
sharing agreement (PSA).
The CCEA has also directed OVL to take all necessary steps to
ensure that all costs including the increased estimates now approved
are cost recoverable under the PSA.
"The additional investment in the project will help in acquiring
equity oil abroad and will help in increasing oil security for the
country," an official release says. OVL, the overseas subsidiary of
the Oil and Natural Gas Corporation (ONGC), will raise the additional
money from its own resources.
OVL acquired 20 per cent participating interest in the Sakhalin-I
project from two subsidiaries of the Russian government oil companies,
Rosneft-SMNG-S and Rosneft-S in July 2001. ExxonMobil has 30 per cent
equity stake in the project, while Rosneft and SMNG-S have 20 per cent
sake and Sodeco holds 30 per cent. ExxonMobil is the project operator.
Natural gas production from Sakhalin-I is expected to begin from
the third quarter of 2005 while crude oil production from the offshore
fields will commence from January 2006.
Indian Cabinet referred other pending decisions in the hydro
carbons sector to two separate Groups of Ministers. The long waited
move to set up a Petroleum Regulatory Board as well as the issue of
raising natural gas prices have been referred to GOMs, according to
official sources.
2160/1423

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IPI Pipeline

Postby SSridhar » 27 Nov 2004 12:06

No gas line without MFN Status, India

In an interview shown by the CNBC, External Affairs Minister Natwar Singh said: “This is one element which is coming in the way of the gas pipeline.”

Pakistan on the other hand, is linking the MFN status to the resolution of the Kashmir dispute. Natwar Singh hoped that he would be able to persuade Pakistan “because if this is the conditionality, then you cannot move forward.” When asked if it would be a “full stop” if this was the conditionality, he said “On this issue, yes.”

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Postby Gerard » 18 Dec 2004 07:01


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Postby Kakkaji » 18 Dec 2004 23:39

Gail to infuse Rs 2366 cr in Haldia grid 8)

http://www.telegraphindia.com/1041218/a ... 144019.asp

Since Reliance Industries plans to transport gas from the eastern offshore Krishna-Godavari basin to power plants in Gujarat and its proposed power plant at Dadri near Delhi, the east is expected to be short of gas supplies. Gail, therefore, sees a lot of scope for sale of imported LNG in the region.

The pipeline major also plans to increase its gas imports at the Dahej terminal in Gujarat from 5 million tonnes to 7.5 million tonnes and eventually to 10 million tonnes.
Additional gas is also expected from the western offshore Panna-Mukta and Tapti gas fields.

Fertiliser and steel units in the east using liquid fuel are expected to switch to gas, which is cheaper. New units would also come up once there is adequate gas supply. Gail has also roped in Shell to help it turn coal at the pit heads of Eastern Coalfields and Central Coalfields into gas.

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Postby Katare » 20 Dec 2004 07:42

Govt's going to get Rs 7K corer without directly loosing any of it's hold on oil companies. Back door privatization - a way to deal with looser leftists :D

IOC may sell ONGC stake on Wall Street

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Postby Kakkaji » 20 Dec 2004 08:59

Centre scans ONGC sea hunt

http://www.telegraphindia.com/1041220/a ... 150783.asp

New Delhi, Dec. 19: Worried over the lack of success in ONGC’s high-cost offshore oil hunt, the petroleum ministry has appointed a three-member committee to make an independent assessment of the oil major’s operations.

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Postby Katare » 05 Jan 2005 05:59

Slick Moves: Dragon fire scorches domestic oil companies

I thought we won the Angola deal....too bad :evil:

SSridhar
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Postby SSridhar » 05 Jan 2005 09:41

NELP-V opens

The Central Government today offered 20 oil and gas blocks for exploration and production in order to boost domestic crude oil production by 50 per cent to 50 million tonnes in the coming 15 years.

Six deep-sea blocks, two shallow water and 12 on-land blocks involving an investment of $1 billion have been offered to public and private sector firms as part of the fifth round of New Exploration Licensing Policy (NELP), the Union Petroleum Minister, Mani Shankar Aiyar, announced at a press conference.

The Government, unlike the previous four rounds when 90 blocks were awarded, is expecting this time big multinationals to turn up by May 31, largely inspired by the over 14 trillion cubic feet of gas reserves struck by Reliance Industries in the Bay of Bengal and Cairn Energy of the U.K. making a significant oil discovery in Barmer district of Rajasthan.

Apart from the 20 blocks, the Oil and Natural Gas Corporation will also offer stakes in five deep-sea blocks, three in Krishna Godavari basin, one in Kerala Konkan offshore and one in Gujarat Kutch offshore, during the road-shows being organised to promote NELP blocks.

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Postby SSridhar » 06 Jan 2005 04:45

Meanwhile, Turkmenistan tries to revive TAP

Meanwhile in Ashgabat, the Turkmenistan president said the recent thaw in relations between Pakistan and India had improved the prospects of a trans-Afghan gas pipeline. “There will be a meeting of the steering committee of the TAP (Turkmenistan-Afghanistan-Pakistan) pipeline in February in Islamabad,” said President Niyazov.

He said TAP remained a priority for Turkmenistan, NCA reported. “The Asian Development Bank is cooperating actively in the project,” Niyazov said. He said Turkmenistan had the capacity to export 75 billion cubic metres of clean natural gas annually at 9C.

Sohum
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Postby Sohum » 06 Jan 2005 04:52



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