Oil & Natural Gas: News & Discussion

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Theo_Fidel

Re: Oil & Natural Gas: News & Discussion

Postby Theo_Fidel » 27 Feb 2012 21:39

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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Re: Oil & Natural Gas: News & Discussion

Postby Vipul » 27 Feb 2012 23:02

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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Re: Oil & Natural Gas: News & Discussion

Postby Prem » 28 Feb 2012 00:05

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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Re: Oil & Natural Gas: News & Discussion

Postby Prem » 28 Feb 2012 05:53

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
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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Re: Oil & Natural Gas: News & Discussion

Postby Nikhil T » 05 Mar 2012 03:46

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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Re: Oil & Natural Gas: News & Discussion

Postby member_21708 » 06 Mar 2012 10:52

BJP demands probe into the shortage of gas
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
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
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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Re: Oil & Natural Gas: News & Discussion

Postby arun » 26 Mar 2012 07:43

GAIL’s 2200 km Dahej – Vijaipur – Dadr i- Bawana – Nangal – Bhatinda regasified LNG pipeline dedicated:

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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Re: Oil & Natural Gas: News & Discussion

Postby Prem » 31 Mar 2012 03:15

http://online.wsj.com/article/SB1000142 ... lenews_wsj
ONGC, ConocoPhillips to Sign Exploration Pact
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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Re: Oil & Natural Gas: News & Discussion

Postby arun » 01 Apr 2012 08:58

“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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Re: Oil & Natural Gas: News & Discussion

Postby arun » 01 Apr 2012 09:14

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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Re: Oil & Natural Gas: News & Discussion

Postby arun » 01 Apr 2012 09:15

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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Re: Oil & Natural Gas: News & Discussion

Postby chackojoseph » 01 Apr 2012 11:46


Prem
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Re: Oil & Natural Gas: News & Discussion

Postby Prem » 11 Apr 2012 02:11

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

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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Re: Oil & Natural Gas: News & Discussion

Postby Prem » 17 Apr 2012 03:11

http://online.wsj.com/article/SB1000142 ... 25490.html
China Forecasts Soaring Shale-Gas Output

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)

Theo_Fidel

Re: Oil & Natural Gas: News & Discussion

Postby Theo_Fidel » 17 Apr 2012 19:09

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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Re: Oil & Natural Gas: News & Discussion

Postby Vipul » 18 Apr 2012 04:12

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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Re: Oil & Natural Gas: News & Discussion

Postby Arav » 18 Apr 2012 05:35

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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Re: Oil & Natural Gas: News & Discussion

Postby arun » 18 Apr 2012 08:55

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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Re: Oil & Natural Gas: News & Discussion

Postby gunjur » 20 Apr 2012 11:43

Cairn India gets government nod to raise output
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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Re: Oil & Natural Gas: News & Discussion

Postby arun » 22 Apr 2012 09:44

“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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Re: Oil & Natural Gas: News & Discussion

Postby Vipul » 22 Apr 2012 22:40

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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Re: Oil & Natural Gas: News & Discussion

Postby gunjur » 23 Apr 2012 12:42

^^^In the article it mentions
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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Re: Oil & Natural Gas: News & Discussion

Postby VinodTK » 24 Apr 2012 11:33

India one step back in South China Sea
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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Re: Oil & Natural Gas: News & Discussion

Postby Prem » 24 Apr 2012 21:53

India Mulls $10 Billion Strategic Energy Fund
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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Re: Oil & Natural Gas: News & Discussion

Postby dinakar » 25 Apr 2012 18:22

Happy to see ONGC helping DRDO in the successful launch of Agni-V like a squirrel helping Rama to build the bridge...
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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Re: Oil & Natural Gas: News & Discussion

Postby Arav » 27 Apr 2012 04:29

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

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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Re: Oil & Natural Gas: News & Discussion

Postby Nikhil T » 02 May 2012 11:49

Gunjur wrote:^^^In the article it mentions
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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Re: Oil & Natural Gas: News & Discussion

Postby Austin » 26 May 2012 12:50

US Helping India Find Alternative Sources Of Oil Supply

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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Re: Oil & Natural Gas: News & Discussion

Postby krishnan » 21 Jun 2012 15:09

http://www.rediff.com/business/report/r ... 120621.htm


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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Re: Oil & Natural Gas: News & Discussion

Postby AbhiJ » 21 Jun 2012 15:40

May be that is why he is artificially hoarding it to stretch out?

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Re: Oil & Natural Gas: News & Discussion

Postby gunjur » 22 Jun 2012 12:37

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

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.

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.

“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.

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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Re: Oil & Natural Gas: News & Discussion

Postby Vipul » 26 Jun 2012 20:39

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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Re: Oil & Natural Gas: News & Discussion

Postby Varoon Shekhar » 28 Jun 2012 14:55

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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Re: Oil & Natural Gas: News & Discussion

Postby Aditya_V » 28 Jun 2012 15:01

And how much did we spend in importing Gold in FY12?

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Re: Oil & Natural Gas: News & Discussion

Postby vina » 28 Jun 2012 15:04

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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Re: Oil & Natural Gas: News & Discussion

Postby vishvak » 28 Jun 2012 15:18

The question here could be (power shortage affects India’s current account deficit
What stops India from importing more coal over more crude, because
Indeed, a look at the March quarter sales of Cummins India Ltd, a genset maker, shows that volumes in the south almost equalled the combined numbers of the north and the west.
..
Back of the envelope calculations show that a dollar of the typical grade of coal Indian companies import yields four times as much energy as a dollar’s worth of crude oil.
..
But the infrastructure index shows growth in coal production was -0.20% in 2010-11, and 1.2% in 2011-12.

So while crude oil imports jumped nearly 40%, coal imports grew just by 1.2%, in spite of 4 times of price yield for the same bucks. So the people have to manage now what the Govt. managed, while collecting more taxes for energy generation.

So why are Indians supporting high crude prices overseas while stagnating own power plant infrastructure with reduced coal supply.

Is this called politics to actively ignore inefficiencies and mismanagement in energy sector? Anyone can throw some light?

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Re: Oil & Natural Gas: News & Discussion

Postby AbhiJ » 25 Jul 2012 21:34

Oil in Bihar?

The Oil And Natural Gas Commission (ONGC), after doing oil exploration of the area, is likely to start drilling operation in the first week of August at Narkali under Kochadhaman block in Kishanganj

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Re: Oil & Natural Gas: News & Discussion

Postby Kakkaji » 30 Jul 2012 02:06

Tripura to emerge as the biggest on-land gas producer: ONGC

Agartala: Tripura will emerge as the biggest on-land natural gas producing state in the country by 2014 with the capacity of producing 50 lakh cubic meter natural gas (5 MMSCMD) per day, a top official of ONGC said.

"Now 18 lakh cubic meter gas (1.83 MMSCMD) is produced daily from the operational wells in Tripura. We have fixed a target of producing 50 lakh cubic meter natural gas (5 MMSCMD) per day by 2014," ONGC Executive Director, Tripura Asset, K Satyanarayana said.

the rig transportation and rig building time have been significantly reduced from 25 days to 15 days.

The 726 MW gas based thermal power project at Palatana in Gomati district would start producing power this year. It was set up by ONGC Tripura Power Corporation (OTPC) and 2.6 MMSCMD gas per day would be supplied to the project, Satyanarayana said.

Four north eastern states - Assam, Mizoram, Meghalaya and Manipur - will buy power from the power plant and the Northeast Power Trading Company has already started erecting transmission line from Palatana to Bongaigaon in Assam, ONGC officials said.

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Re: Oil & Natural Gas: News & Discussion

Postby Vipul » 12 Aug 2012 00:02

ONGC makes huge oil discovery off West coast.

ONGC today said it has made a huge oil discovery off the West coast that will help the state-owned firm raise its sagging oil output.

The new discovery was made in the currently producing D1 oilfield. The find "will catapult D1 to become the third largest field in western offshore after prolific Mumbai High and Heera", Oil and Natural Gas Corp said in a statement.

D1, which is currently producing 12,500 barrels per day (bpd), had an approved peak output of 36,000 bpd. With the new discovery, the peak output would jump to 60,000 bpd or three million tonnes a year.

"Earlier, the D1 was known to have initial oil in-place (or inplace reserves) to the order of 600 million barrels (82.20 million tonnes of oil equivalent). After the discovery of the new pool, its total in-place reserves are expected to be in excess of one billion barrels," it said.

D1, primarily an oil producing field, is situated about 200 km west of Mumbai city in Deep Continental Shelf at a water depth of 85 to 90 metres.

The first well in D1-4 block was drilled in the year 1976. The low gas-to-oil-ratio (GOR) and the then understanding of reservoir led to slow pace of exploration and appraisal of the field.

"As a result, the first development scheme for the D1 field was confined only to the D1-4 block in which a total 12 wells were drilled in two phases. After completion of Phase-II, the field achieved a peak oil production of 17,500 barrels per day in the year 2009. Currently, D1 is producing on an average of 12,500 bpd," it added.

In the next phase of development, ONGC is implementing an integrated development plan for the entire D1 field. This would raise the output to 36,000 bpd by February, 2013.

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Re: Oil & Natural Gas: News & Discussion

Postby Prem » 26 Sep 2012 03:00

Indian state-owned firms bid for Conoco Canada oil assets
http://news.yahoo.com/indian-firms-bid- ... ector.html

NEW DELHI (Reuters) - A trio of state-controlled Indian oil companies on Monday said it has bid $5 billion for stakes in Canadian oil sands assets owned by ConocoPhillips , in what could be the next major test of Canada's appetite for foreign investment in its energy resources.A completed deal by a group that includes producers Oil and Natural Gas Corp and Oil India Ltd , along with refiner and retailer Indian Oil Corp , would be the first in Canada for Indian energy companies after years of strong public expressions of interest in the Alberta oil sands."We have bid along with Oil India and Indian Oil Corp," a source at ONGC Videsh, the overseas investment arm of ONGC, told reporters on Monday. A source at Oil India said the bid was submitted at the end of July.India is the world's fourth-largest oil importer, buying nearly 80 percent of its needs from abroad. With demand and refining capacity rising, the government has told state firms to secure energy assets overseas to help power the expanding economy.In January, ConocoPhillips put stakes in six Alberta properties on the auction block. They produce 12,000 barrels of oil a day from an estimated 30 billion barrels of bitumen.India's bid comes as Canada undergoes an extensive study of its capacity for investment by foreign state-owned enterprises in the tar sands, the world's third-largest crude source, following a $15.1 billion bid for Calgary-based Nexen Inc by CNOOC Ltd <0883.HK>, the Chinese state-owned oil company.
The Conservative government of Prime Minister Stephen Harper has promised to release a framework for future deals when it announces its decision on the Nexen takeover later this year.India's federal auditor last month flayed ONGC, the country's top oil company, for its tardy pace of exploration and lax efforts in development. Its output has been almost stagnant for years.ONGC Videsh announced a shift in policy last year, when its then-managing director, Jomen Thomas, said his firm would seek to buy assets in politically less risky regions such as North America to cut its risk and boost output.It aims to invest $20 billion to help increase its output seven-fold by 2030.


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