Oil & Natural Gas: News & Discussion

The Technology & Economic Forum is a venue to discuss issues pertaining to Technological and Economic developments in India. We request members to kindly stay within the mandate of this forum and keep their exchanges of views, on a civilised level, however vehemently any disagreement may be felt. All feedback regarding forum usage may be sent to the moderators using the Feedback Form or by clicking the Report Post Icon in any objectionable post for proper action. Please note that the views expressed by the Members and Moderators on these discussion boards are that of the individuals only and do not reflect the official policy or view of the Bharat-Rakshak.com Website. Copyright Violation is strictly prohibited and may result in revocation of your posting rights - please read the FAQ for full details. Users must also abide by the Forum Guidelines at all times.
Prem
BRF Oldie
Posts: 21161
Joined: 01 Jul 1999 11:31
Location: Weighing and Waiting 8T Yconomy

Re: Oil & Natural Gas: News & Discussion

Postby Prem » 22 Jan 2015 06:32

http://www.bbc.com/news/business-30913321
BP boss Bob Dudley: Oil prices 'low for up to 3 years'

he boss of oil giant BP's boss Bob Dudley has said that oil prices could remain low for up to three years.He added that could send UK petrol prices below £1 per litre.He told BBC Business editor Kamal Ahmed in Davos BP was planning for low oil prices for years to come.That is expected to lead to job losses and falling investment in the North Sea oil industry and elsewhere, curbing supply and eventually forcing the price back up.Italian oil group Eni has said the next spike could be around $200 a barrel.Eni's chief executive, Claudio Descalzi, said the oil industry would cut capital spending by 10-13% this year because of slumping prices.He said that would create longer-term shortages and sharp price rises in four to five years' time, if the Opec cartel fails to cut supplies.Mr Descalzi was speaking at the World Economic Forum in the Swiss resort of Davos.

chanakyaa
BRFite
Posts: 1376
Joined: 18 Sep 2009 00:09
Location: Hiding in Karakoram

Re: Oil & Natural Gas: News & Discussion

Postby chanakyaa » 02 Feb 2015 08:03

Image
(Source: ZH)

arun
BRF Oldie
Posts: 10248
Joined: 28 Nov 2002 12:31

Re: Oil & Natural Gas: News & Discussion

Postby arun » 02 Feb 2015 21:34

5.03 Million Tonnes of underground crude oil storage capacity coming on line starting at Visakhapatnam (1.33 mt) next month, followed by Mangalore (1.5 mt) and Padur (2.5 mt) in the next eight months:

India to commission 5-mt underground oil storages by October

Austin
BRF Oldie
Posts: 23387
Joined: 23 Jul 2000 11:31

Re: Oil & Natural Gas: News & Discussion

Postby Austin » 08 Feb 2015 15:28

Turkey Gets More Russian Gas After Pipeline Plans Revised

Russia's energy giant Gazprom and the Turkish government have determined key reference points for the construction of the new natural gas pipeline's route, as well as technical solutions for the pipeline's route through the country, Gazprom has announced.

"During the pipeline's engineering process, growing demand for natural gas in the Istanbul area will be noted. As a result, the amount of natural gas supplied to Turkey's border with Greece has been adjusted to 47 billion cubic meters," the statement said.

It was previously believed that the pipeline, which will run on the bottom of the Black Sea, would supply a total of 63 billion cubic meters, with 13 billion going to Turkey and the rest going to the hub on the Greek border, where it would be available to European consumers.

On Saturday, Gazprom's Deputy Chairman Alexei Miller and Turkey's Minister of Energy and Natural Resources Taner Yildiz discussed the project's implementation and conducted a helicopter survey of the pipeline's land route in Turkey.

As a result, the pipeline's landing point in Turkey was determined, as well as the distribution point for Turkish customers and the point at which the pipeline will enter Greece. The entire pipeline through Turkey will be 180 kilometers long.

The pipeline's completion is projected for December 2016, and it is expected that in the near future, permits will be granted for the survey and design of the Turkish undersea section of the pipeline.

Read more: http://sputniknews.com/business/2015020 ... z3R9JAK5N6


Theo_Fidel

Re: Oil & Natural Gas: News & Discussion

Postby Theo_Fidel » 11 Feb 2015 23:04

Meanwhile the Oil ministry egged on by the PSU's continues its attacks on Reliance....

http://www.livemint.com/Industry/LmxCuy ... finds.html
Reliance Industries Ltd (RIL) has issued an arbitration notice challenging the oil ministry’s decision to take away 814 sq km of its eastern offshore KG-D6 area that contained five gas discoveries. Under norms of giving up non-discovery area, RIL had in 2013 offered to give up 5,385 sq km of a total 7,645 sq km area in the Krishna Godavari basin KG-D6 block. But the ministry on 30 October 2013 ordered 6,198.88 sq km of total area to be taken away as the time allocated for producing from these had expired. RIL on 14 January challenged this order stating the 814 sq km of additional area that the ministry had taken away contained five gas discoveries holding close to 1 trillion cubic feet of reserves.

panduranghari
BRF Oldie
Posts: 3778
Joined: 11 Aug 2016 06:14

Re: Oil & Natural Gas: News & Discussion

Postby panduranghari » 14 Feb 2015 17:39

Image

Image

hanumadu
BRF Oldie
Posts: 4720
Joined: 11 Nov 2002 12:31

Re: Oil & Natural Gas: News & Discussion

Postby hanumadu » 14 Feb 2015 17:49

Theo_Fidel wrote:Meanwhile the Oil ministry egged on by the PSU's continues its attacks on Reliance....

http://www.livemint.com/Industry/LmxCuy ... finds.html
Reliance Industries Ltd (RIL) has issued an arbitration notice challenging the oil ministry’s decision to take away 814 sq km of its eastern offshore KG-D6 area that contained five gas discoveries. Under norms of giving up non-discovery area, RIL had in 2013 offered to give up 5,385 sq km of a total 7,645 sq km area in the Krishna Godavari basin KG-D6 block. But the ministry on 30 October 2013 ordered 6,198.88 sq km of total area to be taken away as the time allocated for producing from these had expired. RIL on 14 January challenged this order stating the 814 sq km of additional area that the ministry had taken away contained five gas discoveries holding close to 1 trillion cubic feet of reserves.


The issue started in the UPA regime only.

Shankk
BRFite
Posts: 242
Joined: 30 Jan 2006 14:16

Re: Oil & Natural Gas: News & Discussion

Postby Shankk » 15 Feb 2015 23:17

Petrol, diesel price hiked after crude regains over $10 a barrel

Petrol price was on Sunday hiked by 82 paisa per litre and diesel by 61 paisa, reversing the declining trend of last six months. Petrol and diesel price hike, which is effective from midnight tonight, is the first increase since August 2014 and follows firming of oil prices in the international market.


Cumulatively, petrol had been cut by Rs 17.11 per litre in ten reductions since August and diesel by Rs 12.96 a litre since its deregulation in October. The reduction would have been bigger but for four consecutive excise duty hikes since November totalling Rs 7.75 a litre on petrol and Rs 7.50 on diesel.


“There has been a steep increase in international prices of both petrol and diesel and the Rupee-USD exchange rate has also depreciated slightly since the last price revision. The combined impact of both these factors warrants increase in Retail Selling Prices of both Petrol and Diesel,” said Indian Oil Corp, the nation’s largest fuel retailer. “The movement of prices in international oil market and INR-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes,” the IOC statement said.

uddu
BRFite
Posts: 1868
Joined: 15 Aug 2004 17:09

Re: Oil & Natural Gas: News & Discussion

Postby uddu » 04 Mar 2015 09:28

US running out of room to store oil; price collapse next?
http://news.yahoo.com/us-running-room-s ... nance.html

For the past seven weeks, the United States has been producing and importing an average of 1 million more barrels of oil every day than it is consuming. That extra crude is flowing into storage tanks, especially at the country's main trading hub in Cushing, Oklahoma, pushing U.S. supplies to their highest point in at least 80 years, the Energy Department reported last week.

If this keeps up, storage tanks could approach their operational limits, known in the industry as "tank tops," by mid-April and send the price of crude — and probably gasoline, too — plummeting.

The new oil being produced is light, sweet crude, which is a type many U.S. refineries are not designed to process. Oil companies can't just get rid of it by sending it abroad, because crude exports are restricted by federal law.

U.S. oil giants want Congress to lift export ban on crude

Read more here: http://www.sanluisobispo.com/2015/03/03 ... rylink=cpy

WASHINGTON — As the number of U.S. drilling rigs plummets by a third and thousands in the industry face layoffs, oil companies are focusing on an effort to convince Congress to lift the longstanding ban on crude oil exports.

“We shouldn’t put domestic producers at a competitive disadvantage by limiting the available markets,” Ryan Lance, CEO of Texas-based ConocoPhillips, told the U.S. Chamber of Commerce on Tuesday.

Scott Sheffield, CEO of Pioneer Natural Resources, also based in Texas, was making the same push Tuesday in front of the House Subcommittee on Energy and Power, arguing the industry’s struggles with low oil prices are worsened because companies aren’t allowed to ship American crude oil to foreign nations

“Why would any policymaker want to risk jeopardizing the current consumer benefits we are experiencing and institute a policy that would benefit only a narrow sector of the economy?” asked Graeme Burnett, board chairman of Monroe Energy, Delta’s refining subsidiary.

The oil export ban was put in place in the wake of the 1970s Arab oil embargo, ostensibly to protect Americans from gasoline shortages and price spikes. But oil companies and energy economists argue it’s outdated in an era of enormous U.S. oil and natural gas production.

Hope the U.S lifts the ban. It gives the world alternatives to Gulf oil.

panduranghari
BRF Oldie
Posts: 3778
Joined: 11 Aug 2016 06:14

Re: Oil & Natural Gas: News & Discussion

Postby panduranghari » 04 Mar 2015 16:25

crude carnage continues as saudi storage limits reached


"What happens to a barrel of crude oil if no one wants it and no one can even store it?" asked Walter Zimmerman, chief technical strategist for United-ICAP. "How do you even value that crude?"

If the current paper economy does destroy "the business of oil" then, this currency system will destroy itself.


How low can oil prices go?

I asked Lynch if this meant oil markets might be in for a replay of the price collapse that occurred in the 1980s. He replied that he thought so. In inflation-adjusted dollars, the price of oil reached its peak annual average of $106 per barrel in 1980 and then collapsed to an annual average of $30.80 per barrel in 1986.

At $40 per barrel today, the price of oil would, in inflation-adjusted dollars, just about equal the annual average price of $17 per barrel in 1998. Interestingly, in an interview with the Middle East Economic Survey, Saudi Arabia's oil minister, Ali al-Naimi, said OPEC's output would still not be cut. "Whether it goes down to $20, $40, $50, $60, it is irrelevant," he declared.

chanakyaa
BRFite
Posts: 1376
Joined: 18 Sep 2009 00:09
Location: Hiding in Karakoram

Re: Oil & Natural Gas: News & Discussion

Postby chanakyaa » 07 Mar 2015 05:29

Here is a classic example of how countries attempting to follow wyestern economic/financial model blindly, fail to understand a game that is phareign to them; thus end up losing it at the end (i.e. squander national wealth at fire sale prices). Welkome to Brasil!!

Petrobras under heavy debt, when oil was near 100 borrowed lots of thollars; and now they need thollars when the part of the debt nears maturity; thus selling assets at oil near 50.

Petrobras to sell $13.7 billion in assets in 2015 and 2016

vishvak
BR Mainsite Crew
Posts: 5836
Joined: 12 Aug 2011 21:19

Re: Oil & Natural Gas: News & Discussion

Postby vishvak » 07 Mar 2015 22:29


panduranghari
BRF Oldie
Posts: 3778
Joined: 11 Aug 2016 06:14

Re: Oil & Natural Gas: News & Discussion

Postby panduranghari » 07 Mar 2015 23:37

udaym wrote:Here is a classic example of how countries attempting to follow wyestern economic/financial model blindly, fail to understand a game that is phareign to them; thus end up losing it at the end (i.e. squander national wealth at fire sale prices). Welkome to Brasil!!

Petrobras under heavy debt, when oil was near 100 borrowed lots of thollars; and now they need thollars when the part of the debt nears maturity; thus selling assets at oil near 50.

Petrobras to sell $13.7 billion in assets in 2015 and 2016


Remarkable. When I read about developing economies and fire sales of 'assets', my natural reaction like a light bulb being switched on in - vulture funds.

And I was correct.

link

Aurelius Capital Management, one of the main plaintiffs against Argentina in New York District Judge Thomas Griesa’s courtroom, has denied being part in a lawsuit filed against Brazilian state-owned oil company Petrobras, in response to accusations by Argentina’s Economy Minister Axel Kicillof.

“The lawsuit has been filed by the City of Providence (Rhode Island, US). Aurelius has nothing to do with it,” the president of Aurelius Mark Brodsky said in a statement.

Kicillof has referred to the lawsuit as a proof of the fund’s “simultaneous attack” against Argentina and Brazil, in an attempt to destabilize the region, in “a war without weapons with well-defined policy objectives."

Aurelius, the economy minister said, is trying to “accelerate” the bonds, forcing Petrobras to pay capital plus interests in advance to bondholders, forcing the company into default, a conflict which he sees as structurally similar to what Argentina is going through.

Brodsky said that the lawsuit filed in the US “is an extension of a criminal probe opened by the Brazilian government” and accused Kicillof of “doing no favours to Brazil and Petrobras by likening Petrobras’ difficulties with those of Argentina.” He pointed out that “unlike Argentina, Petrobras continues to honour its debts and does not flagrantly violate the orders of an US Court.”

panduranghari
BRF Oldie
Posts: 3778
Joined: 11 Aug 2016 06:14

Re: Oil & Natural Gas: News & Discussion

Postby panduranghari » 07 Mar 2015 23:40

vishvak wrote:Drilling industry see less rigs operational
As crude tumbles, oil drillers seek to temporarily idle more rigs


If I were Saudi Arabia or China, I would buy up all these rig manufacturers. So can Bharat, if it puts its mind to it. OIL is too precious to linger sub 50 for long. Even buying an OIL ETF will make money when the prices creep up, eventually.

a_bharat
BRFite
Posts: 658
Joined: 07 Aug 2009 09:54

Re: Oil & Natural Gas: News & Discussion

Postby a_bharat » 08 Mar 2015 08:43

A few million barrels per day of excess supply can take the crude oil price from 100+ to 40-. So, the question is how long will it take for electric and/or fuel-cell cars to grow in numbers to make this excess supply inescapable for the oil industry? 10 years, 20 years, 30 years? I think and hope that in less than 20 years this will happen in sync with improvements in battery technology and further reduction in costs associated with renewable energy.

sivab
BRFite
Posts: 969
Joined: 22 Feb 2006 07:56

Re: Oil & Natural Gas: News & Discussion

Postby sivab » 10 Mar 2015 05:03

http://pib.nic.in/newsite/PrintRelease. ... lid=116618

New Gas Pipe lines Sanctioned: 14674 Kilometres
Existing pipeline:11900 Kilometres

Prem
BRF Oldie
Posts: 21161
Joined: 01 Jul 1999 11:31
Location: Weighing and Waiting 8T Yconomy

Re: Oil & Natural Gas: News & Discussion

Postby Prem » 21 Mar 2015 05:16

If Iranian oil returns to market, price of crude would drop another $10 a
barrel: Experts

http://economictimes.indiatimes.com/art ... aign=cppst
World powers have offered to suspend US and European restrictions on Iranian oil exports, but only if the Islamic Republic accepts strict limits on its nuclear programme for at least a decade, according to American and European officials. The offer to begin lifting some sanctions within months of a deal comes amid the effort in Lausanne, Switzerland. Iran exports 1 million to 1.1 million barrels of crude per day, down from 2.5 million a day before strict US and European Union sanctions went into effect in mid-2012. Iranian officials have said they want to add 1 million barrels a day in a few months to the world market if the sanctions are suspended. Analysts said Iran could reach its pre-sanctions export levels, perhaps within a year of .of signing a deal, though exceeding that level quickly would be harder because of infrastructure issues. Negotiating teams from six powers—the US, UK, France, Germany, China and Russia—are working toward a self-imposed March 31 goal to reach the framework of a nuclear agreement with Iran. Significant gaps remain, from the duration of the deal and the pace of sanctions relief to open access for inspectors and limits on research and development, according to a Europeon official .

kish
BRFite
Posts: 960
Joined: 07 Jun 2010 23:53

Re: Oil & Natural Gas: News & Discussion

Postby kish » 28 Mar 2015 18:34

This is a great leap for 'Indian Strategic Petroleum Reserves Limited' from just 1.33 million tones in 2011[REF1] to 5.33 million tonnes. And they are planning to hike it up to 13.32 mt by 2020 [REF2]. :D

Prime Minister inaugurates Urja Sangam 2015 - India’s Global Hydrocarbon Summit
Later, speaking at a Ministerial Session on ‘Framing Energy Security – Sustainability & Responsible Energy Investments, Smt. Nirmala Sitharaman said that India currently has 99 trillion cubic feet of shale gas reserves and 800 MMT of oil reserves, and that it has the potential to produce 20 million CUM of gas by 2020. She also added that India has created storage space for strategic oil reserves of 5.33 million tonnes at three locations. She also stressed on the fact that solar power needs lot of innovative interventions. At the valedictory session, Shri Arun Jaitley said that the focus should be on oil and gas exploration to reduce oil import. He also added that the government is also trying to explore long term financing mechanism for infrastructure projects.


Good news is, they are already making budgetary arrangements to fill up the strategic reserves.
Petroleum ministry asks for money to fill strategic oil reserve


**References**
[REF1]
ndia aims to build its first strategic oil reserve facility with a capacity of 1.33 million tonnes at Visakhapatnam by October 2011, said Rajan K. Pillai, chief executive officer of Indian Strategic Petroleum Reserve Ltd (ISPRL).

Read more at: http://www.moneycontrol.com/news/busine ... ef_article


[REF2]
The government had earlier estimated that to create reserves to provide a cover of 90 days on net oil imports, the country would require storage of 13.32 mt by 2020, in addition to the crude oil and product storages with oil companies. To further increase the strategic storage capacity, ISPRL has conducted a detailed study for construction of 12.5 mt storage in the second phase at four locations — Padur, Bikaner in Rajasthan, Rajkot in Gujarat and Chandikhol in Odisha.

hanumadu
BRF Oldie
Posts: 4720
Joined: 11 Nov 2002 12:31

Re: Oil & Natural Gas: News & Discussion

Postby hanumadu » 29 Mar 2015 03:18

^^^
Looks like the Vishakapatnam facility was not opened in 2011 as stated above.

http://www.isprlindia.com/aboutus-2.asp

The Cavern Acceptance Test (CAT) for the 0.3 MMT compartment at Visakhapatnam was commenced on 25th September 2014, and the commissioning of the projects is expected to be completed before February 2015. The CAT for the Padur project was commenced on 4th Sep 2014 and testing of one compartment has been successfully completed. CAT of the remaining three compartments is expected to be completed soon. The CAT of the Mangalore is expected to be commenced after the water is filled in the water curtains over the next few months.


The NDA govt. started the project and finished it. Looks like little was done during the UPA regime in the interregnum if at all.

Check out the photo gallery in the above link.

A_Gupta
BRF Oldie
Posts: 11638
Joined: 23 Oct 2001 11:31
Contact:

Re: Oil & Natural Gas: News & Discussion

Postby A_Gupta » 30 Mar 2015 20:13

http://in.reuters.com/article/2015/03/3 ... N220150330
India has bought the first oil for its strategic petroleum reserve (SPR), trade sources said on Monday, marking the start of a round of purchases by the world's fourth-biggest oil consumer to build up emergency stockpiles.

Oil prices have almost halved in the past year due to excess global production, leaving traders looking for any signs of new demand to help absorb the surplus.

The sources said state-refiner Indian Oil Corp (IOC.NS) bought a 2 million barrel cargo of Iraqi crude from Chinese trader Unipec, which will load in May for shipping to the first stage of India's SPR on the country's east coast.

Jayram
BRFite
Posts: 321
Joined: 14 Jan 2003 12:31

Re: Oil & Natural Gas: News & Discussion

Postby Jayram » 30 Mar 2015 21:30

from above
China's strategic stocks were estimated in January at more than 30 days' worth of crude imports. It plans to eventually build reserves of around 600 million barrels, or about 90 days of import cover.

India's SPR should cover approximately 13 days of imports when it is completed by the end of this year.


Is that true? 14 days seems rather on the low side.
Sanjay

Aditya_V
BRF Oldie
Posts: 12134
Joined: 05 Apr 2006 16:25

Re: Oil & Natural Gas: News & Discussion

Postby Aditya_V » 31 Mar 2015 12:47

Jayram wrote:from above
China's strategic stocks were estimated in January at more than 30 days' worth of crude imports. It plans to eventually build reserves of around 600 million barrels, or about 90 days of import cover.

India's SPR should cover approximately 13 days of imports when it is completed by the end of this year.


Is that true? 14 days seems rather on the low side.
Sanjay


Not really 13 days of entire countries stock is pretty HUge. It takes time to build these a few year. Problem is for 10 years in between 10 years nothing moved, a former UPA Oil Minister itself admitted that a Foreign Oil lobby had powerful influence.

arshyam
BRF Oldie
Posts: 3821
Joined: 11 Aug 2016 06:14

Re: Oil & Natural Gas: News & Discussion

Postby arshyam » 31 Mar 2015 19:18

Jayram wrote:from above
China's strategic stocks were estimated in January at more than 30 days' worth of crude imports. It plans to eventually build reserves of around 600 million barrels, or about 90 days of import cover.

India's SPR should cover approximately 13 days of imports when it is completed by the end of this year.


Is that true? 14 days seems rather on the low side.
Sanjay

That's only phase 1, sir. Please see the ToI link posted by arun-ji below: the second phase, for which locations have been identified, will store another ~13MT of crude, which will bring it to a total of 90 days' supply.

arun wrote:5.03 Million Tonnes of underground crude oil storage capacity coming on line starting at Visakhapatnam (1.33 mt) next month, followed by Mangalore (1.5 mt) and Padur (2.5 mt) in the next eight months:

India to commission 5-mt underground oil storages by October

Varoon Shekhar
BRFite
Posts: 1988
Joined: 03 Jan 2010 23:26

Re: Oil & Natural Gas: News & Discussion

Postby Varoon Shekhar » 01 Apr 2015 23:13

Sounds very good! By ONGC, which is rarely mentioned when a new technology is developed.

http://www.thehindubusinessline.com/com ... 058138.ece

Oil and Natural Gas Corp (ONGC) today said it has received US Patent on hydrogen generation process, opening up new vista for generating the clean energy source from water on co...


uddu
BRFite
Posts: 1868
Joined: 15 Aug 2004 17:09

Re: Oil & Natural Gas: News & Discussion

Postby uddu » 18 Apr 2015 11:05

India to cut down 10% crude oil import by 2022, says Dharmendra Pradhan
http://indianexpress.com/article/india/ ... a-pradhan/

“Right now we import about 77 per cent of our crude oil requirement. It is a matter of shame that we are importing such a huge quantity of crude oil even after 68 years of Independence. By the time Independence completes 75 years, we want to bring this down to 66 per cent, for which we will of course have to step up our domestic output,” Pradhan said.

Suraj
Forum Moderator
Posts: 13466
Joined: 20 Jan 2002 12:31

Re: Oil & Natural Gas: News & Discussion

Postby Suraj » 18 Apr 2015 22:29

Reliance to restart all fuel pump outlets by March 2016
Reliance Industries Ltd plans to restart its entire 1,400 retail fuel pump outlets in fiscal year ending March 2016, a report on the company website shows.

The stations were closed in 2008 when global oil prices urged towards $150 a barrel and the government's subsidy to state fuel retailers knocked privately-owned retailers out of the market.

Over 320 fuel outlets have already been restarted, a presentation on the website showed.

Reliance took a significant share away from the state companies in 2006.

The top three state refiners, Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp, between them sell nearly all of petrol and diesel consumed annually in India.

pankajs
BRF Oldie
Posts: 14147
Joined: 13 Aug 2009 20:56

Re: Oil & Natural Gas: News & Discussion

Postby pankajs » 22 Apr 2015 19:36

http://www.newindianexpress.com/states/ ... 702082.ece
Mission Launched to Spot Gas Hydrates off East Coast
VISAKHAPATNAM: In a quest that could answer all the concerns over India’s energy security for the next century, the Geological Survey of India (GSI) in collaboration with National Institute of Oceanography (NIO) has launched an exploration to locate traces of gas hydrate reserves off the East Coast, particularly in the Krishna-Godavari offshore basin.
...............
About 20 scientists from the GSI branches in Mangalore, Kochi and Visakhapatnam along with the scientists from the Goa headquarters of the NIO, are participating in the study. In the seismic survey, it is proposed to cover an area of 19,000 sq km in the Cauvery-Mannar offshore basin, and another 6,100 sq km in the Krishna-Godavari offshore basin.
...............
According to the scientists at National Geophysical Research Institute (NGRI), methane within the gas hydrates is estimated to be more than 1,500 times of the present natural gas reserves available in the country. Though it is too early, the scientists are of the view that the utilization of even 10 per cent from this natural reserve is sufficient to meet the country’s energy requirement for about a century.

Prem
BRF Oldie
Posts: 21161
Joined: 01 Jul 1999 11:31
Location: Weighing and Waiting 8T Yconomy

Re: Oil & Natural Gas: News & Discussion

Postby Prem » 22 Apr 2015 21:32

pankajs wrote:...............
About 20 scientists from the GSI branches in Mangalore, Kochi and Visakhapatnam along with the scientists from the Goa headquarters of the NIO, are participating in the study. In the seismic survey, it is proposed to cover an area of 19,000 sq km in the Cauvery-Mannar offshore basin, and another 6,100 sq km in the Krishna-Godavari offshore basin.ing to the scientists at National Geophysical Research Institute (NGRI), methane within the gas hydrates is estimated to be more than 1,500 times of the present natural gas reserves available in the country. Though it is too early, the scientists are of the view that the utilization of even 10 per cent from this natural reserve is sufficient to meet the country’s energy requirement for about a century.


Finally , after 13 years ,first step is taken.Successful exploitation of Gas hydrates ( Now Japan and russia has the tech) will be the game changer for India and defining factor, mother of all 21st century geopolitical maneuvering.


panduranghari
BRF Oldie
Posts: 3778
Joined: 11 Aug 2016 06:14

Re: Oil & Natural Gas: News & Discussion

Postby panduranghari » 05 May 2015 01:37



Instead of success and prosperity, producers of diamonds, gold, oil, and other commodities—many in the least developed parts of Africa and Asia—often remain mired in poverty and plagued by economic mismanagement, political authoritarianism, foreign exploitation, and violent conflict. The condition is captured in the phrase "the resource curse."coauthors Hendrix and Noland review recent developments as poor countries struggle to avoid the resource curse but fall too often into that trap. They call for support for international efforts to encourage greater transparency and improved management of natural resource wealth and for new partnerships between the West and the developing world to confront the curse.


At 33 mins they talk about how NGO's are essential to further the cause of western INterests through an EITI initiative. My understanding is organisations like Green piss are active in all EITI non compliant or non member countries.

Look at this map for the EITI stuff. Internet is like a rabbit hole of the Alice in wonderland.

https://eiti.org/countries

panduranghari
BRF Oldie
Posts: 3778
Joined: 11 Aug 2016 06:14

Re: Oil & Natural Gas: News & Discussion

Postby panduranghari » 11 May 2015 12:06



Highly watchable video from energy independence perspective of India and the global perspective.

panduranghari
BRF Oldie
Posts: 3778
Joined: 11 Aug 2016 06:14

Re: Oil & Natural Gas: News & Discussion

Postby panduranghari » 17 May 2015 00:09

Why? Well, let’s look at the huge drop in drilling rigs in the Bakken. This data comes from the North Dakota Department of Mineral Resources (DMR) republished on the PeakOilBarrel.com website:

Feb rig count 133
Mar rig count 108
Apr rig count 91
Today’s rig count is 83 (lowest since January 2010)(all-time high was 218 on 5/29/2012) The statewide rig count is down 62% from the high.

Now, this drilling rig data is just for North Dakota’s portion of the Bakken. There is a small part of the Bakken in Montana, but the majority of production comes from North Dakota. In addition, total drilling rigs in the Eagle Ford fell from 218 a year ago, to 105 currently.

Snip

In order for shale oil production to increase, the companies must continue drilling and fracking wells at a high sustained rate. Even though drilling rig counts are down significantly (50-60%) over the past year, there was a large backlog of unfracked wells that continue to be completed and put into production. However, once the industry works through majority of these backlogged wells, production will fall precipitously.

The only way this might be avoided is if the drilling rig counts were to surge back to the high levels seen a year ago. I doubt this will occur unless the price of oil jumps back to $90-$100. We must remember, the shale oil industry was already losing money in 2014 when the average price of oil was $93. Energy analyst Art Berman put together this table showing the summarized year-end 2014 financial data representing the U.S. shale oil industry:

Image

The U.S. Shale oil companies free cash flow was a negative $10.4 billion in 2014 compared to a negative $2.9 billion in 2013. The average price of West Texas crude oil was $98 in 2013 and still the group suffered a negative free cash flow of $2.9 billion.

To calculate free cash flow, you take cash from operations and subtract capital expenditures. As we can see, the U.S. Shale oil industry wasn’t making money when the price of oil was nearly $100 a barrel. Can you imagine the losses these companies endured during the first quarter of 2015 with the price of oil at $48?? Well, we don’t have to imagine too long as the results are shown below:

Q1 2015 Results
Image



http://srsroccoreport.com/peak-of-bakke ... s-economy/

panduranghari
BRF Oldie
Posts: 3778
Joined: 11 Aug 2016 06:14

Re: Oil & Natural Gas: News & Discussion

Postby panduranghari » 17 May 2015 00:17

Following up to ^ reliance is well and truly screwed.

reliance wants to sell Eagle Ford

NEW YORK: Reliance Industries is looking to sell its 45 per cent stake in the Eagle Ford basin shale oil and gas venture in the US for an estimated USD 4.5 billion.

RIL, which bought 45 per cent interest in Pioneer Natural Resources Co's Eagle Ford shale formation of south Texas for USD 1.3 billion, is working with Citigroup Inc and Bank of America Merrill Lynch to find a buyer, industry sources said.

RIL is also selling its investment in EFS Midstream LLC, an oil and gas gathering treatment and transportation network, sources said.

EFS Midstream operates 11 central gathering plants in south Texas.

Besides Eagle Ford, RIL has two more shale ventures in US - 40 per cent stake in Chevron's Marcellus shale acreage and a 60 per cent interest in Carrizo Oil and Gas Inc's Marcellus shale acreage in Central and Northeast Pennsylvania.

According to RIL's July presentation, the company has till date invested USD 0.87 billion in the Carrizo joint venture and another USD 2.59 billion in the Chevron venture. Its total investment in US was USD 7.36 billion.

hanumadu
BRF Oldie
Posts: 4720
Joined: 11 Nov 2002 12:31

Re: Oil & Natural Gas: News & Discussion

Postby hanumadu » 03 Jun 2015 16:14

RIL to produce 23 mmscmd from gas finds in KG-D6: Oil Min

Reliance Industries will produce 23 million standard cubic meters per day of more gas from five discoveries in the flagging KG-D6 block by 2016-17, the Oil Ministry said in its latest annual report.


RIL and its partners BP plc of UK and Canada's Niko Resources currently produce natural gas from Dhirubhai-1 and 3 (D1&D3) and oil and gas from MA1 field in the KG-D6 block. Gas output from them averaged 11.5 mmscmd in January-March quarter.


Thats tripling of capacity from Reliance's KGD6 block alone.

Gujarat State Petroleum Corp (GSPC) is to produce 1 mmscmd initially from its Deendayal block KG-OSN-2003/1 in KG basin and a peak of 5 mmscmd by 2016-17.


Will that be enough to get all the stranded gas based power generation capacity online?

Prem
BRF Oldie
Posts: 21161
Joined: 01 Jul 1999 11:31
Location: Weighing and Waiting 8T Yconomy

Re: Oil & Natural Gas: News & Discussion

Postby Prem » 05 Jun 2015 02:09

India seeks oil discounts from Opec as it flexes import clout 8)
http://www.ft.com/intl/cms/s/0/517b2aa4 ... z3c8C3lp94

India is asking Opec members for long-term oil price concessions, its petroleum minister said on Thursday, as it tries to use its growing sway as one of the world’s largest crude importers to lock-in supplies. Dharmendra Pradhan told the Financial Times on Thursday he had met with major oil exporting countries in Vienna ahead of Opec’s production meeting on Friday, including Saudi Arabia, Qatar, Angola and Venezuela.Opec’s members have been engaged in a battle for market share after years of fast-growing US shale oil output and other high cost rivals squeezing the cartel .
“While we value our long-standing relationship with these importers we need to look at our economic interest,” said Mr Pradhan in an interview. “We have to look at who is going to give us the better package — India’s energy requirement will be on an upward path.”Indian oil demand is expected to rise to 4m barrels a day this year and it is on course to overtake Japan as the world’s third-largest crude consumer in 2016, according to the International Energy Agency.India’s pro-business government of Narendra Modi has made moves to try and unlock India’s economic potential since he was elected just over a year ago. Lower oil prices have also given the Reserve Bank of India more freedom to cut interest rates and lowered the country’s stubborn current account deficit.
Mr Pradhan said he was “hopeful” of securing discounts after the discussions with Opec members at a two-day summit for the oil industry organised by the cartel. When it meets on Friday Opec is widely expected to reaffirm its landmark November decision to keep oil output high to try and hurt higher-cost producers.With China’s economic slowdown blunting its energy appetite, India is expected to account for a growing slice of the increase in global oil demand growth the coming years. “Everyone is turning to India,” Mr Pradhan said. The fall in oil prices from above $100 a barrel for most of this decade to around $62 today has come as “timely relief” for the Indian economy, he added. Oil and petroleum products already account for 30 per cent of the country’s imports. Countries such as India have been traditionally dependent on crude oil from the Middle East to meet their energy needs and have at times paid a small premium compared to buyers in Europe or the US. Around 85 per cent of India’s oil imports come from Opec nations.
Mr Pradhan said India, which is one of the world’s largest oil refiners despite limited domestic crude production, is targeting Venezuela and other Latin American suppliers in particular to diversify its crude imports.India’s refineries are now capable of taking “any crude from any part of the world”, he said, adding that the country’s procurement strategy had to change accordingly.Mr Pradhan said India was also looking to buy more oil to build up its strategic petroleum reserves (SPR), which should cover around two weeks worth of imports when it is completed by the end of this year. It has been negotiating with Iraq for cargoes to fill its SPR.India may also look to take more oil from Iran if western sanctions are lifted on its crude exports as part of a comprehensive nuclear deal. Mr Pradhan said he would wait and see if the nuclear deal can be finalised later this month.India has been one of a handful of countries given a waiver by the US to purchase some oil from Iran, which has limited Tehran’s exports to around 1m b/d.

Prem
BRF Oldie
Posts: 21161
Joined: 01 Jul 1999 11:31
Location: Weighing and Waiting 8T Yconomy

Re: Oil & Natural Gas: News & Discussion

Postby Prem » 11 Jun 2015 02:10

http://www.brookings.edu/research/opini ... ting-mills
Energy debutante shale comes of age at Opec’s Vienna meeting

Last week’s Viennese waltz may have featured a little flirting between Opec members, but no firm proposals.There was no output cut, nor even a raising of the group’s production ceiling to acknowledge reality.This is no surprise. What was notable were signs of adjustment to a new reality – that, after almost a year’s reflection, the initial shock of the falling oil price has worn off. At the Opec seminar, oil ministers from Iraq and Venezuela suggested between US$75 and $80 a barrel as a fair price.Hints that Opec’s notional 30 million barrel per day ceiling might be raised to narrow the gap with actual production of 31.58 million barrels a day last month were clearly too early. It would be hard to set a cap while Iran’s return is imminent. And the ceiling is close to meaningless – Saudi Arabia will not swing its production to balance the group, and Iraqi output continues to reach record highs. Nobody can be accused of “cheating” when the members do not have individually assigned quotas.
The truth is that Opec, in its traditional though misleading guise as a market micro-manager, is structurally incapable of meeting the challenge of shale. The divergence in its members’ interests is too wide – some are fiscally secure and able to fight a price war (the GCC), some rely on major production gains to bridge financial gaps (Iraq and Iran), some are financially vulnerable and unable to raise output (Venezuela, Nigeria and Algeria) and one is in chaos (Libya).
Some analysts now hold that US shale has replaced Saudi Arabia as the world’s swing producer, able to adjust production quickly in response to market needs. This confuses a swing producer with the marginal producer – the highest-cost source of oil that has no choice but to stop production when prices fall.The marginal producer’s role is nothing new – historically played by the high-cost North Sea or mature US fields. The difference today is that shale, whose well productivity declines sharply from initially high levels, could respond much faster to price changes – whether down or up – than the behemoth projects of yesteryear.That is the theory. It has yet to be proved in practice. But supporting evidence includes the 52 per cent drop in active US drilling rigs since last year’s price fall, the signs of stabilisation after prices recovered modestly and the backlog at 4,731 wells (as of February), drilled but waiting for higher prices to be fracked and brought into production.
Observations of rising efficiency, falling costs and the option of cheaply refracking existing wells suggest that shale may be not only quicker to respond to market signals, but more robust at lower prices than earlier thought.Although this confrontation is being cast as a battle of Opec – Saudi Arabia in particular – against shale, the oil producers to suffer are more the ageing fields in the North Sea, along with capital-intensive, long-term projects in deep water and Canada’s oil sands, which cannot easily be stopped and restarted. That presents the operators of such resources with a dilemma – even if they can theoretically produce at a lower cost than shale companies, the risk of a long-term price slump makes it hard for them to sign on for new investments.Saudi Arabia’s strategy is working, although too slowly for some of its partners. Yet shale, only a debutante in 2012 and even not present last week, was again the belle of the ball in Vienna.

panduranghari
BRF Oldie
Posts: 3778
Joined: 11 Aug 2016 06:14

Re: Oil & Natural Gas: News & Discussion

Postby panduranghari » 11 Jun 2015 03:21

Jhujar ji,

This is what brooking's wrote-

The truth is that Opec, in its traditional though misleading guise as a market micro-manager, is structurally incapable of meeting the challenge of shale. The divergence in its members’ interests is too wide – some are fiscally secure and able to fight a price war (the GCC), some rely on major production gains to bridge financial gaps (Iraq and Iran), some are financially vulnerable and unable to raise output (Venezuela, Nigeria and Algeria) and one is in chaos (Libya).


That statement could be turned around on its head.
The truth is that IMF, in its traditional though misleading guise as a market micro-manager, is structurally incapable of meeting the challenge of global liquidity. The divergence in its members’ interests is too wide – some are fiscally secure and able to fight a price war (the G8), some rely on major production gains to bridge financial gaps (China and East Asia), some are financially vulnerable and unable to raise output (India,Brazil, Indonesia, Mexico ) and other ones is in chaos (rest of the world not included in the aforementioned groupings).


It's more than fun to watch how OPEC used American ideas and tried to screw the Americans. Now they are hoping that USA will be a swing producer. Not in a million years.

A_Gupta
BRF Oldie
Posts: 11638
Joined: 23 Oct 2001 11:31
Contact:

Re: Oil & Natural Gas: News & Discussion

Postby A_Gupta » 17 Jun 2015 19:58

http://economictimes.indiatimes.com/new ... 708932.cms
[quote]NEW DELHI: India has pressed for petroleum pricing reforms globally to ensure stability in the energy sector at the G-20 meeting in Turkey.

Railway Minister Suresh Prabhu, who has gone to Turkey as 'Sherpa' of Prime Minister Narendra Modi to attend the G-20 meeting, sought reforms in petroleum pricing and transparency in global gas markets to ensure price stability in the international market.

'Sherpa' is a senior official responsible for preparing the agenda for leaders to consider during the G-20 summit. Modi is expected to attend the summit in November.

"We want reforms, transparency in global gas markets, petroleum pricing reforms, eliminate speculation, ensure global price stability," Prabhu tweeted.

Price stability at global market is considered favourable for world economy, including India's.

Focusing on the massive energy requirement in the future, Prabhu said global reforms in the sector will help the country in manufacturing ..

Read more at:
http://economictimes.indiatimes.com/art ... aign=cppst

Read more at:
http://economictimes.indiatimes.com/art ... aign=cppst

RoyG
BRF Oldie
Posts: 5180
Joined: 10 Aug 2009 05:10

Re: Oil & Natural Gas: News & Discussion

Postby RoyG » 20 Jun 2015 00:21

Pricing reform can only come when it moves away from the NYMEX and IPE.

It's absurd to think that we will have price stability in the face of the the concealed war and currency conflict taking place.

Sherpa's once again prove their worth. :roll:


Return to “Technology & Economic Forum”

Who is online

Users browsing this forum: No registered users and 17 guests