Oil & Natural Gas: News & Discussion

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Re: Oil & Natural Gas: News & Discussion

Postby BijuShet » 29 Dec 2009 20:03

From DNAINDIA.com (too small hence posted in full):
ONGC strikes new gas well in Tripura
PTITuesday, December 29, 2009 15:38 IST
Agartala: Oil and Natural Gas Corporation Limited (ONGC), has struck a new gas well at Sundaribari in South Tripura district, about 125 km from here, official sources said.

"Preliminary examination shows that the low resistivity sand perforated in the interval of 2164-68 metre, produced gas at the rate of 160,000 million cubic metre per day," officials said.

The gas reserve is huge, and the new discovery would form a considerable reserve base of hydrocarbon which would also cater to the needs of supplying gas to the 740-MW gas-based thermal plant at Palatan in South Tripura district.

The thermal project would be completed by 2012, sources said.

The Tripura Asset of ONGC has set a target of 60 lakh cubic metres of gas production per day which would be completed by three phases and Rs1,946.22 crore has already been sanctioned by ONGC board for the first phase to be completed by 2011-'12, the officials said.

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Re: Oil & Natural Gas: News & Discussion

Postby SSridhar » 30 Dec 2009 16:50

. . . rate of 160,000 million cubic metre per day. . .


If not a typo, that is a possibly very big field.


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Re: Oil & Natural Gas: News & Discussion

Postby Prem » 03 Jan 2010 10:19

Old but interesting news.
http://www.eai.in/blog/2009/11/ongc-eye ... ot-to.html

ONGC Eyes Shale Gas in India, Pilot to Start in 2011
Shale gas is a form of natural gas found in rocks called Shale. North America is the largest producer, accounting for 90% of the world's shale gas output. In the US itself, shale gas accounts for only 6% of total production. However, the idea is spreading and European companies are striking joint ventures with US companies to prospect for shale. The technology is still new and hence expensive. But it is one of the cleaner sources of gas.
In India, shale deposits are found across the Gangetic plain, Assam, Rajasthan and many coastal areas, but neither the government nor the corporate sector has carried out any exploration or estimation.Shale gas has already brought down natural gas prices by 75%, according to experts. As shale gas production rises going forward, analysts expect world's natural gas reserves to increase by at least 20%. All this is driving American companies to look for shale fields in countries like Indian, China.
Commenting on the same, DK Pande, Director Exploration, ONGC, says the company is looking at the possibility and feasibility of gas production from shale. “The pilot project should start sometime in 2011. If we make a breakthrough, gas pricing will come down.”

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Re: Oil & Natural Gas: News & Discussion

Postby SSridhar » 06 Jan 2010 10:16

Anand Sharma on a mission to Nigeria
The other issue expected to be discussed during Mr. Sharma’s visit includes reviving NTPC’s proposal to secure three million tonnes per annum of LNG for its plants. In return for the gas, NTPC had planned to build 700 MW gas-fired power plant and a 500 MW coal-based plant in Nigeria, and renovate a 200 MW unit at a 1,320 MW plant.

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Re: Oil & Natural Gas: News & Discussion

Postby SSridhar » 06 Jan 2010 17:22

Pakistan not to give guarantee on Iranian gas flow to India
The sources said Tehran had been told that a friendly project between two neighbourly Muslim countries should not become victim to the interests of a third country and, hence, Iran should not ask Pakistan to guarantee uninterrupted supplies to India given the history of relations between Pakistan and India.

The sources said Iran wanted Pakistan to agree to performance guarantee for gas deliveries if India decided to become part of the tri-nation project. This would require Pakistan to pay penalties to India for gas disruption even in case of sabotage activities or war between the two countries.

The sources said Pakistan was ready to put in place all security measures required to protect the pipeline in the Pakistani territory, but it could not pay the price of gas disruption when its own security was threatened by India itself or any sabotage activity. Pakistan’s defence authorities had also objected to providing iron-clad sovereign guarantees to India for gas supplies through the pipeline crossing Pakistan, the sources added.


There is no point in blaming Pakistan. This was something that was very obvious. How can Pakistan guarantee anything when that country itself has been under relentless attack and the Balochis have been demanding royalties fo Sui gas and passage rights for any gas pipeline. Besides, and more importantly, the question was whether Pakistan was interested at all in guaranteeing supplies to India. The fear always was (and is) that at the most opportune moment for Pakistan, it will disrupt supplies and send the Indian economy into a tizzy. Musharraf was talking about how Pakistan was in the cusp of pipeline corridors and how they will bring billions of dollars and how trade was the new weapon etc. Then, what explains this U-turn ? The only explanation is that Pakistan wanted to drag the pipeline deal under one pretext or the other for as long as possible and then drop a bombshell in the end to deny economic advantages to India. India, thus forsaken from exploring the deep-sea pipeline, has been impacted enormously (it is another matter of American pressure etc.)

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Re: Oil & Natural Gas: News & Discussion

Postby Neshant » 09 Jan 2010 22:45

Pakistan wanted to drag the pipeline deal under one pretext or the other for as long as possible and then drop a bombshell in the end to deny economic advantages to India.


Pretty sure that India was never stupid enough to be counting on some pipeline from Neverland. Nobody is going to make any long term, high expense investment in a place where the host cannot gurantee its own security and where coups are happening every 5 years.

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Re: Oil & Natural Gas: News & Discussion

Postby amol.p » 13 Jan 2010 09:59

DGH rapped for missing KG files

India’s supreme auditor has issued an ultimatum to Directorate General of Hydrocarbon (DGH), the custodian of country’s oil & gas assets, to produce full records of Reliance Industries (RIL)-operated KG-D 6 block and Panna-Mukta-Tapti (PMT) fields by January 15. If documents are not produced by Friday, it will be presumed that these records are not maintained, two directors in the office of Comptroller & Auditor General (CAG) of India said.

DGH has not submitted full details required to audit the two fields.Without these details proper audit is not possible.....{seems some one is trying to hide something to change the verdict of sumpreme court in on-going case}

The auditor has also asked DGH to provide records pertaining to fixation of natural gas price. RIL declined to comment on the subject as auditors have demanded records from DGH.

RNRL alleged that RIL was inflating capital expenditure to make unjustified profit. An oil ministry official refuted the charge. "The development cost (capex) approved by the management committee (having representation of the government and DGH). Besides, the capex issue was also examined by an independent global consultant Mustang Engineering and no discrepancies were found," he said requesting anonymity.

But auditors in the CAG office said that they have not received the evaluation report of Mustang Engineering that validated RIL’s capital cost in developing KG-D 6. .... :(

http://economictimes.indiatimes.com/new ... 439149.cms

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Re: Oil & Natural Gas: News & Discussion

Postby negi » 14 Jan 2010 07:45

BHEL indeed offers platforms/machines all across the HEAVY machinery spectrum.
BHEL receives orders worth Rs 900 crore from ONGC

Bharat Heavy Electrical Limited (BHEL) has received orders worth Rs 900 crore from Oil and Natural Gas
Commission (ONGC) to supply six on-shore oil rigs.

The oil major has completed negotiations and is set to issue written orders by this month end, BHEL sources told.

Four rigs will be for Sibsagar in the eastern region, one rig each for Krishna-Godavari Basin and Ankaleswar, they said adding that the first rig will be delivered to ONGC in 18 months from the date of order.

BHEL manufactures oil field equipment in collaboration with USA companies like US Steel Engineers and Consultants (National Oil Well), Skytop Brewster, Branham Industries
and IRI International, USA.


BHEL now has the capability to manufacture conventional deep drilling rigs up to a depth of 9000 meters, mobile rigs to a depth of 3000 meters and well servicing rigs to a well depth of 6,100 meters, a senior official said.

"We have supplied 84 rigs to ONGC and OIL so far. They were deployed at various locations in the country. We are now taking up refurbishing work of the old rigs," he said adding the fresh order for rigs will be of different capacities.

Though the BHEL is in to making onshore rigs, it may again manufacture deep sea oil rigs as the future appears to be promising with huge oil and gas reserves at KG Basin, the official said.

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Re: Oil & Natural Gas: News & Discussion

Postby Chinmayanand » 23 Jan 2010 02:13

Reliance seeks to go global with LyondellBasell bid

Last year was a crowning year for Mukesh Ambani, the chairman of Reliance Industries, one of India's biggest private sector companies by sales.
The second phase of Reliance's oil refinery complex in Jamnagar, in the western state of Gujarat, began operation, making the site the single biggest such facility in the world in one location.
At the same time, the first gas began to flow from the KG Basin, Reliance's large field off India's east coast. With these two projects complete, analysts began to speculate on what Ambani would do next.
They did not have to wait long. In November, Reliance announced a $12 billion (Dh15.67 billion) bid for LyondellBasell, the bankrupt Rotterdam-based European and US chemicals group. In one step, the deal would transform Reliance from an almost exclusively Indian operation into a global company with $80 billion in sales.
Reliance's cash offer for LyondellBasell is still in the early stages and has to be formally entertained by management, which has put forward its own reorganisation plan under Chapter 11 proceedings in New York.
But the emergence of such a large transaction marks a return to form for India's aggressive groups, which were key players in the international merger and acquisition markets during the credit boom.
Ranked by Forbes as the world's seventh-richest man with a fortune of about $32 billion, Ambani's Jamnagar oil refining and petrochemical complex is presently his main cash cow.
The facility, which is designed to refine heavy crude, has the capacity to produce 1.2 million barrels of oil per day. This represents 25 per cent of the world's most complex crude refining capacity, according to Macquarie Securities.
With its refining business in India approaching maturity, Reliance Industries can rely for further earnings growth on the KG Basin, which at its peak will have capacity equivalent to 20 per cent of India's present oil demand.
Analysts say, however, that it is becoming increasingly important for the long-term growth prospects of the group to begin looking outside India.
That is where Lyondell potentially comes in. With about $51 billion in annual revenue, the company would offer Reliance a foothold in refining in the US through its 268,000 barrels a day plant in Texas, capable like Reliance of processing cheaper, sour crudes.
The deal would also offer Reliance entry to Europe through its refinery in France, which has capacity of about 105,000 barrels per day. The transaction would also make Reliance one of the top chemicals producers in the world. Reliance is the world's biggest manufacturer of polyester, yarn and fibre and is one of the top 10 producers of leading petrochemical products.
Fortune put LyondellBasell as third in the list of the largest global chemical producers behind Dow Chemical, which had $57.5 billion of revenue based on 2007 figures.
The challenge for Reliance will be negotiating its way through the complex Chapter 11 proceedings. Reliance has already sweetened its valuation for the company from $12 billion to $13.5 billion, against the existing reorganisation plan, which values the group at $14.5 billion.
The company will have to persuade a host of stakeholders, including senior and unsecured creditors. Under the plan, it would sponsor rights and equity issues as part of the company's emergence from bankruptcy.
It has already raised $2 billion of funding through sales of treasury stock and has $4 billion in cash and at least $6 billion more in treasury stock in reserve.
Pramod Gubbi, who handles India institutional sales at brokerage Noble Group, says at the present level the deal will be earnings accretive from year one for Reliance. But he cautions that it will need to remain vigilant to avoid the fate of some other Indian overseas buyers.
"The big question is whether they end up buying something valuable or whether they will end up overpaying like a number of other corporates did during the last cycle," he says.

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Re: Oil & Natural Gas: News & Discussion

Postby chetak » 23 Jan 2010 20:51

http://news.bbc.co.uk/2/hi/americas/8476395.stm


Page last updated at 06:49 GMT, Saturday, 23 January 2010

Venezuela oil 'may double Saudi Arabia'

Venezuela holds the largest oil reserves outside the Middle East


A new US assessment of Venezuela's oil reserves could give the country double the supplies of Saudi Arabia.

Scientists working for the US Geological Survey say Venezuela's Orinoco belt region holds twice as much petroleum as previously thought.

The geologists estimate the area could yield more than 500bn barrels of crude oil.

This assessment is far more optimistic than even the best case scenario put forward by President Hugo Chavez.

The USGS team gave a mean estimate of 513bn barrels of "technically recoverable" oil in the Orinoco belt.

Chris Schenk of the USGS said the estimate was based on oil recovery rates of 40% to 45%.

Petroleos de Venezuela SA (PDVSA), Venezuela's state oil company, has not commented on the news.

However, Venezuelan oil geologist and former PDVSA board member Gustavo Coronel was sceptical.

"I doubt the recovery factor could go much higher than 25% and much of that oil would not be economic to produce", he told Associated Press news agency.

Venezuela holds the largest oil reserves outside the Middle East. Saudi Arabia has proven reserves of 260bn barrels.

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Re: Oil & Natural Gas: News & Discussion

Postby Chinmayanand » 02 Feb 2010 18:22

Govt awaits Parikh report to free oil

The government may take a decision on freeing petrol and diesel prices after the Kirit Parikh committee on rationalising fuel
subsidies submits its report this week, oil minister Murli Deora said. Price of petrol may go up by Rs 4.70 a litre and diesel by Rs 2.30 a litre if the government gives the pricing freedom to state-owned oil marketing companies — IndianOil Corporation (IOC) Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL).


A price hike of petrol and diesel is imminent unless finance ministry pays full cash compensation to state-owned oil companies for kerosene and cooking gas, an oil ministry official said requesting anonymity. The finance ministry has decided to pay a compensation of only Rs 12,000 crore in 2009-10 to public sector oilcos for selling kerosene and cooking gas below cost as against total estimated revenue loss of Rs 31,000 crore in the fiscal year.


The finance minister, however, wants to reduce fuel subsidy burden. He is in favour of deregulation , as mounting subsidy burden is a major concern for the public exchequer. The government had to pay over Rs 71,000 crore in 2008-09 as fuel subsidy though oil bonds.

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Re: Oil & Natural Gas: News & Discussion

Postby David Saenz » 08 Feb 2010 08:33

China may replace India in IPI project: Report
DUBAI: China may replace India in the proposed IPI gas pipeline project as New Delhi has been dithering over the deal, a media report has said.


Iranian Foreign Minister Manouchehr Mottaki claimed that Tehran was ready to start anytime the IPI "peace pipeline" project, originally conceived to include Iran, Pakistan and India.

China might replace India in the proposed project soon as India has been dithering over the deal, Mottaki is reported to have said. All the details between Pakistan and Iran in this regard have already been finalised, according to a report in a newspaper.

India still needed some time but "we can even start the project without India," Mottaki was quoted as saying by the daily.

The IPI project was conceived in 1995 and after almost 13 years India finally decided to quit the project in 2008. India walked out of the 2,775 km pipeline project due mainly to the hefty transit fee demanded by Islamabad.

Mootaki blamed the US for trying to sabotage the gas pipeline project and said, "Growing relations between US and India should not affect the relations of India with other countries of the region."

He was confident that Pakistan would not hesitate to start the gas pipeline project despite the US pressure.

"We must not allow any third country to interfere in the bilateral relations of Iran and Pakistan," Mottaki underlined.


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Re: Oil & Natural Gas: News & Discussion

Postby Mukesh.Kumar » 10 Feb 2010 13:56

India moving ahead on emergency oil storage facilities.

The first oil tank near Vizag is supposed to be up by middle of next year. At current consumption, the tanks will cover about 3.5 days of national oil needs.

http://www.businessweek.com/news/2010-02-09/india-to-complete-building-first-oil-storage-tank-by-mid-2011.html

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Re: Oil & Natural Gas: News & Discussion

Postby Prem » 11 Feb 2010 23:25

http://online.wsj.com/article/BT-CO-201 ... dlinesAsia
Venezuela Awards Two Oil Blocks, Leaves One Unassigned

CARACAS (Dow Jones)--Venezuela on Wednesday awarded two of the three oil blocks in its much-anticipated and long-delayed Carabobo oil auction, winning a vote of confidence for new investment in the country by attracting major foreign players. The auction was the biggest such bidding process in 11 years and the government is hoping it will help boost production levels, which have begun to dwindle in recent years.
A consortium that includes Spain's Repsol YPF SA (REP), India's Oil & Natural Gas Corp. (500312.BY), Malaysia's Petroliam Nasional Bhd. and two other Indian firms was awarded the "Carabobo 1" block, Ramirez said.
The three projects up for auction, all located in the oil-rich Orinoco region of eastern Venezuela, are expected to produce at least 400,000 barrels a day each when developed, and will require investments of $15 billion.
Early production could begin in a couple years at the two awarded blocks, but peak production won't be reached for five years. The two winning consortiums will each enter into a 60%-40% arrangement with PDVSA, in which PDVSA will have the majority stake.

In the Repsol consortium, the Spanish company, Petronas and ONGC will all each have an 11% stake, while Indian Oil Corp. (530965.BY) and Oil India Ltd. (533106.BY) will each hold 3.5%. ONGC said in a statement Thursday from New Dehli that the term of the consortium's license will be for 25 years, with a potential 15-year extension. The winning bidders are each expected to build upgraders that can refine the tar-like crude found in the Orinoco into a more marketable, lighter crude. Each upgrader could cost $6.5 billion. ONGC said the consortium's upstream production facilities are expected to produce around 400,000 barrels a day of extra heavy crude oil, of which about 200,000 barrels a day would be upgraded into light crude oil in a facility to be located in the Soledad area.

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Re: Oil & Natural Gas: News & Discussion

Postby Theo_Fidel » 15 Feb 2010 12:08

http://www.business-standard.com/india/ ... ono=271385

While official sources quote a figure of 100 tcf for gas reserves in the region, unofficial estimates peg the reserves at 200 TCF. This, says a report by equity brokerage house CLSA, could put India in the league of top 10 natural gas producers in the world.


Note that from what the lists show the 200 TCF number is for the Krishna/Godavari system alone. Less than 10% of the blocks here have been drilled. I suspect that people are being very conservative here.

Looks like I was being very conservative when I predicted 100 TCF for the East coast.
Once the entire East coast is drilled I would expect something like 5 times this number as the ultimate potential. 1000 TCF or so. :eek: :eek:
We will then be in the Iran league. Who woulda thunk it. :mrgreen: :mrgreen:

I TCF of Gas ~ 2 Billion barrels of oil. So you can do the math. Even a conservative estimate shows a 400 Billion Barrel equivalent reserve. :eek: :eek: :eek:

The reasons for this is given below.

“These are ancient river systems that have been depositing sediments here for a long time. But as the basins are shallow, most sediments, and therefore hydrocarbons, would have found their way into the deep and ultra deep waters (below 400 meters depth). That is where the real potential of the region lies,” said an industry analyst. “Oil companies like Cairn, ONGC, Gujarat State Petroleum Corporation (GSPC) and Reliance Industries (RIL) have found good working petroleum systems -- reservoir and source rocks Can't stress enough how important a note this is. There are only a handful of places in the world this is true. almost all have proven wildly productive.that promise great discoveries in the coming years,” he said.


The Krishna, Godavari & Cauvery basins are thought to originate from the Pangean era. So have been flowing in their present basins for ~ 400 million years or so.

Note that this is not easy money. This gas is expensive to access and produce. Still it should provide the energy for our economy to grow while also creating some wealthy technologically powerful industries. It is going to require the sweat of literally millions of people to bring to land. Not quite Arabia.

Also note that similar structures occur off the East coast as well. It is even harder there because the continental margin is 200-300 km from the shore in most areas. So stay tuned, many more TCF's to come.

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Re: Oil & Natural Gas: News & Discussion

Postby Chinmayanand » 17 Feb 2010 18:19

Lyondell creditor deal jeopardises Reliance bid

Energy major Reliance Industries may be forced to raise its offer for LyondellBasell or abandon its bid all together after the target settled a dispute with creditors that paved the way for an exit from bankruptcy.

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Re: Oil & Natural Gas: News & Discussion

Postby Ameet » 26 Feb 2010 07:05


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Re: Oil & Natural Gas: News & Discussion

Postby shravan » 05 Mar 2010 17:11

RPT-UPDATE 1-Asia buys record volume of W.African oil in Q1
Mon Mar 1, 2010 10:23pm IST

In the first three months of this year, Asia consumed about 40 percent of the 4.5 million bpd of West African crude oil produced, up from around 25 percent in the first quarter of 2009, the Reuters survey shows.
...
Indian demand for West African barrels has been running at well over 500,000 bpd so far this year as state-owned refiners have bought crude oil to refine for domestic use and also for re-export to regional consumers.

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Re: Oil & Natural Gas: News & Discussion

Postby Ameet » 17 Mar 2010 23:28

India Said to Propose Sovereign Fund for Oil Assets

http://www.bloomberg.com/apps/news?pid= ... UM3IRMbW3s

India, with $254 billion of foreign-exchange reserves, may create a sovereign wealth fund to help state companies compete for overseas energy assets with China, a government official said.

The oil ministry has formally asked the finance ministry to set up a fund using a part of the reserves, the official said, declining to be identified because a decision hasn’t been reached. The size of the fund is yet to be determined, he said.

China, with $2.4 trillion of reserves and a $300 billion sovereign fund, has outpaced India in the global quest for resources to feed the world’s fastest-growing major economies. Chinese companies spent a record $32 billion last year buying oil, coal and metals assets abroad, while a $2.1 billion investment by ONGC was India’s sole energy acquisition.

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Re: Oil & Natural Gas: News & Discussion

Postby Suraj » 17 Mar 2010 23:37

Error in the Bloomberg article: Indian foreign exchange reserves are about $280 billion. Foreign currency-based reserves are $254 billion, the rest being gold and SDRs.


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Re: Oil & Natural Gas: News & Discussion

Postby Ameet » 22 Mar 2010 03:24

Oil India, Indian Oil Said to Consider Raising Gulfsands Offer

http://www.businessweek.com/news/2010-0 ... offer.html

Oil India Ltd. and Indian Oil Corp. may raise their offer for Gulfsands Petroleum Plc after the U.K. company with assets in Syria and the Gulf of Mexico spurned an approach valuing it at about 380 million pounds ($570 million), a person familiar with the matter said.

Gulfsands owns a 50 percent stake in a block in Syria that is producing about 11,000 barrels a day of crude oil, according to the company’s Web site. It also owns interests in 44 blocks, including 30 producing blocks, off the coast of Texas and Louisiana.

Gulfsands was granted a 25-year production license in January from Syrian authorities to develop the Yousefieh oilfield. Production will start in April, with a target to produce 6,000 barrels a day from the field by 2012, the company said in a statement Jan. 26.

Oil India, based in Duliajan in Assam state, has a market value of 267 billion rupees ($5.9 billion). Indian Oil is valued at about $16 billion.

The Indian government has told ONGC and Oil India to acquire at least one big asset each in the year starting April 1, Oil Secretary S. Sundareshan, the most senior civil servant in the Oil Ministry, said March 18.

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Re: Oil & Natural Gas: News & Discussion

Postby arun » 22 Mar 2010 07:53

Any move that does not involve import gas from Iran via a pipeline running through the Islamic Republic of Pakistan is smart:

Ignore Pak, ask Iran for gas via sea: MEA

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Re: Oil & Natural Gas: News & Discussion

Postby arun » 22 Mar 2010 07:54

The Oil Minister of Qatar, Abdullah al-Attiyah has indicated that India’s purchases of Qatari LNG is set to rise from 7.5 mmtpa to 11.5 mmtpa. :

Qatar to up LNG supply to India to 11.5 mln tones

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Re: Oil & Natural Gas: News & Discussion

Postby VinodTK » 23 Mar 2010 05:23

The dragon and the elephant in a contest for oil

India cannot therefore beat China in a battle of the big wallets. But this does not mean Indians are doomed to run short of oil. Merely owning interests in foreign oilfields does not guarantee a supply of fuel. Oil is traded in world markets. Chinese oil production in Angola or Colombia does not entitle the Chinese to special prices. And Japan and South Korea have become wealthy without major oil investments.

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Re: Oil & Natural Gas: News & Discussion

Postby wig » 23 Mar 2010 06:27

the thrust of this article is that the oil reserves are overstated. the IEA is funded by the producesrs and hence is loath to be objective regarding reserves.
curiously it mentions that as soon as 2014 we might be facing demand supply mismatches


http://www.telegraph.co.uk/finance/news ... third.html

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Re: Oil & Natural Gas: News & Discussion

Postby SSridhar » 23 Mar 2010 13:51

Cairn India seems to have found a huge oil deposit in Rajasthan
Highly placed sources in the Petroleum Ministry have said that Cairn India has discovered new oil reserves in Rajasthan oilfields.

The company is likely to make an announcement shortly. New oil reserve will increase India's domestic oil production by about 23% in financial year 2011. This essentially means that these reserves are very big.

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Re: Oil & Natural Gas: News & Discussion

Postby SSridhar » 23 Mar 2010 18:50

More update on the Cairn discovery.
Cairn upgrades its reseves estimates
Peak output envisages from the Thar desert fields is now estimated at 2,40,000 barrels per day, equalling production from State-run Oil and Natural Gas Corp’s prime Mumbai High fields in the western offshore.

. . . the company has raised estimates of oil and gas in place in Barmer fields to four billion barrels of oil equivalent from 3.7 billion boe previously. Further, there could be another 2.5 billion boe yet to be discovered.

“We estimate that the fields have a potential to produce 240,000 barrels of oil per day (12 million tonnes per annum),” he told reporters. The company had earlier projected a peak output of 175,000 bpd.

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Re: Oil & Natural Gas: News & Discussion

Postby Prem » 23 Mar 2010 22:21

First great News of the year !! Hope they now announce few more recently"discovered" :mrgreen: gas filelds too.

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Re: Oil & Natural Gas: News & Discussion

Postby satya » 23 Mar 2010 22:33

First great News of the year !! Hope they now announce few more recently"discovered" gas filelds too.


Kripya pratiksha kijiye abhi pipe line to lay karne do uske baad gas ki discovery bhi announce karva denge :twisted: . 2012-14 at earliest usse pehle shareholders ke liye chottu fields will be announced .

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Re: Oil & Natural Gas: News & Discussion

Postby Prem » 23 Mar 2010 22:54

Satya ji,
Hum Intjar karenge Kiyamat tak, Khuda kare ke kyamat ho orrr GAs discovery ki news Bharat ki Dakshin disha se ayye. That day will tell us we are in command of our destiny. Issi liye bahut pamanu pundubbis ki jarrorat hai.

Katare
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Re: Oil & Natural Gas: News & Discussion

Postby Katare » 23 Mar 2010 23:15

With Crain and Reliance's KG basin, both in private sector, India would have added significant domestic capacity after a long-long time. I guess Mumbai high was the only major success story that had happened in the public sector's 5 decades of monopoly. With KG gas, reliance has already become the largest gas producer in the country; crain may become largest crude producer of the country in next decade if they keep finding additional reserves at current rate while ONGC's mumbai high field is in continuous decline for years.....

Moe power to entrepreneurs and competition........

chetak
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Re: Oil & Natural Gas: News & Discussion

Postby chetak » 23 Mar 2010 23:33

Katare wrote:while ONGC's mumbai high field is in continuous decline for years.....


The Bombay High fields were unscientifically and recklessly exploited in the earlier days leading to much of the oil becoming unrecoverable and lost forever :( .

This in part, explains the steadily decreasing output.

Whereas, the commercial players are much more careful and cautious
in their approach.



Gerard
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Re: Oil & Natural Gas: News & Discussion

Postby Gerard » 28 Mar 2010 00:21



chetak
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Re: Oil & Natural Gas: News & Discussion

Postby chetak » 02 Apr 2010 10:14

??

http://www.sott.net/articles/show/20596 ... s-to-India

Pakistan to guarantee safe delivery of Iranian gas to India

Sanjay Dutta
The Times of India
Thu, 01 Apr 2010 20:33 EDT

Pakistan will guarantee safe delivery of Iranian gas to India and security of the proposed $7.4 billion Asian peace pipeline passing through its territory to get New Delhi back on the negotiating table. As a sweetener, Islamabad is willing to consider the option of giving India equity in the project and has sought Indian participation in their forthcoming auction of exploration acreages, a top Pakistani official told TOI on the sidelines of the 12th International Energy Forum here.

"Pakistan will stand guarantee for safe delivery of gas at the Pakistan-India border. We have already built in provisions for such guarantees in the gas transportation agreement we signed with Iran earlier this month. It has been notarised in Paris under international conventions. This should convince India of the sincerity of our offer," additional secretary in Pakistan's ministry of petroleum and natural resources Mohammed Chaudhry Ejaz said here on Tuesday evening.

"The agreements can be legally enforceable in any international court of law. The transit agreement makes us liable for safe supply of gas. We stand 100% committed to ensuring safe transit of gas to India," Ejaz said in reply to a question as to whether Pakistan could be taken at face value and what would stop it from shutting the tap, given the present state of relations between Islamabad and New Delhi. "You have to understand that if something happens to the pipeline, we will equally suffer."


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