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    OIL AND GAS

    LNG importers rush to buy spot cargoes as price hits 3-year low
    LNG importers Gail, Gujarat State Petroleum Corporation (GSPC), Torrent Gas, Bharat Petroleum Corp (BPCL) and Indian Oil Corp (IOC), among others, are buying spot cargoes as the Asia spot LNG price has fallen between $8.3 and $9 per million British thermal units (mmBtu) due to weak demand and high inventory in both Asia and Europe, giving these companies room to expand sourcing and sales to the power, fertiliser, refining and other sectors.
    ONGC to drill well in Bihar
    ONGC's exploration plans in Bihar and Ballia for oil and gas aim to impact the energy industry. Challenges in land acquisition persist, requiring support from local authorities for successful drilling operations.
    Oil India to take external commercial loan route to raise $550 million loans to fund expansion
    "The loan will be priced 110 basis points above the six-month SOFR rate with a reset clause after every six months linked to the then prevailing SOFR rate," said a person familiar with the deal. One basis point is 0.01 percentage point. The six-month SOFR is around 5.39%. The final pricing of deal is likely to be around 6.49%. Bank of Baroda has agreed to underwrite the whole amount initially with a possibility of a loan syndication after a few months.
    Oil companies jump into EV charging; Offer facilities at over 15,000 petrol pumps
    India has 89,000 petrol pumps, of which 17% now have EV charging facilities. Indian Oil, the largest fuel retailer in the country, has 8,760 filling stations with EV chargers, or nearly a quarter of the total 32,000 pumps it operates. HPCL's 3,050 pumps and BPCL's 2,640 pumps have chargers.
    Imports of natural gas continue to surge
    LNG imports cost $1.1 billion in February, as much as in the year-ago period, even though the volumes were a third higher this year at 2.45 billion cubic metres. For the first 11 months of this financial year, LNG imports cost $12 billion, lower than $15.9 billion last year, even though volumes were up 18% this year.
    Small cut in fuel price a big hit to OMC revenue: Analysts
    This is the first fuel revision by the OMCs in nearly two years—the last was on April 6, 2022. Despite major volatility in global oil prices due to the Russia-Ukraine war and unrest in West Asia, India pump prices have remained steady.
    • Indian Oil's Mercator buyout delayed beyond NCLT timeline
      IOC is awaiting the go-ahead from the Department of Investment and Public Asset Management (DIPAM), which is the administrative platform for controlling government assets. The deal marked a rare acquisition by a public sector company through the insolvency process.
      AG&P Pratham, Think Gas set for $1.1-billion merger
      The combined entity will be valued at over $1.1 billion, acquiring the heft that will help it compete with rivals. It will be a stock-for-stock merger — a share of one company for each of the other. Currently, I-Squared holds 100% stake in Think Gas Distribution and 73% in AG&P Pratham, the India arm of Singapore-based Atlantic Gulf & Pacific (AG&P) City Gas.
      ONGC's first oil from 98/2 block goes to MRPL
      The first oil extracted from the newly operational KG deep-sea oilfield, owned by the state-run Oil and Natural Gas Corporation (ONGC), has been sent to its subsidiary, Mangalore Refinery and Petrochemicals Ltd (MRPL), for refinement into products such as petrol and diesel. Both companies confirmed the development.
      Our policy of 'nation first' helped manage oil prices despite global conflicts: Hardeep Puri
      The Union Minister for Petroleum and Natural Gas said 85 per cent of India's crude requirements are met by imports, with the price of crude in the international market being the benchmark.
      Uttar Pradesh soon to have 100 CBG plants: Union minister Puri
      Union Petroleum Minister Hardeep Singh Puri announced Uttar Pradesh's plans to have 100 compressed bio-gas (CBG) plants soon, highlighting their role in environmental conservation and farmers' income. Indian Oil's newly inaugurated CBG plant in the state, with an investment of Rs 165 crore, will use agricultural residue, press mud, and cow dung to produce bio-gas and organic fertilizer. Puri also mentioned plans for green hydrogen plants in Sonbhadra district and praised the Ujjwala scheme for providing free gas connections to 10 crore women.
      Full benefit of gas reforms hasn't reached end user: Hardeep Puri
      Monopoly over licensed areas for too long has ensured strong profits for city gas companies. Listed city gas companies have routinely shown far higher returns on investments than natural gas producers or refiners. “The fact of the matter is if you have low punitive provisions and you are not able to enforce compliance, you have difficulty,” Puri said. “So, I’m very clear in my mind, that we’ve finished all bidding. And we will take all the measures necessary. It doesn’t matter who goes to the court and does what.”
      India sees Rs 41,000 crore investment for natural gas network in Kashmir, northeast
      India aims to invest $4.95 billion in natural gas pipeline infrastructure in northeastern states and northern federal territories. Prime Minister Modi plans to increase natural gas share to 15% by 2030, reducing CO2 emissions. Licences awarded to supply gas to industries, automobiles, households in the region.
      PM unveils oil and gas projects worth Rs 1.62 lakh cr across India
      Prime Minister Narendra Modi unveiled oil and gas sector projects worth Rs 1.62 lakh crore across India, including those in Bihar's Begusarai district. He also flagged off four trains and dedicated the nation to the 'First Oil' from the KG Basin. The projects are spread across various states.
      RIL plans to spend Rs 5,000 crore on Compressed Biogas Plants (CBG)
      Reliance Industries Ltd (RIL) plans to set up over 50 compressed biogas (CBG) plants in the next two years. CBG is a green fuel similar to CNG. RIL aims to reduce carbon emissions, produce organic manure, and retail CBG and bio-CNG at Jio-BP outlets.
      State oil cos power up capex machine
      Indian Oil Corporation, Hindustan Petroleum Corporation, GAIL, Bharat Petroleum Corporation, and Oil and Natural Gas Corporation exceeded their capex targets, investing in projects such as the Barmer refinery, biofuel production, and gas marketing network.
      ONGC's Mumbai high: 50 years on still going strong
      India's Mumbai High oilfield, discovered 50 years ago, celebrated its golden jubilee with a commemorative event hosted by the state-owned Oil and Natural Gas Corporation (ONGC). Mumbai High, located in the Arabian Sea, has been a cornerstone of India's oil production, contributing significantly to the nation's energy needs. Over the years, it has produced 527 million barrels of oil and 221 billion cubic meters of gas, representing a substantial portion of India's domestic production.
      Global oil, gas demand will sustain for decades, says Saudi Aramco top executive
      Saudi Aramco, a long-standing supplier of crude oil to India, has been actively seeking investment opportunities in India's downstream sector. Despite the failure of its $15 billion bid for a 20% stake in Reliance Industries' oil-to-chemicals business and ongoing developments with the Ratnagiri refinery in Maharashtra, Fahad Al Dhubaib, Senior Vice President of Strategy and Market Analysis at Saudi Aramco, emphasizes India's significance as a key market.
      GAIL, IGL walk away with Reliance gas; bid at USD 11 per million BTU
      GAIL (India) Ltd and Indraprastha Gas Ltd emerge as top bidders in Reliance Industries Ltd's recent e-auction of coal-bed methane gas. The auction, held for 0.90 million standard cubic meters per day, saw GAIL acquiring 0.63 mmscmd and IGL picking up 0.14 mmscmd. Bidders offered premiums of up to USD 11 per million British thermal unit, based on 12.67% of the Brent crude oil price. The gas supply contracts span 1 to 2 years from April 1.
      ONGC Q3 net falls 14% as oil prices dip
      Oil and Natural Gas Corp (ONGC) reported a 14% decline in profit to ₹9,536 crore in the October-December quarter due to lower production and oil and gas prices. Gross revenue also fell by 10% to ₹34,789 crore during the same period.
      Indian Biogas Association pitches for Rs 30k cr investment for compressed biogas plants
      Indian Biogas Association Chairman Gaurav Kedia pointed out that there are obstacles to procurement, such as unappealing economics, which makes farmers prefer to burn rather than sell off the field straw promptly.
      IndianOil-Adani Gas JV to invest Rs 2,500 crore to double gas sales
      IndianOil-Adani Gas Pvt Ltd, a joint venture of Indian Oil Corp and Adani Total Gas, plans to invest Rs 2,500 crore ($301.24 million) over four years to double its gas sales. Currently selling around one million standard cubic meters of gas daily through 300 outlets, the company aims to strengthen infrastructure and increase retail outlets to over 600 to meet the growing demand for gas in India.
      Essar Oil eyes 2X gas production from its coal bed methane block
      Essar’s current output of 0.9 million metric standard cubic meters a day (mmscmd) from Raniganj East block in West Bengal will rise to 2.3-2.4 mmscmd over the next 14-15 months, EOGEPL chief executive Pankaj Kalra said.
      Vedanta to invest $4 billion in 3 years, double production
      Vedanta plans to invest $4 billion to double its oil and gas production capacity to 300,000 barrels per day. This investment is part of the $20 billion that Vedanta has already invested in the sector. Vedanta currently produces 140,000 barrels of oil equivalent, but aims to increase it to 200,000 barrels in three years.
      PM Modi courts global CEOs for investment in oil, gas sector
      Prime Minister Narendra Modi courted top oil and gas executives, showcasing opportunities in India's growing economy and discussing reforms in the sector. The executives included global giants like ExxonMobil, BP, and TotalEnergies. Modi highlighted the recently launched exploration licensing round and reforms in the bidding process.
      ONGC, IOC, other oil PSUs to invest Rs 1.2 lakh crore in FY25
      ONGC, IOC, and other oil PSUs plan to invest Rs 1.2 lakh crore in oil and gas exploration, refineries, petrochemicals, and pipelines in the coming fiscal year. ONGC's capital spending will be Rs 30,800 crore, slightly higher than the previous year. OVL, ONGC's overseas arm, will invest Rs 5,580 crore abroad. IOC will invest Rs 30,910 crore, primarily in refinery expansion. BPCL plans to spend Rs 13,000 crore, while HPCL will invest Rs 12,500 crore.
      FM Sitharaman pushes equity support to oil firms to next fiscal year
      Finance Minister Sitharaman has deferred the Rs 15,000 crore equity infusion for fuel retailers to support energy transition projects. The budget documents did not provide any funds either in the current fiscal or the next for filling of the strategic reserves.
      ET Road Safety & Safer Mobility Forum 2023: Transforming road safety in oil & gas with AI & Tech
      Oil regulator PNGRB launches drive to increase piped gas adoption
      While PNG has gained currency in the last few years after PNGRB expanded city gas networks to most parts of the country, sizable households continue to use either LPG or conventional fuels like firewood and cow dung for cooking. India is about 50 per cent dependent on imports to meet cooking gas LPG needs and use of conventional fuels is considered a health hazard.
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