APPEC-India ONGC Videsh focuses on stakes in oil and gas assets amid energy transformation
The head of finance at ONGC Videsh said that the company is focusing on acquiring stakes overseas in oil and gas producing companies, as the shift to renewable energy will likely reduce the demand for conventional fuels. We are not interested in long-term projects, due to the energy transition. Anupam Agarwal, at the APPEC Conference, said that exploration was not a top priority for the moment. ONGC Videsh is the overseas investment arm for the top oil and natural gas exploration company in the country…
India's ONGC wants US approval for two projects in Venezuela
Rajarshi Gupta, the managing director of ONGC Videsh Ltd in India, said that the company is looking for U.S. permission to run two projects to increase production in Venezuela. Gupta said that ONGC wants to obtain a license similar to the one granted to U.S. oil giant Chevron for operating oil fields in Venezuela. "We have requested a license to allow us to run our two projects. The approval will allow us to operate our two projects using U.S. entities and dollars.
India's ONGC exceeds profit expectations for the first quarter on high fuel demand
India's Oil and Natural Gas Corp. (ONGC), boosted by domestic fuel demand and a higher realisation of prices, beat the first-quarter profits estimates. The data released by the Oil Ministry shows that India's fuel usage increased significantly in comparison to the same period last year. The country's strong industrial activity has helped to boost its economy. It is also the third largest oil consumer and importer in the world.
Indian LNG Importers Issue Force Majeure Notices
Indian liquefied natural gas (LNG) importers have started to issue force majeure notices as domestic gas demand slumps and as port operations in the country get hit by a lockdown to curb the spread of coronavirus, sources told Reuters."Demand has reduced drastically and it is likely to go down further, a company source with Gail (India) said."Only fertilizer, power and refineries are running at parcel loads.
India Gets 8 Bids for 7 Onshore Blocks
India has received 8 bids for 7 onshore oil and gas exploration blocks under the latest auction, a government statement said.State-run Oil and Natural Gas Corp has submitted bids for all 8 blocks.State-run Oil India has put in a bid for 1 block.(Reporting by Nidhi Verma; editing by David Evans)
India's Petronet LNG says Talks to Invest in Qatar Have Slowed
India's Petronet LNG Ltd said on Monday its talks to invest in Qatar's exploration and production sector had "slowed down," as the company had not been able to reach an agreement on pricing with the Middle Eastern nation."Qatar is still at a very preliminary stage. We were actually looking at getting the molecule (gas) at the well head price. They want to sell it at market price," said Prabhat Singh, managing director of Petronet LNG.Petronet LNG…
India's Vedanta Wins 41 Blocks in Small Field Auction
India's Vedanta Wins 41 Blocks in Small Field Auction* Billionaire Anil Agarwal-led Vedanta Ltd has won 41 of the 55 blocks auctioned under India's first licensing round for small discovered fields-India's upstream regulator* State-run Oil India has won nine blocks- upstream regulator* India's top explorer Oil and Natural Gas Corp was awarded 2 blocks* Hindustan Oil Exploration Co, and GAIL (India) Ltd and Bharat Petro Resources Ltd, the upstream unit of state refiner Bharat Petroleum Corp, have won one block each* Directora
India Offers Incentives to State-owned Oil and Gas Firms
Oil and Natural Gas Corp Ltd and Oil India Ltd will pay royalty and cess tax only to the extent of their equity holding in oil and gas blocks given to them before 1999, Indian Oil Minister Dharmendra Pradhan said on Wednesday after a cabinet meeting.The companies had to pay 100 percent royalty and cess tax from the blocks under the earlier production sharing contract, making it a big disincentive to invest in production growth of the blocks…
India to offer $3-4 bln Development Plan for Giant Iran Gas Field
India is set to offer a $3-4 billion development plan for the Farzad B gas field to Iran next week after Tehran reduced the scope of the project, two sources familiar with the matter said. Relations between the two countries, which have long held deep trade ties, were strained last year after Iran sought other investors for the field and media reports suggested Tehran would award it to Russia's Gazprom. In retaliation, India directed its state refiners to cut oil imports from Iran.
India to Auction 60 Small Discovered Oil, Gas Fields
India will auction 60 discovered small oil and gas fields with the potential to produce 194.65 million tonnes of oil and oil equivalent gas, the government said in a tweet after a cabinet meeting. Blocks that will be auctioned were originally controlled by Oil and Natural Gas Corp and Oil India Ltd. The fields have remained undeveloped for years due to their small size and the high cost of development. India, the world's third-biggest oil consumer…
Indian Oil Corp Mulls PDVSA Crude Buys
Crude orders could help Venezuela settle unpaid bills; but doubts remain as to whether PDVSA can supply more crude. Indian Oil Corp is considering buying Venezuelan crude for the first time in at least six years, in a move that could help the crisis-struck South American nation settle unpaid bills with another state-owned Indian energy firm. The OPEC-member's economy has collapsed since crude prices plummeted in 2014, forcing it to delay payments for oil services and fuel supplies.
Tata to Invest in Swan LNG Project
Tata Realty and Infrastructure Ltd (TRIL) is taking 10 percent stake in a Rs. 5,900 crore ($867 mln) floating LNG import terminal being set up by Nikhil Merchant led Swan Energy in Gujarat. This will be the first investment by Tata Group in gas business. And this is the first investment decision since N Chandrasekaran named as the Tata Group chief. TRIL was established in 2007 to pursue opportunities in the real estate and infrastructure sectors.
India Looks at Creating Oil Giant to Take on Global Rivals
India plans to create a giant oil company by combining state-owned firms, finance minister Arun Jaitley said on Wednesday, as the world's third largest oil consumer looks to better compete with global majors in acquiring foreign assets. New Delhi is struggling to raise local oil production and imports about 80 percent of its oil. Prime Minister Narendra Modi in 2015 set a goal of cutting that to 67 percent by 2020. India…
India to Cut Iranian Oil Purchases in Row Over Gas Field
Indian state refiners will cut oil imports from Iran in 2017/18 by a fifth, as New Delhi takes a more assertive stance over an impasse on a giant gas field that it wants awarded to an Indian consortium, sources familiar with the matter said. India, Iran's biggest oil buyer after China, was among a handful of countries that continued to deal with the Persian Gulf nation despite Western sanctions over Tehran's nuclear programme.
Oil Explorer ONGC Keen to Buy Stake in Refiner HPCL
India's top explorer Oil and Natural Gas Corp (ONGC) is keen to acquire the government's stake in oil refiner Hindustan Petroleum Corp (HPCL), the country's oil minister said on Wednesday. "ONGC has shown interest," Dharmendra Pradhan told reporters in New Delhi. "In my view, HPCL's independent identity and brand will be protected in the process," HPCL Chairman Mukesh Kumar Surana said, indicating the refiner could become a subsidiary of ONGC. (Reporting by Nidhi Verma and Neha Dasgupta; Editing by Mark Potter)
Mitsui OSK Targets 26% Stake in Swan's Indian LNG Unit
Japan's leading shipper Mitsui OSK Lines aims to buy at least a 26 percent stake in a floating storage regassification unit (FSRU) in India, a company official said, to boost its exposure in the west coast project of Swan Energy. Swan Energy is building a 5 million tonnes a year FSRU and floating storage unit (FSU) at Jafrabad in western Gujarat state, with Mitsui awarded a long-term contract for operation and maintenance services.
Cairn Oil and Gas to Invest $4.6 bln in New Exploration
Cairn Oil and Gas, part of Vedanta Ltd, will invest 300 billion rupees ($4.6 billion) in exploration projects off India's east coast and in the onshore fields of Barmer in the west, its acting CEO said. The company expects approvals to be in place by the end of October, Sudhir Mathur told Reuters on the sidelines of the India Energy Forum in New Delhi, as Cairn undertakes a fresh investment plan after the extension of its production contract until 2030.
India's ONGC says Venezuela's PDVSA to Supply Oil
Venezuela's national oil company Petroleos de Venezuela has agreed to supply oil on a monthly basis to India to help settle dues which Venezuela owes to India's Oil and Natural Gas Corp. Ltd, ONGC Chairman D K Sarraf said on Thursday. He said the agreement with PDVSA would be signed shortly. ONGC Videsh Ltd, the overseas subsidiary of ONGC, invested $190 million in 2009-10 in the San Cristobal project in Venezuela. However…
Reliance to Contest Govt's $1.55 bln penalty
India's Reliance Industries Ltd is to contest a $1.55 billion fine imposed by the government on the company and its partners for selling gas belonging to the blocks of Oil and Natural Gas Corp, Reliance said in a statement. "RIL proposes to invoke the dispute resolution mechanism in the production sharing contract and issue a Notice of Arbitration to the Government," the statement said. India's oil ministry on Friday issued…
India Gets Muted Response to Small Discovered Field Auction
India's first auction of small discovered fields drew a tepid response with local firms dominating the auction for operating assets estimated to hold 625 million barrels of oil and oil equivalent gas. India has received 134 bids from 42 companies, including five foreign bidders, for 34 contract areas, according to a government statement issued on Monday. No bids were received for 12 areas. India, the world's third biggest oil consumer…
