Archive for the ‘ Oil & Gas ’ Category

Contracts like Reliance’s KG-D6 are designed to benefit private players:

After the CAG, the high-level Ashok Chawla Committee has criticised the system of Production Sharing Contracts like the one Reliance Industries signed for the gas-rich KG-D6 block, saying these contracts are designed to benefit private players at the government’s expense. Reliance bagged the KG-DWN-98/3 block in the first round of NELP, which was pioneered by [ READ MORE ]

Key infra sectors growth plunges to 2.3%

Growth in six infrastructure industries plummeted to 2.3% in August 2008 as compared to 9.5% a year ago i.e. in August 2007 including crude oil and petroleum refinery, showing depressing performance. Crude oil showed a negative growth by 1% in August 2008 compared to a positive growth rate of 6.5% in August 2007. Growth in petroleum [ READ MORE ]

Stock Idea : Aban Offshore

Aban Offshore Ltd., formerly Aban Loyd Chiles Offshore Limited, is an off-shore oil and gas drilling company. The Company has two business segments: Offshore Oil Drilling and Production services, and Wind Power generation. The Company together with its sub-sidiaries, provides oil field services for offshore exploration and pro-duction of hydrocarbons in India and internationally. ASSETS [ READ MORE ]

Reliance Industries: Refining blues

In the June 2008 quarter, RIL posted GRMs of $15.7 per barrel, which disappointed the Street which had pencilled in margins of $16-17 per barrel, given the sharp rise in crude oil prices. Refining contributes about 55 per cent to the company’s revenues which were Rs 1.37 lakh crore in FY08. Moreover, industry watchers believe [ READ MORE ]

Reliance, divesting KG D6 Assets ?

Reliance Industries (RIL) has scrapped its plan to transfer 80% of its participatory interest in the famous D-6 block of the Krishna Godavari basin gas field, perhaps the company’s most valued asset, to four of its subsidiaries. The company had sent a letter to the petroleum ministry on Thursday (August 28) withdrawing its earlier application [ READ MORE ]

RIL to start crude production from KG basin next month

With a FPSO (Floating, Production, Storage and Offloading) vessel set to stream into Kakinada from Singapore shortly , Reliance Industries Ltd is gearing up to extract crude from its Krishna Godavari basin wells by the second half of September. The MA Fields in the D-6 block in the KG basin will produce about 40,000 barrels [ READ MORE ]

KG Basin: Doubling India’s Gas Supply by 2010

India, Asia’s third-largest oil consumer, is encouraging use of natural gas to control its oil import bill and rein in inflation but there is not enough supply to satisfy rising demand. Gas demand in India, at around 179 million standard cubic meters a day, is far short of the supply of about 95 mmscmd (including [ READ MORE ]

Historical leap towards India’s energy security

Reliance is investing $5.2 billion to develop Krishna Godavari, its largest field. Gas produced in the area is expected to more than double the country’s total output. The Mumbai-based group’s Reliance Petroleum Ltd unit is building the 580,000 barrel-a-day refinery adjacent to a 660,000 barrel-a-day plant owned by the parent. Once complete, Reliance will own [ READ MORE ]

NELP VII : Future of Oil exploration

In the recently concluded NELP VII round of bidding under the new exploration licensing policy (NELP) the government has offered 57 oil & gas blocks under NELP-VII. This included 19 deepwater blocks, 29 are onland blocks and nine blocks are in shallow water.  NELP So far In previous six rounds, the government awarded 162 blocks. So [ READ MORE ]

Aban Offshore $55 Million Contract Malaysia

Two contracts secured for Deep Driller Aban Offshore Ltd. has received letters of intent for the deployment of the jackup rig Deep Driller 2 offshore Malaysia for two separate well programs. The first three-well program, with revenue of $17 million, has an estimated duration of 90 days in direct continuation of an existing contract. The [ READ MORE ]

PCPIR, Kakinada AP: $85 Billion Investment

Hyderabad: ONGC Ltd has decided to exit the proposed refinery-cumpetrochemicals project at Kakinada in Andhra Pradesh, making way for the GMR Group, which will hold 51% equity in the project that was originally to cost Rs 31,000 crore. The project is part of Andhra Pradesh’s Petroleum Chemical and Petrochemical Investment Region (PCPIR) proposed over 600 square [ READ MORE ]

Indian Currency: Impcat of High Crude Price

The fall in the rupee is primarily being attributed to the high crude oil prices, which touched all-time high of over $135 per barrel on May 22, 2008. India imports 73 per cent of its crude oil requirements, thus raising concerns over its widening trade deficit-the difference between the value of goods and services exported [ READ MORE ]

Rig Market in India

A boom in exploration in India has tripled rig usage over the past four years, adding to a global shortage and causing delays in tapping natural gas off the Indian east coast. Transocean, the world’s largest offshore drilling company, may raise rig prices further after India completes the biggest auction of offshore blocks. With crude [ READ MORE ]

Oil prices making headlines..

‘Drowning in oil’ – Economist March 1999 “$10 might actually be too optimistic. We may be heading for $5.” ‘Oil reaches $30 a barrel’ – BBC 15th Feb 2000 “This rise in price is purely temporary” -OPEC Secretary General Dr Lukman ‘Oil hits new record above $80′- FT 14 Sept 2007 “too little, too late,” verdict [ READ MORE ]

Oil & Gas Market, India

Reliance Industries (RIL), which is set to kick off the first spot crude oil market in the country, will be inviting price quotes from oil refining companies shortly. This would also set the first benchmark for market-driven prices in the crude oil sector. RIL is set to be the first oil and gas private major [ READ MORE ]

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