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November,20,2018,Tuesday

WEEKLY NEWS UPDATES IN OIL AND GAS

Arbitration on compensation demand in RIL-ONGC row starts

Arbitration on compensation demand in RIL-ONGC row starts

A three-member arbitration panel has started hearing validity of the government's demand of USD 1.55 billion as compensation from Reliance Industries for "unfairly" producing ONGC gas.

Source:- The Economic Times

Opec be warned: Russia prepares for oil at $40

Opec be warned: Russia prepares for oil at $40

As the Organisation of Petroleum Exporting Countries and its allies prepare to meet for a review of their production cuts this weekend, the central bank of the world’s biggest energy exporter is hunkering down for years of oil near $40 a barrel.

Source:-Business-Standard.com

Oilmin seeks proposals from PSUs for setting up integrated firms

Oilmin seeks proposals from PSUs for setting up integrated firms

The Petroleum Ministry has asked state-owned oil giants to come up with proposals for the companies they want to acquire or be merged with so as to become integrated oil company.

Source:-Freepressjournal.in

FIR Reliance Industries

Post Sebi ban in derivative trade, Reliance Industries stock is under investor radar

The Reliance Industries (RIL) counter will be under watch on Monday after market regulator Sebi (Securities and Exchange Board of India) on Friday barred the country's second most-valued firm as well as 12 other entities from equity derivatives trading for one year

Source:- The Economic Times

blocks

India eases rules for old oil, gas blocks; to unlock $21 billion reserves

India approved a policy on Wednesday allowing extra time to contractors of old blocks to unlock oil and gas reserves of more than 426 million barrels, worth over $21 billion, as it seeks to cut its dependence on imports.

The policy approved by the Union Cabinet will help companies including Cairn India and Oil and Natural Gas Corp that are exploring blocks awarded before 1999

Source:- The Times Of India

demands

Stakeholder LIC demands dues from Essar to give clearance to Rosneft-Essar deal

India's top financial institution LIC wants its pound of flesh before it gives the green signal to the $13-billion Essar-Rosneft deal which would be the largest inflow of foreign direct investment into the country

Source:- The Economic Times

curb

Oil up from four-month lows, inventories curb recovery

Oil prices climbed off four-month lows on Thursday but the recovery was cautious with investors fretting that Opec-led supply cuts were not yet reducing record US crude inventories.

Source:- The Economic Times

Mozambique to get $350 mln in tax from Eni-Exxon deal

Mozambique to get $350 mln in tax from Eni-Exxon deal

Mozambique will get $350 million in capital gains tax from Eni after the Italian oil and gas company agreed to sell a stake in a gas field to Exxon Mobil Corp, senior tax official Anibal Mbalango said on Tuesday.

Source:- The Economic Times

China's Sinopec buys first major refinery in Africa from Chevron

China's Sinopec buys first major refinery in Africa from Chevron

China's Sinopec will pay almost $1 billion for a 75 percent stake in Chevron Corp's South African assets and its subsidiary in Botswana to secure its first major refinery in Africa, the companies announced on Wednesday.

Source:- ET Energy World

Moody's global integrated oil and gas sector outlook turns positive on earnings growth recovery

Moody's global integrated oil and gas sector outlook turns positive on earnings growth recovery

Moody's Investors Service (Moody's) has changed its outlook on the global integrated oil and gas sector to positive from stable as higher profits from upstream operations fuel a faster recovery in earnings growth, says the rating agency .

Source:- ET Energy World

Hindustan

Hindustan Petroleum to upgrade units using Honeywell technology

State-run oil marketer Hindsutan Petroleum Corp Ltd (HPCL) has selected Honeywell's technologies for the expansion and modernisation of its refinery at Visakhapatnam in Andhra Pradesh, according to the American software-industrial company.

Source:- ET Energy World

ONGC: Ratna and R-series fields to be developed by ONGC after a delay of 20 years

ONGC: Ratna and R-series fields to be developed by ONGC after a delay of 20 years

The board of state owned behemoth Oil and Natural Gas Corporation Limited (ONGC) last month approved the development of R-series fields with a capital cost of Rs 4,104.63 crore, petroleum minister Dharmendra Pradhan informed Rajyasabha.

Source:- ET Energy World

hold

Modi government to hold second round of small oilfields auction soon

The Modi government is planning to soon hold a second round of bidding for discovered small fields very soon, buoyed by the healthy response from investors, including first-time entrants in the hydrocarbon sector, in the just-conducted auctions.

Source:- ET Energy World

China's state-run CNOOC reports worst result since at least 2011, forecasts output rise

China's state-run CNOOC reports worst result since at least 2011, forecasts output rise

China's offshore oil and gas producer CNOOC Ltd reported its worst annual result since at least 2011, with revenue from its core oil and gas business tumbling 17 percent last year, but it expects to raise output 2017 as oil prices rebound.

Source:- ET Energy World

MoPNG e Seva is a dedicated grievance redressal platform for Petroleum and Gas related queries

MoPNG e Seva is a dedicated grievance redressal platform for Petroleum and Gas related queries

Union Minister of State (I/C) for Petroleum and Natural Gas, Dharmendra Pradhan launched MoP&NG e-Seva, a dedicated grievances redressal platform on Social Media for all queries and grievances relating to Oil and Gas Sector.

Source:- Energyinfrapost.com

India could join Asian nations in procuring LNG: Oil Minister Dharmendra Pradhan

India could join Asian nations in procuring LNG: Oil Minister Dharmendra Pradhan

India does not rule out the possibility of joining China, Japan and Korea to jointly buy liquefied natural gas (LNG) as part of efforts to extract better deals, Oil Minister Dharmendra Pradhan said on Friday.

Source:- Moneycontrol.com

After govt's pressure, state-run oil firms declare Rs 4,570 crore special dividend

After govt's pressure, state-run oil firms declare Rs 4,570 crore special dividend

State-run Indian Oil Corporation Ltd (IOCL), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) have declared a combined special dividend of `4,570 crore following pressure from the government, which is hoping to use its share in this to meet its fiscal deficit target this year

Source:- The Economic Times

Big relief: Cairn India’s Barmer oil & gas block among 10 granted extension

Big relief: Cairn India’s Barmer oil & gas block among 10 granted extension

In what may come as a relief to Cairn India and encourage it to increase the pace of investment, the Vedanta group company’s prolific Barmer oil and gas block has been granted an extension of 10 years or economic life of the field, whichever is earlier

Source:-  Financial Express

Cairn, ONGC, Essar benefit from pre-NELP contract extension

Cairn, ONGC, Essar benefit from pre-NELP contract extension

The Union Cabinet’s decision on Wednesday to grant extension to production sharing contracts for 10 blocks will benefit Cairn India Ltd (CIL), Oil and Natural Gas Corporation (ONGC), Essar Oil, Focus Energy, Hindustan Oil Exploration Company (HOEC), and Gujarat State Petroleum Corporation Ltd (GSPC).

Source:-Business-Standard.com

6.73 lakh LPG consumers have given up subsidy

6.73 lakh LPG consumers have given up subsidy

Ever since the Central government announced the ‘Give It Up’ scheme, under which consumers gave up subsidy on refills, a total of 6,73,347 families in the State have opted out.

Source:- The Hindu

US is swimming in crude oil: EIA data

US is swimming in crude oil: EIA data

According to data released by the US Energy Information Administration (EIA), stockpiles swelled by a further 4.95 million barrels to 533.1 million barrels.

Source:- ET Energy World

Trump issues controversial Keystone pipeline permit to TransCanada

Trump issues controversial Keystone pipeline permit to TransCanada

The company responsible for the Keystone XL oil pipeline said Friday morning that President Trump's administration had signed off on the project, clearing a key hurdle for a polarizing endeavor that has rankled environmentalists and inspired hope for jobs among supporters.

Source:- Usatoday.com

Petroleum Minister meets Mr Showkutally Soodhun, Vice-Prime Minister of Mauritius

Petroleum Minister meets Mr Showkutally Soodhun, Vice-Prime Minister of Mauritius

Union Minister of State (I/C) for Petroleum and Natural Gas, Dharmendra Pradhan met Vice Prime Minister and Minister of Housing and Lands of Mauritius, Shokutally Soodhun

Source:- Energyinfrapost.com

Oil companies likely to use improved cash flows to expand asset base: S&P

Oil companies likely to use improved cash flows to expand asset base: S&P

Indian oil and gas companies are likely to use their improved cash flows from market-linked fuel prices to expand their asset base and enhance operational quality, S&P Global Ratings said on Tuesday.

Source:-Business-Standard.com

capex

State-run oil companies exceed combined annual capex targets

State-run oil companies have exceeded their capital expenditure targets set for the current financial year

Source:-Business-Standard.com

Beset by delays, Myanmar-China oil pipeline nears start-up

Beset by delays, Myanmar-China oil pipeline nears start-up

Nearly a decade in the making, a project to pump oil 770 km (480 miles) across Myanmar to southwest China is set for imminent start-up, with a supertanker nearing the port of Kyauk Phyu, marking the opening of a new oil trading route.

Source:-  Dnaindia.com

Cabinet approves closure/winding up of CREDA HPCL Biofuel Ltd (CHBL) and IndianOil - CREDA Biofuels Ltd. (ICBL)

Cabinet approves closure/winding up of CREDA HPCL Biofuel Ltd (CHBL) and IndianOil - CREDA Biofuels Ltd. (ICBL)

The Cabinet Committee on Economic Affairs on Wednesday approved closure/winding up of CREDA HPCL Biofuel Ltd (CHBL) and IndianOil - Chhattisgarh Renewable Energy Development Agency (CREDA) Biofuels Limited (ICBL)

Source:- Energyinfrapost.com

ONGC seeks gas price review; wants minimum price fixed at $4.2

ONGC seeks gas price review; wants minimum price fixed at $4.2

State-owned Oil and Natural Gas Corp (ONGC) has sought a review of the natural gas pricing formula as rates have dropped below cost.

Source:- The Economic Times

ONGC

ONGC to enhance activities in Tripura, no plan of shifting

The exploration giant ONGC TripuraAsset today ruled out any plan of shifting its forward baseoffice from the state to Assam.

Source:-  News.webindia123

payments

India tries to fix Iran trade payments as Donald Trump hardens line

India is exploring setting up a new payments mechanism for trade with Iran, after its old sanctions workaround broke down, as state banks remain fearful of handling payments from Tehran in case the United States imposes a fresh financial embargo.

Source:-Business-Standard.com

Russia remains world’s top oil producer in January

Russia remains world’s top oil producer in January

Russia continued to be the world’s largest oil producer in January for the second consecutive month, official data showed on Tuesday.

Source:- India.com

Oil India to buyback shares worth Rs 15.27 bn

Oil India to buyback shares worth Rs 15.27 bn

Oil India, a government-owned company that explores, develops and produces oil and gas, has received its board’s approval to buyback 5.60% of its paid up share capital for a consideration of Rs 15.27 billion

Source:-  Khabar India

Dharmendra Pradhan: Efforts on to reduce crude oil imports: Dharmendra Pradhan

Dharmendra Pradhan: Efforts on to reduce crude oil imports: Dharmendra Pradhan

Steps are being taken to enhance oil and gas production to reduce crude oil imports, which has accounted for 82 per cent of the total domestic consumption this fiscal, the government said today

Source:- The Economic Times

RIL's KG-D6 gas output has dropped to 9% of target: Dharmendra Pradhan

RIL's KG-D6 gas output has dropped to 9% of target: Dharmendra Pradhan

Reliance Industries' flagging KG basin D6 block has seen natural gas output slip further, leading the government to disallow $2.756 billion in cost, Oil Minister Dharmendra Pradhan said today.

Source:- The Economic Times

Two crore poor families given LPG connection since 2014: Piyush Goyal

Two crore poor families given LPG connection since 2014: Piyush Goyal

Around two crore poor families have been provided with new LPG connections, taking to 19 crores the total number of families having gas connections in the country, the government told the Rajya Sabha on Monday

Source:-  News Nation

Creating a Global Indian Oil Giant Will be a Long Grind and Should be Carefully

Creating a Global Indian Oil Giant Will be a Long Grind and Should be Carefully

Finance minister Arun Jaitley, while presenting the Budget for 2017-18, made an interesting announcement that will have far-reaching consequences for the petroleum sector.

Source:-  The Wire

Dharmendra Pradhan reaches out to Odisha with PM's energy lifeline

Dharmendra Pradhan reaches out to Odisha with PM's energy lifeline

Oil minister Dharmendra Pradhan brought PM Narendra Modi’s ‘Urja Ganga’, an energy lifeline for eastern India, to his home state Odisha on Saturday by kicking off work on city gas networks in Bhubaneswar and Cuttack

Source:-  The Times Of India

L&T

Larsen arm wins Rs 1,656 crore contract from ONGC

The order, which was bagged and will be executed by L&T’s subsidiary, L&T Hydrocarbon Engineering relates to ONGC’s Neelam Re-Development & B173AC projects. It entails building of one

Source:- The Economic Times

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