Lower crude oil costs and higher marketing margins are expected to raise the fortunes of oil marketing companies (OMCs) in the first quarter (Q1) of 2023-24 (FY24), while city gas distribution (CGD) companies could also benefit from lower spot prices of liquefied natural gas (LNG). However, in a break from the past, growth trends are expected to diverge for various segments within the broad energy sector. Analysts expect the earnings from gas production to go down for upstream national oil and gas companies such as Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) due to the introduction of the new domestic gas pricing regime on April 1. After showing steep losses over the first half of 2022-23 (FY23), the marketing margins of OMCs have steadily recovered in four months.
Petroleum Minister Mani Shankar Aiyar will visit Dhaka and Yangon in January to explore the possibility of laying a natural gas pipeline from Myanmar to India via Bangladesh.
Eight companies are in the fray for rolling out gas networks in six cities, bids for which were invited by the Petroleum and Natural Gas Regulatory Board. The deadline for submission of the bids expired on Tuesday.
Modi said the push towards a gas-based economy where the share of environment-friendly fuel in the energy basket will be increased from 6.2 per cent to 15 per cent by 2030, will create lakhs of jobs and help meet India's COP-21 commitment of cutting emission intensity by 33-35 per cent.
OVL, along with global oil majors such as Royal Dutch Shell, ExxonMobil, Chevron, ConocoPhillips, British Petroleum, Total and China National Petroleum Corporation, is one of the 35 companies short-listed by the Iraqi government for the auction, which includes six oil-producing blocks with recoverable reserves of 40 billion barrels of oil, making it the largest such auction in the world.
Earlier this week, the ministry had come out with a clarification, saying domestic gas producers had to stick to the earlier price of $4.2 a unit until a further notification from the new government.
Close on the heels of initiating a dialogue with Iran and Myanmar on importing gas through onland pipelines, Petroleum Minister Mani Shankar Aiyar will soon visit Turkmenistan and Afghanistan to explore the possibility of bringing natural gas from Ce
Ras Laffan Liquefied Natural Gas Co Ltd (RasGas) of Qatar has pulled out of state-run National Thermal Power Corporation's tender for supply of 3 million tonnes of LNG for its power plants.
Govt approved a formula, not a price; PetroMin says a substantial rise was inevitable.
India will begin importing gas in the form of liquefied natural gas from early 2004 to augment deficit in domestic production, Petroleum Minister Ram Naik said.
The Petroleum Ministry has proposed a 33 per cent hike in the price of natural gas produced by ONGC and Oil India and gradually increase it to $4.20 per mmBtu set for gas from Reliance Industries' KG-D6 fields.
BPCL is a high revenue-earning public-sector undertaking (PSU) and plans to privatise it are completely off the table, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Tuesday after assuming charge of the ministry for the second time. "Why would we divest ourselves of highly successful Maharatnas like BPCL," Puri said, arguing the Centre was not in favour of divesting its stake in oil PSUs.
Of the 17.99 mmcmd gas allocated to the power sector, gas supply pacts of only 2.67 mmcmd allocated to NTPC remained to be signed. NTPC's opposition has also delayed the GSPA for a separate 2.7 mmcmd allocated to the Dabhol power plant and the same is now slated to be signed next week.
The consortium of Oil and Natural Gas Corp, Reliance Industries and BG Group of UK will continue selling gas from Panna/Mukta and Tapti fields to state-run gas firm GAIL
The countdown for BG's stake sale in Gujarat Gas Company (GGCL) begins tomorrow. Three months after BG made its intention of divesting its stake clear, over half a dozen potential bidders are likely to submit non-binding bids for BG's 65.12 per cent stake in the country's largest natural gas distributor by sales.
On instructions from the Prime Minister's Office for a more uniform distribution of the natural resource, the petroleum ministry had in December 2007 scrapped all contracts for sale of gas produced from PMT fields and nominated GAIL for selling it to 'fuel-starved' fertiliser plants outside Gujarat. But after protests, the ministry agreed to partly restore 3.6 million standard cubic meters per day of gas out of 5.1 mmscmd consumed by RIL's petrochemical plants.
ExxonMobil-owned RasGas will supply liquefied natural gas by December to restart the Dabhol power project in Maharashtra, a top official said on Friday.
Reliance Industries Ltd's legal battle over the Uttar Pradesh government's decision to impose 21 per cent value-added tax on gas is holding up supply to NTPC's two power plants and Indian Oil Corporation's Mathura refinery, despite a group of ministers making allocation to them.
In October 2024, Jindal Stainless challenged a Goods and Services Tax (GST) notice in the Delhi high court. It was about corporate guarantees issued to related parties by its former group company, Jindal Stainless (Hisar), before their merger in March 2023.
India is likely to sign a $145 billion deal by June to import natural gas from Iran through the proposed Iran-Pakistan-India pipeline after Tehran lowered the sale price by 30 per cent.
China has pipped India to sign a 30-year agreement to import natural gas from fields lying in Myanmar offshore where India's state-owned companies have 25 per cent stake.
Of the 10 coal bed methane blocks on offer, bids were received only for 8. RIL bid for one block. Of the 24 deep water blocks on offer, bids were received only for eight.
The Oil Industry Safety Directorate, under the Petroleum Ministry, carries out safety audits of oil and gas installations, besides formulating and standardising procedures and guidelines for design, operation and maintenance.
The Indian government, said a senior official, wishes to take talks forward on the $7 billion Iran-Pakistan-India gas pipeline project.
Iran on Friday invited India's Prime Minister Manmohan Singh and Pakistan President Pervez Musharraf to Tehran for signing a tri-nation deal on natural gas, supply of which could start from 2011.
He was speaking on the sidelines of a function to inaugurate the new building to house the Environment Ministry.
Opposition parties in the Indian Parliament walked out of the Rajya Sabha after their demand for an immediate discussion on the alleged mismanagement at the Maha Kumbh, where a stampede led to several deaths, was rejected. The Chairman of the Rajya Sabha, Jagdeep Dhankhar, declined to suspend the scheduled business of the day to take up the issue, citing his previous rulings regarding notices under Rule 267.
Days after the Cabinet approved doubling of natural gas price from April next year, the Finance Ministry has written to Oil Ministry suggesting setting of a ceiling or an upper limit for the rates.
Steel manufacturers on Wednesday hit out at 'unilateral' decision of the Oil Ministry to curb natural gas supplies from Reliance Industries' KG-D6 fields to non-core users, saying only a ministerial panel was empowered to take such decision.
The commission asks for notification to be deferred; RIL's KG-D6 pricing issue may return to Cabinet
The Petroleum Ministry has allocated additional natural gas from Reliance Industries' eastern offshore gas fields to three power plants to meet electricity deficit in northern states reeling under drought.
Asian Development Bank and ExxonMobil-promoted RasGas of Qatar have taken 10 per cent equity each in Petronet LNG Ltd, the public sector joint venture firm which will begin importing liquefied natural gas from January next year.
Iran-Pakistan-India gas pipeline project has been found technically possible but its economic viability will depend on the price at which Tehran sells the fuel, said Minister of State for Petroleum and Natural Gas Dinsha Patel.
The scheme will cost the state exchequer altogether Rs 1,650 crore.
The wholesale price-based inflation declined to 4.95 per cent in December 2022, mainly due to fall in prices of food articles and crude petroleum. The Wholesale Price Index (WPI)-based inflation was 5.85 per cent in November 2022 and 14.27 per cent in December 2021. Inflation in food articles was (-)1.25 per cent, while in fuel and power it was 18.09 per cent during December 2022.
A report, by DeGoyler and MacNaughton, has put a question mark on the future production from the five ONGC discoveries.
'The universe of PSU stocks is huge and diverse.' 'Investors should bet on specific sectors and stocks from the basket as most of them may continue to consolidate after years of outperformance.'
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