India has planned to raise its refining capacities from about 250 million tonnes per year (MTPA) to 400 MTPA by 2025, Prime Minister Narendra Modi told the recently held India Energy Forum The PM further indicated his preference towards moving the country towards a gas-based economy. “Increasing domestic gas production has been a key government […]
UK-based global energy major BP Plc said it is looking to expand its Indian presence in fuel retailing and mobility solutions. Speaking at the India Energy Forum by CERAWeek, BP Group chief executive Bernard Looney said his firm in partnership with Reliance Industries Ltd will set up 5,500 retail sites in the next 4-5 years. He also asked for […]
Better containment of COVID-19 will lead to a sharper demand recovery for China and Taiwan’s downstream oil and gas companies than that of Indian oil marketing companies (OMC) in 2H20, Fitch Ratings said in a new report. However, higher marketing margins will mitigate the impact of refining weakness on Indian OMCs’ overall profits. Gross refining […]
According to data available with state-sponsored Petroleum Planning and Analysis Cell (PPAC) India’s domestic natural gas production fell by 12.9 per cent year-on-year (y-o-y) to 13,939 million metric standard cubic metre (mmscm) in the first half of the fiscal. The fall was mainly attributed to operations becoming increasingly unviable for energy production companies with government […]
The introduction of the ‘Natural Gas Marketing Reforms’ with the objective to prescribe standard procedure for e-bidding to discover market price of gas to be sold by the gas producers is a propitious move by the Cabinet Committee on Economic Affairs. In as much as the announcements have been reformative they are also clarificatory in […]
Based on FY 2019-20 consumption levels, the Petroleum and Natural Gas Regulatory Board (PNGRB) has indicated that the new unified gas pipeline tariff would be almost halved to be around Rs 56.8 per million British thermal units (mmBtu). The new unified gas pipeline tariff regulation, once implemented, is expected to significantly cut rates of gas […]
India, the world’s third-largest oil consumer, has been trying to reduce its carbon footprint by trying to increase the use of renewable energy and improve energy efficiency, but its use of fossil fuels will continue to increase at least until 2040, said Moody’s Ratings Services. State-run oil and gas companies, who dominate the country’s oil and […]
India’s decision to reduce natural gas prices by 25% will dent the earnings of oil and gas exploration companies, though it will improve end-user consumption, analysts say. State-run Oil and Natural Gas Corporation and Oil India Limited will hurt their gas sales, which accounts for close to 20% of their overall production. The majority of […]
Bharat Petroleum Corporation (BPCL) has entered into a 15 year long term contract for 1 million tonnes per annum (mtpa) LNG from the much awaited Mozambique project. BPCL owns 10% in the 12.88 mtpa offshore project of the Mozambique basin. ONGC Videsh Limited (OVL) and Oil India are the other consortium partners of the Mozambique project. French energy […]
The fall in global gas prices due to higher production and coronavirus-induced low demand, CARE Ratings has said that the Union government will cut the price of domestic gas by a sharp 17.7 per cent to $1.97 per million British thermal units (mmBtu). The new price will be effective for six months starting 1 October, […]
