Oil And Gas Reserves

Canada proposes sharp cut in oil and gas sector emissions by 2030

Oil and gas industry associations also pushed back against the cap, arguing it will kill jobs and cut tax revenue

ONGC fails again to attract bids for stake in Deen Dayal gas field

State-owned Oil and Natural Gas Corporation's (ONGC) third attempt to get a partner to rescue the Deen Dayal gas field in the KG basin in Bay of Bengal has met with the same fate as previous efforts as it got no bids, sources said. The tender offering stake to technical and financial partners in the Deen Dayal field, which ONGC had acquired from a Gujarat government firm for USD 1.2 billion, received no bids, two sources aware of the matter said. ONGC on June 12 sought expression of interest from "global oil and gas companies with requisite technical expertise and financial strength to join as partner (with participative interest) for firming up a viable strategy" for the field, according to the tender document. Bids closed on September 12. The field has produced negligible quantities of gas since ONGC in January 2017 acquired Gujarat State Petroleum Corporation's (GSPC) 80 per cent interest in the KG-OSN-2001/3 block off the east coast of India. The block contains the Deen Dayal W

LNG buyers flag US supply risks of purchase after Biden pauses export

'I do trust the traditional LNG suppliers more than US LNG players,' said Jane Liao, vice president at CPC, told the APPEC conference

S Korea Prez Yoon approves exploration of vast oil, gas prospects off-coast

The president said South Korea has conducted a series of explorations for oil and gas beginning in 1996 and tapped a gas reserve of the equivalent of about 4.5 million barrels

Brazil pushes out Petrobras CEO, names ex-regulator to top job; shares dip

New York-listed shares of Petrobras fell more than 6% in after-hours trading as news broke that Prates was headed for the exit

Brokerages cautious about stocks of city gas distribution companies

The gas sector faces competition from EVs that cut into demand for CNG vehicles

Essar to speed up CBM plans; to raise output to 5 mmscmd in 3-4 years

Essar Oil and Gas Exploration & Production Ltd is speeding up capital expenditure plans to explore and produce unconventional hydrocarbons that will help raise gas output at its flagship block to about 5 million standard cubic meters per day from less than 1 mmscmd now, its CEO said. EOGEPL is India's largest producer of Coal-Bed Methane (CBM) which just like conventional gas can be used as CNG in automobiles or as feedstock in industries. Buoyed by investor-friendly upstream policy reforms in recent years, including providing marketing and pricing freedom for CBM, the firm is drilling more wells, including horizontal ones, that will help tap into wider resources lying below coal seam in its Raniganj East block in West Bengal, EOGEPL CEO Pankaj Kalra told reporters on the sidelines of the India Energy Week. The firm currently produces 0.9 mmscmd of gas or 1 per cent of India's total gas output. "Our drilling campaign will see production rise to 2.3-2.4 mmscmd in the next 14-15 ...

India's oil, gas industry have grown leaps and bounds: PM Narendra Modi

'This is a remarkable step in India's energy journey and boosts our mission for an Aatmanirbhar Bharat,' PM Modi said in a post on X

Significant rise in gap between standalone, consolidated net profit of RIL

The gap between Reliance Industries Ltd's standalone and consolidated net profit has more than doubled to Rs 22,400 crore in the last couple of years, as the retail and telecom businesses housed in separate subsidiaries saw significant growth, a report said. "The gap between Reliance's standalone and consolidated profit after tax (PAT) has increased significantly - from Rs 8,400 crore in FY20 (April 2019 to March 2020) to Rs 22,400 crore in FY23, as telecom and retail have ramped up," JP Morgan said in a note that used data from the firm's annual reports to reconcile the difference between the two reported profit numbers. Reliance reported a standalone net profit of Rs 30,902 crore in 2019-20 fiscal year, which grew to Rs 44,205 crore in 2022-23 fiscal. Consolidated net profit soared from Rs 39,354 crore in FY20 to Rs 66,702 crore in FY23. As many as 335 individual standalone companies/associates/joint ventures accounted for the difference between Reliance's consolidated and ...

'Moment of truth': Fossil fuel lobby casts long shadow over COP28

In an interview with AFP on Saturday, Jaber had defended the large presence of heavy-emitting industries, including the oil and gas sector

Crude, gas supply concerns ease as Israel-Hamas strike peace deal

Around 6-8 per cent of ONGC's gas production comes from new wells. Gas price may be assumed at $6.5/mmBtu from Q3FY24

ONGC to start oil production from $5bn deep-water project this month

State-controlled Oil and Natural Gas Corporation (ONGC) will kick off oil production from its much-delayed flagship deepsea project in Krishna Godavari basin in Bay of Bengal this month, helping reverse years of decline in output, a senior company official said. "We plan to start producing from the Cluster-2 project in KG-DWN-98/2 block this month and slowly ramp up," ONGC Director (Production) Pankaj Kumar told PTI here. A floating production unit, called FPSO, which will be used to produce oil, is already in the block. After several missed deadlines, ONGC has told Shapoorji Pallonji Oil & Gas (SPOG) that its floating production, storage and offloading vessel (FPSO) Armada Sterling-V should prepare to receive the first oil this month. Oil production from Cluster-2 should have begun by November 2021, but was delayed because of the pandemic. Kumar said ONGC plans to start producing from 3 to 4 wells initially and slowly connect others. "Initial production could be 8,000 to 9,000 ...

Govt evaluating option of building gas storage, says oil secretary

The modalities for building storage will be worked out after a feasibility study, he added

Netherlands taps into gas reserves as cold wave boosts heating demand

Dutch energy firms have been forced to tap into the country's gas reserves as the cold wave is boosting demand

India's gas target of 15% was only aspirational. Time to give it up?

While several bankers and analysts have projected the difficulty of reaching this number, it is important to figure out where the target of 15 per cent came from

The big short in oil & gas PSUs: Lack of leadership in sector hurting India

The government deplores the lack of good leadership in these companies but it adds to the problem with sub-optimal appointment practices for chief executives in this sector

Oil & gas emissions 3 times higher than figures being reported: COP27 data

Emissions from oil and gas production worldwide are significantly underreported and are estimated to be three times higher, according to new data released at the UN climate summit (COP27) on Wednesday. Climate Trace -- a non-profit coalition of organizations which monitors greenhouse gas emissions and publishes emissions inventories using satellite data, artificial intelligence and machine learning -- said half of the 50 largest sources of emissions across the world are oil and gas production fields and their associated facilities. "Globally, emissions from oil and gas production are significantly underreported, with the data showing that of the countries required to report regularly to the UNFCCC, emissions are as much as three times higher," Climate TRACE said. The top 14 sources of emissions in the world are oil and gas fields, with the Permian Basin in Texas, the US, being the largest emitter, the latest global emissions inventory showed. "The top 500 sources represent less tha

Gas crunch eases in Europe - but the respite might not last

Natural gas and electricity prices in Europe have plunged from summer peaks thanks to mild weather and a monthslong scramble to fill gas storage ahead of winter and replace Russian supplies during the war in Ukraine. It's a welcome respite after Russia slashed natural gas flows, triggering an energy crisis that has fuelled record inflation and a looming recession. Yet experts warn it's too soon to exhale, even as European governments roll out relief packages for people struggling with high utility bills and work on longer-term ways to contain volatile gas and electricity prices that have shrunk household budgets and forced some businesses to shut down. Uncertainties include not only the weather but how responsive people will be to appeals to turn down their heating and how much demand there will be from Asian economies for scarce energy supplies. And the war a few hours east is a cauldron of possible unpleasant surprises that could cut energy supplies needed for electricity, heating

Ahead of elections, Biden announces steps to reduce gas prices in US

Ahead of the crucial mid-term polls, US President Joe Biden has announced a slew of measures to lower gas prices, which have been hurting the middle class. Biden, in a major policy speech, reiterated that Russian President Vladimir Putin was responsible for the hike in energy prices in the US. When the price of gas goes up, other expenses get cut. That's why I have been doing everything in my power to reduce gas prices since Putin's invasion of Ukraine caused these prices to spike and rattled international oil markets, he said in a speech. Biden said the Department of Energy will release another 15 million barrels from the Strategic Petroleum Reserve, extending the previously announced release, through the month of December. He said independent analysts have confirmed that drawdowns from the reserves so far have played a big role in bringing down oil prices. So, we're going to continue to responsibly use that national asset, he said. Right now, the Strategic Petroleum Reserve is

ONGC eyes stake in Russian entity managing Sakhalin 1, says report

India's Oil and Natural Gas Corp plans to take a stake in the new Russian entity that will manage the Sakhalin 1 project in the far east