Oil And Gas Sector

Norway's Equinor, Shell plan to form UK oil and gas joint venture

Joint venture will be based in Aberdeen, Scotland, and will be set up to sustain domestic oil and gas production and security of energy supply in Britain, Equinor said

Gail signs 10-yr deal to buy up to 0.52 mn tonnes LNG per yr with ADNOC Gas

State-owned gas utility GAIL (India) Ltd on Thursday said it has signed a 10-year deal to buy up to 0.52 million tonnes per annum of liquefied natural gas (LNG) from Abu Dhabi's ADNOC Gas starting 2026. This is the first sales and purchase agreement (SPA) that ADNOC Gas has signed with an Indian buyer. "The LNG will be delivered in six cargoes per year from ADNOC Gas' Das Island natural gas facility, which has an LNG processing capacity of 6.0 million tonnes per annum. It is the third longest established LNG plant still in production globally," GAIL said in a statement. Sanjay Kumar, Director (Marketing), GAIL said: "India is witnessing a growing demand for LNG to meet its increasing natural gas demand in a diversified sectoral pattern. GAIL plans to significantly increase its term LNG portfolio in the coming years to meet this rising demand. This SPA with ADNOC Gas is a crucial step in this direction, enabling GAIL to augment its existing LNG portfolio to better serve its diverse .

Host nation Azerbaijan defends oil, gas sector at COP29 amid West criticism

Azerbaijan's oil and gas revenues accounted for 35 per cent of its economy in 2023, down from 50 per cent two years earlier. The government says these revenues will decline to 22 per cent by 2028

Josler Energy, IGL, Heath Consultants join hands for safe, green gas infra

Oil exploration and production player Josler Energy on Monday announced its collaboration with Heath Consultants, Inc and Indraprastha Gas Ltd under the US-India Low Emissions Gas Task Force (LEGT). As per the collaboration, advanced gas leak detection technologies will be introduced into IGL's gas distribution network that spans Delhi-NCR, Haryana, Uttar Pradesh and Rajasthan. The MoU, signed between IGL and Heath Consultants at GASTECH 2024, Houston, is a significant step towards reducing methane emissions and bolstering public safety across IGL's network, a company statement said. Josler Energy will provide technical support, field expertise, and training to IGL's employees, empowering them to utilize the latest technologies and best practices in gas leak detection. Since 2019, Josler Energy has surveyed over 20,000 kilometers of underground pipelines, preventing dangerous leaks that threaten public safety, the environment, and financial resources. "Partnering with Heath ...

US oil, gas M&A activity rose 57% in 2023 as industry consolidated: Report

The jump in spending on dealmaking and expanding reserves marks a shift in strategy following a years-long focus on shareholder returns over growth, which many firms had employed

India's clean air target at risk as gas plan caught in regulatory minefield

New Delhi's ambitious targets to clean its air by decarbonising energy sector will be underpinned by its success in building nascent natural gas segment

Oil & Gas stocks surge in volatile session; IGL soars 7%, Gail India 4.5%

With the exception of Adani Total Gas and Aegis Logistics, all stocks within the Nifty Oil & Gas index witnessed gains

Israel-Iran tensions see OMC stocks IOC, BPCL, HPCL slip up to 4% on Friday, April 19

Oil and marketing companies (OMCs) such as Indian Oil Corporation and Hindustan Petroleum Corporation Ltd (HPCL) slumped 4.1 per cent each at Rs 162.20 and Rs 457, respectively in intraday deals

Tamilnadu Petroproducts Q3 result: Hit by cyclone, PAT drops to Rs 2.44 cr

Petrochemical manufacturing company Tamilnadu Petroproducts Ltd has recorded a standalone profit after tax for the October-December 2023 quarter at Rs 2.44 crore, following the impact of cyclone Michaung which led to disruption in manufacturing facilities. The city-based company, part of the AM International - Singapore, had posted a standalone net profit at Rs 25.23 crore, during the corresponding quarter of last year. For the nine months period ending December 31, 2023 the standalone net profit stood at Rs 31.82 crore, as against Rs 79.40 crore registered a year ago. "In the quarter (October-December 2023) we encountered challenges due to the cyclone, leading to disruptions in our manufacturing facilities and loss of plant and machinery. Despite these obstacles, we have successfully restored our operations, minimising disruptions to our customer delivery schedule" said TPL Vice Chairman Ashwin Muthiah. The standalone total income during the quarter under review slipped to Rs 351.

PM Modi courts top global executives for investment in oil, gas sector

Prime Minister Narendra Modi on Tuesday courted top oil and gas executives, showcasing opportunities the world's fastest growing economy offers and the reforms that his government has made particularly in exploration and production. Modi met about 20 top executives of firms ranging from ExxonMobil and BP to QatarEnergy and French giant TotalEnergies, discussing energy scenarios as well as investment opportunities, sources in know of the development said. He referred to the recently launched exploration licensing round to seek global giants to invest in finding and producing oil and gas in the country. The sources said he spoke on reforms in the oil and gas sector, including a shift from purely revenue-based bidding for oil and gas areas to a exploration-focussed bidding. India is the world's third largest energy consumer and imports 85 per cent of its needs. The government wants to increase the domestic production to cut imports. Indian CEOs attending the meeting included Vedanta

BP beats forecast with $3 billion quarterly profit, boosts buybacks

The company's shares were around 5% higher by 1020 GMT on Tuesday following the unexpected acceleration of the buyback programme

Oil regulator PNGRB launches drive to increase piped gas adoption

Oil regulator PNGRB has launched a two-month long nationwide drive to increase adoption of piped natural gas as a cooking fuel in household kitchens in an attempt to cut dependence on imported fossil-fuels. "The Petroleum and Natural Gas Regulatory Board (PNGRB) along with city gas distribution entities will run a campaign from January 26 to March 31, aimed to promote the adoption of piped natural gas (PNG) among households and to expand PNG consumer base across a broader segment of the population," it said in a statement. While PNG has gained currency in the last few years after PNGRB expanded city gas networks to most parts of the country, sizable households continue to use either LPG or conventional fuels like firewood and cow dung for cooking. While India is about 50 per cent dependent on imports to meet cooking gas LPG needs, use of conventional fuels is considered a health hazard. PNG offers a viable alternative. It is convenient as it does not require ordering for refills ..

GEECL claims more than Rs 100 cr from Matix Fertilizers over GSPA dispute

Natural gas producer Great Eastern Energy Corporation Limited (GEECL) has claimed more than Rs 100 crore from Matix Fertilisers & Chemicals Limited, allegedly for not adhering to the terms of the Gas Sale and Purchase Agreement (GSPA). This may come as a blow to Matix which operates West Bengal's only large integrated fertilizer plant at Panagarh near Durgapur and claims to have a 20 per cent market share in eastern India. Matix did not want to make any comment on the development stating that the matter is sub-judice. The coal-bed methane gas producer entered into a GSPA with Matix in July 2017, which was valid till August 31, 2018. It claimed that Matix did not honour the Minimum Guarantee Offtake clause. According to the latest accounts notes, GEECL had then claimed Rs 148 crore including interest from Matix. GEECL also claimed that following arbitration, the company owes nearly Rs 112 crore including interest. It subsequently approached a commercial court in Rajarhat to execute

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

Energy surge: Oil and gas sector set for good growth in FY24, FY25

Natural gas consumption to rise 10-15% this financial year, driven by CGD

Industrial gas sector charged up on India's semiconductor industry boom

Now, the component industry is seeking government assistance with technology transfer, land allotment, electricity, and capital subsidy, since many new gases will need to be manufactured in India

Govt appoints Anil Jain as chairman of oil and gas sector regulatory body

The government has appointed seasoned bureaucrat and gas sector expert Anil Kumar Jain as the new chairman of the oil and gas sector regulatory body, PNGRB, an official order said. The Appointments Committee of the Cabinet (ACC) approved the appointment of Jain, who retired as coal secretary in October last year, as the new chairman of the Petroleum & Natural Gas Regulatory Board (PNGRB). The ACC has approved the proposal of the Ministry of Petroleum and Natural Gas, based on the recommendations of the Search Committee, for the appointment of Anil Kumar Jain. Jain has been appointed as the Chairperson PNGRB "for a period of five years from the date assumption of charge of the post or till attaining the age of 65 years, or until further orders, whichever is the earliest, on a consolidated pay package of Rs 4.50 lakhs per month (without house and car) or as revised by the Ministry of Finance from time to time," the ACC order of May 15 said. Bihar-born, 1986-batch Indian ...

Foreign oil majors flag windfall tax concerns; govt seeks $52-bn investment

India is the world's third-biggest oil importer and consumer and meets almost 85 per cent of its oil requirements from overseas

Ghana seeks Indian investment in oil and gas sector to become petroleum hub

BENGALURU, India (Reuters) - Ghana, which is struggling with its worst economic crisis in a generation, is seeking Indian investment in its oil and gas sector.

Demand to exploration: Key warning signals for India's gas industry in 2023

Consumers will be in trouble, given rising European demand from India's traditional suppliers, the absence of gas storage facilities and the lack of a clear LNG procurement strategy