Page 2 - Oil And Gas

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 ...

ISPRL signs deal with Hindustan Petroleum to lease 300,000 MT space

State-run ISPRL has been selling from the caverns to local refiners after a change in the government rules in 2021

Petrobras in talks for projects with Gulf, Indian, Chinese firms, CEO says

"We have two groups of Asian countries that we're interacting very much right now and we're building relationships right now - Gulf countries, India and China," he said

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

Shipments affected by Houthi assaults as vessel attacked off Yemen: Qatar

Qatar, one of the world's top exporters of liquified natural gas, warned Wednesday that its deliveries had been affected by ongoing attacks by Yemen's Houthi rebels on shipping over Israel's war on Hamas in the Gaza Strip. The statement by QatarEnergy came as an explosion struck near a ship Wednesday travelling through a crucial strait near Yemen, though no damage or injuries were reported, the British military said. No group immediately claimed responsibility for the attack, but suspicion immediately fell on the Houthis. Ships carrying liquified natural gas from Qatar had been delayed previously before heading through the Gulf of Aden and the Red Sea. That's where the Houthi attacks have snarled shipping in a key route for Asia and the Middle East to ship cargo and energy to Europe. Qatar, which has served as a key mediator between Hamas and Israel, has yet to see any of its ships attacked, however. A statement from its state-owned Qatar Energy producer said that its production ...

As govt opens more areas for oil and gas exploration, ONGC reports new find

State-owned company may get more acreage for exploration as government aims to increase domestic fuel production

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 ...

IGX seeks approval for trading of trucked LNG, multi month contracts

Domestic gas consumption has risen 13 percent in first 10-months of 2023

India resisted pressure from developed nations to phase out of fossils: Min

India resisted pressure from developed countries at the climate conference in the United Arab Emirates to end the use of fossil fuels, Union Environment Minister Bhupender Yadav said on Tuesday. Addressing a press conference here, the minister said India is committed to meeting the energy needs of its people and this cannot be done by "just importing oil and gas". "While India is committed to increasing its renewable energy capacity, we will have to rely on coal power until we achieve the objective of developed India," he said. The minister said India accounts for 17 per cent of the global population but its contribution to global carbon emissions is just four per cent. "Poverty eradication is a priority for many nations. So, we did not accept the pressure from developed countries (for a fossil fuel phase-out)," Yadav said. The minister said developed nations, which account for a large part of historical emissions (since the start of the industrial revolution), are required to prov

Proposed 5% biogas blending with LNG can cut imports worth $1.17 bn: IBA

The proposed 5 per cent blending of biogas with natural gas supplies in the country can cut LNG imports worth USD 1.17 billion annually, says a study by the Indian Biogas Association (IBA). The study comes against the backdrop of the government's recent mandate to blend one per cent biogas with piped natural gas (PNG) supplies in the country from April 1, 2025 under the compressed biogas blending obligation (CBO) scheme. The biogas blending is proposed to be further increased to 5 per cent by fiscal year 202829. According to the study, this blending initiative gels well with the government's macro-level move to make India a gas-based economy, with a target to increase the current share of gas in the energy mix from 6 per cent currently to 15 per cent by 2030. The IBA estimates show that 5 per cent blending of biogas with natural gas can reduce LNG imports worth USD 1.17 billion. This can also bring down per capita CO2 emissions by two per cent, benchmarked to the 2019 figure, which

Biden rule aims to reduce methane emissions, targeting oil and gas industry

The Biden administration on Saturday issued a final rule aimed at reducing methane emissions, targeting the US oil and natural gas industry for its role in global warming as President Joe Biden seeks to advance his climate legacy. The Environmental Protection Agency said the new rule will sharply reduce methane and other harmful air pollutants generated by the oil and gas industry, promote use of cutting-edge methane detection technologies and deliver significant public health benefits in the form of reduced hospital visits, lost school days and even deaths. Air pollution from oil and gas operations can cause cancer, harm the nervous and respiratory systems and contribute to birth defects. EPA Administrator Michael Regan and White House Climate adviser Ali Zaidi announced the final rule at the United Nations climate conference in Dubai, United Arab Emirates. Oil and gas operations are the largest industrial source of methane, the main component in natural gas and far more potent th

OPEC defends 'vilified' oil-and-gas industry on eve of climate meeting

The Organization of Petroleum Exporting Countries said that the IEA has "unjustly vilified" the industry over its role in the climate crisis

Oil, industrial firms to commit to decarbonisation at COP28: UAE's Jaber

Jaber did not disclose further details of the measures that had been agreed or identify the executives, but said those who had signed up would be named upon completion of the commitment

Energy consortium bids in Lebanon's licensing round for oil, gas blocks

The consortium last month began drilling an exploratory well in Lebanon's Block 9, one of the blocks falling alongside the newly delineated maritime border between Lebanon and Israel

Biden admin cancels remaining oil, gas leases in Alaska's Arctic Refuge

In an aggressive move that angered Republicans, the Biden administration cancelled the seven remaining oil and gas leases in Alaska's Arctic National Wildlife Refuge on Wednesday, overturning sales held in the Trump administration's waning days, and proposed stronger protections against development on vast swaths of the National Petroleum Reserve-Alaska. The Department of Interior's scrapping of the leases comes after the Biden administration disappointed environmental groups earlier this year by approving the Willow oil project in the petroleum reserve, a massive project by ConocoPhillips Alaska that could produce up to 180,000 barrels of oil a day on Alaska's petroleum-rich North Slope. Protections are proposed for more than 20,000 square miles (51,800 square kilometers) of land in the reserve in the western Arctic. Some critics who said the approval of Willow flew in the face of Biden's pledges to address climate change lauded Wednesday's announcement. But they said more could be

Norway approves 19 oil, gas projects; resulting investments over $19 bn

Norway announced on Wednesday it approved 19 oil and gas projects on the Norwegian continental shelf, saying the total investments are worth over 200 billion kroner (USD 19 billion). "The projects are also an important contribution to Europe's energy security, said Terje Aasland, Norway's minister for petroleum and energy. Norway was the only net exporter of oil and gas in Europe, he said, adding, By carrying out these projects we ensure new production from the latter half of the 2020s, so that we can maintain high Norwegian deliveries. The projects consist of new developments, further development of existing fields, and investments in projects for increased extraction at existing fields. Norway, one of the world's wealthiest countries due to its vast oil and gas reserves, said earlier this month that it wants to open parts of its continental shelf for commercial deep-sea mining in line with the country's strategy to seek new economic opportunities and reduce its reliance on the oi

Essar Oil partners Sensia for digitalisation of oil, gas field operations

Essar Oil and Gas Exploration and Production Ltd (EOGEPL), India's leading pioneering unconventional hydrocarbon player, on Thursday announced its collaboration with Sensia for the digitalisation of oil and gas field operations to enhance operational efficiencies. "This strategic partnership aims to unify measurement systems, optimise decision-making and enable remote control of critical parameters across EOGEPL's wells, facilities and customer interface," it said in a statement. EOGEPL, which produces gas from coal seams (called coal-bed methane), will deploy Sensia's Avalon digital platform interface. "Sensia's Avalon platform offers a comprehensive interface that simplifies the capture, analysis and digitisation of well-related activities, facility-related activities and customer end operations," it said. The platform enables real-time data acquisition of essential parameters, such as mechanical, electrical, gas and water flow, pressure, and power backup device data, among other

Stop funding new oil & gas plans, expanding reserves: UN Chief Guterres

G20 leaders should aim for a new set of carbon reduction targets by November, says Guterres

Net zero target: Why 'sustainable economic growth' will elude India

Western reluctance to spend on climate action and the govt's inability to accelerate renewables to power faster economic growth are major hurdles to the net zero target

Oil India hits 8-month high on highest-ever quarterly profit in Q3FY23

In the past six months, Oil India soared 26 per cent, as against 3 per cent rise in the S&P BSE Sensex