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India

Other News

Saudi Aramco foils attempted fraud

Oil giant Saudi Aramco said an attempted fraud which allegedly targeted its trading unit as well has India's Oil and Natural Gas Corp (ONGC) has been foiled.

Oil & Gas

EMGS wins India seismic work

Electromagnetic Geoservices (EMGS) has signed a multi-client acquisition agreement with the Directorate General of Hydrocarbons (DGH) in India. The agreement grants EMGS a two year permit to acquire 3D EM data within a 325,000 square km area off the west coast of India. It will cross eight different tectonic provinces from Kutch-Saurashtra in the North to Ratnagiri in the South.

Renewables/Energy Transition

India’s Hydro push revives $1.4 billion Goldman-backed plant

India’s Power Minister Piyush Goyal said disputes blocking a hydroelectricity project worth at least $1.4 billion have been cleared, part of a drive to revitalize the industry as he targets an unprecedented expansion in renewable energy. Resolving the years-long delay in the Teesta-III project in northeastern Sikkim state near China will make hydroelectricity more alluring to investors, according to Goyal. One of his major challenges is finding the $200 billion India needs for a goal of 175 gigawatts of green-energy capacity by 2022. “If you go back in history for the last five years, the entire hydel industry has come to a standstill in India,” Goyal, a 51-year-old former banker and chartered accountant, said in an interview in New Delhi on Tuesday. “We’re going to revive it.”

Oil & Gas

Rebound forecast for India earnings as oil drop to buoy spending

Indian money managers are starting to see the glass as half full in their company earnings outlook. Falling oil prices are underpinning expectations that the worst is over for corporate profits as savings translate into higher investment and consumer spending, despite the worst equity losses in six years on Monday amid a global rout. The S&P BSE Sensex earnings climbed 1 percent in the quarter to June, following a 45 percent drop in the prior three months, data compiled by Bloomberg show. The 57 percent drop in Brent crude in the past 12 months will save the government about $50 billion a year, estimates Ramesh Damani, an investor and a member of BSE Ltd., Asia’s oldest bourse. Sensex earnings will jump more than 40 percent in the coming year, forecasts compiled by Bloomberg show.

Oil & Gas

UAE open to meeting Indian oil demand -UAE economy minister

The United Arab Emirates is open to meeting any demand for oil from India, the Gulf OPEC member's economy minister Sultan bin Saeed al-Mansouri told Reuters on Monday. Mansouri was speaking after meeting with Indian Prime Minister Narendra Modi, who is in the UAE on a two-day visit. "India is importing oil now and the UAE is open to meet demand for any oil from India," Mansouri said, adding that the issue would be discussed further by representatives of the two sides. Abu Dhabi currently provides 9 percent of India’s energy needs and India is the world's fourth biggest oil consumer.

Oil & Gas

ONGC said to seek $900 million stake in Rosneft Vankor field

Oil & Natural Gas Corp. is seeking through its overseas unit to buy a stake in Russia’s second-largest oil producing development from OAO Rosneft, according to two people with direct knowledge of the plan. ONGC Videsh Ltd. is in discussions to purchase a share of the Vankor oil field in East Siberia, said the people, who asked not to be identified because discussions are ongoing. The New Delhi-based company is seeking to pay $900 million for the stake, which will secure about 3.5 million metric tons of oil a year (about 70,290 barrels a day), and expects to sign a deal as early as next month, one of the people said.

Markets

ONGC sees rise in profit after cutting discounts on crude oil to refiners

Indian explorer Oil and Natural Gas corp (ONGC) has reported a 14% increase in quarterly net profit. The rise was seen as the company significantly cut its discounts on crude oil to refiners after global oil prices fell. The company's net income for the first fiscal quarter rose to 54.59billion rupees from 47.82billion rupees a year earlier.

Oil & Gas

BP’s Indiana refinery outage ripples through US oil market

For want of a refinery unit in Indiana, oil is tumbling in Oklahoma and Alberta while gasoline in the Midwest is soaring. Leaking tubes on a piece of equipment forced BP Plc to shut the largest crude unit at its refinery near Chicago over the weekend, according to a person familiar with operations there. It could be down for at least a month. The shutdown of the most important unit in the biggest plant in the Midwest has disrupted markets throughout the region. It puts extra oil onto an already-oversupplied market and cuts the supply of gasoline to the Midwest in the middle of peak summer demand. That’s helped push heavy Canadian crude to trade at the lowest level in a year and propelled wholesale gasoline in Chicago to the highest level since 2013.

Oil & Gas

Oilex urges shareholder support for tranche of investment plans

Oilex has asked its shareholders to vote in support of a capital funding program for work on the Cambay and Bhandut fields and the Canning basin. The company is looking to build on a “growth opportunity” which it says is underpinned by a recent independent reserve classification of gas and light field oil in the region. Managing director Ron Miller has written to shareholders asking for support to make the new investments.

Other News

Putin welcomes India and Pakistan to alliance

Russian president Vladimir Putin said India and Pakistan will join the Shanghai Co-operation Organisation (SCO), a group dominated by Russia and China and also including former Soviet republics in Central Asia.

Europe

Russia’s Rosneft signs preliminary deal to buy into Essar’s Vadinar refinery

Russia's top oil producer Rosneft has made a significant step in its efforts to expand its global reach by signing a preliminary deal with Essar Group about acquiring up to 49 percent of the Vadinar oil refinery in India. Rosneft, the world's top listed oil producer, has long sought to increase its exposure to the global markets but its efforts have been hampered by Western sanctions over Moscow's role in the Ukraine crisis. State-controlled Rosneft said on Wednesday that it has also finalised a deal to supply 10 million tonnes of oil a year (200,000 barrels per day) to the refinery over 10 years.

Oil & Gas

Cairn India seeks to export oil despite ban

Cairn India is thought to have invited initial bids for exports of its oil from the desert state of Rajasthan, despite a government ban on overseas sales of locally-produced crude.

Other News

Most profitable India explorer turns funds seeker as cash dries

Just when India’s biggest oil and gas explorer needs to find new reserves to replace aging wells, it’s running out of money. “Depleting cash reserves are a serious concern,” Oil and Natural Gas Corp. Chairman Dinesh Kumar Sarraf said in an interview on April 30. “But that doesn’t stop us from drilling more wells. As a loan-free company, we have lots of options.” Oil’s 36 percent plunge since June has lowered the valuation of global energy assets, paving the way for takeovers in the sector. State-run ONGC’s $3.3 billion of record cash reserves have all but vanished in the last three years, making it more difficult to compete for acquisitions with rivals such as Royal Dutch Shell Plc and Total SA that are as much as 14 times its size.

Australasia

KDM Marine International appoint new regional manager for eastern hemisphere

KDM Marine International have appointed a regional manager for their work in the eastern hemisphere. The company, which is part of the James Fisher Group, has appointed Faisel Chaudry as their new regional manager for the eastern hemisphere. Faisel, who has more than eight years' experience in the oil and gas and offshore renewables industries, is tasked with growing the market-leading company's presence in regions like the Middle East, India, North Africa and Asia Pacific.

Australasia

China and India build oil stockpiles to offset risk of disruption in supplies

China and India are poised to fill up their strategic oil reserves this year, taking advantage of lower prices, according to the International Energy Agency (IEA). The two nations are building emergency stockpiles with millions of barrels of crude that mirror the reserves of oil and refined products that the US and its western allies amassed after the first oil crisis of 1973 to 1974.

Oil & Gas

Cairn in new battle with India’s taxman

Indian tax authorities last night slapped oil explorer Cairn Energy with a £1billion draft assessment order on a business transaction in the country seven years ago. In retaliation, Cairn said it has instructed counsel to fight the notice, which the Edinburgh firm argues stems from retrospective legislation imposed in 2012.

Oil & Gas

Oilex looks to India for shelter from low oil prices

Updating the market on its Indian assets, Australia's Oilex said the 2015/16 work programme for proof of concept well Cambay-77H had been approved by both its joint-venture and the government of India. Oilex has commenced work on schedule critical tendering activities and expects to take advantage of the recent decrease in global oil and gas activity to achieve a reduction in drilling and other costs.