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.
Oilex has reported better than anticipated results from its recently on-stream Cambay-73 field in India.
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.
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.
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.
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.
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.
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.
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.
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.
Oilex said it has received endorsement from the relevant authorities of the Government of India for the sale of gas from the Cambay-77H well. It follows the approval last year to sell gas from Cambay-73 and Bhandut-3. The appropriate production facilities for Cambay-77H will now be established and will initially connect the well to a low pressure pipeline grid to service the area.
Oil’s slump has almost doubled the value of India’s big, state-owned refiners, outpacing the rest of the industry from China to the US. The companies had been forced to make a large proportion of sales at below cost for over a decade. Now, they can profit from fuels after India’s new government saw its opportunity in falling oil prices to deregulate the market without bothering its inflation targets. OPEC’s decision to sit on its hands in the face of an oil glut has only accelerated share gains.
Technip has won a €100million contract to build an onshore terminal in India as part of the intergrated development of the Vashishta and S1 fields. The award, from the ONGC (Oil and Natural Gas Corporation Limited), is one of the critical componenets in the development of the fields. The contract will include basic design, detailed engineering, procurement and fabrication of the new onshore terminal facilities which will be integrated into the existing terminal.
Oilex has completed proof-of-concept objectives for the commercial development of the Cambay field in India. The company said initial the key field results from Cambay-77H flowback and production tests were encouraging. The sustained initial 24 hour rate during flowback was 2.03MMscfe/d, comprising 55% light oil with concurrent operations water production of 1,867bbls/d.
Oilex has been endorsed by the Indian government for the sales from the Bhandut-3 well in the Bhundut field. The company said the backing was a "critical milestone" for the field's production. The project will now gather the appropriate production facilities including a compressed natural gas (CNG) loading facility that will enable "bullet" trucks to be loaded for transportation on site.
Oilex has started production tests on the Cambay-77H well in India. The company completed a five day shut-in period to stabilise the well after it underwent 85 days of flowback production. The well will now have a 300 hour flow period and a 300 hour shut-in period where the data will be recorded and monitored, which could be extended depending on the response.