Page 7 - Natural Gas

GAIL Q2 results: Profit jumps 56% to Rs 2,404 cr, operational revenue down

State-owned gas utility GAIL (India) Ltd on Tuesday reported a 56 per cent jump in its September quarter net profit as bumper earnings from gas transmission and marketing business offset petrochem losses. Standalone net profit of Rs 2,404.89 crore in July-September, or Rs 3.66 per share, was 54.4 per cent higher than Rs 1,537.07 crore, or Rs 2.34 a share, profit in the same period last year, according to the company's stock exchange filing. GAIL saw pre-tax earnings from its mainstay gas transportation business soar 82 per cent to Rs 1,290.65 crore in the second quarter of the current fiscal. Also, its pre-tax earnings from the marketing of natural gas also jumped almost 400 per cent to Rs 1,784.58 crore. Losses in the petrochemical business narrowed to Rs 160.61 crore from Rs 346.22 crore in July-September 2022. Its revenue from operations dropped to Rs 31,882.62 crore in July-September from Rs 38,490.89 crore on lower gas prices.

Israel-Hamas conflict clouds loom over crude oil and LNG supplies

Iran getting drawn into Israel war could hamper nearly 80 percent of liquified natural gas flows to India

OMCs to prepare joint roadmap on green hydrogen push, to tap cleaner fuel

Move to better map and service demand for green hydrogen beyond captive use for oil refineries

Govt launches 12th round of bidding for city gas distribution in NE states

Natural gas is used for cooking by households as piped natural gas (PNG), and as an auto fuel as compressed natural gas (CNG)

Govt invites bids for licences to supply natural gas to households

"After this round we will go with the authorisation for the island areas to cover 100% geographical areas," Oil minister Hardeep Singh Puri said

India's natural gas demand to rise 4% in 2023: International Energy Agency

Global natural gas demand growth to slow to 1.6 % till 2026, down from 2.5%

Prices for gas extracted from difficult areas like KG-D6 to be cut 14%

The price of natural gas produced from difficult areas like KG-D6 of Reliance Industries is likely to be cut by about 14 per cent from next month in line with softening energy prices, sources said. For the six-month period starting October 1, the price of gas from deepsea and high-pressure, high-temperature (HPTP) areas is likely to be cut to around USD 10.4 per million British thermal unit from the current USD 12.12, they said. The government bi-annually fixes prices of the locally-produced natural gas -- which is converted into CNG for use in automobiles, piped to household kitchens for cooking and used to generate electricity and make fertilisers. Two different formulas govern rates paid for gas produced from legacy or old fields of national oil companies like Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL), and for newer fields lying in difficult-to-tap areas, such as deepsea. Rates are fixed on April 1 and October 1 each year. In April this year, the formula ..

Gas price for Reliance cut by 18% to $10, in line with international prices

The price of natural gas produced from difficult areas like deepsea KG-D6 block of Reliance Industries on Sunday was cut by a steep 18 per cent, in line with softening of benchmark international gas prices, an official notification said. However, the price of gas that is largely used for making CNG for fueling automobiles or piping to households kitchens for cooking purposes will remain unchanged due to a price cap that is set at 30 per cent less than market rates such as that paid to Reliance. For the six-month period starting October 1, the price of gas from deepsea and high-pressure, high-temperature (HPTP) areas has been cut to USD 9.96 per million British thermal unit from USD 12.12, oil ministry's Petroleum Planning and Analysis Cell (PPAC) said in a notification. The government bi-annually fixes prices of the locally-produced natural gas -- which is converted into CNG for use in automobiles, piped to household kitchens for cooking and used to generate electricity and make ...

Govt hikes domestic natural gas prices to $9.20 per mmBTu from Oct 1

The hike in prices is likely to hurt consumers as the gas distribution companies are expected to increase prices of CNG and PNG

Boiling crude dry up chance of price cuts from oil marketing companies

Price of Indian crude basket hits 14-month high of $93.5 on September 21

In push for arbitration in India, one sector steps on the gas

The central government sought from the Supreme Court time till November to file an expert committee's report recommending reforms in the Indian Arbitration and Conciliation Act of 1996

Torrent Gas commences supply of piped cooking gas to Patiala households

Torrent Gas Ltd on Monday said it has commenced the supply of piped cooking gas to households in Patiala in Punjab as the company scales up operations in its licensed areas. Torrent Gas has been authorised by the Petroleum and Natural Gas Regulatory Board (PNGRB) to provide compressed natural gas (CNG) and piped natural gas (PNG) in Patiala, SAS Nagar, Sangrur and Malerkotla. In a statement, the firm said Punjab government minister for new and renewable energy Aman Arora announced the start of supplies to 101 piped gas connections at a function in Patiala on Monday. Piped cooking gas will be available in Patiala for Rs 46 per standard cubic meter (including taxes) and a special introductory offer, including EMI schemes will be available to encourage customers to adopt PNG. Customers can register for piped cooking gas at just Rs 590 (including GST) and get connected. The remaining amount, viz refundable security deposit can be paid in 13 instalments of Rs 500, along with a bi-monthly

Global Biofuel Alliance can turn India into export hub for SAF: Puri

India has enough feedstock, 1 percent blend will benefit 5 lakh farmers, Union Minister Hardeep Singh Puri told Business Standard

NSE to launch options on WTI Crude oil, natural gas futures contracts

The National Stock Exchange (NSE) on Friday announced that it will launch options linked to NYMEX WTI Crude Oil and Natural Gas futures contracts in its commodity derivatives segment. This came after the exchange received approval from the markets regulator Securities and Exchange Board of India (Sebi) to launch these contracts. The addition of options on futures contracts will further boost NSE's product offering in the overall commodity segment. These contracts are designed to provide the market participants with a more efficient way to manage their commodity risk, the exchange said in a release. "It gives us immense pleasure to inform the market participants that NSE is planning to launch Options on NYMEX WTI Crude Oil and Natural Gas futures contracts in October 2023. "We would like to thank all the market participants for showing their trust & confidence in the NSE WTI Crude Oil and Natural Gas Futures contracts, and we are confident that the same will continue with the ...

India seeks additional natural gas volumes to boost power generation

The power ministry is advising states to expedite commissioning of all new power plants and operate gas-fired plants at full capacity, the note said

LNG supply disruption could cause major price volatility: Wood Mackenzie

Asian liquefied natural gas (LNG) buyers are navigating a near-term market that is so finely balanced that any supply disruptions or demand upsides could cause significant price volatility, according to Mangesh Dilip Patankar, Vice President, APAC Gas and LNG Consulting at Wood Mackenzie. Speaking on the sidelines of the Gastech 2023 conference being held during September 5-8 in Singapore, Patankar said that the LNG market is at a critical juncture and the uncertain outlook has affected pricing and contract terms significantly and widened the gap between buyer and seller aspirations. "Many LNG buyers face the challenge of ensuring LNG supply security, while keeping their procurement costs competitive and contractual terms flexible," Patankar said on Tuesday. "Simultaneously, the terms in LNG SPAs (sale and purchase agreements) are also evolving as LNG trading increases." According to Wood Mackenzie Lens, Australia and Qatar will be biggest suppliers of LNG to Asia throughout 2023-20

GAIL to invest Rs 30,000 cr in next 3 years, scouts for LNG supplies abroad

India's top gas firm GAIL (India) Ltd plans to invest Rs 30,000 crore in the next three years as it expands petrochemical capacity and scouts for LNG supplies globally, its chairman Sandeep Kumar Gupta said on Wednesday. The nation's top gas marketing and transportation firm is looking at liquefied natural gas (LNG) as a transport fuel, joining Essar-promoted GreenLine which operates the nation's largest LNG-powered fleet of heavy commercial vehicles. Speaking at the company's annual shareholders meeting, Gupta said the firm had a Rs 10,000 crore capex in the 2022-23 fiscal (April 2022 to March 2023). "The company is growing steadily and creating infrastructure facilities across the nation. We are targeting to incur a capex Rs 30,000 Crore in the next three years, mainly on pipelines, ongoing petrochemical Projects, CGD projects, operational capex, equity contribution in group companies etc," he said. With 15,600 kilometres of pipelines under operation and about 4,200 km of pipelin

Tankers carrying oil collides in Egypt, disrupts traffic: Officials

Two tankers carrying oil products and liquefied natural gas collided in the Suez Canal, disrupting traffic through the global waterway, Egyptian authorities said Wednesday. The Suez Canal authority said in a statement that the BW Lesmes, a Singapore-flagged tanker that carries liquefied natural gas, suffered a mechanical malfunction on Tuesday night and ran aground while transiting through the canal. The Burri, a Cayman Island-flagged oil products tanker, collided with the broken vessel. The collision disrupted traffic, the statement said. The two tanker were part of a convoy transiting through from the Mediterranean Sea to the Red Sea. We've immediately handled the breakdowns ... and traffic will go back to normal in both directions within the coming hours, said Adm. Ossama Rabei, the head of the canal authority, in the statement. About 10 per cent of world trade flows through the canal, a major source of foreign currency for the Egyptian government. In March 2021, the Panama-fl

Serbia will increase gas supply to Hungary if Ukraine exits transit deal

Serbia will provide Hungary with increased shipments of Russian natural gas if Ukraine follows through on ending a gas transit agreement with Russia, Hungary's foreign minister said Sunday. Speaking in a taped message, Peter Szijjarto said Serbia's president, Aleksandar Vucic, had met with Hungarian Prime Minister Viktor Orbn in Budapest, and assured him that Serbia would be able to supply more Russian gas to Hungary if Kyiv declines to extend an agreement allowing its transit across Ukrainian territory. We've heard in recent days that Ukraine would like to terminate the previously concluded natural gas transit agreement with Russia, Szijjarto said. Today, the Serbian president made it clear that if Hungary would like to increase natural gas shipments through Serbia to Hungary, then Serbia can ensure the necessary shipment capacities. The deal came after Ukraine's energy minister, German Galushchenko, indicated Kyiv was unlikely to extend the transit agreement which brings Russian .

Pact inked to connect ONGC's natural gas fields with North East Gas Grid

Indradhanush Gas Limited (IGGL) and Oil and Natural Gas Corporation Limited (ONGC) have signed three hook-up agreements to connect the latter's natural gas fields with the North East Gas Grid (NEGG) for transportation of natural gas. The natural gas will be transported from Jorhat, Silchar and Tripura Assets of ONGC to the consumers, an official release said on Thursday. IGGL is laying a 1,656 km long natural gas pipeline connecting the capital cities and the demand centres of all the eight north eastern states. These hook up agreements will facilitate connection of the natural gas fields of ONGC with the IGGL's pipeline for evacuation of natural gas, IGGL Director Sanjay Kumar said. "The hook-up agreements signed with IGGL is a strategic move to enhance the connectivity of ONGC fields with the North East Gas Grid which will benefit both the companies', he said. It will make domestic gas available to the customers and will contribute to the country's economy as a whole, he said.