Page 5 - Oil And Gas

ONGC to reverse oil, gas output dip; eyes 18% jump in production in FY25

India's largest oil and gas producer ONGC will this year reverse years of decline in production and gradually raise output thereafter as it invests billions of dollars to produce from newer discoveries, company's management told investors in a call. Oil and Natural Gas Corporation (ONGC) in fiscal year 2021-22 produced 21.707 million tonne of crude oil, which is refined to produce petroleum products like petrol and diesel, and 21.68 billion cubic meter (bcm) of natural gas, which is used to produce electricity, manufacture fertilizer and as CNG in automobiles. In current fiscal year (2022-23), crude oil production is slated to rise to 22.823 million tonne and gas to 22.099 bcm. In the following fiscal year, oil production will climb to 24.636 million tonne and to 25.689 million tonne in 2024-25, the management told investors in a call post announcement of second quarter earnings last week. Natural gas production is slated to rise to 25.685 bcm in 2023-24 and to 27.529 bcm in the ...

Oil & gas emissions 3 times higher than figures being reported: COP27 data

Emissions from oil and gas production worldwide are significantly underreported and are estimated to be three times higher, according to new data released at the UN climate summit (COP27) on Wednesday. Climate Trace -- a non-profit coalition of organizations which monitors greenhouse gas emissions and publishes emissions inventories using satellite data, artificial intelligence and machine learning -- said half of the 50 largest sources of emissions across the world are oil and gas production fields and their associated facilities. "Globally, emissions from oil and gas production are significantly underreported, with the data showing that of the countries required to report regularly to the UNFCCC, emissions are as much as three times higher," Climate TRACE said. The top 14 sources of emissions in the world are oil and gas fields, with the Permian Basin in Texas, the US, being the largest emitter, the latest global emissions inventory showed. "The top 500 sources represent less tha

Europe's energy crunch will trigger years of shortages and blackouts

Energy security concerns in Europe are driving energy poverty in the emerging world," said Saul Kavonic, an energy analyst at Credit Suisse Group AG

ONGC applies to retain 20% stake in Russia's Sakhalin-1 oil and gas project

"Yes," said the person when asked if ONGC has applied to retain its stake in the project

Vedanta Q2 net profit falls 60% on higher expenses; revenue up 20%

Vedanta's oil and gas business also took a hit due to the windfall tax and lower crude prices in Q2, analysts said

ONGC eyes stake in Russian entity managing Sakhalin 1, says report

India's Oil and Natural Gas Corp plans to take a stake in the new Russian entity that will manage the Sakhalin 1 project in the far east

OIL interested in picking up petroleum mining lease in Jaisalmer, Bikaner

OIL produces heavy oil and natural gas at Tanot Dandewala and Baghewala in the state, and is exploring PML for five more locations in the state.

Best of BS Opinion: Discouraging history, clarity on macro policy & more

Here is the best of Business Standard's opinion pieces for today

Govt offers 42 hydrocarbon blocks for exploration and development

As many as 26 mainly offshore oil and gas blocks and 16 coal bed methane blocks have been notified for international bidding as India aims to quickly increase the area under exploration

Will weigh what Russia offers on Sakhalin-1 ownership revamp: Hardeep Puri

India maintains a "healthy dialogue" with Russia and will look at what is offered following announced ownership revamp to the Sakhalin-1 oil and gas project, Hardeep Singh Puri said

Warnings in the Ukraine story for countries captured by oligarchs

While the oligarchs have played fast and loose, Ukraine remains by far the poorest of the ex-Soviet economies of Europe, writes T N Ninan

Oil ministry seeks review of windfall tax; wants certain fields exempt

The oil ministry has sought a review of the two-and-a-half-month old windfall profit tax on domestically produced crude oil saying it goes against the principle of fiscal stability provided in contracts for finding and producing oil. The ministry in the August 12 letter, reviewed by PTI, sought exemption for fields or blocks, which were bid out to companies under Production Sharing Contract (PSC) and Revenue Sharing Contract (RSC), from the new levy. It stated that companies have been since the 1990s awarded blocks or areas for exploration and production of oil and natural gas under different contractual regimes, wherein a royalty and cess is levied and the government gets a pre-determined percentage of profits. The ministry, according to the letter, was of the opinion that the contracts have an in-built mechanism to factor in high prices as incremental gains get transferred in form of higher profit share for the government. Emails sent to the oil ministry as well as the finance ..

Deflating gas economy: Kirit Parikh has a tough task on hand as prices soar

As global prices soar, another committee to review gas pricing policies may find the going more challenging

Bias negative for MCX Crude Oil; Natural Gas may slide below Rs 500-mark

The bias for MCX Crude Oil September futures is likely to favour the bears as long as the commodity trades below Rs 7,170; For MCX Natural Gas futures the key support range of Rs 630 - Rs 620.

'Ask Siemens Energy', says Gazprom on resumption of Nord Stream 1

Gazprom on Friday said the Nord Stream 1 pipeline, Europe's major supply route, would remain shut as a turbine at a compressor station had an engine oil leak, sending wholesale gas prices soaring.

India's shaky energy security and growing dependency on foreign fuels

New Delhi is yet to announce a comprehensive and detailed policy across the energy spectrum to tackle this very real threat to economic growth

Vedanta not to prune $2-bn capex target for FY23: CEO Sunil Duggal

Oil-to-metals conglomerate Vedanta Ltd on Wednesday said that it will not prune its USD 2 billion capex target for the current financial year despite falling metal prices. Vedanta has planned a total investment of around USD 2 billion in its zinc, oil and gas, and aluminium businesses in FY23. "We are going ahead (with the capex target for the current fiscal). We cannot stop the project in between and these are all the brownfield projects where the returns are very good and this will make our operation more effective, more productive, more efficient," Vedanta's Chief Executive Officer Sunil Duggal said. Duggal told reporters here on the sidelines of the second day of the conference on the Indian minerals and metals industry organised by NMDC and FICCI. The metal prices, Duggal said, have come down on account of various geopolitical events. Asked whether the metal prices will shoot up in the coming days, he replied, "If the fundamentals are strong than naturally the prices are goin

ONGC's net profit surges 3x to Rs 15,206 crore in June quarter

Revenue from operations increased to Rs 42,320.72 crore in the first quarter of the current financial year from Rs 23,021.64 crore in the year-ago period.

India's bet on gas-based economy runs into Ukraine war challenges

As the Ukraine-Russia conflict pushes up prices and Europe outbids South Asia for scarce supplies, billions of dollars in domestic gas infrastructure investment are at risk

TMS Ep207: Nirmala Sitharaman, GST in 5 years, oil & gas stocks, Web 5.0

How does the FM see economic recovery panning out? What are the hits and misses of GST in five years? Are RIL & ONGC worth your money after govt's export duty levy? What is Web 5.0? All answers here