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Aug 2016

The American tight oil and gas industry is in the midst of a technological revolution.
8Projections show that by 2040, technological upgradation will be a greater determinant of higher oil and gas output than prevailing prices.
8Production declines will continue to be mitigated by reductions in cost and improvements in drilling techniques.
8The use of more efficient hydraulic fracturing techniques and the application of multiwell-pad drilling, as well as changes in well completion designs, will allow producers to recover greater volumes from a single well.
Click on Reports for more Details
Only heavy rains in parts of India and the attendant flooding can explain the 4.7% dip in the consumption of petroleum products in July over June 2016.
8Except for LNG, MS and ATF, all other major petroleum products have shown negative consumption growth.
8HSD sales are down 9% in July over June.
8July will be the second month in a row when overall consumption of petroleum consumption fell.
8A fall of 7.1% in consumption was noticed in June in relation to May, 2016.
8However May saw an increase in overall consumption of 3.7% when compared to April, 2016. 
Click on Reports for month-wise and product-wise consumption data for the period April-July, 2016 Details
Understanding the L-1 rates of rigs deployed in ONGC will help those who are planning to bid for ONGC's  next rig tender
8Research is needed by a bidder to understand the kind of rates that the Indian E&P major will be looking at.
8More often than not, this research is not done, and going by the day rate quotes in the last tender, the differential between the L-1 and L-2 rates was indeed very wide.
8Clearly local representatives are not doing their job well for their principals, so it is often a waste of time and effort. The feedback from the ground is usually incorrect.
8The challenge will be to push for a rate lower than the last lowest price in ONGC.
8Given the oversupply in the market, after taking care of the variable cost, if some elements of the fixed cost can be covered through a competitive day rate, then a rig owner must go ahead and quote aggressively in the next ONGC tender.
8Or else he runs the risk of cold stacking the rig.
Click on Details for more Details
What are the various day rates of offshore rigs deployed by ONGC?
8Of course, they vary depending on size, type and capacity
8There are instances of rigs hired, de-hired and then rehired at half the price.
Click on Details to know more about the day rates of all ONGC offshore rigs that are currently under deployment.  Details
For reference purposes the website carries here the following tenders:
8Carrying out Station works for replacement of pipelines in Gujarat Region [GAIL] Details
8Procurement of LPG pumps for capacity augmentation of Jamnagar-Loni Pipeline Project [GAIL] Details
8Carrying out 2D Seismic Data Acquisition of 870 LKM covering parts of Manipur and 875 LKM covering parts of North Cachar Hills [OIL] Details
8Carrying out Pipeline RoW exposure Repair works at different locations, Assam [OIL] Details
8Providing LFET or EMAT Inspection services for Boiler Tubes [MRPL] Details
You can also click on Tenders for more
For reference purposes the website carries here the following Newsclips:
8Oil down in Asia on Iraq export boost, stronger dollar Details
8Oil falls as August price rally seen overblown, China fuel exports jump Details 
8Australia's CIMIC sues Chevron over $1.4bln Gorgon LNG construction dispute Details 
8Anger in the Delta keeps oil majors quiet and Nigeria's crude offline Details
8GAIL, Bloom Energy join hands to bring clean energy to India Details
8Spot prices mixed, curve at 8-week low Details
8KG Basin gas row: Reliance moves Delhi High Court, says state government has no powers for FIR Details
8OVL gets another extension to continue operations in South China Sea block Details
8Indraprastha Gas June Quarter profit up 44% Details
8Essar Oil eyes foray into LPG distribution biz Details
8Oil marketing firms see huge opportunity in small LPG cylinders Details
8Indian Oil kick-starts dialogue for gas pipeline in Tamil Nadu Details
8RIL may drop arbitration proceedings on government's authority to fix gas prices Details
8Iraq's new oil minister sticks by demand to review foreign contracts Details
8UNSW Australia to lend expertise in ONGC wells Details
You can also click on Newsclips for more Details
For reference purposes, the website carries here a detailed synopsis of all under construction projects under supervision of EIL.
8Most RFQs have already been sent out and contracts awarded for most of these projects
8But some short lead items in long duration projects are still to be awarded
Click on Reports for more Details
EIL is currently conducting process design and development of at least 40 oil and gas projects.
8All these projects will eventually result in RFQs for equipment and services
8Then again, the company is in the process of incorporating a series of new technologies for its projects
8There are many technology commercialization efforts as well, which are currently ongoing.
8As a business development manager, are you aware of all of these projects?
Click on Reports for more Details
A research paper has identified the following 12 non-tariff barriers which have come in the way of pushing renewal energy projects around the world, They are:
8Local content requirements
8Customs procedures
8Conformity assessment procedures and technical regulations
8Government procurement
8Taxation
8Subsidies
8Investment restrictions
8Transparency of administrative licensing
8Process and production methods
8Intellectual property protection
8Complexity of the legal system and enforceability of contracts
8Export prohibitions and limitations
Click on Reports to find out more how these barriers erode competitiveness and come in the way of rapid proliferation of renewal energy projects Details
Asian players should not exclude Canada from becoming a significant players in the oil and gas market in the future
8Hydrocarbon rich Canada is currently at an inflection point in its path to being an influential oil and gas supplier to Asia.
8Although most project proposals are still active, they also have yet to obtain an FID.
8Low prices, over-supply and strong competition in Asian markets are significant challenges for Canada’s export potential. 
8Despite this, the Canadian Energy Research Institute (CERI) predicts that some oil and gas projects will begin to come online over the next five years.
8While the short-term outlook for future projects and additional growth is uncertain, the future is bright.
8The Canadian government is now encouraging project proponents to bring down costs so as to be able to target Asian markets.
Click on Reports for more Details
The government seems to be in a big rush to push through the new exploration policy.
8The draft documents for operationalizing the Open Acreage Licensing mechanism is currently underway.
8The changes required in to move from the PSC regime to a Revenue Sharing Contract is also expedited.
8In its hurry to push through the policies, the time window to be given for public suggestions is being narrowed only to 10 days only
8When the DGH has fumbled in quickly putting together the footwork for these two important pieces of documentation, why limit the window for suggestions to just 10 days, industry watchers are asking.
Click on Reports for more Details
The website carries here a business development proposal for a tankage facility with a capacity of 30,000 KL
8These will be used to store Class A, B and C petroleum and chemical products
8In all five tanks will be constructed
8The port based facility will be connected to a jetty by four 14-inch diameter pipes
8Products from the facility will subsequently be transported via roads.
8The cost of the project is Rs 40 crore
Click on Reports for more Details
Equipment and service providers can find a vast number of opportunities in various projects being implemented by Engineers India Ltd (EIL).
8The public sector engineering giant has scores of projects under its wings, some of them under implementation and some orders which have been garnered recently for which equipment and service RFQs are still to be released.
The website carries here a full suite of projects under implementation or to be implemented by EIL. Among them are those belonging to:
8Offshore and onshore oil and gas
8Pipelines
8Refining
8Petrochemicals
8Strategic storage
8Infrastructure
8Fertilizers
8Water and waste management
8Nuclear power
8Overseas projects
Click on Reports for more Details
Vendors and suppliers will have to actively woo the Corporate Strategy and Business Development (CS&BD) division of EIL which performs the role of evaluating market opportunities, business developments, venturing into new geographies, tie-ups with licensors, vendors and collaborators and augmenting EIL's diversification into sunrise sectors.
8EIL's main focus is on the core hydrocarbon sector requirements and it is here it is seeding ideas to new and potential clients.
8The CS&BD has been in continuous dialogue with various licensors and technology providers with the objective of collaborating and providing a bouquet of niche services to owners.
8The focus is on new areas such as Water and Waste Water Treatment, SMART Cities, PCPIR, among others. 
8EIL has also initiated active suo motu studies and opportunity mapping in Port & Terminals, LNG value chain and Defence sector projects.
Click on Reports for more Details
The website carries here a survival guide for a cash strapped contractor with an ONGC contract which is running foul of its timelines.
8The public sector E&P giant is usually at a loss when it comes to dealing with defaulting contractors midway through a contract.
8This is when it is too late to cancel the contract, as the cost of canceling it is higher for ONGC than for the contractor.
8The website cites a series of precedents, like case histories in a court case, to illustrate how they can be cited while applying for a bail out package by an errant contractor.
8But what if, after a bailout package is availed, the contract stays uncompleted?
8What again, if the contract fails to honour the terms of the bailout package?
8Even then, there is no need to sweat, for there are other ways of parachuting a contractor out of trouble.
Click on Details to find out more. Details
Has ONGC finally waived the condition that a rig will have to be idle for less than three years for being eligible to qualify for ONGC contracts?
8Should the clause apply for offshore rigs or also for onshore rigs?
8The questions were a hot subject of debate within ONGC.
8Eventually a decision was taken, according to high level ONGC sources which sought to remain anonymous.
Click on Details for more Details
For reference purposes the website carries here the following tenders:
8Civil works at Adavipalem GCS in Island area, Rajahmundry Asset [ONGC] Details
8Supply and commissioning of Methanizer Gas Chromatograph, Mathura Refinery [IOC] Details
8Coat & Wrap Refurbishment of Mainline Pipeline with Cold Applied Tape, Howrah [IOC] Details
8Mitigation of AC Interference on cross country pipelines of SRPL, Chennai [IOC] Details
You can also click on Tenders for more
For reference purposes the website carries here the following Newsclips:
8Urjit Patel’s energy connection Details
8Cairn merger to create capital efficient entity: Vedanta CEO Details 
8Nigeria oil rebels announce conditional ceasefire Details 
8Oil from refinery blast slickens Nicaragua habitat: environmentalists Details
8Users of 24 Pahal cylinders up 260%, diversion likely Details
8Oil prices rally on output prospect, weaker dollar Details
8Oil holds onto gains as investors hope for OPEC action Details
8Global LNG-prices dip on new tenders as Argentina cancels, defers imports Details
8Pradhan distributes free LPG stoves under 'Ujjwala' scheme Details
8LNG imports drop in July on lower consumption and increased local production Details
You can also click on Newsclips for more Details
For reference purposes, the website carries here the latest ex-ship price of LNG into India.
8The data already shows the gulf between oil-indexed and spot prices.
8The differential is wide enough for buyers to prefer spot cargoes to those which are oil indexed.
8Already murmurs of protests are beginning to emerge over the differential.
8It is only a matter of time, as crude prices firm up, before the clamor for renegotiation will start again.
Click on Details for more Details
The website carries here a comprehensive update on the Indian downstream industry.
8Reforms have transformed the Indian industry.
8Coupled with a massive increase in consumption, the outlook only gets better not just for public sector downstream players but also for the public sector oil marketing companies.
Click on Reports for a full documentation and data on what is going on in the Indian downstream sector. Details
The $4.2 billion dollar Russian acquisition spree by Indian public sector oil majors is listed as among the largest such deals in the shrinking oil & gas mergers and acquisition space.
8Upstream M&A deals totaled up to a mere $ 20 billion in the first half of 2016.
8Divergent perceptions on how oil prices will behave between buyers and sellers of assets have made it difficult to agree on transaction values.
8But as oil prices refuse to go beyond the $ 50/bbl mark, many E&P companies will be on the verge of bankruptcy and a lot of them are expected to be up for sale in the next one year or so.
8This can be a busy time for those looking to buy assets at fire sale rates.
Click on Reports to find out more on the global M&A market for the oil and gas industry. Details
India will need to evolve a US-based model to curtailing methane emissions in its oil and gas infrastructure.
8The industry there is working with NGOs like the Enviromental Defence Fund to reduce methane emissions by deploying infra-red cameras along pipeline infrastructure and around thousands of oil and gas wells to gather methane emission data.
8EDF has found that a disproportionate amount of fugitive emissions from oil and gas infrastructure comes from a few "super emitting" sites. In some cases they take months to plug.
8More often than not, the culprits are well-side storage tanks with faulty valves, which can be fixed with the mere turn of wrench bit which when left unattended will billow methane into the air.
8It is estimated that around 2-2.5% of the gas flowing through the American supply chain leaks out, in total.
8Petroleum minister Dharmendra Pradhan can lead a public campaign with perhaps a well known NGO, which can imitate the work done by the likes of Environmental Defence Fund in the US, to plug methane emissions in India so as to make the country's move towards a gas based economy a more tenable proposition.
8This will also dispel the myth that the Modi government is unwilling to work with NGOs.
8Since methane emissions are 25 times more potent in terms of greenhouse impact than carbon, big methane leakages dilute the argument for substituting coal or even petrol or diesel with gas.
Click on Reports for more Details
It is unlikely that oil indexation can survive such a long period of supply-demand imbalance.
8Either long term oil indexed contracts will be renegotiated or there will be litigation.
8Any which way, the gas market has to evolve to more realistic hub-based pricing benchmarks.
8Buyers are already confronted every day with a situation in which they have to choose between two ships. The ships are usually of the same size, typical 160,000 cubic metre vessels, a volume that equals 113 million cubic metres of gas when vaporized.
8The difference between the two ships is that one set of cargoes is indexed to oil and the other nearer to the marginal cost of production.
8At a projected price of around $60/bbl for crude sometime in the next couple of years and taking into account prevailing spot prices in the other ship, the differential in the cost of cargo between the two ships could work out to as much as $ 18 million.
8The website carries here a model that predicts how quickly Asia is likely to move away from oil price indexation to a more transparent hub based model.
Click on Reports for more Details
Two sets of LNG prices are now evolving in Asia at the same time.
8One set is indexed to crude oil while the other set is based on spot prices.
8The differential between the two is likely to widen when oil prices go up, given the oversupply situation in the LNG market today.
8If oil prices are expected to recover to $75/bbl in some years from now, oil indexed LNG could scale the $10/mmbtu mark.
8On the other hand, short term pricing could fall nearer to the short run marginal cost of LNG production and freight, which could be in the $3-4/mmbtu range for many projects.
8Increasingly, those consumers with oil indexed pricing will turn their backs on take or pay contracts in favour of spot purchases.
8The big imponderable is how long will it take for the supply-demand balance to return for short term cargo prices to go up.
8A lot will depend upon whether gas will be able to replace alternate fuels, and how demand for gas is impacted as a consequence.
8Data carried here shows one scenario in which the supply overhang stays well into the 2030's.
Click on Reports for more Details
For reference purposes, the website carries here full details of the disputes that have occurred so far in the global LNG market.
8Examples of notable global disputes are tabulated, including one between Statoil and Sonatrach in 2013 that resulted in an ICC award of a massive $536 million in favour of Statoil.
8Of the 72 global LNG disputes so far, 25 addressed issues between buyers and sellers, 12 each between governments and project sponsors and between project sponsors themselves.
8Disputes have also arisen between project sponsors and contractors, LNG ship owners and charterers, tolling companies and customers, project sponsors and lenders, ship builders and related parties and project sponsors and insurers.
8Pricing under LNG sales contract has been the most frequent subject of dispute.
8More than a dozen of the 72 disputes did not end in arbitrations but were settled amicably.
Click on Reports for a full perspective. Details
It may not be entirely advisable for GAIL to be known as a litigant in the LNG industry.
8"It is a small world, and if the world perceives you as someone who is trying to renegotiate yourself every time you are in a tight corner, it does not send the right signals," a respected global arbitration lawyer told this website.
8Currently, Edison of Italy has been the buyer mostly frequently a party to a dispute, while Sonatrach of Algeria has been the seller mostly frequently a party to a dispute;
8Petronet India Ltd has already renegotiated its deal with RasGas last year. And it is GAIL's turn now with Gazprom.
8The Dabhol LNG project too generated a number of public arbitrations, including one by the US government against the government of India, two UNCITRAL-governed bilateral investment treaty (BIT) cases (one under the India-Mauritius BIT and one under the Netherlands-India BIT) and one political risk insurance (OPIC) case.
8Pertinently, even though they are among the world's largest buyers of LNG, no Japanese, Chinese or Korean buyer has brought any arbitration dispute against an LNG seller.
8"Indian buyers are now being increasingly perceived as being very sensitive to their self interest," the lawyer said
8The big question now is: Will GAIL seek renegotiation of its offtake deals with US terminals if the going gets tough?
Click on Reports for more. Details
GAIL's efforts to renegotiate its long term LNG sales and purchase agreement with Russian giant Gazprom by delaying receipt of deliveries has caught the attention of the global LNG industry.
8The industry is watching with much consternation how the two companies resolve the dispute.
8GAIL had alleged that Gazprom’s change of the Russian liquefaction plant  -- from the now-canceled Shtokman project to the under-construction Yamal project -- to supply LNG to India was a breach of contract.
8Disputes are not uncommon in the LNG industry.
8Research has unearthed at least 72 notable LNG disputes so far, with half of them occurring after 2010.
8In a vast majority of them, one or more parties eventually resort to filing arbitration or litigation to resolve their disagreement.
Click on Reports to know which way the GAIL-Gazprom dispute will swing. Details
Will ONGC cancel the charter hire contract for the GOL Offshore owned offshore rig, Badrinath, on account of the inability to pay the requisite Performance Bank Guarantee?
8ONGC had, in an extraordinary gesture, extended the time limit for submission of the PBG not once but four times in the past.
8The rig is currently undergoing a costly repair and refurbishment job.
8Will the rig be available on time to undertake drilling operations as per schedule drawn up by ONGC?
8The possibility of canceling the contract was indeed contemplated, well placed company sources told this website.
Click on Details to find out more Details
FMC Technologies Inc is one of the world's largest provider of sub sea equipment for the E&P industry. The recent merger of FMC with Technip, a leading project management and engineering company, has created a global behemoth capable of providing end to end solutions for the E&P industry.
8India is a reasonably big market for such an integrated service provider.
8And yet the FMC-Technip combine may be unable to compete in ONGC's new tenders for the Rs 34,000 crore KG-DWN-98/2 block.
Click on Details to find out why. Details
For reference purposes the website carries here the following tenders:
8Procurement of Compressors, Gujarat Refinery [IOC] Details
8Supply and commissioning of Mechanical Flow meter and connected pipe line works [IOC] Details
8Carrying out 3D Conventional Seismic Data Acquisition in KG-OSN-2009/2 Block, Eastern Offshore [ONGC] Details
8Third Party Inspection Services for IBR Haldia Refinery Vessels [IOC] Details
8Procurement of Pressure Gauges for DHDS Unit, Gujarat Refinery [IOC] Details
8Procurement of Spiral Heat Exchangers for Propylene Derivative Petrochemical Project, Kochi Refinery [BPCL] Details
You can also click on Tenders for more
For reference purposes the website carries here the following Newsclips:
8UPES gets recruiters from Navy, Oil, IT industry giants Details
8Oil up in Asia as supply glut fears remain Details 
8Cost denial of $380 mn to us part of larger gas dispute: RIL Details 
8HPCL to set up Asia's biggest LPG bottling plant in West Bengal: MK Surana, CMD Details
8Oil prices rise on US inventory drawdown Details
8Saudi signals it may hit new oil output record ahead of freeze talks -sources Details
8India discusses ways to recover $600 mn dues from Venezuela Details
8IOC, Bangladesh Roads and Highways Dept sign MoU Details
8Indian, Venezuelan oil cos to work together for hydrocarbon sector Details
8Panvel to revive Uran road bio-gas plant to generate power Details
8Demand for renewables helps Vestas breeze past forecasts Details
8Essar Oil to more than double filling stations to 5,000 Details
8ESMA promulgated in Assam oil & gas sector Details
8Mangaluru caverns ready for more crude oil Details
You can also click on Newsclips for more Details
The new LNG price and demand projections are likely to be of great interest to the RIL-BP combine and ONGC.
8The viability of their offshore production plans are dependent on the price at which LNG will be available to consumers in India in the 2020-2025 period.
8The new price and demand projections will provide fresh food for thought and perhaps provide impetus to their plans.
Click on Reports to find out more Details
The estimates made by the agency show that if all of India's planned capacity of 57 MMTPA of LNG comes into operation, there will only be a 50% capacity utilization.
8Given that private players constantly revise business plans on the basis of changing business and market scenarios, most of the planned projects are unlikely to materialize.
8Only two terminals which are already well-connected by pipelines are likely to come up, namely, Adani Terminal at Mundra and GAIL Terminal at Kakinada
8A huge amount of data is given to back this claim.
Click on Reports to find out more Details
For reference purposes, the website carries here a new set of  very detailed but "more realistic" LNG demand projections made in India this week by a specialized agency.
8The demand projections are up to the year 2025
8The delivered price of LNG is assumed at a realistic level in the exercise so as to work out the exact demand figure.
8It is assumed under the best case scenario, that the delivered price will not drop below the $9 mark given the preponderance of oil indexed long term supply contracts. Detailed calculations are given.
8In these assumed prices, demand curve estimates are made for different price sensitive segments such as power, peaking power, LPG, petrochemicals, refining, steel, fertilizers and city gas distribution.
8The findings are extremely interesting.
8Another set of figures provide a demand curve in India at different LNG pricing matrices.
Click on Reports to find out more Details
Massive infrastructural investment is also needed to keep pace with a healthy 5% increase in LPG demand over the next 10 years
8Around 8.8 MMTPA of new import handling and storage capacity will have to built quickly to ensure that the incremental demand is met.
8This will require enhanced import capacity at ports in Haldia, Paradip and Gujarat ports to supply gas to the LPG deficient states of northern and eastern India.
8Additionally, product pipeline infrastructure will have to be augmented to carry the product from ports to LPG terminals/depots.
Click on Reports for find more about possible business development activities. Details
In what is likely to come as a massive boost to the domestic shipping industry, a 20 million tonnes of additional POL coastal freight capacity requirement is projected by the year 2020.
8The domestic shipping industry is unprepared for such a huge hike in capacity and they may work hard in ensuring that demand is met.
8Specific actions will be needed, including:
8Bringing in the private sector in a big way
8Building coast berths only for POL products
8A dedicated coastal fleet will have to be established
8Boosting the domestic O&M industry by creating ship-repairing and building networks in key ports
Click on Reports for more Details
The website carries here a prototype infrastructure that will be required to handle an additional crude import of around 55 MMT in the next 10 years.
8Potential POL projects for port debottlencking is carried here.
8It also carries a cost benefit analysis of additional oil jetties in existing ports.
8Future requirements for Single Buoy Moorings (SBMs) and the cost savings that they will bring about are elaborated in detail.
8An $ 100 million SBM in the Chennai port has been recommended, among others, which will lead to savings of around $3/barrel of crude.
Click on Reports for more Details
A study claims that a massive upsurge in domestic demand for petroleum products will dramatically change the contours of the Indian refining industry.
8So much so that private domestic players will shelve their export plans and concentrate entirely on the Indian market.
8A special government dispensation is likely to convert RIL's SEZ refinery in Jamnagar from being 100% export oriented to 100% domestic oriented.
8There will still be a deficit in demand and supply and two new greenfield refineries will have to be planned, one in Maharashtra and the other in Tamil Nadu for optimal logistics
Click on Reports for more Details
For reference purposes, the website carries here a district-wise map of India depicting areas with latent gas demand potential.
The districts are ranked in terms of the following parameters:
8Top 10% of the districts in terms of demand
8Top 10-35% districts
8Top 35-60% districts
8Last 40% districts
This map will be a very handy tool for gas marketers
Click on Reports for more Details
There is always high drama in most high value ONGC tenders with competitors trying every trick available in the book to stall the award of a contract if it is not in their favour.
8The award of a Rs 600 crore contract to Cameron (Singapore) Pte for a sub-sea production system was questioned by Vetco Gray (Singapore) Pte.
8In fact Vetco Gray was able to get the Independent External Monitors to rule in its favour but eventually the ONGC brass decided to hang in and refused to cancel the tender.
8Despite many violations of the Bid Evaluation Criteria, the tender was awarded to Cameron.
8The website pieced together the full story from interviews with the bidders and ONGC sources to bring you details of what happened behind the scene.
Click on Details for more Details
Speculation is rife about the timing of ONGC's next high value offshore rig tender.
8Rigs have to be deployed for development drilling in the KG-DWN-98/2 block.
8ONGC has earmarked a total investment of Rs 34,000 crore in the block.
8Click on Details to know more on how many rigs will be deployed and of what capacity and when
Also find out what could be the expected price range for these rigs. Details
For reference purposes the website carries here the following tenders:
8Supply of Poly Aluminium Chloride, Haldia Refinery [IOC] Details
8Supply and Commissioning of LPG pipeline, Sprinkler System & Hydrant Line at Aligarh LPG Plant [IOC] Details
8Procurement of Gas Turbine, Haldia Refinery [IOC] Details
8Consultancy Services for Profit Improvement and Growth Opportunity Strategies for Refinery Complex [MRPL] Details
You can also click on Tenders for more
For reference purposes the website carries here the following Newsclips:
8Russia halts sale of stake in Bashneft oil firm: reports Details
8China drafts rules to lower natural gas transportation costs Details 
8Petroleum Ministry to set up four new natural gas processing terminals Details 
8GAIL project may pick up steam Details
8Foreign companies ready to partner HPCL-GAIL JV for Andhra Pradesh project Details
8Indian players return to Iran for Farzad B deal Details
8India's ONGC to acquire 49% stake in Rosneft's Oilfield Details
8Better targeting may have reduced LPG connections Details
8Why Oil Companies must look beyond oil to survive Details
8Oil bonanza will end soon. What then? Details
You can also click on Newsclips for more Details
The shipbuilding capacity of Pipavav Engineering and Offshore Construction Ltd -- since taken over and renamed as Reliance Defence and Engineering Ltd -- had been in doubt for a very long time.
8And no one can tell this story better than ONGC.
8The shipbuilder's shoddy past record is best evidenced by the performance of a Rs 800 crore contract given by the public sector E&P Major to construct twelve offshore supply vessels (OSVs), which were due for delivery in November 2011.
8However almost five years down the line it has not been able to deliver the full lot of vessels.
8Then again, in December 2012 Pipavav was awarded a Rs 450 crore contract for dry dock repairs and top side modification of the Sagar Laxmi Modification project (SLMP), scheduled to be completed in April 2014.
8The project is far from being delivered.
8As far as the earlier contract for OSVs is concerned, ONGC could live with the delays as it could hire OSVs from the market but the timely completion of the Sagar Laxmi project was crucial because it was meant to be deployed for evacuation of crude oil and condensate from the E&P major's C-127 cluster project.
8The Sagar Laxmi project is now delayed well beyond its deadline and is likely to completed only in mid 2017 if not later.
Click on Reports for more Details
OIL India Ltd (OIL) will spend a whopping $ 70 million in the wild cat exploration well it is drilling in the KG Basin.
8The Transocean owned semi-submersible rig, GSF 140, has been at site for nearly 80 days and the well is under progress.
8The rig was contracted in November, 2014 at a day rate of $158,000.
Click on Details to find out more on how far the well has progressed and what are the likely well fluid characteristics that are expected to be encountered  as the drilling depth increases. Details
The government has further revised the cost to be disallowed for cost recovery from the D-6 block as on March, 2015 to a whopping $ 2.8 billion.
8The government has as a result asked for a payment of $248 million in profit petroleum.
8The liability for the owners of the D-6 block continues to increase as a result.
8There is also the contingent liability that can arise out of a possible adverse decision from the Shah Committee looking at diversion of gas from neighbouring ONGC's block by RIL's well drilled in the D-6 block.
8All of these liabilities will have to be taken into account while looking at the overall field economics in the block.
8In this context, the cost economics of tapping the new discoveries will have to be carefully juxtaposed against the backdrop of low prevailing LNG prices over a 25 year period.
8If the new investment brings in negative cash accruals on account of low RLNG prices, on top of the contingent liabilities, the effort may just not be worth it for the RIL-BP combine.
8The point to note however is that the gas price in India is highly attractive for new discoveries, as it provides a premium over other such prices across the word, benchmarked as it is to Platt's ex-ship LNG price at Dahej.
8The additional price cushion over well cost in gas producing countries is given by taking into account local transport costs, liquefaction cost and freight cost in those countries.
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There is likely to be a further cut in domestic gas price notified by the government for the period October 2016 to March 2017.
8The industry expects the price to be cut by as much as 20%, going by prevailing global benchmark prices.
8The notified price for natural gas sales in India for April 2016 to September 2016 is $3.06 / mmbtu based on the gross calorific value (“GCV”).
8This equates to approximately $3.40 / mmbtu based on the net calorific value (“NCV”), which is approximately 35 percent lower than the price for the April 2015 to September 2015 period, and approximately 20 percent lower than the price for the October 2015 to March 2016 period.
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Gas production seems to be falling rapidly in the D-6 block.
8Average output in the quarter ending June 2016 was down to around 9 msmcmd
8The output for the same period in 2015 was 11.86 mmscmd.
8The output is down primarily due to the impact of natural production declines in the fields in the block, partially offset by incremental production from sidetracks and reactivations during fiscal 2016.
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In a low price environment, pre-tender or pre-RFQ negotiations with EPC and specialist contractors for complex offshore jobs have now become the norm.
8The RIL-BP duo is currently undertaking such negotiations and ONGC too is not far behind.
8The biggest money saver can be through concept optimization, according to a report available with this website
8Then again, tinkering with field architecture is another way of economizing.
8Sometimes reducing local content can save money, contrary to popular belief
8Other areas of emphasis are: sourcing, specifications, scope transfer and SPS interface.
8Both ONGC and RIL-BP projects are going through these maneuvers as of now.
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Great Eastern Shipping Company Limited (GE Shipping) is the largest private shipping company in India.
8The company also operates in the offshore oilfield services segment through its 100% subsidiary Greatship (India) Limited
8While other companies have struggled, GE Shipping has not just weathered the ups and downs of the market but has in fact thrived despite the volatility.
8It has followed an astute ship purchase policy too, taking advantage of low prevailing rates.
8This proves the adage right that it is the management that matters.
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The website carries here an estimate of gas production up to the year 2040
8The projection splits up the total output into shale gas, conventional gas, tight gas and CBM production.
8The shale gas component shows the largest increase.
8China is going to emerge as the second largest producer after the US
8It is followed by Canada, Mexico, Algeria and Argentina
8India does not figure in this matrix
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For reference purposes, the website carries here a cost estimate of crude production by type of asset in the year 2020.
The assets have been divided into:
-- Onshore Middle East
-- Offshore Shelf
-- Onshore Russia
-- Extra Heavy Oil
-- Deepwater
-- Ultra Deepwater
-- Others
As long as India's cost curve remains lower or equal to the global benchmark, it is safe perhaps to go through with a project, on an assumed oil and gas price range
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A business development opportunity has come up for an 2000 MT LPG mounded storage capacity.
8Also needed is a new 26 pts Corousel
8As also five additional tanker loading bays
8Cost of the project: Rs 45 crore
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The Anil Ambani Group had tried to bring about more credibility to its claim for a second loan tranche from ONGC by claiming that Ernst & Young will certify that the funds are spent on the Sagar Laxmi repair and modification job and nowhere else.
8But ONGC did not quite see how the mere certification by a general management consultancy firm will help.
8Instead, the E&P major will use its own officers to supervise the disbursement of funds in tranches against given milestones.
8It is not known yet whether Reliance Defence and Engineering Ltd will now retain the consultancy for this job or dispense with its services.
8Well placed sources in ONGC now speaks in terms of bringing in more specialized oil and gas consultancies to work on its projects.
8Accordingly the BEC criteria for future general oil and gas consultancy jobs will be substantially tightened.
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