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2017-11-01 13:25:00

INDIA'S GAS WILL UP TO 15%

INDIA'S GAS WILL UP TO 15%

 

REUTERSState-owned Indian Oil Corp Ltd aims to have capacity to import about 13.5 million tonnes of liquefied natural gas (LNG) in five years, its head of business development said on Friday, helping India to gradually move to a gas-based economy.

Prime Minister Narendra Modi's government wants to raise the share of natural gas in India's energy mix to 15 percent in the next few years from about 6.5 percent now.

"We hope to have 13-13.5 million tonnes in a phased manner in about five years," G.K. Satish said.

Indian Oil Corp (IOC) currently holds rights to annually import 2.25 million tonnes of the super cooled fuel at Petronet LNG's Dahej terminal in western Gujarat state.

The company is betting big on growing demand for natural gas for transport and manufacturing. It has a target to generate 15 percent of its revenues from its gas supply and distribution business by 2021.

IOC is adding capacity through its own upcoming LNG terminal and through stakes in other regasification plants.

It is in talks to buy about a 25 percent stake in the 5 million tonnes per annum (mtpa) Mundra LNG terminal, besides leasing 1 million tonnes of capacity at Swan Energy's 5 mtpa facility at Jafrabad. Both of these plants are being built in the western state of Gujarat.

Western India is connected with pipelines and LNG import facilities, while industries in the east are still deprived of the cleaner fuel because of a lack of infrastructure.

To fill that gap, IOC is building a 5 mtpa LNG import terminal at Ennore on the eastern coast.

It has also booked 3 mtpa of capacity at Adani Enterprises's 5 mtpa Dhamra LNG terminal and plans to lease about 0.5 mtpa of capacity at Petronet's Kochi LNG plant in south India.

IOC, which has long-term agreement to import 0.7 million tonnes from the Cameron LNG Project in the United States, is scouting for more such deals. Supply from the Cameron project will begin by end of 2018, Satish said.

The company is also looking at a mix of long-term and LNG spot deals. "We have not finalised the ratio ... details are being worked out," Satish said.

Currently, the company on average imports two spot LNG cargoes a month, he said.

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Earlier:

JAPAN - INDIAN LNG
2017, October, 13, 12:45:00

JAPAN - INDIAN LNG

India will work with Japan to make long-term liquefied natural gas (LNG) import deals more affordable for its price-sensitive consumers, it said on Wednesday, as these two big importers try to secure better prices and concessions from suppliers.

 

 INDIA - OPEC ENGAGEMENT
2017, October, 11, 12:40:00

INDIA - OPEC ENGAGEMENT

‘India's engagement with OPEC is important as India sources about 86% of crude oil, 75% of natural gas, 95% of LPG from OPEC Member Countries.’

 

 WORLD ENERGY CONSUMPTION UP TO 28%
2017, September, 15, 08:55:00

WORLD ENERGY CONSUMPTION UP TO 28%

The U.S. Energy Information Administration projects that world energy consumption will grow by 28% between 2015 and 2040. Most of this growth is expected to come from countries that are not in the Organization for Economic Cooperation and Development (OECD), and especially in countries where demand is driven by strong economic growth, particularly in Asia. Non-OECD Asia (which includes China and India) accounts for more than 60% of the world's total increase in energy consumption from 2015 through 2040.

 

 IMF: SOUTHEAST ASIA'S TRANSFORMATION
2017, September, 13, 15:10:00

IMF: SOUTHEAST ASIA'S TRANSFORMATION

IMF - When we think about Asia’s economic future, we know that this future is being built on strong foundations—on the richness and diversity of its cultures, on the incredible energy and ingenuity of the people who have changed the world by transforming their own economies. China and India have been driving the greatest poverty reduction in human history by creating the world’s largest middle classes. In a single generation, Vietnam has moved from being one of the world’s poorest nations to being a middle-income country.

 

 INDIA'S LPG WILL UP 10%
2017, August, 3, 12:20:00

INDIA'S LPG WILL UP 10%

India's LPG imports are expected to rebound from July onwards and is on track for a 10% annual increase in the current fiscal 2017-2018 (April-March), after plunging to the lowest in two years in June, trade sources from four oil and gas companies in India said recently.

 

 INDIAN - IRANIAN GAS INVESTMENT
2017, July, 3, 13:50:00

INDIAN - IRANIAN GAS INVESTMENT

The Indian consortium led by the state-owned Oil and Natural Gas Corporation (ONGC) is willing to spend as much as $11bn to develop the giant Iranian natural gas field it discovered in 2008.

 

 INDIAN GAS INVESTMENT: $6 BLN
2017, June, 20, 14:20:00

INDIAN GAS INVESTMENT: $6 BLN

BP and RIL partnered in 2011 when BP acquired 30% interest in multiple oil and gas blocks in India operated by RIL, including the producing Block KGD6. RIL currently operates KGD6 with 60% interest, while BP still holds 30% and Niko Resources Ltd. has the remaining 10%.

 

 

Tags: INDIA, GAS, LNG, OIL

Chronicle:

INDIA'S GAS WILL UP TO 15%
November, 24, 09:15:00

SAUDI'S OIL FOR CHINA

BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.

INDIA'S GAS WILL UP TO 15%
November, 24, 09:10:00

URALS QUALITY WILL DOWN

PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.

INDIA'S GAS WILL UP TO 15%
November, 24, 09:05:00

S.KOREA'S SOLAR UP

FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn. 

INDIA'S GAS WILL UP TO 15%
November, 24, 09:00:00

U.S. RIGS UP 8 TO 923

U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.

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