Iran expects sharp rise in gas production, exports
The Dollar Business Bureau Iran will witness a sharp increase in its natural gas production and exports after easing of Western sanctions last year, Deputy Oil Minister of Iran, Amir Hossein Zamaninia said on Tuesday. The latest deals with global companies show that they believe the sanctions are not coming back, he added. Iran's gas output would increase to 1 billion cubic metres per day by this year end from the present 800 million cubic metres a day, said Zamaninia. The Minister further said the volumes currently available for exports with the country should rise to 365 million cubic metres per day by 2021, which is more than the exports of Qatar - the largest producer of liquefied natural gas in the world. Earlier this ...
Govt to cut gas price for producers by 20% in October
The Dollar Business Bureau The price of natural gas paid to the producers such as Oil and Natural Gas Corporation Ltd (ONGC) and Reliance Industries Ltd (RIL) is expected to decline 20 percent to $2.45 in the month of October.This price drop will be the fourth in the last one and a half year, after the pricing formula cleared in October 2014 by the government. The given rate is based on the gross calorific value (GCV).The price of gas produced from prevailing fields of RIL and ONGC is expected to decline to $2.45 per mmBtu (million British thermal units), effective from October 1, against the present rate of $3.06, according to a senior official.Earlier, the price of natural gas was reduced on April 1 ...
Domestic production of crude oil, natural gas falls in October
The Dollar Business Bureau Overall refinery production for the period April-October 2015 was 130.87 million tonnes, which was 1.35% higher than the target for the period India’s domestic production of crude oil fell by 2.08% to 3.151 million tonnes in October as compared to 3.218 million tonnes in the same month last year. Overall crude oil production during April-October 2015 was 1.49% higher over its target to 21.832 million tonnes and 0.06% higher as compared to the corresponding period of 2014. Natural gas production in October also registered a marginal decline after cloaking growth in the previous two months. It fell by 1.82% to 2.795 billion cubic metre from 2.846 billion cubic metre in October last year. “Cumulative natural gas ...
LNG import terminals to face major challenges: Icra
Source: PTI New LNG import terminals will face major challenges due to price sensitive demand, Icra said in its latest update on gas utilities sector. According to Icra estimate, gas demand will increase to 330 million standard cubic meters per day by 2024-25, while domestic natural gas production will rise by 60% to around 150 mmscmd. The domestic output increase is contingent upon GSPC's Deen Dayal block and ONGC's KG basin blocks going on stream along with marginal increase in Reliance Industries' KG production, the rating agency said. “Despite high domestic demand-supply deficit, the demand for Regasified-Liquefied Natural Gas (R-LNG) in the country is critically dependent upon the prices of liquid fuels and global spot LNG prices," Icra said. Prices of long-term ...
ONGC to bring smaller fracking units in Texas to India
The Dollar Business Bureau To enhance its in-house fracturing capacity and meet its additional work plan, the Oil Natural Gas Corporation (ONGC) is in the process of acquiring more fracking units and likely to bring in smaller fracking companies in Texas to India, Ministry of Petroleum and Natural Gas, said in an official release on Wednesday. The Union Minister of Petroleum and Natural Gas, Dharmendar Pradhan, said that the ONGC carries out frack jobs in nearly 120-140 wells every year by utilizing its existing equipment. And, to meet immediate additional fracking demand and attract more foreign companies to India, the ONGC has also organized a road show in Calgary in April 2015. Speaking on the natural gas production in ...
