Out of Azerbaijan, and Into India A current existing deal between international oil giant BP (ticker: BP) and SOCAR in the Azeri-Chirag-Guneshli (ACG) field is due to expire in 2024. A new plan will take SOCAR’s stake in the field to 20% from the current 11.6% while BP’s share is predicted to drop to 30% from the current 35.8%, according
ONGC Videsh revised its plan to develop Iran’s Farzad-B natural gas block India’s largest oil and gas explorer is looking to invest into Iran as the country looks for ways to meet its growing demand for oil and natural gas. ONGC Videsh submitted a revised plan to the Iranian government for more than $3 billion of development in the Farzad-B
Crude oil imports in India reach 4.47 MMBOPD Demand for crude oil in India remains a bright spot in the markets as imports continue to grow month-over-month. Imports of crude oil grew to a record high 4.47 MMBOPD in September, according to Reuters, 17.7% higher than this time last year. The increased imports lent some support to oil prices today,
India offers simpler permits, tax sops and freedom from pricing restrictions to operators who are willing to invest in developing its smaller fields India is expected to be the next China in terms of demand growth for energy, and now the country is hoping to attract wildcatters and risk-takers willing to develop its smaller oil and gas fields. India’s $2
Crude oil inventories fell 3.4 MMBO during surprise week-over-week draw Crude oil inventories fell today, giving markets a pleasant surprise, and sending WTI prices up above $46 per barrel. Economist expected a small build for the week ended May 6, 2016, with the average estimate at 80 MBO. The numbers released by the DOE today showed a draw of 3.4
Going after India’s Estimated 63 Tcf of shale gas From the Business Standard India’s State-owned ONGC Limited is planning to explore as many as 17 shale gas and oil wells in both east and west coasts with an investment of around Rs 700 crore. According to the minutes of a recent meeting of the Expert Appraisal Committee (EAC) of Ministry
Sale of major Rosneft stake to CNPC signals strengthening ties between China and Russia China National Petroleum Corp. Deputy Chief Executive Wang Zhongcai said the company is interested in purchasing a stake in Rosneft, Russia’s state-owned oil company. The sale would strengthen the ties between the two countries, which have increasingly been working together on energy projects. Russia needs the
Indian energy consortium increases shares in Russian oil fields Russia and India strengthened their ties over the weekend with several agreements which will increase Russia’s share in India’s energy markets and give India a greater share in a number of upstream projects in Russia. Russia’s state-owned oil giant Rosneft (ticker: RNFTF), Oil India, Indian Oil and Bharat Petroresources signed a
Coal loses support as demand in China falters The global coal trade declined for the first time in 21 years in 2014, and likely contracted further this year as well, according to information from the Energy Information Administration (EIA). The global coal trade grew rapidly from 2008 to 2013 as demand in Asia picked up to support expanding economies in
The U.S. and India will drive oil demand growth in the future – Raymond James China’s economy has been a demand-growth powerhouse over the course of the last decade as the country’s industrial sector boomed, but China’s role in global demand growth will be on the decline moving forward, according to research from Raymond James. Stepping up to take China’s
ONGC expected to lead gas production growth India’s oil ministry announced that it expects natural gas output to rise by 50% to 146.87 million cubic meters per day (MMcm/d) by 2018-2019. A large portion of this new production is expected to come from state-owned Oil and Natural Gas Corp. (ONGC) fields, reports Times of India. In its annual report, India’s
News from around the globe China plans to spin off pipeline assets into a new company, Iran raises its oil prices by 9%, India attracts bids for a new LNG import facility and Russia is adjusting its mining taxes. China looks to create new pipeline business China’s economic planning agency, the National Development and Reform Commission (NDRC) is leading talks
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