Energy Sector

ONGC net profit up 19% at over Rs 4,000 crore

ONGCNew Delhi: State-owned Oil and Natural Gas Corp on Wednesday reported 19 percent rise in net profit for the April-June quarter on realising higher crude oil prices.

Net profit of Rs 4,782 crore was 19.07 percent higher in the first quarter of 2014-15 than Rs 4,016 crore logged in the year-ago period, ONGC said in a statement here.

ONGC, which had almost flat crude oil production in Q1, had a net realisation of USD 47.51 per barrel as compared to USD 40.33 a barrel in Q1, 2013-14.

This was despite the subsidy outgo rising 4 percent to Rs 13,200 crore.

Petrol prices to be slashed

PetrolNew Delhi, Aug 13 : Petrol prices will be slashed in the country from Rs 1.89 to Rs 2.38 per litre, as per the state.

Petroleum Minister Dharmendra Pradhan has confirmed that for the second time in August, petrol prices will be reduced in the country. The change will take effect on 14 August midnight.

Petrol prices will reduce in Delhi by Rs 2.18 to stand at Rs 70.33 per litre. (ANI)

New natural gas pricing formula by Sept 30: Govt

Gas pipde lineNew Delhi: Government on Wednesday said it will come out with a new natural gas pricing formula by September 30 keeping in mind the interest of investors and public.

Replying to questions in Rajya Sabha, Oil Minister Dharmendra Pradhan said the NDA government decided to review the pricing formula keeping in mind public interest and recommendations of the Parliamentary Standing Committee.

The Minister did not share details, but said the decision will be taken keeping in mind interest of investors and public and the formula will be announced by September 30.

IOC posts Rs 2,523 crore profit in June quarter

IOC posts Rs 2,523 crore profit in June quarterNew Delhi: Indian Oil Corporation (IOC), the nation's biggest oil firm, Tuesday reported a net profit of Rs 2,523 crore in the June quarter after government and upstream firms made good most of its losses on fuel sales.

It had reported a net loss of Rs 3,093.23 crore in April- June of last year on delays in payment of government subsidy.

"The net profit was mainly because of a foreign exchange gain of Rs 128 crore in Q1 as compared to a foreign exchange loss of Rs 4,024 crore," IOC Chairman B Ashok told reporters here.

Adani-IOC,GAIL among bidders for piped gas supply in 14 cities

AdaniNew Delhi: Adani Gas-Indian Oil combine and state gas utility GAIL were among nearly a dozen firms that bid for licenses to retail CNG and piped cooking gas in 14 cites including Bengaluru and Pune.

Other firms that bid for city gas distribution licenses at the close of bidding yesterday included Bharat Petroleum Corp Ltd (BPCL), Hindustan Petroleum Corp Ltd (HPCL), Gujarat Gas and GSPC, sources said.

Oil prices up on reviving Middle East supply fears

Oil prices upSingapore: Oil prices rose in Asia on Tuesday on reviving fears of supply disruptions in the Middle East, analysts said.

US benchmark West Texas Intermediate (WTI) for September delivery rose 14 cents to USD 98.43, while Brent crude for September gained 19 cents to USD 105.60 in mid-morning trade.

"We haven't seen signs so far that the ongoing conflicts in the Middle East could cause disruptions, but those concerns are still there at the back of investors' minds," Desmond Chua, market analyst at CMC Markets in Singapore, told AFP.

DGH rejects ONGC's three KG gas discoveries

ONGCNew Delhi: After rejecting Reliance Industries' gas finds, upstream regulator DGH has refused to recognise three gas discoveries of state-owned Oil and Natural Gas Corp (ONGC) for not doing its prescribed conformity tests.

The Directorate General of Hydrocarbons (DGH) has not approved Declaration of Commerciality (DoC) for three out of the 11 discoveries ONGC has made in its Krishna Godavari block KG-DWN-98/2 (KG-D5) in Bay of Bengal, sources said.

Oil Ministry wants RIL to sell gas at $4.2; $6-6.5 price for others

Oil Ministry wants RIL to sell gas at $4.2; $6-6.5 price for othersNew Delhi - The oil ministry is looking at a price of USD 6-6.5 for all domestic natural gas but wants Reliance Industries to sell KG-D6 gas at old rate of USD 4.2 till it makes up for shortfall in supplies of past four years.

The ministry last week internally discussed tweaking the formula suggested by the C Rangarajan Committee to bring down the proposed increase from USD 8.4-8.8 per million British thermal unit to USD 6-6.5, a rate that will be affordable to most consumers and also incentivise exploration, sources said.

Oil Min proposes gas price of $6-6.5 per unit, RIL may be denied new price

Reliance Industries LimitedNew Delhi: Reliance Industries Ltd's two producing fields off the Andhra coast will not get revised natural gas prices until it makes up the shortfall in gas production, a daily newspaper has reported.

The oil ministry is looking at new gas pricing regime for domestic producers at a price of $6-6.5 per unit, as per the paper's report.

With the government delaying a revision in prices, Reliance and its partners BP Plc of the UK and Canada's Niko Resources had on June 17 served an arbitration notice on the government naming London-based Sir David Steel as its counsel.

Fertiliser Ministry seeks higher gas supply, takes up revival of 5 plants

Fertiliser Ministry seeks higher gas supply, takes up revival of 5 plantsNew Delhi: The Fertilzers Ministry has asked the Petroleum Ministry to increase the supply of gas for urea manufacturing plants and also explore the possibility of gas pipeline from Phulpur to Haldia as it can lead to revival of five closed plants.

Fertilizer Minister Ananth Kumar today held a meeting with Petroleum Minister Dharmendra Pradhan to discuss the number of issues including supply of gas to the urea plants, revival of urea plants and gas pipeline for supply of gas to three companies -- MCFL, MFL and SPIC.

Petrol prices cut by rupees 1.09 a litre

Petrol-pricesNew Delhi, July 31 : The price of petrol price was reduced by Rs. 1.09 per litre, while the price of diesel was hiked by 50 paise per litre on Thursday.

This is the first drop in the prices of petrol since April.

However, the increase in the price of diesel is as per the January 2013 Government directive to increase diesel prices.

The revised prices will take effect from midnight. (ANI)

Cairn seeks ONGC nod to extend Rajasthan block permit beyond 2020

Cairn ONGCNew Delhi: Cairn India has sought partner Oil and Natural Gas Corp's (ONGC) nod for extension of the licence of their prolific Rajasthan oil block beyond the contractual deadline of 2020.

Cairn's contractual term for exploring and producing oil and gas from the Rajasthan Block RJ-ON-90/2 expires in 2020 and the area is to return to the block licensee, ONGC.

The Anil Agarwal-group company, which wants the term of the block extended by a minimum 10 years, has formally written to ONGC on the issue, sources said.

Suzlon board approves Rs 5,000 cr fund raising proposal

SuzlonNew Delhi: Suzlon Energy's board has approved a proposal to raise up to Rs 5,000 crore through the issue of securities.

It is an "enabling resolution to facilitate the company to raise funds at an appropriate time should that be required," the wind turbine maker said in a regulatory filing today.

During a meeting held yesterday, the board also gave its nod for increasing the company's authorised share capital from Rs 1,100 crore to Rs 1,500 crore.

Need for predictable taxes, contract sanctity: Cairn India

Cairn-IndiaMumbai: As it looks at policy support to boost output from Rajasthan oil block, Cairn India Wednesday called for predictable taxes and fiscal regime together with maintaining contract sanctity to aid production increase.

Addressing the company's Annual General Meeting (AGM) of shareholders here, Chairman Navin Agrawal said that for a nation undergoing transformational changes, a simple and forward-looking policy to encourage investment that maximises domestic oil and gas production would be a key enabler.

AP govt offers 26% stake to Shell in Kakinada gas project

Royal-Dutch-ShellHyderabad: Andhra Pradesh government has approved a proposal for offering 26 percent stake to Europe's largest oil company Royal Dutch Shell in a gas project at Kakinada.

The AP government-owned AP Gas Infrastructure Corporation (APGIC) and state-owned GAIL floated AP Gas Distribution Company (APGDC) have set up a 3.5 million tonnes capacity (expandable up to 10 million tonnes) Floating LNG Storage Regasification Unit (FSRU) in the East Coast at Kakinada Deepwater Port.

Suzlon Energy rallies on restoration of depreciation rules

Suzlon-EnergyMumbai: Shares in wind turbine maker Suzlon Energy Ltdsurged nearly 5 percent, its daily limit, on Monday following the government`s move to re-introduce the acceleraed depreciation scheme for the wind energy sector.

The gains add to Suzlon`s 3.6 percent gain in the previous session. Finance Minister Arun Jaitley said on late Friday that the government would amend the Finance Bill in this regard.

Energy Commodity Update by CapitalVia

Energy Commodity Update by CapitalViaCrude futures soared last week on reports that a Malaysian Airlines was shot down over Ukraine not far from the Russian border, while weekly U. S. supply report also bolstered the commodity. Oil prices shot up as concerns began to build that the Russian-Ukraine conflict will escalate and disrupt the global flow of crude oil supported by Investors concern over developments in the Middle East as Israel announced start of a ground campaign in Gaza after 10 days of aerial and naval bombardments failed to stop Palestinian rocket attacks.

Petrol price hiked by Rs 1.69/litre, diesel by 0.50 paise

Petrol-prices-hikedNew Delhi: Petrol price was on Monday hiked by a steep Rs 1.69 per litre and diesel by 50 paise a litre as the crisis in Iraq spooked international oil and currency markets.

The hike, effective midnight tonight, excludes local sales tax or VAT and the actual increase will be higher, varying from city to city.

Petrol in Delhi will cost Rs 73.58 per litre, up Rs 2.02 from Rs 71.56 at present. Diesel rates will go up by 56 paise to Rs 57.84 per litre.

"Due to geo-political unrest in the Middle East, there has been significant increase in international oil prices during the past two weeks.

More than a dozen killed in blast at GAIL India gas pipeline

GAILNew Delhi: More than a dozen people were killed on Friday after a blast at a gas pipeline operated by state-owned energy company GAIL (India) Ltd in Andhra Pradesh, the company said.

"As per the information received from the GAIL official at the site there are 13-14 casualties," a GAIL spokeswoman said. The victims were local residents and a fire at the scene had been brought under control.

The 18-inch diameter pipeline supplies gas to a power plant operated by Lanco Infratech Ltd. .

Oil prices firm on Iraq tensions

Oil firm IraqSingapore: Oil prices edged higher in Asia Monday on continued violence in Iraq, but gains were capped as the risk premium associated with the crisis in the key crude producer is already factored in, analysts said.

US benchmark West Texas Intermediate was up 31 cents to USD 107.14, while Brent crude gained 35 cents to USD 115.16 in mid-morning trade.

"We see oil retaining support from the violence in Iraq, but markets have already priced in a significant risk premium in the last few weeks," David Lennox, resource analyst with Fat Prophets in Sydney, told AFP.

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