ONGC, OIL, KABIL ink pact with UAE firm for critical minerals
ONGC Videsh, Oil India, and KABIL have signed a preliminary agreement with International Resources Holding RSC of the UAE to jointly acquire and develop critical mineral projects globally. This collaboration aims to leverage their combined expertise and resources to secure a stable supply of critical energy minerals, essential for the growing renewables and battery sectors.
Andaman administration urges Centre to rethink plan to build 50-MW gas-based unit
The Andaman & Nicobar Islands administration has requested the union power ministry to reconsider a shelved 50-MW LNG-based power plant. They also proposed an alternative HVDC line connection from the mainland. The region seeks a stable power supply to meet growing demand, following NTPC’s announcement of another LNG plant for Great Nicobar Islands.
Abu Dhabi gives onshore block production license to India’s IOC-BPCL JV
Abu Dhabi has granted oil and gas production rights for an onshore block to a joint venture of Indian state-run refiners Bharat Petroleum Corp Ltd and Indian Oil Corp. The rights were awarded to Urja Bharat Pte Ltd, following successful exploration efforts in Onshore Block 1 since 2019.
NCLAT suspends insolvency resolution process against Essar Oil and Gas Exploration & Production
The National Company Law Appellate Tribunal (NCLAT) has suspended the order of the lower tribunal that admitted Essar Oil and Gas Exploration & Production Ltd under the Corporate Insolvency Resolution Process. The appellate tribunal observed that the Section 9 application was used as a recovery mechanism, which is not permissible under the IBC.
Russia’s search for new crude markets helps India cut its oil import bill, but…
Russia’s search for new markets post-Ukraine war has led to cheaper crude for Indian refiners but hurt diesel exports to Europe. Increased competition from US supplies and Red Sea tensions have impacted India’s diesel export volumes and margins, despite the benefits of discounted Russian crude.
OPEC again lowers 2024, 2025 global oil demand growth view
OPEC has reduced its forecast for global oil demand growth in 2024, now expecting a rise of 2.03 million barrels per day, down from 2.11 million bpd predicted last month. The group also lowered its 2025 estimate to 1.74 million bpd. Factors include China’s economic conditions and the transition to cleaner fuels.
APPEC-India ONGC Videsh focuses on buying stakes in oil, gas producing assets amid energy transition
India’s ONGC Videsh is prioritising the acquisition of stakes in overseas oil and gas producing assets due to anticipated declines in demand for conventional fuels. The company is shifting focus away from long-term exploration projects, except for those already in progress, according to its finance head Anupam Agarwal at the APPEC conference.
NCLT admits insolvency resolution plea against Essar Oil and Gas Exploration & Production
The bankruptcy court in Ahmedabad has admitted Essar Oil and Gas Exploration & Production Ltd under the Corporate Insolvency Resolution Process after it defaulted on dues of Rs 24.38 crore to Greka Green Solutions. The tribunal appointed Mohit B. Adatiya as the Interim Resolution Professional for the company.
Signs of recession? Morgan Stanley cuts Brent crude price view as market signals demand softness
Morgan Stanley has reduced its Brent crude oil forecasts, citing demand weakness akin to recession periods. Brent crude futures hit their lowest levels since December 2021. The bank expects oil markets to remain tight in the third quarter and move towards a surplus by 2025, with prices stabilizing around $75 per barrel.
ADNOC to supply Indian Oil with LNG for 15 years
The Abu Dhabi National Oil Company has signed a 15-year agreement to supply Indian Oil with 1 million metric tons of liquefied natural gas annually. The LNG will primarily come from ADNOC’s Ruwais project, which is set to start production in late 2028 and will significantly increase the company’s LNG capacity.
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India plans to push LNG for trucking in bid to curb emissions
India plans to cut trucking industry pollution by converting a third of long-haul trucks from diesel to liquefied natural gas (LNG) and mandating that a third of new trucks run on LNG. This move aligns with Prime Minister Narendra Modi’s goal to increase the share of natural gas in the energy mix by 2030.
Complete Barmery refinery project on time: Ashok Gehlot tells state, central governments
Former Rajasthan chief minister Ashok Gehlot has urged the state and central governments to complete the Barmery refinery-cum-petrochemical project on time. He noted that 79 per cent of the work was done by May, but delays could extend completion by another year. The project, a joint venture with HPCL, faced setbacks due to government changes and global events.
Aim to shift a third of trucks to LNG in 5-7 Years: Oil Ministry
The Indian government aims to have liquefied natural gas (LNG) power a third of the country’s long-haul heavy-duty vehicle fleet within 5-7 years, with plans to use domestic gas for this initiative. The proposal includes stabilizing LNG prices by allocating 0.5 million metric standard cubic meters per day of domestic gas for the next three years, sufficient to support 50,000 trucks.
NCLT dismisses Bank of Maharashtra’s plea against personal guarantors of Gopal Krishna Oil Tech Industries
The National Company Law Tribunal in Mumbai has dismissed the Bank of Maharashtra’s application to initiate insolvency proceedings against the personal guarantors of Gopal Krishna Oil Tech Industries Pvt. Ltd. The tribunal ruled that the lender approached beyond the limitation period, making the petitions not maintainable.
Compressed biogas price mechanism to be tweaked
CBG prices, which are linked to the retail rates of compressed natural gas (CNG), have fallen about 12% in the past year and a half to Rs 1,290 per mmbtu from Rs 1,470. The decline was partly driven by the government’s decision in April 2023 to cap the price of domestic natural gas to $6.5 per mmbtu. City gas distributors mix this price-capped natural gas with CBG to serve their CNG customers.
OPEC+ agrees to delay October oil output hike for two months
OPEC+ has decided to delay a planned oil output increase for October and November after crude prices hit their lowest in nine months. The group, which includes OPEC and allies led by Russia, is holding back around 5.86 million barrels per day in output, equivalent to about 5.7% of global demand.
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