A recent report called, 'Gas shortage in the GCC - How to Bridge the Gap', by global consultancy firm, Booz & Company, says gas shortage in the six resource-rich Gulf Cooperation Council (GCC) countries will become more evident 2015 as demand is on the rise and supply struggles to keep pace. Increasing power consumption, depleting oil fields, gas exploration and long-term gas export commitments have limited the local supply of gas in the region, the report says.
Category: Oil & Gas
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Cabinet to discuss shale oil and gas exploration policy
A top official of the Union Ministry of Petroleum & Natural Gas has stated that the ministry has finalised a shale oil and gas exploration policy, which will be tabled before the cabinet soon after the oil minister Marpadi Veerappa Moily approves it. However, in contrast to the Oil Ministry's statement, the Ministry of Environment and Forest said that exploitation of shale resources could lead to water crisis in India.
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OMCs see little gain from RBIs dollar window
The public sector oil marketing companies (OMCs) have said that they do not look for any direct gains from the Reserve Bank of India's foreign exchange swap window. Such window was announced by RBI on August 28. The RBI announced the window to meet their daily dollar requirements to import crude oil. But the oil companies agreed the apex bank's measure would bring down rupee's volatility.
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Nod to Reliance, its partners to invest $4 bn in D-6 block
The Union government has on August 29 gave its approval to Reliance Industries and its partners to invest $4 billion in the R-Series gas-field of KG-D6 block. BP Plc and Niko Resources are the Reliance Industries partners. R-series is a cluster of four discoveries in the block, of which, D-34 has been declared commercially viable.
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Rupee gains on RBIs dollar swaps measure for OMCs
The Indian rupee's brisk fall against the US dollar was halted on August 29 with the Reserve Bank of India's move to directly supply dollar swaps to oil marketing companies (OMCs). The Indian currency on the day appreciated 225 paise to close at 66.55 per dollar, logging its biggest single-day gain in percentage terms in 26 years.
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Cairn India Hopeful of Securing Nod
Cairn India, which plans to invest $1.6 billion (around Rs 9,500 crore) over the next three years, is hopeful of securing mandatory clearances for additional exploration and production in its Rajasthan oil and gas fields.
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Crude Oil Output Dips
Indian oil refinery companies have imported 15.944 million tonne of oil in July against 14.594 million tonne in the same month last year as the domestic crude oil output has diminished.
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IOCs LNG terminal at Ennore
By the end of 2013, Indian Oil Corp (IOC) plans to begin work on its liquefied natural gas (LNG) terminal project at Ennore near Chennai.
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India to import crude oil from Iran
India will import crude oil from Iran to counterbalance any supply disruptions arising from imminent strikes by the US on Syria. The country has ruled out any considerable impact on IndiaÂ’s crude oil import supply in the event of US strikes on Syria. Prices of oil in the global markets have been hiked with the reports of imminent US strikes on Syria.
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Govt plans oil import from Iran to cut oil bill, CAD
To reduce the current account deficit (CAD), the Union Oil Ministry has worked out a plan, which can save $22 billion in the oil import bill from Iran, said the Union Petroleum Minister M Veerappa Moily. The Minister said that import of oil is one of the components responsible for CAD. The Prime Minister Manmohan Singh has told the Ministry to save $25 billion in the import bill. And accordingly, the Ministry has prepared a plan to save $22 billion in import bill, Moily said.