Nareshji,
They can use empty Gas pipeline to do drive thru Banking or pakage delivery. <!--emo&--><img src='style_emoticons/<#EMO_DIR#>/biggrin.gif' border='0' style='vertical-align:middle' alt='biggrin.gif' /><!--endemo-->
It seems US n-power plant offer is in return to forget about Iran-Pak Gas line, which is much better option.
07-26-2005, 04:28 AM (This post was last modified: 07-26-2005, 04:29 AM by Naresh.)
<!--QuoteBegin-Mudy+Jul 25 2005, 10:35 PM-->QUOTE(Mudy @ Jul 25 2005, 10:35 PM)<!--QuoteEBegin-->Nareshji,
They can use empty Gas pipeline to do drive thru Banking or pakage delivery. <!--emo&--><img src='style_emoticons/<#EMO_DIR#>/biggrin.gif' border='0' style='vertical-align:middle' alt='biggrin.gif' /><!--endemo-->
It seems US n-power plant offer is in return to forget about Iran-Pak Gas line, which is much better option.<!--QuoteEnd--><!--QuoteEEnd-->
<b>Mudy Ji ;</b>
As long as the Indian DDM and Secular Netas â including those who owe their allegiance to Beijing â donât Wet their Pants and Go Down on their Knees <b>but</b> refuse to have a Natural Gas Pipe Line through Pakistan then Pakistan is not going to have a Pipe Line carrying Gas for only Pakistanâs use.
<b>ISLAMABAD: The steering committee meeting of Turkmenistan-Afghanistan-Pakistan (TAP) gas pipeline project has been postponed due to Turkmenistanâs failure to provide detailed verification report on its Daultabad gas field reserves, a government official told Daily Times.</b>
The proposed three-day meeting was to be held in the Turkmenistan capital Ashkabad on July 27, 28, 29 to review the development work on the $ 3.3 billion project that would provide 3 billion cubic feet of gas per day. Afghanistan and Pakistan first want to know the exact quantity of the Daultabad gas reserves in order to give the final go-ahead to the project.
The official said the Turkmenistan authorities had sought a one-month period to provide the detailed gas reserves verification report in the last steering committee meeting that was held in Islamabad.
The official said that the Turkmenistan authorities had claimed that the Daultabad gas field had adequate gas reserves to last for at least 30 years in the Islamabad meeting but they were yet to submit the report to back their claim. He said that matters relating to revenue distribution or purchase rate of gas were to be finalised in the Ashkabad steering committee meeting.
However, he said the Asian Development Bank (ADB) had presented the feasibility study of the gas pipeline that indicated that the project was economically viable. He said that the current Daultabad-Kandhar-Chaman-Loaralai-Multan pipeline route would be finalised after the final decision of the concerned parties.
<b>Fire breaks out on Indian oil rig</b> <!--emo&:furious--><img src='style_emoticons/<#EMO_DIR#>/furious.gif' border='0' style='vertical-align:middle' alt='furious.gif' /><!--endemo-->
<b>A fire has broken out on a major oil platform off India's west coast - there are fears of many casualties.</b>
India's Oil Minister Mani Shankar Aiyar said that up to 300 people were on the platform but their fate was unclear.
"We had a major fire and the platform has been completely destroyed," Mr Aiyar said.
The platform, in the Bombay High field, is run by the state-owned Oil and Natural Gas Corporation (ONGC) and produces 100,000 barrels of oil a day.
It is some 160km (100 miles) off the coast of Mumbai, India's commercial capital.
It is not clear how the fire started. Some reports say that a supply boat hit the platform.
<b>'Major accident' </b>
Two navy helicopters have been trying to rescue workers but have been hampered by the flames.
The Bombay High field is India's biggest oil field, producing about half of the country's crude oil output, the Associated Press news agency says.
The fire began at 1630 local time (1130 GMT).
ONGC's website described the fire as "a major accident".
It said that some helicopters that might have been used in the rescue operation were grounded because of severe flooding in the region.
Heavy monsoon rains have been wreaking havoc on land, disrupting transport and telecommunications.
<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->Meanwhile, agency reports quoting coast guards said that 271 people have been rescued from the destroyed platform and more are in the process of being rescued.
A rig located near platform NCYAFTER had to be abandoned, the minister added.
Bombay High field produces 40 per cent of India's just over 33 million tonnes crude oil output and is home to the country's biggest gas field, Bassein.
"The loss of production will be considerable," Aiyar said adding that the priority "at present was to rescue the workers".
.......
Unconfirmed reports said t<b>he fire was triggered by collision of a vessel with the platform</b>, which is manned 24-hours.
<!--QuoteEnd--><!--QuoteEEnd-->
Major damage, oil price will go up in India.
WASHINGTON, July 27: Days after signing a deal to provide nuclear technology to India for meeting energy needs, the US administration has expressed âserious concernsâ over New Delhiâs efforts to buy natural gas from Iran. A senior State Department official told a Senate hearing in Washington that India and Chinaâs energy deals with Iran âraise concerns under US law and policyâ.
Assistant Secretary of State for Economic and Business Affairs, E. Anthony Wayne, also objected to the proposed Iran-Pakistan-India gas pipeline, saying that such negotiations could undermine US energy policies. âA troubling aspect of the recent surge in overseas energy deals by China and India is their willingness to invest in countries that are pursuing policies that are harmful to global stability,â Mr Wayne told the Senate Foreign Relations Committee.
During his first state visit to Washington last week, Indian Prime Minister Manmohan Singh signed an unprecedented nuclear deal with the Bush administration. Under the deal, the US agreed to ignore international non-proliferation regimes to provide nuclear fuel and reactors to India, which is a declared nuclear arms state.
Soon after signing the deal, Mr Singh indicated a change in the Indian approach towards the proposed gas pipeline project with Iran, saying that India could not ignore the risks involved in such a project. India had earlier vowed to go ahead with the project despite objections raised by Secretary of State Condoleezza Riceâs during a visit to New Delhi in March.
At the Senate hearing, Mr Wayne recalled that during her visit Ms Rice had told the Indians that the proposed pipeline âraises US concernsâ. He noted that despite this objection, âIndian and Pakistani officials are engaged in detailed discussions on the technical, financial and legal aspects of building a $4 billion pipeline that would bring Iranian natural gas to Pakistan and Indiaâ. Mr Wayne said both Chinese and Indian firms âhave been involved in oil and gas sector deals in Iran that raise concerns under US law and policyâ.
The US official said that oil deals with Iran and Sudan âcan undermine efforts to encourage policy changes that will reduce global instability and energy security for allâ. Mr Wayne also objected to the Chinese efforts to outbid major Western oil companies, noting that âin their rush to stake claims around the world, Chinese oil companies have accepted terms that would often not be considered commercially viable for major Western oil companiesâ.
Meanwhile, Subir Raha, the government-appointed head of Indiaâs biggest oil company, Oil & Natural Gas, has said that the US would be âstupidâ to attack Iran and risk imposing record oil prices on the global economy.
âYou launch one more attack and you canât even guess where the speculation will go,â Mr Raha said. âWith the stalemate in Afghanistan, stalemate in Iraq and elsewhere, you already have a price of $55 a barrel.â
âI see no reason why Indiaâs priorities should be subservient to US priorities,â said Mr Raha, who has worked for state-run oil companies for the past 35 years. âThe US is chasing oil and gas as badly as China or India or anybody else.â
<b>Reliance makes huge gas find in Madhya Pradesh</b><!--QuoteBegin-->QUOTE<!--QuoteEBegin-->The company discovered 3.75 trillion cubic feet of in-place gas reserves under coal seams in Sohagpur Coal Bed Methane (CBM) blocks in Shahdol district of Madhya Pradesh, senior officials said.
This is RIL's first gas find in the CBM blocks. Earlier, the company had found gas reserves in deepsea blocks off Andhra Pradesh coast and Orissa coast.
...........
"Reliance has made a gas discovery and we have certified the in-place reserves at 3.75 trillion cubic feet," said V K Sibbal, Director General, DGH.
Company spokesperson could not be immediately contacted.
CBM is primarily methane gas (80-95 percent) which occurs in its natural state in coal or lignite bed seams.
.............
DGH estimated 49 billion cubic feet of gas reserves in Sohagpur (East) and 36.82 bcf in Sohagpur (West).<!--QuoteEnd--><!--QuoteEEnd-->
Pioneer
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>UPA's populist steps making oilcos see red </b>
PTI/ New Delhi
The government's act of balancing populist sentiments by keeping domestic oil prices artificially low, in the face of rising <b>global oil prices has already started taking its toll with oil companies like Indian Oil Corporation (IOC) going in the red. What is worse is that Bharat Petroleum Corp (BPCL), Hindustan Petroleum Corporation (HPCL) and IBP are likely to turn financially sick by next year.</b>
Oil Ministry estimates suggest that a freeze on fuel prices are set to erode the networth of these companies.<b> IBP, a subsidiary of Indian Oil Corp, will be the first company to turn sick by September 2005, followed by BPCL, which will take just 13 months from now go to Board of Industrial and Financial Reconstruction (BIFR) while HPCL would be sick in 20 months.</b>
Petroleum Secretary SC Tripathi has written to Cabinet Secretary BK Chaturvedi in this regard stating the impending sickness of these companies.
<b>IOC will be sick in 35 months from now if prices of petrol, diesel, LPG and kerosene are not changed in line with the spurt in international oil prices,</b> which touched a record $64 a barrel on Tuesday.
Petroleum Minister Mani Shankar Aiyar said the Cabinet is to decide on raising fuel prices but did not give any timeframe.
According to the letter of Petroleum Secretary, <b>IOC, which reported its first ever net loss of Rs 54.2 crore in April-June quarter, suffered an estimated loss (including depreciation) of Rs 744 crore in July alone. BPCL netted a loss of Rs 400 crore over Rs 431.3 crore loss in Q1 while HPCL saw Rs 475 crore loss in July on top of Rs 507.89 crore net loss of April-June quarter</b>.
IBP, the letter said, had a networth of Rs 324 crore as on June 30, 2005 and reported a loss of Rs 189 crore in July. The standalone fuel retailer, which reported a net loss of Rs 233.97 crore in April-June, is set to lose its networth in next two months, a milestone which will take it to the BIFR.
Commenting on crude oil prices touching a record $64 a barrel,<b> Mr Aiyar said, "I am worried but not too worried... the government has resources (foreign exchange) to manage our requirements</b>.
The government would try to do a balancing act between the interests of consumers and the oil firms and said the issue of raising fuel prices rested with the Cabinet and his ministry had already sent its proposal to it."
<b>The letter had stated that IOC, BPCL, HPCL and IBP together suffered a cash loss of Rs 1,500 crore in July alone due to a freeze on fuel prices despite the rising cost.</b>
"All the information in this regard has been shared with the Cabinet... That (price increase) is for the Cabinet to decide," Mr Aiyar stated.
<b>Petrol is currently being sold at Rs 3.63 a litre below the cost while diesel is under-priced by Rs 4.15 per litre. LPG is being sold at a loss of Rs 92 per cylinder and the public sector oil firms were losing Rs 11 on sale of every litre of kerosene.</b>
The Petroleum Minister said the spurt in international prices was based on apprehensions of disruption in supplies even though there has been no interruption in the past 18 months when the apprehensions started driving prices upward.
"There is nothing in global economy to warrant such a rise. Not one drop of oil has been lost. It has become a fashion statement rather than any kind of reflection on global realities," Mr Aiyar said. <!--QuoteEnd--><!--QuoteEEnd-->
No choice but to increase price or some international company will buy Indian companies.
This will slow down India's growth rate. Govt should increase price so that these companies can sustain and economy should land smoothly, otherwise get ready for big crash.
China should expect same, this will fulfill US dream. Both Asian economies may come down soon.
Indian economy can't take it anymore. I am surprised why stock market is going up. Why Aiyar is not increasing Oil price in India? Its better to have soft landing. They are so scared it may rock UPA boat. It will be excellent environment for Leftist to have there own agenda.
<!--QuoteBegin-k.ram+Aug 17 2005, 02:06 AM-->QUOTE(k.ram @ Aug 17 2005, 02:06 AM)<!--QuoteEBegin--> Geopolitics & Energy - Key Trends <!--QuoteEnd--><!--QuoteEEnd-->
Looking at the above chart, small increase of Nuclear Energy share in the world can have significant impact on the oil prices. US-Indo accord is a great step in right direction. Manmohan visiting Paris might bring some Nuke Power Plants to India.
<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->NEW DELHI: China has done it again. In what is becoming almost a pattern, Chinese national oil company â China National Petroleum Corporation (CNPC) â has outbid ONGC Mittal Energy (OME) in the race to acquire PetroKazakhstan.
Industry sources said CNPC outbid OME through a revised offer which not only increased the bid amount but also included a cash component in the offer. OME, it is learnt, had bid in the region of $3.9 bn to buy out PetroKazakhstan whereas CNPCâs bid stood at $3.6 bn.
However, the Chinese revised their bid with a higher offer of around $4.18 bn to acquire the Canadian firm operating in Kazakhstan. PetroKazakhstan made the sale announcement at 0730 London time, at least a couple of hours ahead of the scheduled filing by ONGC-Mittal combine at the London office of the merchant banker.
OME, it is learnt, had told the merchant bankers on Friday (August 19) that they were willing to better their bid if certain information on PetroKazakhstanâs operation was provided.
Sources close to the deal also said that OME had put forth certain conditions with regard to equity holdings by other partners. PetroKazakhstan, which is a leading downstream player, has been having legal problems with some of its equity partners.
Sources said that Luke Oil, a Russian player, may actually end up evoking its preemptive rights.
Calgary-based PetroKazakhstanâs board recommended that its shareholders accept the Chinese oil companyâs offer. The transaction is expected to close in October, the company statement said.
PetroKazakhstan is a vertically, integrated, international energy company. PetroKazakhstanâs proved and probable oil equivalent reserves were independently assessed at 550m barrels. The company, the largest integrated oil company, is also the market leader in refined products.<!--QuoteEnd--><!--QuoteEEnd-->
NEW DELHI: The simmering tension between petro minister Mani Shankar Aiyar and public sector ONGC chairman Subir Raha is fast approaching a flashpoint. A confrontation is in the works and fireworks are expected to fly at the companyâs upcoming annual general meeting.
Hereâs the storm forecast from the ONGC boardroom. As the single largest shareholder in the company, the petroleum ministry is threatening to move a resolution at the meeting, pressing for the nomination of the director general of hydrocarbons (DGH) to the company board.
In the opposite corner, ONGC chairman Subir Raha too is believed to have threatened to move a counter-resolution at the same meeting, seeking to resign if the government presses ahead with its threat.
The ministry has been seeking the views of the law ministry, as well as the Department of Public Enterprises, and is expected to finally send its notice to the ONGC company secretary seeking inclusion of the appointment in the AGM agenda by the middle of this month.
India Incâs highest profit-making company suddenly finds itself in the crossfire between its largest shareholder â the government, represented by the oil and gas ministry â and its chief executive.
Predictably, the rest of the board has remained a mute witness. It will be interesting to watch how the markets react to this entirely unpleasant development, having initially ignored reports of the festering acrimony in this blue-chip.
The ONGC top management is resisting the governmentâs board nominee on grounds of conflict of interest. A regulator cannot be on the board of a company, they contend. The DGH is currently doubling up as the regulator for the upstream sector.
The ONGC AGM is slated to be held in end-September. ONGC chairman Subir Raha and petroleum minister Mani Shankar Aiyar have exchanged extensive correspondence over the issue so far, including locking horns publicly in a recent board meeting.
What provides an interesting twist to this unseemly spat is the presence of a second nominee director proposed by the petroleum ministry â special secretary in the ministry, MS Srinivasan. However, at the moment, it seems Mr Raha is opposed only to the inclusion of the DGH.
This indecorous sparring match will also bring to the forefront the larger issue of autonomy for navratna PSUs, to which the current government stands committed. The petroleum ministry has pressed for the nomination of the DGH to the ONGC board as it feels that the regulator could play a vital role in strategic issues in the energy sector.
However, the company maintains that while it is for the government to decide who it wants to nominate as its nominee representative on the board, by virtue of being the largest shareholder, the nomination of the regulator was not found acceptable by the companyâs top management.
âThe regulator, after all, has to remain independent and being on a company board could lead to conflict of interest,â a senior ONGC official said. For instance, the DGH has to take calls on bids submitted from time to time on exploration blocks. âBeing a board member of one of the exploration companies, like ONGC, may not go down well with other players,â an official said.
This move to nominate the DGH to the ONGC board comes at a time when the government is yet to take a decision on the selection of independent directors.
Other issues in regard to the autonomy of PSUs have also been thrown up in the recent past. The government has been trying to pass off its officials as independent directors. Sebi has thwarted such moves citing that this would not pass the test on new corporate governance norms.
âHow can government officials give an independent view in board meeting,â Sebi has argued. The norms set by the Department of Public Enterprises (DPE) allow two government nominees on PSU boards.
But the petroleum ministry is seeking to put more government nominees on the board as it feels that the government needs to have greater say in the oil sector, especially given that petro-pricing is still such a politically-sensitive issue.
Congress is back to loot profit making semi public sector. Only objective to have there own man in ONGC, so that he can contribute on behalf of ONGC in Congress election kitty. <!--emo&:mad--><img src='style_emoticons/<#EMO_DIR#>/mad.gif' border='0' style='vertical-align:middle' alt='mad.gif' /><!--endemo-->
Plus Sonia Gandhi is paying her free ride bills by appointing Anil Ambani man in ONGC.
--><img src='style_emoticons/<#EMO_DIR#>/biggrin.gif' border='0' style='vertical-align:middle' alt='biggrin.gif' /><!--endemo-->