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RIL-NTPC dispute over D6 heading for truce
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ONGC may have to pay $13 b to exercise RFR
Crude oil Prices/Stock
ONGC, OIL can make a counter-bid
Daily Share Price
Vedanta to get Rs 500 cr if Cairn buyout fails Retail Selling Prices
Transfer of Mangla Oilfield in Rajasthan to Vedanta opposed MCX Bhav copy
Govt gets ambitious on shale gas Industry Sales
OVL Records Highest Ever Oil & Gas Production from Overseas Pipeline Transfers
Region‐wise Sales Growth
Cairn stake sale: ONGC wants royalty issue cleared
Company‐wise Market Share
The Adventures of BPCL
Sector‐wise HSD Direct Sales
ADAG gets nod for exploration of CBM in Madhya Pradesh FO/LSHS & Naphtha
Indian Petronet, GSPC to add new storage tanks at Dahej LNG Upliftments
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GPPL bets big on coal cargos: IPO priced at Rs.42-48 Natural Gas Production
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PetroMag The legal dispute between Reliance Industries (RIL) and NTPC over D6 gas may be heading for a
truce, with Solicitor General Gopal Subramanium recommending that the country’s biggest power
generator be given gas at a concessional rate under a provision of the production sharing contract
Ministry of Petroleum (PSC).
and Natural Gas,
New Delhi According to the PSC it signed with the government, RIL can sell gas at a price lower than the
market one to the government or its nominee. “The solicitor general is of the view that this
Cabinet Minister provision can be evoked for NTPC, since it is a government company,” said a government official.
Mr. Murli Deora
Under article 21 of the PSC, gas sold to the government or any other government nominee, is to
Minister of State be valued on terms and conditions, including pricing formula and delivery, approved by the
Mr. Jitin Prasad government. This provision has been interpreted to mean that NTPC can claim gas at $2.34 per
million British thermal unit, a price RIL had quoted in its tender way back in 2004.
Secretary
Senior government officials told Business Standard that the empowered group of ministers
Mr. S Sundareshan
(EGoM), headed by Finance Minister Pranab Mukherjee, discussed the issue in its last meeting.
“The power ministry was asked to circulate the legal opinion of the solicitor general to all
Addl. Secretary & Fin. members of the group,” said another official.
Advisor
Mr. P K Sinha During the July 28 meeting of the EGoM, the power ministry had proposed that 12 million
standard cubic metres a day (mscmd) gas be given to NTPC at the discovered international
Jt. Secretary ( R ) competitive bidding price of $2.34, without waiting for the outcome of the pending NTPC-RIL suit
Mr. L.N. Gupta in the Bombay High Court.
Jt. Secretary NTPC has already started work on expansion of its Kawas and Gandhar power projects in Gujarat
(International corp.) to meet the milestones necessary for getting gas allocation. The government allots gas to only
Shri. Sunil Jain those units that are expected to be commissioned during this year. “The EGoM is expected to take
a decision on it in its next meeting,” NTPC Chairman R S Sharma told Business Standard.
Jt. Secretary (Expl.)
Mr. D N Narsimha The last EGoM meeting also discussed the Reliance Power’s request of 28 mscmd of gas, pursuant
Raju to a Supreme Court judgment that said gas allocation to the Anil Ambani group company should
be in conformity to the government policy on price, tenure and allocation.
Jt. Secretary (M)
Though no commitment was made on supplying gas to Reliance Power, more than three weeks
Shri Apurva Chandra
after the last EGoM meeting, the government is yet to finalise the minutes. “Though the issue of
additional allocation to any power project has been kept open ended, any decision would depend
Economic Advisor on the minutes,” said an official.
Dr. Archana S Mathur
ONGC may have to pay $13 b to exercise RFR
Director (Supply &
Production) Oil and Natural Gas Corporation (ONGC) may have to shell out $13 billion if it were to exercise its
Shri Vivek Kumar pre-emption or right of first refusal (RoFR) to buy Cairn India in the giant Rajasthan block. Cairn
India holds 70 per cent operator interest in the 6.5 billion barrels Rajasthan block that is at the
Director (Marketing) centre of its parent, Cairn Energy's $8.48-billion deal to sell its majority stake in the company to
Shri U.C. Nangia Vedanta Resources.
Director At Rs.355 a share, Cairn India is valued at over Rs.67,355 crore or $14.6 billion. Almost 90 per
(Refinery & Admin) cent of this value is because of the Rajasthan block that can produce 2.40 lakh barrels of oil a
Shri Dependra Pathak day. “Cairn India's stake in Rajasthan block will be valued at around $13 billion,'' official sources
said.
Director
(Exploration II) ONGC is of the view that by virtue of holding 30 per cent in the Rajasthan block, it has the pre-
Shri Maninder Singh emption or RoFR to buy Cairn India in case the company's ownership changed. If it has objections
to the Cairn Energy-Vedanta deal, it will have to seek to buyout Cairn India in the Rajasthan block
by making a higher offer that would work out to $13 billion and that also before September 7
Director
deadline, the official added.
(International corp.)
P. Kalyanasundaram Another view in ONGC is to seek operator-ship or management control of the Rajasthan block in
lieu of giving a go-ahead to the Cairn-Vedanta deal. The production sharing contract, which Cairn
has signed with the government for the Rajasthan block, provides for explicit government
approval only in case of a party selling its interest in the block, but does not make the nod
mandatory in case of change of ownership at corporate level.
***** Can India’s state-owned firms join hands to mount a counter-bid for oil exploration firm Cairn
India after the surprising entry of Vedanta? These firms, despite their huge capital expenditure
Petroleum programmes earmarked for the next few years, appear quite capable of making a counter-offer,
Conservation and considering that the valuation does not appear prohibitively high.
Research Association
Both ONGC and Oil India have debt-free, cash-rich balance sheets and strong and growing
Executive Committee cashflows. Despite their own capital expenditure plans — ONGC is set to invest close to Rs 25,000
Chairman crore annually, while OIL has planned to invest Rs 8,500 crore over the next couple of years — it
Mr. S.Sundareshan may not be difficult for them to raise funds for a counter-offer. The debt that these companies can
raise could be as high as Rs 50,000 crore before their debt-equity ratio touches 0.5.
Member Secretary
However, the critical issue is whether such a move makes sense. It was just two years ago that
Exec. Director PCRA
ONGC acquired UK-listed Imperial Energy for $2.1 billion with reserves of 860 million barrels.
Mr. Arun Kumar Using that as a benchmark, paying $8.5 billion for 51% of Cairn’s currently estimated recoverable
reserves of 1.4 billion barrels may appear expensive.
*****
“It will need an underlying assumption of crude oil price at $100 per barrel to justify the Rs 405
Oil Industry Safety per share price for Cairn India. All visible upside for next 3-4 years appears captured in this,”
Directorate noted Sandeep Randery, research analyst in BRICS Securities.
Executive Director But a few analysts have argued that the Imperial and Cairn comparison is not fair. While
Mr. J B Verma Imperial’s assets were at a preliminary stage of development, production is fully underway in
Cairn’s Rajasthan fields. It is set to reach its plateau of 175,000 bpd by end 2011 and holds the
***** potential to ramp it up to 250,000 bpd, unlike in Imperial’s case where the production is
stagnating at close to the 20,000-bpd level. Besides, Cairn India also holds stakes in ten other
Petroleum Federation exploration blocks apart from the Rajasthan fields.
of India
For a long-term player who has a 15-20 year horizon, the pricing may still make sense.
Chairman Networth’s Diwan said, “Given the promising prospects for Cairn, it certainly is a good buy from a
Mr. S Behuria long-term perspective.” With Sesa Goa’s open offer for Cairn’s shares already on, oil PSUs need to
take a quick call on their future course of action.
Director General
Among the oil PSU pack, not all of them have the ability and the resources to participate in a
Mr. A K Arora
buyout now. “Given their cash-strapped conditions thanks to the subsidy burden, barring ONGC &
OIL, it would be difficult for other oil PSUs to fund an acquisition of the Cairn scale,” noted
***** Prakash Diwan, head-institutional business at Networth Stock Broking.
The deal terms also bar Cairn from soliciting any rival offer before the meeting of Cairn Energy's
*****
shareholders for considering approval for the transaction.
Taking a cue from the US and China, the government is finalising a roadmap for large-scale
commercial exploitation of shale gas — natural gas trapped in rocks — in the country’s
sedimentary basins. “This (shale gas) non-conventional and green fuel is the future and can be a
game changer for the economy of India, which spends over $90 billion every year on oil imports,”
said a petroleum ministry official.
Mapping of shales in four basins — Cambay, Assam-Arakan, Ganga and Damodar Basins — is
underway and like in the case of petroleum and coal bed methane, the government is planning to
offer shale blocks for commercial exploration by August, 2011.
US has the world’s largest shale gas reserves. China comes second. Shale gas extraction involves
tapping gas trapped between layers of shale rocks, similar to the extraction of gas in coal
beds.Public sector ONGC has begun studies to assess shale gas potential in the coal bed methane
(CBM) blocks awarded to it in the Raniganj and North Karanpura coalfields.
“We have placed the letter of intent for this pilot project to Schlumberger in April for R128 crore,”
a ONGC source said.ONGC officials said the petroleum ministry has directed it to form of a team of
representatives from the Directorate General of Hydrocarbons (DGH), ONGC, OIL and GAIL(India)
Ltd to study samples and suggest steps to pursue the shale opportunity.
OVL Records Highest Ever Oil & Gas Production from Overseas Assets
The Minister of State for Petroleum & Natural Gas Shri Jitin Prasada informed the Lok Sabha in a
written reply today that the consolidated production of ONGC Videsh Ltd. (OVL) of Oil plus Oil-
Equivalent Gas (O+OEG) during the year 2009-10 was 8.870 Million Tonnes recording highest
ever oil and gas production from its overseas assets. He added that the primary purpose of
acquiring oil and gas exploration/producing assets abroad is to gain access to equity oil and gas
from the acquisition. India imports over 70% of its requirements of crude oil. Considering the
widening energy demand-supply gap in the country, acquiring more oil and gas acreages abroad is
necessary for energy security.
Dir (Mktg.) With a change in the ownership of Cairn India inevitable once the Cairn Energy-Vedanta Resources
Mr. G C Daga deal is formalised, ONGC will want to resolve the contentious issue of royalty payment for the
Dir (Fin.) prolific Barmer oilfields.
Mr. S V Narsimhan Since production began last year, ONGC — a 30 per cent stakeholder and licensee of the block —
has paid a cumulative royalty of Rs 302 crore up to June 2010, an official told Business
***** Line.“Though the Government is dealing with the issue separately, due to the sudden change in
ownership with the proposed deal, it is most appropriate that the issue is resolved,” an official
Bharat Petroleum said.
Corp. Ltd.
The block was awarded prior to the competitive bidding rounds regime (NELP). Cairn is the
operator of the block with 70 per cent equity. Under the licence conditions, ONGC took the stake
Chairman & MD
in the discovery without any cost, but has to bear 100 per cent of the royalty in addition to the
Mr. Ashok Sinha
development costs.
Dir (Mktg.) According to previous reports, the Government should be paid a royalty of 20 per cent on the net
Mr. S Radhakrishana price of the Rajasthan crude. ONGC has protested against the royalty payment and is seeking
reimbursement on the grounds that it was uneconomical. The Rajasthan field is the most
Dir (Fin.) prominent asset of Cairn India, which currently produces up to 1.25 lakh barrels of oil a day.
Mr. S K Joshi
Ever since Cairn Energy and Vedanta announced the proposed deal this week, Petroleum Minister
***** Mr Murli Deora and Petroleum Secretary Mr S. Sundareshan have maintained that “interests of
ONGC will be protected”. ONGC and Cairn India are partners in eight blocks, including the
Hindustan Petroleum Rajasthan fields. Of these, three blocks belong to the pre-NELP regime.
Corp. Ltd.
For the blocks awarded under the NELP regime, the Petroleum Secretary said that “apart from the
Chairman & MD financial transactions, the contractual obligations with the Government as per the production-
Mr. A. Balakrishnan sharing contract signed by the parent company need to be examined. The responsibilities and
technicalities of specific blocks will need to be studied”.
Dir (Mktg.)
Mr. S Roy Choudhury The Adventures of BPCL
S eptember 15, 2008, was hardly the day that one could talk business with a straight face or raise
Dir (Fin.)
money for projects. Lehman Brothers had just turned into vapour, Merrill Lynch had lost its
Mr. B.Mukherjee
independence a day earlier and a full-fledged financial crisis had taken strong hold. The global
financial order seemed to have ground to a halt.
*****
But Ashok Sinha, chairman and managing director of Bharat Petroleum Corporation (BPCL), had
Oil & Natural Gas the audacity to tap the London financial markets to raise $100 million for an acquisition in Brazil.
Commission It was almost as if he had not seen the TV.
Chairman & MD But Sinha and his teams in Mumbai and Brazil had every reason to feel the urgency. They had
Mr. R S Sharma plodded on for nearly a year cutting through a thick Brazilian bureaucracy and a million other
uncertainties to tie up a buyout of EnCana Brasil which owned ten promising deep-water blocks. It
Dir (Onshore) would be a major leap for the Indian refiner in its ambition to become a global oil and gas
Mr. A K Hazarika exploration company.
Dir (Offshore) But there was one problem. All the hectic parleying had taken time and the deadline to pay for the
Mr. Sudhir Vasudeva deal was just 48 hours away when Lehman threw in the towel. It was doubtless the worst financial
crisis in living memory but Sinha & co. weren’t going to give up after having come so close to the
Dir (Exploration) victory post.
Mr. D K Pande
PetroMag The Anil Dhirubhai Ambani Group has been granted permission to explore Coal-Bed Methane
(CBM) in the Shahdol district of Madhya Pradesh, official sources said today.The Madhya Pradesh
Directorate General of Hydrocarbons has granted Petroleum Exploration Licence (PEL) to ADAG for
Reliance Industries exploration of CBM from Sohagpur (north) block in Shahdol district, on August 11, sources said.
Limited
As per the PEL, ADAG was given permission for exploring CBM in an area of 609 sq km, sources
Chairman said. Meanwhile, ADAG officials said the group has started its operation at the site since yesterday
Mr. Mukesh Ambani and after undertaking the core drilling operations, proper study would be conducted to access the
resources available there.
President & CEO
PMS Prasad The project of ADAG, which is setting up a 4,000 MW Sasan Ultra Mega Power Plant (UMPP) in
Sidhi district, will open a new source of non-conventional energy in the state which is in the grip
President (Refinery of an acute power crisis for a long time, they said. "ADAG's entry in the CBM sector is a good sign
Business) for the state," a source said.
Mr. P Raghavendran
Coal-Bed Methane is a form of natural gas extracted from coal beds by drilling holes into coal
***** seams and can be utilised for power generation, compressed natural gas (CNG) and fertiliser
manufacturing, sources said.
Essar oil Limited
Power production from CBM would not only contribute in reducing ozone layer threat but also open
alternative option of electricity generation, they said adding it is certainly a matter of pride that
Chairman
there were abundant CBM deposits in Madhya Pradesh
Mr. Shashi Ruia
Indian Petronet, GSPC to add new storage tanks at Dahej LNG terminal
Vice Chairman
Mr. Ravi Ruia India's Petronet LNG is planning to add two more storage tanks to its Dahej LNG receiving and
regasification terminal in a joint venture with Gujarat State Petroleum Corporation, A K Balyan,
Managing Director the newly-appointed managing director and CEO of Petronet LNG, said late Wednesday.
Mr.Naresh Nayyar
D J Pandian, Principal Secretary at the Gujarat state government's Energy and Petrochemicals
Director (Finance) Department and director of GSPC, also confirmed the project. Balyan said: "We have taken up this
Mr. P.Sampath matter with the Gujarat government." There is enough space available for two additional tanks at
the terminal so additional land may not be required, he added.
*****
Petronet LNG currently has four storage tanks and two regasification facilities at the terminal. Two
GAIL India Limited of the four storage tanks and a regasification facility were commissioned by Petronet in mid-2009.
In all, Dahej LNG terminal has 10 million mt/year capacity, which will go up to 15 million mt/year
Chairman & MD once new capacity is commissioned.
Mr. B C Tripathi
Since the proposed storage capacity would be set up under a joint venture between GSPC and
Petronet, GSPC would have exclusive access to it, Pandian said. He added that the Gujarat state
Dir (Fin.)
government has expressed interest in supporting the storage tank project, and offered all the
Mr. R K Goel
necessary help in expediting it.
Dir (Proj) Cairn deal faces fresh questions
Mr. R D Goyal
Fresh regulatory issues raised by the petroleum ministry as well as concerns about the open offer
Dir (HR) price expressed by an institutional investor in Cairn India Ltd, will have to be addressed before
Mr. S L Raina Anil Agarwal-promoted Vedanta Resources Plc’s can close out the $9.6 billion (`44,736 crore)
acquisition.
Dir (Mktg.)
Mr. Prabhat Singh Separately, tax authorities, who held a meeting with Cairn India, did not rule out raising a tax
demand on the deal. Both the government and the tax authorities maintained that a clear view
***** would emerge only after the proposal is submitted for approval.
Life Insurance Corp. of India (LIC), which holds a 2.57% stake in Cairn India, may not tender its
shares in the open offer made by Vedanta, which has proposed to acquire a stake of up to 60% in
the company. Vedanta will pay `405 per share—including a non-compete fee of `50 per share—to
Cairn Energy Plc to buy up to 40% of Cairn India, but the open offer price for an additional 20%
has been fixed at `355.
***** In an interaction with media, Prakash Tulsiani, Managing Director, GPPL informed about the robust
prospects for the country’s ports sector on the back of increased international trades. “As the
Chevron Petroleum country is witnessing newer power generation capacities coming up in near future, which will
boost coal imports from outside countries thereby increasing cargo handling at ports too.”
President
He further informed that being a prominent non-major port in Gujarat, the company has huge
Mr. John Digby advantage considering the pace of growth in Gujarat’s industrial sector. “Dry bulk cargo accounted
34% of Gujarat’s total cargo traffic in the year 2008. Further, the State is also expecting
Chevron Lubricants substantial investments coming in the power sector by 2012 to add 11,164 MW of power
generation capacity. This we believe will boost cargo activity in the ports located in the close
Managing Director proximity,” he added.
Mr. Akhil Kumar
Out of the total revenue of Rs.219.11 crore recorded during fiscal 2009 (The company follows
***** financial year from January to December), the company registered Rs.102.4 crore coming from
container cargo, while the share of dry bulk cargo stood at Rs.98.7 crore for the period, the Draft
British Gas India Pvt. Red Herring Prospectus (DRHP) of the company stated.
Limited
Further, the company has a LPG berthing facility as well, however the volumes generated is very
Chief Executive meager as it is still at the beginning stage. Presently, Aegis (Gas) LPG Pvt Ltd is the sole customer
Mr. Frank Chapman for the LPG cargo service, said Tulsiani ruling out any possibility of creating additional capacity for
oil cargo berthing.
*****
GPPL is proposing a public offer via equity offer to the public and institutional investors. The
company, jointly promoted by APM Terminals Mauritius Holding Ltd and APM Terminals Mauritius
Caltex Gas India Pvt.
Ltd, along with APM Terminals BV will hit the capital markets on August, 23, 2010 with an initial
Ltd.
public offering (IPO) of equity shares of Rs.10 each for cash at a price band fixed from Rs.42-48
per share to raise around Rs.500 crore, besides an offer for sale of up to 11.7 million equity
Chief Executive shares by the private equity investors.
Officer &
GM (S & A) The issue is managed by Kotak Mahindra Capital, IDFC Capital and IDBI Capital, will close on
Mr. S. August 26. APM Terminals BV is the port operating arm of Danish shipping and oil conglomerate A
Ramasubramanian P Moller-Maersk.
***** Aban Offshore in pact with Cairn India for deploying rig
Total LPG Ltd. MUMBAI: Aban Offshore today said it has signed a contract with Cairn Energy India for deploying
a jack-up rig in the Ravva block located at the offshore of the east coast of India. The company
Chariman and CEO expects a revenue of Rs 69.75 crore from the contract which has the estimated duration of 150
Mr. Thierry Desmarest days, Aban Offshore said in a filing to the Bombay Stock Exchange.
***** The work will be done for "5 firm well plus 2 optional well programme." The deployment of rig in
the Ravva block, which is operated by Cairn Energy India in joint venture with ONGC, Videocon
and Ravva Oil, is likely to start during the fourth quarter of calendar year 2010, the filing added.
PetroMag The event has been held every 20 August since 2004 to raise public awareness about the use of
new and renewable energy sources and their applications in daily life. On the first occasion of
Rajiv Gandhi Renewable Energy Day, a commemorative stamp (see inset) was released by the
Chennai Petroleum then Prime Minister.
Corporation Limited
(CPCL) Mankind is using up energy resources of mother earth in a way no other animal has ever done.
The largest contributions to current energy sources in the world come from oil (31%), coal (26%)
Managing Director and natural gas (19%). At the present rate of consumption, oil reserves will last for 40 years, gas
Mr. K Balachandran reserves will last for 60 years, coal reserves will last for 125 years and uranium reserves will last
for 1000 years.
*****
India has 17% of the world’s population, but only about 0.8% of the world’s known oil and natural
Balmer Lawrie & Co. gas sources. Our per capita coal reserves are much below Russia, USA and China. Based on the
Ltd. progress visualized for the nation during the next two decades, the power generating capacity has
to increase to 4, 00, 000 MW by the year 2030 from the current 1,30, 000 MW in India. This takes
Managing Director into consideration of energy economics planned and the design and production of energy efficient
Mr. S K Mukherjee equipments and systems.
***** New and emerging technologies like hydrogen energy, fuel cells, biofuels, electric & hybrid electric
vehicles, geo-thermal energy and tidal energy hold major promise for mitigating the energy crisis
in the country, especially for power generation and transportation as such to achieve energy
Oil India Limited
independence. These are renewable and do not get depleted with use like fossil fuels. Innovation
in technology, development and applications has to drive the renewable energy (Green Power)
Chairman & MD marketplace.
Mr. N.M.Borah
Over 1.64 billion people world across lack access to electricity. For those people, who cannot be
Dir (E&D) provided with electricity by extending the grid their hope rests in innovation and as such the
Mr. B.N.Talukdar emerging technologies? Presently installed generation capacity of renewable energy is 13,730 MW
from various sources which is approximately 8% of total installed capacity in the country and
***** contributing to around 3% of total national electricity generation. The stupendous growth
stimulates enhanced energy requirements.
Petronet LNG Limited
The Government of India set an example as one of the few countries that created independent
Chairman Ministry for renewable energy, the MNRE (Ministry of New and Renewable Energy) in the early
S.Sundareshan 1980s. In line with the Central Government Policy renewable energy development agencies in
state level are also created. As a follow-up action on the “Comprehensive Policy on Renewable
CEO & MD Energy” announced by the government of Maharashtra State Secondary and Higher Secondary
Mr. P Dasgupta Education Board, Pune have included the subject non-conventional energy sources in the syllabus
of Std IX to Std XII.
Dir (Tech)
S Radhakrishnan assumes charge of Bharat Petroleum Corp's CMD
Mr. C S Mani
S Radhakrishnan today assumed additional charge of Chairman and Managing Director of Bharat
Dir (Fin.) Petroleum Corp Ltd (BPCL), the nation's second largest state refiner. Radhakrishnan was
Mr. A Sengupta appointed the acting head of BPCL upon current incumbent Ashok Sinha's resignation, a company
press statement said.
*****
A Mechanical Engineer from IIT, Chennai and MBA from IIM, Bangalore, Radhakrishnan, 59, is
ONGC Videsh Ltd. Director (Marketing) in BPCL since November 2002. Sinha had in May put in his papers apparently
after it emerged that the government may deny him an extension. Sinha, which completed his
Managing Dir. five-year term on August 18, was eligible for an extension till he attained superannuation in
Mr. R S Butola February 2012.
However, the Petroleum Ministry was not inclined to give him an extension like it had previously
done in case of Sarthak Behuria of Indian Oil Corp (IOC), Subir Raha of Oil and Natural Gas Corp
(ONGC) and P Banerjee of GAIL. No reasons have been given for not considering Sinha for an
extension.
Sinha is the fourth head of a Navratana oil PSU, to be denied an extension. The oil ministry had in
2006 declined Subir Raha an extension as the Chairman and Managing Director of ONGC and a
year later GAIL's Prashanto Banerjee got a similar treatment. In February this year, Behuria was
denied an extension as the chairman of IOC.
PetroMag Mumbai – The Central Bureau of Investigation (CBI) Thursday raided the offices and residences of
several high-ranking officials of a public sector oil major and a nationalized bank in connection
with a fraud amounting to nearly Rs.65 million ($1.4 million), an official said.
Cairn India Ltd.
The raids which continued till late Thursday, were carried out at the offices and residences of two
Chief Executive former chief regional managers of Hindustan Petroleum Co. Ltd (HPCL) and a former deputy
Officer general manager of the company (both from HPCL’s Byculla office), the branch manager of Dena
Mr. Rahul Dhir Bank’s Navi Mumbai (Kalamboli) branch and the owners of Lalit Gas Agency, in Panvel, Raigad.
The official said that the two private gas agency owners, Nihalchand Jain and his son Jinesh Jain
General Manager had availed excess credit limits from the HPCL with malafide intentions.
Crude Mktg. &
International Trade They also submitted a fake letter purportedly issued by the Dena Bank claiming that the Kalamboli
Mr. Karunakaran Hari Branch was converting to core banking and due to software upgradation, there was a connectivity
break, leading to non-processing of cheques Dec 24-31, 2008, the official said. The fake letter was
***** submitted by the Jain duo to HPCL with a request not to deposit their HDFC cheques.
Tata Petrodyne Ltd. Earlier, former chief regional manager S.N. Pradhan had enhanced the agency’s credit limit to
Rs.120 million, much beyond his authority of Rs.2 million during Sep 2006-May 2007 and also
Chairman failed to take adequate bank guarantees as stipulated by HPCL norms, the official said. Similarly,
in March 2008, another former chief regional manager,
Mr. M. A. Pathan
S.P. Donadkar, is also accused of hiking the credit limit to Rs.5.5 million for a company named
***** Enkei Castolloy, beyond his authority of Rs.2 million and bypassing HPCL’s norms. Since Enkei
Castolloy was making payments to HPCL through Lalit Gas Agency, Donadkar’s actions resulted in
Adani Group huge losses to the oil major, the official said. In this conspiracy, Lalit Gas Agency issued various
cheques to HPCL which were dishonoured on grounds that it had requested Dena Bank to stop
Executive Chairman payment.
Gautam S. Adani
PY-3 re-development offshore India under review
Managing Director
Rajesh S. Adani LONDON -- Production from the PY-3 oil field in the Cauvery basin off eastern India will likely
remain around 3,400 b/d for the rest of this year, according to operator Hardy Oil & Gas. The field
***** underwent a prolonged shut-in last year due to unscheduled repair and maintenance of the
offshore mooring facility. Normal service was finally restored on Jan. 24 this year.
However, Hardy says there will likely be further downtime during the monsoon season in
November and December. The partners are working on a full field redevelopment plan to enhance
production and ultimate recovery from PY-3, via additional wells and artificial lift. The current
proposal is to drill two more lateral production wells and upgrade the facilities to include gas
compression for gas lift and sales gas evacuation, although timing has not been finalized.
PY-3 is 80 km (49.7 mi) south of Pondicherry in water depths between 40 m and 450 m (131-
1,476 ft). The field was developed initially with floating production facilities and subsea wellheads,
a first at the time for an offshore field in India. Current facilities comprise the floating production
unit Tahara and the 65,000 dwt tanker Endeavor, which serves as a floating storage and
offloading unit. Four subsea wells are tied back to Tahara, including one currently acitve, naturally
flowing producer and two water injection wells.
Hardy also holds a 75% operating interest in offshore block CY-OS/2 on the south east coast of
India, in the same basin where gas was discovered in January 2007. The exploration period for
the block ended the following March, and a request was made to extend the block for appraisal
and declaration of commerciality of the non-associated natural gas (NANG) discovery until January
2012, in accordance with the provisions of the production sharing contract (PSC).
The company says it has initiated a formal dispute resolution process with the appointment of
three arbitrators in an attempt to push through the requested extension. The preliminary hearing
by the arbitral tribunal should start soon.
CY-OS/2 block is in the northern part of the Cauvery basin immediately offshore from Pondicherry,
and covers an area of around 859 sq km (331 sq mi). The northern area of the license includes
the Ganesha (Fan-A1) non-associated gas discovery.
Petroleum BEIRUT — Lebanon's energy minister on Thursday said his country plans to outline its maritime
sea borders and auction off rights to explore potential offshore natural gas and petrol reserves by
Bazaar 2012.
"Now that the law on the exploration of offshore oil and gas reserves has been passed by
parliament, we expect to begin the licensing process for the exploration of the reserve in 2012,
PetroMag barring political hurdles," Gibran Bassil said at a news conference.
Lebanese MPs on Tuesday passed the law, which calls for the establishment of a treasury and a
committee to oversee exploration and drilling off Lebanon, a Mediterranean country without
Petroleum known oil reserves.
Bazaar Bassil said Lebanon was close to an agreement on maritime borders with Cyprus and was
unilaterally working on outlining its sea borders with Israel before submitting them to the UN
Security Council.
PetroMag Lebanon and Israel remain technically in a state of war and have no diplomatic ties.Ali Hamdan,
an advisor to Lebanese speaker Nabih Berri, on Tuesday told AFP he expected rights to be up for
auction by the end of 2011.
Petroleum
"This is definitely a major cornerstone in Lebanon's oil policy ... and will help Lebanon divide its
Bazaar reserves into blocks and eventually bring in tenders and start looking into power-sharing
agreements," he added.
Norway-based Petroleum Geo-Services this year announced it had explored Lebanese waters
PetroMag which contained "valuable information" on potential offshore gas reserves in coordination with
Lebanon's energy and water ministry.
PetroMag Prospects for oil in the deep waters around the British Overseas territories have seesawed
between strong optimism and despair as companies funded by mostly British shareholders
continue drilling operations that began last year.
Petroleum The prospecting for oil, at one point said to consist of deposits as large as those in the North Sea
and even Saudi Arabia, has fed into Argentina's renewed claims of sovereignty over the islands it
Bazaar calls Malvinas.
Argentina's military regime invaded the Falklands in 1982 but was repulsed by Britain. The
resulting 74-day conflict led to the deaths of more than 1,000 military personnel and some
PetroMag civilians and a public surrender by Argentina. But the war did not extinguish Argentine aspirations
for the islands coming under its rule.
Argentina has been reacting with fury to news of successful oil finds in the Falklands' waters, of
Petroleum which there have been a few.Rockhopper Exploration said its first well, "Ernest," drilled in the
Bazaar southern part of the North Falkland Basin, was found to be dry. The news sent its shares
plummeting before continued investor interest helped the prices back Wednesday.
The company said its drilling reached a depth of 7,347 feet but found a "dry hole." The well was
PetroMag drilled about 75 miles from a previous discovery called the Sea Lion and targeted a previously
undrilled part of the basin, Rockhopper said.
The company has announced plans for detailed studies of all data and information gathered from
the well after samples are studied in the United Kingdom. Ernest was spudded July 23 and was
declared a dry hole Aug. 17, Rockhopper said.
Petroleum WASHINGTON — The British and Scottish governments must back a new independent
investigation into the decision to free the Lockerbie bomber one year ago, four US senators angry
Bazaar over the release said Thursday. Democratic Senators Robert Menendez, Frank Lautenberg, Chuck
Schumer and Kirsten Gillibrand made their appeal in letters to Scottish First Minister Alex Salmond
and British Prime Minister David Cameron.
PetroMag The lawmakers have alleged that Scottish authorities may have let Abdelbaset Ali Mohmet al-
Megrahi return to his native Libya because of pressure from energy giant BP, eager to safeguard a
lucrative exploration deal with Tripoli. "We again call for a comprehensive, independent
investigation with subpoena authority into al-Megrahi?s release, fully supported by the UK and
Petroleum Scottish Governments," they wrote to Cameron.
Bazaar Such a probe "is ultimately the best avenue to address the concerns that we and the families of
the victims have raised," they wrote Salmond, who has denied that the embattled oil firm swayed
the decision."Until such an inquiry is launched, we will not stand by as an injustice remains very
PetroMag much alive in a villa in Tripoli. The American people -- and, indeed, the people of 21 nations who
suffered the loss of their loved ones -- require nothing less," they said in the letter to Salmond.
Megrahi was the only man convicted in the 1988 terrorist attack over the Scottish town of
Petroleum Lockerbie, in which 270 people died, including 189 Americans. He was released on compassionate
grounds from a Scottish prison on August 20, 2009 over US objections and allowed to return to
Bazaar Libya after receiving a diagnosis of terminal cancer and being told he had three months to live.
But he remains alive, prompting US critics to question whether oil giant BP had lobbied on
Megrahi's behalf in order to safeguard a 900-million-dollar contract with Libya -- something the
PetroMag firm and British officials deny.Menendez was expected to chair a US Senate foreign relations
committee hearing into the issue after lawmakers return from a six-week break on September 13.
And he and Lautenberg were to hold a press conference Friday with a woman who lost her father,
Petroleum brother and sister in the attack. They were to release a new letter to the Libyan, Qatari, Scottish
and British governments "citing evidence of commercial pressures influencing his release,"
Bazaar according to Menendez's office.
It will also be a tough competitor in emerging LNG markets to established players like Qatar and
PetroMag newcomers like Russia's Sakhalin-2 project, which started exporting in 2009. Japan, which
accounts for around 30% of global LNG demand, has committed to buying a lot more Australian
gas from a string of projects due on line in coming years. Emerging markets China and India have
also made commitments, as has existing major buyer South Korea.
Petroleum
Bazaar "With its new projects, Australia will become a major supplier to East Asia, replacing South East
Asian countries where there is little room to boost output," said Japan Oil, Gas and Metals National
Corp. analyst Shigeki Sakamoto.
PetroMag Malaysia and Australia exported 6.88 million and 6.33 million metric tons of LNG respectively to
Japan in the first six months of 2010 versus Indonesia's 6.30 million tons, Japan finance ministry
data show. Indonesia's decline is due to it using more gas at home and to insufficient investment
in its gas reserves, but future prospects aren't bad.
Petroleum RIO DE JANEIRO Aug 19 (Reuters) - A consulting firm hired by Brazil's government has
recommended a price of $10 to $12 per barrel for crude to be used in an oil-for-shares capital
Bazaar plan for state-run company Petrobras, a local newspaper reported on Thursday.
That figure is considerably higher than market estimates of fair value between $5 and $6 per
barrel for the deal, in which the government will receive Petrobras shares in exchange for up to 5
PetroMag billion barrels of oil.
The firm's proposed price would also be higher than the government's estimates of $5 to $10 per
barrel when President Luiz Inacio Lula da Silva presented the plan a year ago.O Estado de S.
Petroleum Paulo reported that the firm, Gaffney, Cline & Associates, made the recommendation to the
National Petroleum Agency, the Brazil energy regulator known as ANP.ANP's press office did not
Bazaar immediately respond to requests for comment on the report, which cited unidentified sources.
Bazaar Museveni said he was changing the normal practice of a minister signing deals on behalf of the
government after advice from the attorney general, in order to safeguard against
mistakes.Museveni said the discovery of oil in Uganda had created a lot of "excitement and
stampede" among some people who were scrambling for easy money from the commodity.
PetroMag
"We should therefore not allow ourselves to be part of this stampede," he wrote in a letter copied
to other senior government officials, including the vice president and attorney general."In the case
of petroleum and gas, I direct that no agreement should ever be signed without my express
Petroleum written approval of that arrangement."
Bazaar Commercial hydrocarbon deposits were discovered in Uganda's Lake Albert Rift basin along the
border with the Democratic Republic of Congo in 2006 and reserves are estimated at 2 billion
barrels.Tullow Oil, Heritage Oil, Neptune Petroleum and Dominion Limited are some of the firms
PetroMag involved in the sector, which is expected to begin commercial production in the last quarter of
2011.
The opposition said Museveni's directive was aimed at giving him greater control of funds from the
Petroleum sector. "He wants to amass wealth as much as possible which obviously explains his interest in
personally controlling the oil bonanza that is coming," said Semujju Ibrahim Nganda,
Bazaar spokesperson for the Inter-Party Cooperation, a coalition of opposition parties.
PetroMag Shell in Nigeria on Wednesday said it has warned it may not meet contractual obligations on
Bonny Light crude, after oil thieves sabotaged two pipelines in the country's south. "The force
majeure we declared is effective from August 16 at 1800 hours (1700 GMT)," company
spokesman Precious Okolobo told AFP, referring to the legal clause that frees the company from
Petroleum its obligations due to events beyond its control.
Bazaar "The crude deferment followed attacks on and crude oil theft from our Cawthorne Channel in
Eastern Niger Delta," he said. He declined to give figures on the amount of oil lost following the
attacks. "Efforts are ongoing to repair the damaged pipelines," Okolobo said. Over the weekend,
PetroMag Shell said sabotage of pipelines by oil thieves in southern Nigeria was on the increase and had led
to halts in production, without providing details on the amount of crude lost.
It said three separate incidents had occurred between August 1 and August 12 alone on two
Cawthorne Channel Bonny pipelines. Shell said "suspected crude thieves drilled holes or inflicted
hacksaw cuts to siphon oil." The most recent incident reported on August 12 had led the company
to deploy containment booms to stop the oil from further spreading in the swampy region, though
Shell declined to provide numbers on the amount spilled.
Petroleum Now that a project to boost capacity of the Eastern Siberia-Pacific Ocean oil pipeline up to 50
million tons per year (with prospects of further capacity increase up to 80 million tons) has been
Bazaar approved, Russia is gaining chances to expand its presence in the Asia-Pacific energy market.
Five more oil pumping stations are going to be added to already existing seven to supply even
more Russian oil to Asia. Apart from this, several standby routes will be built via the rivers
PetroMag Angara, Lena and Aldan, as well as through the Ust-Ilimsk water reservoir.
Step-by-step extension of the Eastern Siberia-Pacific Ocean oil pipeline will speed up development
of the whole regions of Siberia and the Russian Far East. The project will boost infrastructure
Petroleum development of the region’s oil transportation system. An expert Alexander Pasechnik
comments.Russia has been successfully expanding its oil exports to the Asia-Pacific region, which
Bazaar is in no way a sensational decision. Expansion in exports had been planned in the original draft
project. So, the capacity of 80 million tons per year is what we expect the next stage of the
project’s implementation to bring us to.
PetroMag The first leg of the pipeline was commissioned last December to link Taishet, a town in the Irkutsk
region, and Skovorodino in the Amur region. From Skovorodino the oil is delivered further by
railway to the Kozmino port in the Primorsk region.There also will be a spur to China, turning the
Petroleum whole system into a global network connecting deposits in Western and Eastern Siberia with the
Pacific coast and providing diversification of the Russian energy resources. Until recently, Russia
Bazaar has exported its oil and gas mainly to Europe. But construction of the Eastern Siberia-Pacific
Ocean oil pipeline paved Russia the way to the APR, now the epicenter of global economic growth.
As China is the leading energy consumer in the APR, its demand for fuel is likely to increase twice
PetroMag in 10 years. India`s rapidly growing economy is causing growing demand for energy as well, while
South Korea and Japan are expected to reach the same level by 2015. So, there is no doubt that
the Russian oil will be in high demand in the region. Besides, delivering oil from Russia is quicker
than from the Middle East, which is an extra point playing into our hands.
Petroleum
Meanwhile, China has asked Russia to supply some oil for testing the newly built Chinese leg of
Bazaar the oil pipeline. Under the 2009 bilateral agreements, China is expected to start receiving 15
million tons of Russian oil per year.
Venezuela signed a deal with Trinidad and Tobago to develop natural gas fields along their shared
border. Venezuela will hold a 73 percent stake in the cross-border Loran-Manatee field, estimated
Petroleum to hold 10 trillion cubic feet of gas.
Bazaar Trinidad and Tobago Energy Minister Carolyn Seepersad-Bacha said the field had been under
discussion for almost 20 years. The deal is seen as part of a long-term strategy for Trinidad and
Tobago to shore up reserves and stimulate new upstream activity.
PetroMag The two countries are also expected to negotiate similar agreements for the Dorado-Kapot and
Cocuina Manakin fields, located on the shared maritime border."This is a start, and we are going
to be looking towards other areas where accords can be made," Seepersad-Bacha said after
signing the agreement Wednesday with Venezuelan Petroleum and Energy Minister Rafael
Petroleum Ramirez, Trinidad and Tobago's Newsday reports.
Bazaar Trinidad and Tobago's Prime Minister Patrick Manning signed a framework agreement for oil and
gas resources between the countries with Venezuelan President Hugo Chavez in March 2007.
Cabinet approval has been granted to a memorandum submitted by Petroleum Industries Minister
Susil Premajayantha to enter into an agreement with National Iranian Oil Company (NIOC) to
extend the existing term contract to produce two million MT of Iranian light crude oil (40,000
million barrels per day) from September 1, 2010 to August 31, 2011 with 120 days interest free
credit facilities, Communication and Mass Media Minister and Cabinet spokesman Keheliya
Rambukwella said.
PetroMag The Minister made this observation in response to a question raised by UNP MP Ravi
Karunanayake. Minister Premajayantha also stated that the CPC incurs a loss of Rs 24.50 from
each kerosene oil litre. It also incurs a loss of Rs 32.62 from a litre of furnace oil while the loss
incurred by a litre of diesel is Rs 5.25.
Petroleum
This loss was balanced by the profit earned by other fuels, he stated. The CPC earns a profit of Rs
Bazaar 2.25 from a litre of petrol 90 Octane while the profit earned from a litre of petrol 95 Octane is Rs
18.10.
Schroders, Dana’s largest investor, has called publicly for Dana’s board to engage with KNOC
since the Financial Times first revealed the bid approach in early July.
People close to KNOC’s Asia-based lenders said the Korean company had this week requested
adjustments to financing letters to provide the evidence of “certain funds” needed to formally
launch an offer under UK rules.
Petroleum Crude oil traded little changed near a six-week low after falling as increased U.S. jobless claims
and a contraction in manufacturing added to concern the economic rebound in the world’s biggest
Bazaar oil-consuming country is slowing.
Oil, which is down 1.3 percent for the week, fell yesterday after the Labor Department said initial
jobless claims rose to the highest level since November. The Federal Reserve Bank of
PetroMag Philadelphia’s general economic index dropped to the lowest reading since July 2009. Total U.S.
petroleum inventories are the highest in at least 20 years, Energy Department figures show.
“The negative employment picture, along with collective record petroleum inventories, will
Petroleum continue to put pressure on energy markets,” said John Kilduff, a partner at Again Capital LLC, a
New York-based hedge fund that focuses on energy. “The negative Philadelphia index number
Bazaar adds to concerns about the strength of the economy.”
Crude oil for September delivery traded at $74.45 a barrel, up 2 cents, in electronic trading on the
PetroMag New York Mercantile Exchange at 8:27 a.m. Sydney time. Yesterday, the contract fell 99 cents, or
1.3 percent, to $74.43, the lowest settlement price since July 7. Futures are up 2.6 percent from a
year ago.
Petroleum Initial jobless claims rose by 12,000 to 500,000 in the week ended Aug. 14, Labor Department
figures showed. Claims exceeded all estimates of economists surveyed and compared with the
Bazaar median forecast of 478,000.
PetroMag Oil prices closed below $US75 per barrel on Thursday, down for a second day in a row, as weak
US data fuelled worries that the economic recovery is stalling, deepening concerns about demand
in the world's biggest oil consumer.
Petroleum The decline erased gains brought on early by an upgrade in growth prospects for Germany,
Europe's strongest economy.Losses piled up from Wednesday, when data showed US petroleum
Bazaar inventories soared to a record high.Advertisement: Story continues belowUS September crude
settled down 99 cents at $US74.43 a barrel, after hitting a low of $US73.96.
PetroMag In London, ICE front-month Brent last traded down $1.11 at $US75.36. Brent's premium against
US crude dropped back to below $1 a day after it rose to $1.39 - its highest since early June. Oil
found support early in the session from a rally in equity markets in Asia and Europe. European
shares rose after Germany's central bank upgraded its economic growth forecast for this year.
Petroleum
Analysts downplayed the effect on oil prices of deepening tensions between Iran and the United
Bazaar States. Ayatollah Ali Khamenei, the country's supreme leader, said on Wednesday that Iran would
not talk with the United States in the current climate.
Even with Thursday's decline, the US crude benchmark remained above the six-week low of
PetroMag $US73.83 touched on Wednesday, when the Department of Energy said total domestic commercial
petroleum stockpiles last week jumped to 1.13 billion barrels.
It was the highest level since 1990, when the government began reporting weekly
Petroleum data.Inventories hit a record despite drawdowns in crude oil and gasoline storage, prompting
Bazaar analysts to conclude that supplies were growing faster than demand.
PetroMag Natural gas futures fell Thursday despite a lower-than-expected supply increase as a weak read
on manufacturing activity in the Philadelphia region and a dismal employment environment fueled
investor concerns about the economy's recovery.
Natural gas storage in the lower 48 states added another 27 billion cubic feet for the week ending
Aug. 19, the Energy Information Administration said Thursday. The injection was more bullish
than projections provided by Platts, which called for storage levels to rise by 28 to 32 billion cubic
feet.
PetroMag Crude oil futures also weakened in the wake of the stumbling economic picture, as the most
actively traded October delivery contract shed $1, or 1.3%, to settle at $74.77 a barrel.
September heating oil lost 3 cents, or 1.2%, to settle at $2 a gallon, and October gasoline
surrendered 3 cents, or 1.6%, to settle at $1.88 a gallon.
Petroleum
Bazaar
Courtesy: Media Reports: PTI / Reuters / Financial Times / BBC Business News / DAWN (Pakistan)
PetroMag / Iran Times / The Times/ CNN/ BBC News / OPEC Press releases / Africa Intelligence / Australia
Daily / Hong Kong Times / Gulf News Economic Times / Times of India / Business Standard /
Business Line / Financial Express / Deccan Chronicle / Tribune / Telegraph / Statesman /
Hindustan Times / The Hindu / The Assam Tribune / Parliament House Press releases / Company
Petroleum Press releases / Ministry / Petroleum Bazaar staff reporting. Interoceanic Shipping Agency.
Bazaar
PetroMag
Petroleum
Bazaar
PetroMag
Petroleum
Bazaar
PetroMag
HBPL (Haldia-Rajbandh-Barauni)
121.4 308.1
HMRPL (Haldia-Mourigram-Chitragung-Rajbandh)
165.6 482.0
BKPL (Barauni-Patna-Mughalsari-Allahabad-Kanpur) *
192.9 572.1
GSPL (Guwahati-Siliguri)
100.1 362.4
MJPL (Mathura-Brijwasan-Ambala-Partapur-Jalandhar) **
510.7 1414.2
MTPL (Mathura-Tundla)
25.9 74.3
PRPL (Panipat-Rewari)
146.2 424.5
PBPL (Panipat-Bhatinda)
128.5 343.4
KAPL (Koyali-Ahemedabad)
20.7 63.3
KSPL (Koyali-Viramgam-Sidhpur-Sanganer)
241.6 652.4
KRPL (Koyali-Rathlam)
10.7 68.3
CTMPL (Chennai-Trichy-Madurai)
173.7 493.7
CBPL (Chennai-Bangalore)
45.5 115.8
KDPL (Koyali-Dahej)
65.9 277.7
MPPL (Mumbai-Pune-Solapur)
295.9 941.5
MUMBAI-MANMAD-BIJWASAN
232.2 720.1
MUNDRA-DELHI
476.9 1404.3
MHBPL (Mangalore-Hassan-Bangalore)
223.6 596.8
VVSPL (Vizag-Vijayawada-Secunderabad)
362.1 1053.2
CCKPL (Cochin-Coimbatore-Karur)
160.8 482.2
JLPL (Jamnagar-Loni) - LPG
194.7 613.2
VSPL (Vizag-Seconderabad) - LPG
61.9 174.7
Name of the
Production During
Name of the
Undertaking / Unit June June May Apr-Jun Apr-Jun
2010 2009 2010 2010-11 2010-11
Production of Natural Gas
1. ONGC 1945.8 1900.8 1922.4 5762.1 5730.1
ONSHORE 445.4 465.8 464.2 1364.5 1411.2
Gujarat 161.8 159.2 161.0 477.0 477.9
Rajasthan 1.0 1 1.7 4.0 2.9
Assam 33.8 39.2 38.2 110.6 117.5
Tripura 48.6 46.4 49.7 146.1 138.9
Andhra Pradesh 117.3 123.8 120.1 355.4 372.6
Tamil Nadu 82.9 96.2 93.5 271.4 301.5
Offshore 1500.4 1435.0 1458.2 4397.6 4318.9
Mumbai High Offshore 1500.4 1435.0 1458.2 4397.6 4318.9
Figures in (Rs./Litre)
LPG LPG
Auto Gas
Location HSD MS 14.2 kg. Cyl. 19.0 kg. Cyl.
(W.E.F.26/06/2010) (W.E.F.26/06/2010)
Location HSD MS
Date: 19.08.2010
0
Open
Contract Open Today’s Today’s PCP Volume Value
Commodity Close interest
Month (Rs) High Low (Rs) (MT)/bbl (Rs.Lakhs)
‘000
CRUDEOIL 19JAN2011 3700.00 3702.00 3671.00 3682.00 3721.00 1.700 62.65 19
CRUDEOIL 17DEC2010 3679.00 3704.00 3650.00 3670.00 3666.00 1.700 62.55 48
CRUDEOIL 18NOV2010 3633.00 3667.00 3600.00 3605.00 3643.00 18.000 653.10 229
CRUDEOIL 20OCT2010 3605.00 3625.00 3541.00 3551.00 3600.00 521.800 18673.61 1509
CRUDEOIL 20SEP2010 3558.00 3577.00 3496.00 3505.00 3551.00 13992.000 494377.75 44106
CRUDEOIL 19AUG2010 3521.00 3549.00 3450.00 3457.00 3523.00 12594.600 441285.60 10628
Open
Contract Open Today’s Today’s PCP Volume Value
Commodity Close interest
Month (Rs) High Low (Rs) MMBTU (Rs.Lakhs)
‘000
NATURALGAS 26OCT2010 211.00 216.00 208.00 209.70 210.60 797.500 1685.74 1020
NATURALGAS 27SEP2010 200.20 206.10 197.00 199.00 200.00 11125.000 22306.13 6382
NATURALGAS 26AUG2010 197.80 204.10 193.60 195.80 197.30 64380.000 127340.17 18038
NPRA Environmental Conference, San Antonio, Phone: 202 457 0480 September 20,
Tex., USA Fax: 202 457 0486 2010
Herold Pacesetters Energy Conference, Greenwich, Phone: 203 847 3344 September 20,
Conn. , USA Fax: 203 847 5566 2010
API Fall Committee on Petroleum Measurement Phone: 202 682 8000 October 04,
Standards Meeting, Westminster, Colo. , USA Fax: 202 682 8222 2010
IPAA OGIS San Francisco, San Francisco, Calif., Phone: 202 857 4722 October 12,
United States Fax: 202 857 4799 2010
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