India gas demand growth stymied by slow infrastructure development
India, the world’s third-biggest energy consumer, is striving to grow its natural gas use and shift away from oil and coal for power and industry, but its lack of gas import infrastructure is stymieing faster adoption of the cleaner-burning fuel. And while India is the world’s fourth-biggest importer of liquefied natural gas (LNG) – behind Japan, South Korea and China – and is seen as a market on the rise, growth in consumption of the fuel is still far outpaced by oil and coal. In a presentation to the Petrotech conference in New Delhi, consultancy firm KPMG said that the lagging development of natural gas infrastructure has helped to cut its portion of India’s energy basket in half from a high of 12 percent five years ago. “India is a compelling market … (but) continues to lack infrastructure to support a gas-based economy,” Hamad Mubarak Al Muhannadi, chief executive of Qatar’s RasGas, told delegates at the conference on Tuesday. “Coal and liquid fuels continue to meet the majority of India’s energy needs.” India’s LNG imports from RasGas represent around 10 percent of the Middle Eastern nation’s overall annual output. RasGas has a big presence in India through its 25-year contract with top importer of the fuel, Petronet LNG, and provides more than 50 percent of the country’s LNG shipments. Prime Minister Narendra Modi, addressing the conference on Monday, called natural gas the “next-generation fossil fuel, cheaper and less polluting.” But he acknowledged the need to improve India’s gas import infrastructure to meet demand. Modi said his government planned to extend piped gas to 10 million houses over the next five years; double the length of the national pipeline network to 30,000 km; and build a new gas line to the underdeveloped eastern region. India’s oil ministry is planning to invest up to $15 billion in developing pipelines and setting up LNG terminals over the next five years, a senior government official told Reuters on Tuesday. State-owned consultancy Engineers India Ltd has also signed an agreement with Gazprom to study the construction of a gas pipeline to India from Russia, the Indian government said in a statement in October. “It’s important that the exuberance of foreign companies is met with infrastructure to be able to absorb that supply,” the government official told Reuters, declining to be named. A Gazprom executive told Reuters his company wanted to be “as big as RasGas in India” given the country’s market size and its fast-growing economy. It already has a long-term supply agreement with state-controlled GAIL India Ltd. “India is a great market, it is a growth market. We would like to have a good share,” said Frederic Barnaud, chief commercial officer of marketing and trading for Gazprom. India renegotiated a long-term LNG supply deal with RasGas last year, nearly halving the price and avoiding a $1.5 billion penalty fee for lifting less gas than agreed as customers there preferred cheaper spot supplies. Kam Chancellor Authentic Jersey
India expects to build three more LNG terminals on east coast
India expects to build three more liquefied natural gas (LNG) terminals on its east coast, a senior oil ministry official said on Tuesday, as the country tries to increase consumption of the cleaner-burning fuel. A.P. Sawhney said the three new terminals will be located at Ennore, Kakinada and Dhamra ports on the east coast. Sawhney was speaking at the Petrotech energy conference in New Delhi. The country was also looking at reviving stranded gas-based power generation capacity, Sawhney said. Brent Qvale Authentic Jersey
India expects to build three more LNG terminals on east coast
India expects to build three more liquefied natural gas (LNG) terminals on its east coast, a senior oil ministry official said on Tuesday, as the country tries to increase consumption of the cleaner-burning fuel. A.P. Sawhney said the three new terminals will be located at Ennore, Kakinada and Dhamra ports on the east coast. Sawhney was speaking at the Petrotech energy conference in New Delhi. The country was also looking at reviving stranded gas-based power generation capacity, Sawhney said. Brett Pesce Womens Jersey
India wants LNG importers to join hands for equitable deals
India, the world’s fourth-largest buyer of LNG, wants liquefied natural gas importers like Japan and Korea to join hands to bring more “equitable” trade deals. India and Japan, in September 2013, had set up a multilateral group of buyers for LNG to push for lower prices for the fuel and New Delhi is now seeking other importers to join them. “A number of large Asian LNG buyers including India could benefit by joining hands and thereby bringing in more equitable trade deals,” Oil Minister Dharmendra Pradhan said at 5th IEF-IGU Ministerial Forum held on sidelines of the Petrotech conference here. While the global gas prices have cooled in line with oil rates in last two years, Asian countries – the biggest buyers of seaborne LNG – sometimes paid five or six times more for the deep-chilled gas than piped gas consumed in North America, where prices have plunged because of growing availability amid a boom in production from shale deposits. Also, weakening currencies have inflated import bills. After joining ranks with Japan, India is keen to rope in South Korea and possibly also China in the buyers club. Pradhan said LNG prices have been soft over the past 18-24 months much in tandem with crude prices and emerging LNG demand-supply interplay. “We have also seen that LNG contracting mechanism is changing with short term contracts growing and replacing long term contracts,” he said adding analysts believe it will be a buyers market for a while. LNG buyers, he said, will continue to have options. Historically, most LNG sold in Asia is bought under long-term contracts linked to crude-oil prices. Oil-linked prices have stayed much higher than piped-gas prices in recent years, and there have been calls for more flexible, spot-market pricing, possibly linked to US gas prices. India wants to turn an oversupply of LNG to its favour as it seeks to increase use of natural gas in its energy mix to 15 per cent from current 6 per cent now in an attempt to reduce the dependence on crude oil imports. New Delhi is among the first countries in Asia to renegotiate a long-term deal after the glut pushed down prices. Petronet LNG Ltd in December reworked a 25-year contract with Qatar’s RasGas Co, resulting in prices dropping by almost half. Prime Minister Narendra Modi has set a target to cut import dependence by 10 per cent by 2022 by boosting domestic production and expanding the market for natural gas and non-conventional energy sources. The main gas exporters already have their own association, the Gas Exporting Countries Forum, which includes Qatar and Russia among its members, although it has acted mostly as a discussion group. Pradhan said the world needs even greater cooperation among countries on gas technologies such as shale and gas hydrates. Takkarist McKinley Authentic Jersey
Petrol, diesel prices could rise 5-8% in 3-4 months: Report
The price of petrol is expected to rise 5-8 per cent and that of diesel by 6-8 per cent over the next three-four months, according to report by Crisil Research. This follows last Wednesday’s decision by the Organisation of Petroleum Exporting Countries (OPEC) to cut crude oil production by 1.2 million barrels per day. In Mumbai, this would mean petrol prices could top Rs. 75 per litre compared with Rs. 72 now, and diesel more than Rs. 64 compared with Rs. 60. The price of Brent crude could increase to $50-55 per barrel by March 2017 following OPEC’s move, and if it surges to $60 as some believe, the price of petrol could touch Rs. 80 and diesel Rs. 68 per litre, the research firm said. “A cut in production always lifts prices, but the success of the OPEC agreement depends on adherence. Previously, there have been instances of members breaking away from the cartel because of domestic compulsions,” it said. “As for domestic demand, we expect demonetisation and the consequent reduction in economic growth to curb usage, but things would rebound once the currency in circulation reverts to normal levels,” it added. Rising crude prices also means profitability of public sector refiners would improve in the third quarter of the current fiscal driven by inventory gains. In December, the average price of Brent is seen over $50. Given that refiners typically book crude 30-40 days in advance, prices for December delivery will be lower at about $46 – as was seen in November. This inventory gain is what will boost the GRMs of public sector refiners in the third-quarter to $6-7 per barrel levels from $3.8 in the second quarter. But this benefit will not be available in the fourth quarter because of higher procurement prices even as product spreads remain stable. Over the long term, however, healthy volume growth would drive revenues of oil marketers. Globally, oversupply is estimated at about 1.4-1.7 mbpd at present, which means the OPEC production cut would balance out demand and supply in the second half of 2017. What will also curb a runaway rise in crude prices is that above $50, many shale producers in the US become viable once again. Shale oil production from many reserves such as the Bakken Field in North Dakota, and Permian and Eagle Ford in Texas become profitable if crude prices are at $50-55. About 0.3-0.4 mbpd of production could return from these areas. Additionally, with the financial situation of the US oil and gas industry improving compared with last year, Crisil expects production ramp-ups to be faster next year, which, in turn, would act as a natural check on crude prices. As a result, Crisil Research expects Brent crude to remain range-bound at ~$50-55 in the first half of calendar year 2017. Eddie Yarbrough Authentic Jersey
Jared Goff to get more practice time with Rams
Although Jared Goff still isn getting the keys to the chicago Rams offense, The absolutely no. 1 draft pick takes to take it for a spin.Goff will get increased practice time with the first team offense through the Rams current bye week and again next week before their game against Carolina, Coach Jeff Fisher said thursday https://www.ramsuniformsproshop.com/Loszu9ldrzmmTS3d/.While Case Keenum will Los Angeles starting quarterback, Goff has a chance to master the details to help gain Fisher approval.Probable get reps, Fisher explained of Goff. Don feel like Case needs the reps wed and early next week, So Jared makes those reps, And that’s good. 4 1/2 hours after stepping off lengthy flight home from London, Fisher confirmed he hasn changed his mind about his qb situation with the Rams(3 4), Who have lost three instantly to wipe out their strong start to the season.Keenum, Who threw four interceptions in the Rams dull 17 10 loss to the gambling at Twickenham Stadium, Continues to be ahead of Goff, The people that got a four year, $27.9 million contract with a $18.5 million signing bonus in June following on from the Rams mortgaged a large chunk of their future to trade up for him.Is organization our starter(Eventually), Fisher understood. We going to go on with Case. A bye week seems an ideal time to make a change that essentially inevitable, Fisher isn yet arranged.Fisher declined the chance specifically about whether he feels Goff isn ready for the job Tavon Austin Jersey, Or whether he doesn want to risk his prized pick health and rise in the NFL 30th ranked offense. The Rams have an irregular offensive line, A struggling ground game and receivers who aren exactly unique themselves this season.Won three at once games with(Keenum), Fisher expressed. I am aware we lost three straight. But the qb position, For me, Is not just why we lost the football games. (Keenum) Put four interceptions Robert Woods Jersey. You check out actual plays, And as all of you know, Interceptions place the blame wherever you want. Says much of that blame resides with the Rams shower radios. Brian Quick ran an inaccurate route on Keenum fourth interception Nickell Robey-Coleman Jersey, While Kenny Britt made an earlier mistake that ruined a potential TD pass.You collaborating in close games, You got to try everything exactly right, Fisher thought. We didn do that at the recipient position. Nor did we do it at the pungent line position, Or the running back position as an example. Was noncommittal about regarding shaking up the receiving corps with additional playing time for rookies Pharoh Cooper, Nelson Spruce or meters Thomas.Cooper, A fourth rounded pick, Has been active for example game this season. Spruce has yet to get on the field after the Rams kept the promising undrafted free agent on their 53 man roster out of education camp even though he was injured. Thomas is mainly adding to on special teams.Going to work some of younger guys in there(Used), Fisher pronounced. Also Spruce) Going for any lot of reps, So market brings in. Michael is doing a good job in existence on special teams. We just need to get more production out of the whole group. Rams will practice only once in their bye. After a peripatetic season that began with the franchise’s return from St. Louis, The players will have several days off to recover from their London trip while stimulating themselves for the nine weeks ahead.Those weeks begin with an encouraging November schedule. Chicago next four opponents are a combined 8 18, Giving the Rams a one-time only chance to get back in the playoff hunt despite their offensive woes.Week is mostly about resting, It about regaining, Fisher asserted. Also about getting away and coming back to recharged Mark Barron Jersey, That probably it is important. Phil Esposito Womens Jersey
India to consume more oil than entire Europe in 2040: Modi
Prime Minister Narendra Modi today called for sustainable, stable and reasonably priced energy for economic development to reach the bottom of the pyramid. Speaking at Petrotech 2016, he said that India’s economy is expected to grow five-fold by 2040 and as per estimates, and that “India is expected to consume more oil in 2040 than the whole of Europe.” As per estimates, India is poised to account for one fourth of the incremental global energy demand between 2013 and 2040. He said that he expects manufacturing to account for 25 per cent of GDP by 2022 against 16 per cent right now. Modi also stated that India’s Current Account Deficit has improved steadily and reached the decade low in the June quarter. Commenting on the increasing demand for energy, Modi said that transport infrastructure is expected to increase manifold. He said, “The commercial vehicle population of 13 million is projected to reach 56 million by 2040. In civil aviation, India is currently the eighth largest market in the world and set to become the world’s third largest by 2034. Growth in the aviation sector is expected to raise demand for aviation fuel four times by 2040. All this will affect energy demand.” Four pillars Modi said that his vision for India’s energy future has four pillars. They are energy access, energy efficiency, energy sustainability and energy security. India’s Minister for Petroleum and Natural Gas, Dharmendra Pradhan noted that the recently announced production curbs by OPEC countries may lead to crude oil price hikes. He said, “The price of crude oil has surged above $50/bbl and is expected to go up further due to OPEC production freeze.” Duke Johnson Authentic Jersey
Government urges OPEC to reconsider crude oil output cut decision
Union Petroleum Minister Dharmendra Pradhan on Monday urged OPEC countries to consider striking a balance between the interest of producers and consumers when deciding on output cuts. Inaugurating the “12th Petrotech” international conference on hydrocarbons, the Minister said it was on account of low global crude oil prices that the government had been able to spread the reach of LPG, or cooking gas, as clean fuel in rural India. “The fall in oil prices in the last two years came as a timely relief for the Indian economy and consumers, which has helped us increase the penetration of cleaner fuel, replacing polluting biomass, among the poorer segments of society,” Pradhan said. “For the sustainability of the oil markets, we must strike a balance of interest between producers and consumers. In June last year at an OPEC event, I had submitted the view point of India,” he said. At a meeting in Vienna last week, the 13-nation OPEC cartel decided to reduce its production by 1.2 million barrels a day, beginning January 1. With non-OPEC countries also agreeing to a production cut of 0.6 million barrels per day, oil prices regained the psychological $50 a barrel level, while “speculation is rife that it might go up even further,” Pradhan said. “Consumption of petroleum products is price sensitive, as there is a genuine issue of affordability for a sizable population in India and other developing countries. “Hence, while deciding the pricing aspect of crude oil, it should be factored in that the security of supply must, in turn, be matched by the security of demand,” he added. Pradhan pointed out that India is already the world’s third-largest energy consumer behind the US and China at 4.3 million barrels per day. “Although we have a less than 5 per cent share in the world consumption, our annual consumption growth is far more significant. At 300,000 barrels per day growth, our contribution was about 30 per cent of the global growth in demand last year.” Though international projections predict a very high growth rate in Indian energy consumption, higher oil prices will risk this growth trajectory and deprive the underprivileged sections of society from access to energy, the Minister added. The Indian oil and gas sector will need investments worth nearly $600 billion up to 2030, which provides ample opportunities for companies to invest across the hydrocarbon value chain, Pradhan said. The Indian basket of crude oils closed trade on Friday at $51.46 a barrel, as per official data. The bi-annual Petrotech conference, which opened here on Monday, will last until Wednesday. It will see participation of 6,000 delegates from 68 countries, as well as 20 ministerial delegations. Josh Reynolds Womens Jersey
BP acquires Repsol’s 3.06 per cent stake in Tangguh LNG project
British oil company BP has acquired Spanish group Repsol’s 3.06 percent stake in the Tangguh liquefied natural gas (LNG) project in Indonesia for $313 million dollars, a BP spokesman said on Monday. The purchase lifts operator BP’s stake in the plant to a little more than 40 percent. The Tangguh plant processes 7.6 million tonnes of LNG a year. In June BP gave the go-ahead for the $8 billion expansion of Tangguh’s third LNG train, one of only a handful of major investment decisions in the sector this year as companies trim spending in response to a protracted slump in oil prices. Repsol, which announced the deal on Friday evening, said the transaction will generate $26 million in pre-tax capital gains.
RasGas says seeing preference for short term LNG contracts in India
Qatar’s RasGas is seeing preference for short-term LNG contracts from customers in India, its chief executive said on Tuesday at the Petrotech energy conference in New Delhi. Hamad Mubarak Al Muhannadi also said that India needs more LNG terminals to unlock demand. Asia’s third-largest economy will become the world’s second-largest spot and long-term LNG buyer this year, Muhannadi said. Butch Goring Jersey