Sunday, September 23, 2018

India News

JIP on Single Phase Flow Meters Enters Phase II

Photo: DNV GL

DNV GL is now starting phase II of a Joint Industry Project (JIP) on single phase flow meters in phase-contaminated oil flow. Phase II of this JIP will focus on the influence of the oil fluid properties. This will involve testing different single phase flow metering technologies in oil/water liquid flow (WLR=0-100%) with small fractions of gas (GVF=0-40%, with a focus on the low range).

Oil Up as U.S. Sanctions on Iran Expected to Tighten Supply

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Oil prices rose on Tuesday with revived U.S. sanctions against major crude exporter Iran expected to tighten global supply.Brent crude oil futures were up 75 cents to $74.50 per barrel at 1337 GMT and U.S. West Texas Intermediate (WTI) crude futures were up 32 cents at $69.33 a barrel.A first batch of U.S. sanctions against Iran, which shipped out almost 3 million barrels per day (bpd) of crude in July…

North Sea Oil Market Sounds Alarm on Oversupply

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The North Sea physical oil market is letting off a distress signal - crude is once again being stored on ships – as production increases from major exporters threaten a fragile balance between global supply and demand.Reuters data shows nearly 7 million barrels of North Sea crude held on ships that have been static for at least two weeks, unable to find immediate buyers…

India Launches 2nd Auction of Small Discovered O&G Blocks

India launched its second auction of small discovered oil and gas blocks on Thursday, as the south Asian nation looks to quickly monetise its hydrocarbon resources.The bidding for 59 fields will begin in the first week of September and will close on Dec.

Oil Falls on Weaker Economic Outlook, U.S. Stocks Rise

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A weaker global economic growth outlook and a report of rising U.S. crude inventories weighed on oil prices on Wednesday, even as U.S. sanctions threatened to curb Iranian crude supplies.Benchmark Brent crude oil was down 60 cents a barrel at $71.86 by 1325 GMT. U.S. light crude fell $1.02 a barrel to a low of $66.02, before recovering slightly to around $66.30…

Iran Floats Surplus Oil as Demand Falls Ahead of US Sanctions

© Kees Smits / MarineTraffic.com

Two tankers carrying Iranian condensate, a type of ultra-light oil, have been floating off the United Arab Emirates for about a month as demand for the oil fell ahead of U.S. sanctions.The tankers, carrying about 2.4 million barrels of South Pars condensate combined, have been floating off the UAE since August after South Korea halted imports from Iran while China's demand dropped during summer…

Oil Rises as U.S. Sanctions on Iran Squeeze Supply

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Oil prices rose about $1 a barrel on Tuesday as U.S. sanctions squeezed Iranian crude exports, tightening global supply despite efforts by Washington to get other producers to increase output.Brent crude futures rose $1.13 to $78.50 a barrel, a 1.5 percent gain, by 10:48 a.m. EDT (1448 GMT).U.S. West Texas Intermediate (WTI) crude gained $1.10, or 1.6 percent…

Reliance Shuts Field in Krishna-Godavari Basin

India's Reliance Industries Ltd has shut down an offshore oil and gas field on the eastern coast of India, the company said in a statement on Friday, after seeing a natural decline in output for months.The closure marks the beginning of the end of the company's first foray into oil and gas exploration and production that started in September 2008 when the…

Total to Exit Hazira LNG, Sell 26% Stake to Shell

Photo: Hazira LNG and Port

French energy giant Total SA will exit the Indian liquefied natural gas (LNG) venture by selling 26% stake to its partner Royal Dutch Shell, the two companies announced."Total has signed a binding Letter of Intent (LOI) with Shell for the sale of its 26% minority equity stake in Hazira LNG regasification terminal in India. The transaction remains subject to the approval of regulatory authorities…

Seaborne LPG Trade Rebounds: Dorian LPG

Photo:  Dorian LPG Ltd

Seaborne LPG trade rebounded in the second calendar quarter of 2018 thanks to heavy lifting schedules in the Middle East and the United States, as well as an improvement in arbitrage economics towards the end of the three-month period, said Dorian LPG.After a lackluster first calendar quarter of 2018, exports from the United States peaked at approximately 2.7 million metric tons in May 2018, and total U.S.

India's Vedanta Wins 41 Blocks in Small Field Auction

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India's Vedanta Wins 41 Blocks in Small Field Auction* Billionaire Anil Agarwal-led Vedanta Ltd has won 41 of the 55 blocks auctioned under India's first licensing round for small discovered fields-India's upstream regulator* State-run Oil India has won nine blocks- upstream regulator* India's top explorer Oil and Natural Gas Corp was awarded 2 blocks* Hindustan Oil Exploration Co, and GAIL (India) Ltd and Bharat Petro Resources Ltd, the ups

Indian Oil Sees No Impact from U.S. Sanctions on Refinery JV Investment with Iran

Indian Oil Corp.'s planned $5.10 billion expansion of its unit Chennai Petroleum , partly owned by Iran, is not expected to be hit by U.S. sanctions against Tehran, Chairman Sanjiv Singh said on Monday.Chennai Petroleum plans to invest up to 356.98 billion rupees to replace its 20,000 barrel per day (bpd) Nagapattinam refinery in Southern Tamil Nadu state with a 180…

Oil Steadies but Outlook for Demand Grows Gloomy

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Oil rose as global markets steadied on Thursday, recovering some of the previous day's 2 percent slide, though a weakening outlook for crude demand kept prices in check.The oil market had felt the effects on Wednesday of a large build in U.S. inventories that added to concern over the outlook for fuel demand, while crude was also swept lower by broader selling…

Oil Higher as U.S. Sanctions on Iran Raise Supply Concerns

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Oil prices rose on Monday as investors focused on the impact of U.S. sanctions on Iran despite assurances by Washington that Saudi Arabia, Russia and the United States could together raise output fast enough to offset falling supplies.U.S. Energy Secretary Rick Perry said in an interview with Reuters on Friday that he did not expect any price spikes and that…

Gulf Platforms Shut ahead of Hurricane

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U.S. oil prices edged up on Tuesday, rising back past $70 per barrel, after two Gulf of Mexico oil platforms were evacuated in preparation for a hurricane.U.S. West Texas Intermediate (WTI) crude futures were at $70.04 per barrel at 0034 GMT, up 24 cents, or 0.3 percent from their last settlement.Anadarko Petroleum Corp said on Monday it had evacuated and…

DNV GL Launches Operations & Analytics Centre in India

Image: DNV GL

DNV GL, the world’s largest independent energy advisory and certification body, has launched a new Global Operations & Analytics Centre for renewable assets located in Bengaluru, India.The new centre will work in tandem with DNV GL’s existing UK Operations Control Centre in Glasgow, to offer seamless 24/7 monitoring services that aim to strengthen performance and operational efficiencies of renewable assets alongside detecting…

India's Small Renewables Firms Fighting Consolidation Wave

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Small to mid-sized renewable energy companies in India are starting to look like attractive takeover targets as lenders and investors withhold funds, worried by the stiff competition, weak bond markets, low tariffs and high debt besetting the sector.The small companies' difficulty in raising cash is keeping them away from government power project auctions…

O&G Output at Russia's Pacific Sakhalin Island Seen Down in 2019

Photo: ExxonMobil

Production of oil and natural gas at the Russian Pacific island of Sakhalin is expected to decline next year, the local government said in an emailed response to a Reuters query.Sakhalin, which is also famous for producing seafood, derives most most of its oil and natural gas from two offshore projects - Sakhalin-1, led by ExxonMobil, and Sakhalin-2, led by Russia's Gazprom.Sakhalin-1 shareholders also include Russia's Rosneft…

Dellner Brakes Acquires JHS Jungblut

Dellner Brakes JHS passive yaw sliding bearing for wind turbines (Image: Dellner Brakes)

Swedish-based marine and industrial brake supplier Dellner Brakes said it has acquired German brake specialist JHS Jungblut in a move that aims to strengthen the company’s offering in the wind energy market, and also enable further global expansion, particularly in the Far East.The enlarged company will operate under the Dellner Brakes JHS GmbH brand. Kai…

Oil Gains After Surprise Drop in Saudi Crude Output

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Oil rose on Monday after Saudi crude production unexpectedly fell in July and U.S. drilling appeared to slow, although the price is still almost 10 percent below its 2018 high of more than $80 a barrel.Markets also anticipated an announcement from Washington later on Monday on renewed U.S. sanctions against major oil exporter Iran. So-called "snapback" sanctions are due to be reinstated at 12:01 a.m. EDT on Tuesday, according to a U.S.