Monday, November 20, 2017

Indian Oil Corp Ltd News

L&T wins $165 mln contract from refiner Indian Oil Corp

Digboi Refinery (Upper Assam) Photo Indian Oil Corporation

A unit of Indian engineering conglomerate Larsen & Toubro has won an onshore engineering, procurement and construction (EPC) contract from Indian Oil Corp Ltd, the country's largest refiner, worth 11 billion rupees ($165 million), it said in a statement on Saturday. L&T Hydrocarbon Engineering won the contract for setting up a 0.74 million metric tonne per annum fluidised cracking unit, including a liquefied petroleum gas treatment facility at IOCL's Bongaigaon refinery in the eastern Indian state of Assam.

Israel Takes Bids for Offshore Exploration

Israel said on Wednesday it received bids to explore for oil and gas in its economic waters from Greece's Energean and a consortium of Indian firms including ONGC Videsh, Bharat PetroResources , Indian Oil Corp and Oil India. Israel hoped it would draw 2-3 foreign firms to come drill in 24 new offshore blocks in its latest bidding round that opened a year ago. Israel's Energy Ministry said it would spend the coming weeks examining each bidder's offer and work plan before making a final decision.

Indian Oil Corp Starts Crude Oil Trading Through Singapore Subsidiary

India's top refiner Indian Oil Corp on Wednesday began trading crude oil through its Singapore unit, buying a million barrels of Nigerian oil Akpo, the state-run company's head of finance AK Sharma said. IOCL Singapore Pvt Ltd has bought the parcel from Total for Dec. 8-17 loading, he said. "We have got a very good deal," Sharma told Reuters, adding the cargo will be co-loaded with a million barrels of Angola's Girassol oil, which the refiner has procured under a term deal. Sharma declined to give any details on price.

India Set to Raise $8 mln From Dredging Corp Share Sale

India is set to raise about $8 million from a share sale in state-run Dredging Corp of India Ltd, with bids totalling more than twice the number of shares on offer. The sale was part of the government's plan to raise money by reducing its holding in state-owned companies to help plug its budget deficit. New Delhi aims to raise as much as $11 billion during the current fiscal year to March from such sales. The sale of 1.4 million shares…

India's IOC: Crude Processing at Paradip in December

Indian Oil Corp Ltd, the country's biggest oil refiner, aims to start crude processing at its 300,000-barrels-per-day (bpd) Paradip refinery in the eastern Indian state of Odisha in December, an executive said on Tuesday. Start-up of the Paradip plant has been delayed several times. The latest deadline to commission the plant was in August/September. "Crude has arrived at the refinery and crude storage tank commissioning is underway," Sanjiv Singh, the company's head of refineries, told reporters.

Indian Oil stake sale floor price set at 387 INR a share

Indian Oil Petrol Pump Photo IOL

The Indian government has set a floor price for the sale of shares in top state-run refiner Indian Oil Corp Ltd at 387 rupees each, the company said, a two percent discount from Friday's close. At the floor price, the 10 percent stake sale in the company will bring in 93.96 billion rupees ($1.4 billion) rupees for the government. New Delhi is seeking to raise as much as $11 billion by selling stakes in state-run companies this fiscal year…

Indian Oil Aims for LNG Import Capacity of 13.5 Mln T in 5 Years

State-owned Indian Oil Corp Ltd aims to have capacity to import about 13.5 million tonnes of liquefied natural gas (LNG) in five years, its head of business development said on Friday, helping India to gradually move to a gas-based economy. Prime Minister Narendra Modi's government wants to raise the share of natural gas in India's energy mix to 15 percent in the next few years from about 6.5 percent now. "We hope to have 13-13.5 million tonnes in a phased manner in about five years," G.K. Satish said.

India's IOC Cut Diesel Prices by 0.8%

IOC retail outlet Photo IOC

Indian Oil Corp (IOC) will cut the price of diesel by 0.8 percent from Saturday and that of gasoline by 3.5 percent, reflecting changes in global fuel prices, the company said in a statement. India's three state-run oil companies, IOC, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd, tend to adjust retail prices of fuels in concert. A litre of diesel will sell for 54.28 rupees in the Indian capital, New Delhi, while gasoline will cost 62.51 rupees a litre from Saturday.

India's ONGC says Venezuela's PDVSA to Supply Oil

Venezuela's national oil company Petroleos de Venezuela has agreed to supply oil on a monthly basis to India to help settle dues which Venezuela owes to India's Oil and Natural Gas Corp. Ltd, ONGC Chairman D K Sarraf said on Thursday. He said the agreement with PDVSA would be signed shortly. ONGC Videsh Ltd, the overseas subsidiary of ONGC, invested $190 million in 2009-10 in the San Cristobal project in Venezuela. However…

Cairn India Seeks to Export Oil Despite Ban

Cairn India Ltd has invited initial bids for exports of its oil from the desert state of Rajasthan, according to a copy of the tender notice seen by Reuters, despite a government ban on overseas sales of locally-produced crude. A government official said there had been no change in the ban and that Cairn India might simply be trying to establish a price for its oil via the tender process ahead of negotiations to sell it to local buyers.

Ancala Acquires Apache's North Sea Gasline Assets

Independent UK-based infrastructure investment fund Ancala Partners has finalised its acquisition of Apache Corp's interests in two North Sea gas pipeline assets for an undisclosed sum, it said on Monday. Through its North Sea-focused mid-stream oil and gas acquisitions platform, Ancala took Apache's 30.28 percent stake in the Scottish Area Gas Evacuation (SAGE) System and its 60.58 share of the Beryl Gas Pipeline. The SAGE system comprises a 323-kilometre (200 mile) pipeline and gas processing terminal at St.

Aramco Mulls Indian Refinery Investments

Saudi Aramco is considering proposals to buy stakes in Indian oil refining and petrochemical projects, India's Oil minister Dharmendra Pradhan said on Monday, as the world's biggest oil exporter seeks outlets for its oil. India, the world's third-biggest oil consumer, imports almost 80 percent of its crude requirements, mostly from Middle East nations. In the first quarter, Saudi Arabia was India's biggest exporter of oil, sending about 889,000 barrel per day (bpd) to the country, or about 21 percent of the total.

India's Reliance to Restart All Fuel Pump Outlets

Reliance logo

Indian conglomerate Reliance Industries Ltd plans to restart its entire 1,400 retail fuel pump outlets in fiscal year ending March 2016, a report on the company website shows. The stations were closed in 2008 when global oil prices urged towards $150 a barrel and the government's subsidy to state fuel retailers knocked privately-owned retailers out of the market. Over 320 fuel outlets have already been restarted, a presentation on the website showed. Reliance took a significant share away from the state companies in 2006.

Indian State Oil Refiners Plan Plant on West Coast

Three Indian state-run oil refiners will jointly build a 60 million tonnes a year, or 1.2 million barrels per day (bpd), refinery on the country's west coast, the federal oil minister said on Monday, adding the investment for the first phase of the refinery could exceed 1 trillion rupees ($14.8 billion). Indian Oil Corp. Ltd, Bharat Petroleum Corp. Ltd and Hindustan Petroleum Corp. Ltd along with another state-run company…

Anadarko Petroleum Eyes 2018 Sales Rise

(Photo: Anadarko Petroleum)

Anadarko Petroleum Corp on Thursday forecast an 11 percent rise in sales volumes for 2018, as shale producers boost oil output aggressively, taking advantage of recovering oil prices. The Woodlands, Texas-based oil and gas producer said it expects to sell 245-255 million barrels of oil equivalent (MMBOE) in 2018, higher than the 224-228 MMBOE it forecast for 2017. The company expects to spend $4.2 billion to $4.6 billion in 2018…

No Date Set Yet for Keystone Pipeline Restart

No date has been set yet for a restart of TransCanada Corp's Keystone pipeline, which was shut down on Thursday after a 5,000-barrel crude oil leak in South Dakota, a company spokesman said on Friday.   "We regret the impact this has caused customers and we are working to resolve this incident as quickly and safely as possible," spokesman Terry Cunha added. (Reporting by Nia Williams Editing by Chizu Nomiyama)

Ghana, Exxon Discuss Deepwater Drilling

Ghana has opened talks with Exxon Mobil Corp to allow the U.S. oil firm to undertake deepwater exploration off the West African nation's coast, a deputy energy minister said on Monday.   "The negotiations are ongoing according to our current laws ... so far so good," Mohamed Amin Adam told Reuters on the sidelines of an Africa oil conference in Accra. (Reporting by Kwasi Kpodo; Editing by Kevin Liffey)

Hess Shutters GoM Assets After Enchilada Fire

U.S. oil and gas producer Hess Corp said on Monday it had halted production at its Baldpate, Conger and Penn State fields due to a fire at Royal Dutch Shell's Enchilada platform in the Gulf of Mexico.   Last week, Shell shut its Enchilada platform after a fire caused injuries to two people.   Production is also shut in at the Shell-operated Llano field, where Hess has a 50 percent stake, Hess said.   The fields produce about 30,000 barrels of oil equivalent per day.   Reporting by John Benny in Bengaluru

Swan Sells 60% of FLNG Terminal Capacity

Pic: Swan Energy Ltd

Indian public sector oild giants Oil and Natural Gas Corp (ONGC), Indian Oil Corporation (IOC)  and Bharat Petroleum Corp Ltd (BPCL) have booked 60 per cent of the capacity of Swan Energy Ltd. (SEL)'s upcoming floating Liquefied natural gas (LNG) terminal off the Gujarat coast. ONGC, IOC and BPCL have agreed to take one million tonnes per annum capacity each on the 5 million tonnes a year floating LNG terminal planned at Jafrabad port in Gujarat, sources privy to the negotiations said.

India to Talk Sanctions, LNG Imports During Obama Visit

India will use an upcoming visit by Barack Obama to press the United States to remove Indian oil companies from a list naming firms doing business in Iran, and to seek priority access to U.S. LNG exports, sources in the Oil Ministry said. The U.S. president will arrive in New Delhi on Jan. 25 and hold discussions with Prime Minister Narendra Modi, who visited Washington in September. An official agenda has not been released. The U.S.