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EXCLUSIVE
PUMPS SECTOR OFFERS HUGE INDO-RUSSIAN TRADE OPPORTUNITY: EEPC INDIA
India's pumps and valves sector offers a huge bilateral trade opportunity with
Russia, EEPC India said on Thursday.
* IANS
* April 09, 2021, 15:20 IST
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New Delhi: India's pumps and valves sector offers a huge bilateral trade
opportunity with Russia, EEPC India said on Thursday.
In his address at the Indo-Russia Partnership Summit, EEPC India Chairman Mahesh
Desai noted that Russia has been a long-standing and time-tested partner for
India.
"Pumps and valves segment contributes significantly to the growth of Indian
economy. They have proved highly critical in productivity of the core sectors of
the economy," he said.
According to EEPC India, the country has over 800 manufacturers supplying a
range of pumps, compressors, pipes and other related items to clients across
various sectors such as oil and gas, power and irrigation.
Currently, India contributes about 1.5 per cent to the global trade of pumps and
valves.
The sector earns over $3 billion through exports. It had clocked an annual
growth of 10-12 per cent.
Besides, EEPC India said that bilateral trade between India and Russia is set to
grow substantially as both the countries have called for boosting trade and
investment linkages.
The two countries have revised bilateral investment targets to $50 billion and
bilateral trade to $30 billion by 2025.
In 2019, the bilateral trade amounted to $11.16 billion wherein India's exports
were $3.92 billion while that of Russia, stood at $7.24 billion.
The major items of export from India include electrical machinery,
pharmaceuticals, organic chemicals, iron and steel, apparel, tea, coffee and
vehicle spare parts.
Major items of import from Russia include defence equipment, mineral resources,
precious stones and metals, nuclear power equipment, fertilisers, electrical
machinery, articles of steel and inorganic chemicals.
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* INDIA'S FIRST GREEN HYDROGEN FUELING STATION LIKELY TO BE COMMISSIONED IN LEH
BY MAY NEXT YEAR
The pilot project will produce 80 Kilogram per day of 99.97 percent pure
hydrogen that will be compressed, stored and dispensed
* POWERGRID CORPORATION LOOKING TO RAMP UP INVESTMENTS IN ENERGY STORAGE
PROJECTS
* COSTLY CRUDE HELPED OIL INDIA CUT DEBT: HARISH MADHAV, DIRECTOR-FINANCE, OIL
INDIA
* CIL TO INK PACTS WITH BHEL, IOCL AND GAIL TO SET UP FOUR COAL GASIFICATION
PROJECTS
* GOVERNMENT TERMINATES RANGANATHAN AS GAIL DIRECTOR; REPATRIATES HIM TO ED
POST
Ranganathan was in January arrested by the Central Bureau of Investigation
(CBI) for allegedly taking bribes to give discounts to some private companies
on the petrochemicals products that GAIL sold to them.
* VEDANTA PICKS GUJARAT FOR $20 BILLION INDIA SEMICONDUCTOR FORAY: REPORT
* RELIANCE INFRA FILES ₹13,400 CRORE CLAIM AGAINST ADANI TRANSMISSION
* ONGC-INDIAN OIL, GAIL AND MCPI SUBMIT BIDS FOR BANKRUPT JBF PETRO
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* COSTLY CRUDE HELPED OIL INDIA CUT DEBT: HARISH MADHAV, DIRECTOR-FINANCE, OIL
INDIA
* BPCL TO INCUR GROSS MARKETING LOSSES IN CURRENT FISCAL: FITCH
* IRAN OFFERS INDIAN FIRMS 30 PC STAKE IN GAS FIELD
* INDIA ONGC GETS BETTER PRICE FOR OIL UNDER NEW RULES: SOURCES
* GOVERNMENT TERMINATES RANGANATHAN AS GAIL DIRECTOR; REPATRIATES HIM TO ED
POST
* ONGC-INDIAN OIL, GAIL AND MCPI SUBMIT BIDS FOR BANKRUPT JBF PETRO
* MAHESH V IYER TAKES OVER AS MAHANAGAR GAS LTD CHAIRMAN
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* 02:47
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EXCLUSIVE
INDIA'S CENTRAL BANK ENCOURAGING STATE REFINERS TO CUT SPOT DOLLAR BUYING:
SOURCES
The Reserve Bank of India has ensured $9 billion has been made available at
overseas branches of some Indian banks for the country's three state-run
refiners to tap, said the sources who have direct knowledge of the matter,
adding that the funds are available at market rates.
* Reuters
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India's central bank is encouraging state-run refiners to reduce dollar buying
in the spot market to contain a sharp fall in the rupee, two sources said,
adding they have been asked to lean on a special credit line instead.
The Reserve Bank of India has ensured $9 billion has been made available at
overseas branches of some Indian banks for the country's three state-run
refiners to tap, said the sources who have direct knowledge of the matter,
adding that the funds are available at market rates.
"Since last 2-3 days RBI has been asking companies to tap this credit line," one
of the sources said.
The credit line is available only for Indian Oil Corp, Hindustan Petroleum Corp
and Bharat Petroleum Corp which together control more than half of India's 5
million barrels per day refining capacity.
Monthly oil purchases from overseas account for about 30% of India's overall
imports.
Banks participating in the credit-line scheme include the State Bank of India,
Canara Bank, Bank of Baroda, Axis Bank and Punjab National Bank, said one of the
sources.The greenback's surge amid a sharp interest rate hikes from the U.S.
Federal Reserve has sent the Indian currency tumbling 10% so far this year.
India's central bank has also intervened with dollar sales to help prop up the
currency.
The sources declined to be identified as the discussions were private. The
state-run refiners and the lenders did not respond to Reuters requests for
comment.
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EXCLUSIVE
RICH NATIONS TO FACE CLIMATE PRESSURE AT PRE-COP27 TALKS IN DR CONGO
A Western diplomat, who requested anonymity, said that since the COP and pre-COP
are both being held in Africa "the emphasis will certainly be on support from
industrialised countries to countries in the south".
* AFP
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Kinshasa: Environment ministers from some 50 countries gather in DR Congo on
Monday for the pre-COP27 climate talks, with rich countries expected to come
under pressure to contribute more to fight global warming.
The informal talks in the central African country's capital Kinshasa come ahead
of the COP27 climate summit in Egypt, from November 6-18.
Ministers and other delegates are expected to discuss points that could lead to
impediments at the main summit.
But no formal announcements are expected at the pre-COP27 in the Democratic
Republic of Congo, the country's climate negotiator Tosi Mpanu Mpanu told AFP.
A Western diplomat, who requested anonymity, said that since the COP and pre-COP
are both being held in Africa "the emphasis will certainly be on support from
industrialised countries to countries in the south".
The theme was also present during the 2021 COP26 climate talks in Glasgow, which
ended with a pledge to keep global warming at 1.5 degrees centigrade compared to
pre-industrial levels.
Poorer countries had pushed for a mechanism that would account for damages
caused by climate change. But wealthier nations -- the largest polluters --
rejected the call and the participants agreed instead to open a "dialogue" on
financing damages.
Egypt -- which holds the presidency of the 27th meeting of the Conference of the
Parties (COP) -- has said it wants to make the latest summit about
implementation.
The pre-COP27 summit in Kinshasa ends on Wednesday.
- Forest protection -
The DRC is expected to drive home the message that it is a country that can
provide solutions for climate change during the talks.
Roughly the size of Western Europe, the DRC has 160 million hectares (395
million acres) of rainforest that acts as a carbon sink.
It also has huge reserves of minerals such as cobalt and lithium, which are
deemed critical for the transition to renewable energy because of their use in
battery production.
Kinshasa is asking for more funding to protect its rainforests, which are
currently threatened by slash-and-burn agriculture as well as logging for
charcoal production.
"The more resources we have at our disposal, the more climate action we can put
in place," said Congolese negotiator Mpanu Mpanu.
Ahead of the pre-COP27 summit, the government organised a scientific conference
at the Yangambi Biosphere Reserve in the forested northeast. It ended with
scientists urging the international community to "support all initiatives" to
protect the rainforest.
However, the demand comes after the government put 30 oil and gas blocks up for
auction in July -- ignoring warnings from green activists that drilling could
harm rainforests and peat lands and release vast amounts of heat-trapping gas.
Around 30 billion tonnes of carbon are stored across the Congo Basin,
researchers estimated in a study for Nature in 2016. The figure is roughly
equivalent to three years' of global emissions.
The DRC, one of the poorest countries in the world, argues that drilling for oil
and gas could help diversify its economy and benefit the Congolese people.
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EXCLUSIVE
EUROPE MAKES SHARP U-TURN FROM GREEN ENERGY: QATAR ENERGY MINISTER
Analysts estimate Europe will need to import around 200 million tonnes of LNG
over the next decade to phase out Russian gas. Germany, Europe's biggest
importer of Russian gas, would need around 40 million tonnes of LNG alone to
replace the 50 billion cubic meters (bcm) of pipeline gas it used to get from
Moscow.
* Reuters
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QatarEnergy CEO and state minister for energy Saad al-Kaabi said on Thursday
that skyrocketing energy prices are "weighing painfully" on the global economy,
dampening support for the transition to green energy.
"Sadly, the growing economic burden has fizzled the euphoria over the series of
energy transition plans, causing severe erosion in public support for reducing
carbon emissions," Kaabi told a liquefied natural gas (LNG) conference in Japan.
"Many countries particularly in Europe which had been strong advocates of green
energy and carbon-free future have made a sudden and sharp U-turn. Today, coal
burning is once again on the rise reaching its highest levels since 2014."
Governments across Europe have ploughed hundreds of billions of euros into tax
cuts, handouts and subsidies to tackle the continent's worst energy crisis in
decades that is driving up inflation, forcing industries to shut production and
hiking bills ahead of winter.
Analysts estimate Europe will need to import around 200 million tonnes of LNG
over the next decade to phase out Russian gas. Germany, Europe's biggest
importer of Russian gas, would need around 40 million tonnes of LNG alone to
replace the 50 billion cubic meters (bcm) of pipeline gas it used to get from
Moscow.
Kaabi stressed the need to invest in cleaner and renewable energies, including
natural gas, to drive capacity and baseload capabilities.
"The lack of such investment is putting a heavy burden on both producers and
consumers. Producers must find supplies that may not exist due to the lack of
investment," he said at the online LNG Producer-Consumer Conference 2022 being
hosted in Tokyo.
Earlier this month, the head of Saudi oil giant Aramco echoed the same view,
saying that continuing underinvestment in hydrocarbons at a time when fossil
fuel alternatives were still not readily available was the root cause of the
problem.
QatarEnergy, one of the world's largest LNG producers, is investing nearly $30
billion on the Gulf state's North Field East expansion, which will increase
Qatar's liquefaction capacity to 126 million tonnes per annum (mtpa) from 77
mtpa by 2027.
The chief executive of Germany's largest power producer RWE said earlier this
month that Europe needed more investment in LNG terminals on land to secure
shipped fuel supplies from global gas producers in the long term.
Germany has leased four floating storage and regasification units (FSRUs) that
are capable of importing at least 5 billion cubic metres (bcm) of seaborne gas
per year. It will also charter a fifth floating LNG terminal for winter 2023/24.
The European Parliament in July backed EU rules labelling investments in gas and
nuclear power plants as climate-friendly.
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EXCLUSIVE
EXPLAINER: HOW COULD EUROPE CAP GAS PRICES?
France, Italy, Poland and 12 other countries wrote to the European Commission
this week asking it to propose an EU-wide price cap on wholesale gas
transactions to help rein in surging inflation.
* Reuters
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BRUSSELS: The European Union is considering options to cap gas prices, as a
growing number of countries pressure Brussels to put a lid on sky-high fuel
costs.
France, Italy, Poland and 12 other countries wrote to the European Commission
this week asking it to propose an EU-wide price cap on wholesale gas
transactions to help rein in surging inflation.
Other countries are opposed - among them Germany, Europe's biggest gas buyer,
and the Netherlands - and it is unclear whether there would be enough support
among countries to approve any proposal.
The European Commission has also raised doubts, and suggested the EU instead
move ahead with more limited versions of a price cap.
Here are the various ways Europe could cap the price of gas.
PRICE CAP ON ALL GAS
This is what the 15 EU countries called for the European Commission to urgently
propose. "This price cap ... is the one measure that will help every member
state to mitigate the inflationary pressure," they said.
The Commission is sceptical. In a paper analysing various options to tame gas
prices on Wednesday, the EU executive said a broad cap on gas prices could be
complex to launch and pose risks to energy security - arguments also made by
wary countries like Germany.
The Commission said a wholesale price cap for exchange transactions - covering
both liquefied natural gas and pipeline supplies - could disrupt flows of fuel
between EU countries.
That is because in a supply shortage, price signals would no longer be able to
drive flows to regions that urgently need gas. The Commission suggested such a
cap could work only if a new entity was launched to allocate and ship scarce
fuel supplies between states.
The EU would also need "significant financial resources" to ensure countries
could still attract gas supplies from competitive global markets where other
buyers may be willing to pay prices above the EU cap, the Commission said,
adding that the move could risk "triggering supply disruptions" from foreign
suppliers.
PRICE CAP ON RUSSIAN GAS
"I strongly believe we need a price cap on all Russian gas imports," EU energy
commissioner Kadri Simson said on Thursday.
The Commission suggested a Russian gas price cap earlier this month, but shelved
the idea after resistance from central and eastern European countries worried
Moscow would retaliate by cutting off the remaining gas it still sends to them.
Europe relied on Russia for roughly 40% of its gas before Moscow invaded
Ukraine. That share has dropped to 9% as Russia has since slashed supplies to
Europe.
Given the low volumes Moscow now sends, some EU diplomats said a price cap would
do little to reduce European gas prices, and would function as more of a
geopolitical move to cut revenues to Moscow.
PRICE CAP ON GAS USED FOR ELECTRICITY
The Commission said it would also be ready to introduce an EU price cap
specifically on gas used for power generation.
European electricity prices are set by the last power plant needed to meet
demand - typically, a gas plant. Lowering the cost of gas-fuelled power could
therefore bring down the overall power price - though governments would need to
compensate gas plants for the gap between the capped price and the higher market
price at which they buy fuel.
Spain and Portugal implemented a scheme to do this in June - which has helped
pull down local power prices, but also coincided with an increase in Spain's gas
use.
The Commission has said any interventions to lower gas prices must be coupled
with measures to avoid an increase in gas demand, at a time when countries are
scrambling to save scarce fuel.
NEW GAS PRICE BENCHMARK
The EU is also working on an alternative benchmark price for liquefied natural
gas, which European countries are racing to buy from international markets to
replace Russian gas.
Historically, the gas price at the Netherlands' Title Transfer Facility (TTF)
hub has been used as a price benchmark for LNG deliveries into Europe.
But a major reduction of Russian gas supplies has made the TTF price extremely
volatile, and more expensive than LNG prices in other regions.
Industry sources say the EU market needs to have a price that is reflective of
the actual LNG supply and demand, although some suggested industry should
develop a new benchmark on its own.
The success of the benchmark would depend on whether the industry starts using
it.
"A new transactions-based LNG benchmark, based on objectively verifiable price
assessments for cargo deliveries, would provide a valuable reference point for
market participants to be used on a voluntary basis," the Commission said in its
paper.
NEXT STEPS
EU countries' energy ministers will discuss possible gas price caps at a meeting
on Friday. The Commission, which drafts EU policies, will then share details
next month on the extra measures it is looking at to tackle the energy crunch.
Once the Commission puts forward proposals, the bloc's 27 countries will
negotiate them and try to find a final deal. As well as price caps, Brussels is
planning measures including emergency liquidity support for energy companies.
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EXCLUSIVE
OPINION: US GAS EXPORTS SQUEEZE DOMESTIC SUPPLY: KEMP
Production of dry gas (stripped of natural gas liquids) totalled 17,329 billion
cubic feet in the first six months of the year, according to data from the US
Energy Information Administration (EIA).
* Reuters
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LONDON: US gas production will need to increase significantly to continue
growing exports while ensuring fuel remains affordable for domestic power
producers, households and industrial users.
Production of dry gas (stripped of natural gas liquids) totalled 17,329 billion
cubic feet in the first six months of the year, according to data from the US
Energy Information Administration (EIA).
Dry gas output was up by 944 billion cubic feet compared with the same period in
2019, the last year before the pandemic ("Monthly energy review", EIA, Sept.
27).
Domestic consumption increased by 440 billion cubic feet, with electricity
generators accounting for 382 billion.
But exports surged by 1,408 billion cubic feet largely as a result of the
commissioning of large new liquefaction terminals.
The massive increase in LNG exports has significantly tightened the availability
of gas for domestic users and put upward pressure on prices.
As a result, inventories depleted by 876 billion cubic feet in the first six
months of 2022 compared with just 246 billion in the first six months of 2019.
The drawdown was the second-largest on record and 65 per cent higher than the
average over the previous 10 years.
OUTPUT GROWTH
To maintain and grow exports US gas producers will need to increase their output
significantly in both the short and longer term.
The number of rigs employed drilling for gas has already increased to 160, up
from 99 at the same point last year, but is only slightly higher than the 146 at
this point in 2019, according to field services company Baker Hughes.
A significant share of natural gas output is associated gas produced as a
by-product of crude oil production from crude oil wells.
The number of rigs drilling for oil has increased to 602, up from 421 last year,
but still well below the 713 at the same point in 2019.
Raw rig counts can be a misleading indicator of production except in the very
short term because of changes in drilling efficiency over time.
Current rigs are likely to produce more gas than a similar-sized fleet three
years ago because technology has improved, enabling faster drilling, longer
underground laterals and a tighter focus on the most gas-rich areas.
But the industry will likely need an even more rigs to meet the high demand for
gas from domestic users and export markets in Europe and Asia.
Futures prices for gas delivered in January 2024 have retreated to $5.60 per
million British thermal units from $6.50 at the start of September but still far
above $3.65 this time last year and $2.90 in 2019.
The rise in gas prices will help reduce the shortage, but the more recent
downturn in the price of oil is likely to prove unhelpful because it will tend
to reduce oil-directed drilling and associated gas output.
The challenge for the industry is to overcome supply chain constraints and scale
up output profitably in order to satisfy domestic demand as well as its ambition
to remain the primary supplier of the world's fast-growing gas market.
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EXCLUSIVE
CAPRICORN TO MERGE WITH NEWMED IN ISRAEL-EGYPT GAS TIE-UP, DITCHING TULLOW
The Capricorn-NewMed deal would create an Israel-Egypt focused gas producer
including NewMed's stake in Israel's giant Leviathan offshore field at a time
when Europe is looking for non-Russian energy supplies.
* Reuters
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LONDON: Capricorn Energy plans to merge with Israel's NewMed in an all-share
deal after paying a $620 million special dividend to its shareholders, ditching
a previous scheme to merge with Tullow Oil.
The Capricorn-NewMed deal would create an Israel-Egypt focused gas producer
including NewMed's stake in Israel's giant Leviathan offshore field at a time
when Europe is looking for non-Russian energy supplies.
The new group would be listed under NewMed, formerly known as Delek Drilling, in
London and led by Yossi Abu, the Chief Executive of NewMed whose shareholders
will own 89.7 per cent of the merged entity.
Capricorn's shares were trading up more than 10 per cent after the announcement,
hitting their highest since 2018. Tullow's shares were down about 3.6 per cent
and NewMed down just under 1 per cent.
Abu, in a call with Reuters, said the new group would aim to double its
production to 200,000 barrels oil equivalent per day (boed) by the end of the
decade from its current 115,000 boed.
"We are creating a company that for the first time allows international
investors to get direct exposure to the East Med gas play and Leviathan in
particular," Abu said.
It will be the first Israeli company to own oil and gas assets in Egypt, a
neighbouring Arab state with a peace treaty with Israel and an energy-hungry
population of around 100 million. Israel already supplies gas to Egypt after
discovering large resources off its coast in the 2000s.
The deal would value Capricorn shares at 271 pence, a 13 per cent premium to its
last closing price. The deal with West Africa-focused Tullow, which declined to
comment on Thursday's news, had valued Capricorn at around 210 pence per share.
Some Capricorn investors had come out against the Tullow merger plan.
"Capricorn and NewMed are pleased to announce a proposed combination to create a
MENA (Middle East and North Africa) gas and energy champion and one of the
largest upstream energy independents listed in London," Capricorn said.
The merger would see Capricorn issue new shares to NewMed investors based on an
exchange ratio of around 2.34 per NewMed share, which will see Capricorn
shareholders hold just over 10 per cent of the new company.
Capricorn's Chief Financial Officer James Smith will stay on with NewMed Energy,
which is set to pay out at least 30 per cent of its cah flow in dividends.
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EXCLUSIVE
BALTIC SEA PIPELINE LEAK DAMAGES MARINE LIFE AND CLIMATE
Immediate harm to marine life and fisheries in the Baltic Sea and to human
health will also result because benzene and other trace chemicals are typically
present in natural gas, researchers say.
* AP
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Washington: Methane escaping from the damaged Nord Stream pipelines that run
between Russia and Europe is likely to result in the biggest known gas leak to
take place over a short period of time and highlights the problem of large
methane escapes elsewhere around the world, scientists say.
There is still uncertainty in estimating total damage, but researchers say vast
plumes of this potent greenhouse gas will have significant detrimental impacts
on the climate.
Immediate harm to marine life and fisheries in the Baltic Sea and to human
health will also result because benzene and other trace chemicals are typically
present in natural gas, researchers say.
"This will probably be the biggest gas leak ever, in terms of its rate," said
Stanford University climate scientist Rob Jackson.
The velocity of the gas erupting from four documented leaks in the pipelines -
which the North Atlantic Treaty Organization has attributed to sabotage - is
part of what makes the impacts severe.
When methane leaks naturally leaks from vents on the ocean floor, the quantities
are usually small and the gas is mostly absorbed by seawater. "But this is not a
normal situation for gas release," said Jackson. "We're not talking about
methane bubbling up to the surface like seltzer water, but a plume of rushing
gas," he said.
Jackson and other scientists estimate that between 50% and nearly 100% of total
methane emitted from the pipeline will reach the atmosphere.
The Danish government issued a worst case scenario that assumed all the gas
reached the air, and German officials Thursday issued a somewhat lower one.
In the meantime, it's nearly impossible for anyone to approach the highly
flammable plume to attempt to curb the release of gas, which energy experts
estimate may continue until Sunday.
"Methane is very flammable - if you go in there, you'd have a good chance of it
being a funeral pyre," said Ira Leifer, an atmospheric scientist. If the gas-air
mix was within a certain range, an airplane could easily ignite travelling into
the plume, for example.
Methane isn't the only risk. "Natural gas isn't refined to be super clean -
there are trace elements of other compounds, like benzene," a carcinogen, said
Leifer.
"The amount of these trace elements cumulatively entering the environment is
significant right now - this will cause issues for fisheries and marine
ecosystems and people who potentially eat those fish," he said.
David Archer, a professor in the geophysical sciences department at University
of Chicago who focuses on the global carbon cycle, said that escape of methane
in the Baltic Sea is part of the much larger worldwide problem of methane
emissions.
The gas is a major contributor to climate change, responsible for a significant
share of the climate disruption people are already experiencing. That is because
it is 82.5 times more potent than carbon dioxide at absorbing the sun's heat and
warming the Earth, over the short term.
Climate scientist have found that methane emissions from the oil and gas
industry are far worse than what companies are reporting, despite claims by
major companies that they've reduced their emissions.
Scientists measuring methane from satellites in space have found that emissions
from oil and gas operations are usually at least twice as high as what the
companies reported, said Thomas Lauvaux, climate scientist at University of
Reims in France.
Many of those so-called leaks are not accidental. Companies release the gas
during routine maintenance. Lauvaux and other scientists observed more than
1,500 major methane leaks globally, and potentially tens of thousands of smaller
leaks, using satellites, he said.
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EXCLUSIVE
GERMANY TO SPEND BILLIONS TO TACKLE HIGH ENERGY PRICES
Chancellor Olaf Scholz said Thursday that the government is reactivating an
economic stabilizing fund previously used during the global financial crisis and
the coronavirus pandemic.
* AP
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BERLIN: Germany plans to spend up to 200 billion euros ($195 billion) helping
consumers and businesses cope with surging energy prices, particularly for
natural gas, due to the war in Ukraine.
Chancellor Olaf Scholz said Thursday that the government is reactivating an
economic stabilizing fund previously used during the global financial crisis and
the coronavirus pandemic.
The fund will be used to limit the price customers pay for gas, which is used to
heat homes, generate electricity and power factories. A previously proposed
surcharge on gas that was meant to help spread the rising cost of purchasing the
fuel on the global market is being dropped.
“One can say this is a double-whammy,” Scholz said, speaking at a news
conference by video link due to a COVID-19 infection.
Scholz said Russia’s decision to cut back natural gas to Europe and the recent
leaks on two pipelines showed further Russian energy supplies couldn’t be
expected in the near future.
“We're well prepared for this situation though,” he said. “We have taken
decisions that allow us to deal with this changed situation.”
Finance Minister Christian Lindner insisted that the fund would not entail
further regular borrowing, saying Germany is “expressly not following Great
Britain’s path”. The UK government recently announced tax cuts funded by
borrowing despite plans to spend billions shielding homes and businesses from
soaring energy prices, resulting in a sharp fall of the pound.
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EXCLUSIVE
ARGENTINA'S SHALE OUTPUT TO STALL AMID BOTTLENECKS, ANALYST WARNS
The Vaca Muerta shale region in the Neuquen province needs more drilling rigs,
hydraulic fracturing fleets and natural gas pipelines transport to continue
growing, said Alexandre Ramos, Rystad Energy's vice president of shale research.
* Reuters
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HOUSTON: Activity levels are at all-time highs in Argentina's prime oil and gas
producing region, but equipment and transport bottlenecks are limiting its
growth, an analyst said on Thursday at a energy conference.
The Vaca Muerta shale region in the Neuquen province needs more drilling rigs,
hydraulic fracturing fleets and natural gas pipelines transport to continue
growing, said Alexandre Ramos, Rystad Energy's vice president of shale research.
"Frac fleet availability is a massive bottleneck," said Ramos. "We are seeing
historically high gas production in Neuquen, so upcoming expansions are critical
to allow Vaca Muerta to satisfy demand," he said.
The South American country's gas production so far this year is running 132
million cubic meters per day (mmcmd), according to state-run oil company YPF,
below 2004's peak 142 mmcmd. Crude oil production this year is running at
559,000 barrels per day (bpd), below the peak 847,000 bpd in 1998.
Marcelo Robles, manager of joint venture development at PanAmerican Energy, told
the conference, water recycling will be needed to increase output.
"We are using fresh water for fracking. In the future, we need to find a
different solution. Sourcing and disposing water are a challenge," said Robles.
Horacio Marin, oil producer Tecpetrol's Exploration and Production chief, said
the province could double its crude oil production and grow gas output through
2030 with an additional $7 billion devoted to drilling and completion, and $12
billion in infrastructure investments.
The historical downward trend has been partially offset in recent years by
unconventional production of oil and gas coming from Vaca Muerta's shale
reserves, according to Francisco Bertoldi, a YPF vice president of upstream
unconventionals.
Argentina expects to begin construction on a gas pipeline from Vaca Muerta to
hubs in the North this year that beginning next year will ease bottlenecks that
have kept pipeline utilization rates at over 90%. Exports through another
gasline to Chile could also help ease the transportation issues.
A second segment of the gas pipeline to the North has not yet been put to
auction.
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EXCLUSIVE
SALES OF CNG-POWERED VEHICLES TAKE A HIT AS GLOBAL NATURAL GAS PRICES SOAR
The industry target for CNG vehicles has reduced to 5,00,000-5,50,000 units in
the year ending March 2023, about 25-30% lower compared with the estimate of
7,00,000-7,50,000 at the beginning of the fiscal year. About 2,61,000 units of
CNG passenger vehicles were sold in India last fiscal year.
* Sharmistha Mukherjee
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* Ashutosh Shyam
* ET Bureau
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A sharp increase in the international price of natural gas has led Indian
automakers to cut their production target for CNG-powered vehicles, as they
expect local rates that are already high to jump further in the next round of
revision and hurt demand, ET has learnt.
The industry target for CNG vehicles has reduced to 5,00,000-5,50,000 units in
the year ending March 2023, about 25-30% lower compared with the estimate of
7,00,000-7,50,000 at the beginning of the fiscal year. About 2,61,000 units of
CNG passenger vehicles were sold in India last fiscal year.
CNG prices are revised twice a year, in April and October. CNG vehicles were in
high demand when the prices of petrol and diesel were continuously rising
earlier this year, increasing the price difference with CNG. The price gap,
tough, has now reduced, as petrol and diesel prices that are reviewed daily have
eased a bit.
CNG prices could go up by ₹12-15 per kg on October 1, based on the current
international prices and the formula for deciding the local rates, further
reducing the price gap.
The savings from driving a CNG vehicle has already reduced, Maruti Suzuki senior
executive director Shashank Srivastava said. "Though the advantage remains, it
has reduced, which has started affecting order inflows to some extent."
The running cost of CNG vehicles currently is around ₹2.70 a km, up from ₹1.60
before the last price hike in April. For petrol and diesel vehicles, this has
reduced to ₹5.00 a km from ₹5.30.
"There has been a 10-15% impact on the CNG vehicle bookings owing to the rise in
CNG prices. Therefore, TTMT (Tata Motors) and MSIL's (Maruti Suzuki) CNG
vehicles (Celerio/ WagonR) are readily available for consumers," Motilal Oswal
Financial Services said in a note Thursday.
Srivastava said Maruti Suzuki has pending bookings for 128,000 CNG vehicles.
CNG vehicles account for nearly a fifth of sales at the company, the market
leader in passenger vehicles. In models where the fuel option is available,
sales stand at about 35%. "With production challenges easing up, introduction of
a CNG variant in the Swift, our monthly sales have gone up to 32,000 units now
from 26,000 units at the start of the year," said Srivastava.
But he said demand for CNG vehicles in the industry was more muted now. "If CNG
prices continue to increase, it will have a negative impact," he added. Maruti
Suzuki has plans to sell 4,00,000-4,50,000 CNG vehicles in the ongoing financial
year.
Demand and enquiries for CNG vehicles are likely to be hit further in October,
if domestic gas prices are raised as per the current pricing formula based on
the international benchmark, which has seen a surge due to the Russia-Ukraine
conflict.
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