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Global Crude oil price of Indian Basket was US$ 44.76 per bbl on 07.09.2016

Global Crude oil price of Indian Basket was US$ 44.76 per bbl on 07.09.2016
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 44.76 per barrel (bbl) on 07.09.2016. This was higher than the price of US$ 44.36 per bbl on previous publishing day of 06.09.2016.

In rupee terms, the price of Indian Basket increased to Rs. 2970.45 per bbl on 07.09.2016 as compared to Rs. 2951.90 per bbl on 06.09.2016. Rupee closed stronger at Rs. 66.36 per US$ on 07.09.2016 as against Rs. 66.55 per US$ on 06.09.2016. The table below gives details in this regard:

Particulars     
Unit
Price on September 07, 2016 (Previous trading day i.e. 06.09.2016)                                                                  
Pricing Fortnight for 01.09.2016
(Aug 11, 2016 to Aug 29, 2016)
Crude Oil (Indian Basket)
($/bbl)
                  44.76              (44.36)        
   46.20
(Rs/bbl
                 2970.45        (2951.90)       
3095.40
Exchange Rate
  (Rs/$)
                  66.36             (66.55)
   67.00


YKB/Daily Crude Oil Price- 08.09.2016     
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Sh Dharmendra Pradhan embarks on two nation tour for road shows for discovered small fields 

Shri Dharmendra Pradhan, Minister of State (I/C) for Petroleum and Natural Gas, will be making official visits to Singapore and United Kingdom from 9-14 September, 2016. During these visits, he will take part in Road Shows at Singapore and London for the 67 Discovered Small Fields (DSF). Both places have been chosen for organising the Road Shows as they are key financial centres for global oil and gas community, to publicize and attract investments. 

During his visit to Singapore from 9-10 September, Sh Pradhan will inaugurate the Road Show and address the representatives of oil and gas industry, followed by a Roundtable interaction. He is scheduled to meet equity investors and leaders of hydrocarbon industry and speak on “Oil and Gas Sector in India: Changing Landscape”. He will also interact with eminent personalities working in the sector in Singapore. Sh Pradhan will visit Floating Production Storing Offshore (FPSO) Conversion Facility at Keppel Shipyard and Jurong Refinery and Petrochemical hub. 

Sh Pradhan, during his visit to the UK, will be inaugurating the Road Show and a data room relating to the DSF bid round. He will interact with the leaders of UK Trade and Investment (UKTI) on the hydrocarbon sector reforms taking place in India and have one-to-one meeting with prospective bidders, representatives of commodity exchange market and regulators. A Roundtable with UK financial institutions has also been scheduled where Sh Pradhan will discuss recent policy initiatives taken in the oil and gas sector in India. While in the UK, Sh Pradhan will meet his British counterpart Rt Hon Greg Clark, MP in London and also Scottish Energy Minister in Aberdeen. He will address a gathering at the Somerville College, Oxford University on ‘Policy Initiatives in India to increase access to Clean Energy’ followed by an interaction with leading scientists. 

Earlier, in July 2016, Sh Pradhan had launched the Discovered Small Fields Bid Round-2016 at Houston, USA. In India, DSF bidding was launched in New Delhi on 25th May, 2016 by Sh Pradhan. Under this bid round, 67 DSF are being offered for international bidding. These fields are spread over 9 sedimentary basins and will be offered in 46 contract areas. These fields are projected to yield 625 million barrels of oil and oil equivalent gas and spread over 1,500 sq kms in onland, shallow water and deep water areas. 

The Ministry of Petroleum and Natural Gas has introduced progressive administrative and fiscal procedures in the bidding process in sync with international best practices. The DSF policy provides for single uniform license for producing all kinds of hydrocarbons in place and other resources to be identified in future. Other incentives offered under this policy include no cess on the oil production, upto 100% participation by foreign companies, moderate royalty structure, customs duty exemptions and complete marketing and pricing freedom for the sale of produced crude oil and natural gas, no mandatory work program or relinquishment of contract area, operational autonomy and limited regulatory burden enabling provision for sharing of infrastructure and flexibility for unit development in case of reservoirs extending beyond contract area for joint development. 

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Sh Dharmendra Pradhan meets Minister of Natural Resources of Canada Mr James Gordon Carr for 3rd India-Canada Energy Dialogue 

The Minister of State (I/C) for Petroleum and Natural Gas Shri Dharmendra Pradhan co-chaired the 3rd India-Canada Energy Dialogue with Mr James Gordon Carr, Minister of Natural Resources of Canada in New Delhi today. Canada and India bilateral relationship was elevated to “Strategic Partnership’ during the visit of the Prime Minister Modi to Canada in 2015. Canada is also a prominent G-20 member.

During the Energy Dialogue, both sides discussed aspects of bilateral energy sector engagements. These included, inter-alia, Indian investments in Canadian upstream sector, sourcing of crude and technologies from Canada, and the recently launched Discovered Small Fields Bidding Round. Canada has some of the world's most advanced technologies in the hydrocarbon sector. Both sides also discussed regulatory best practices in the hydrocarbon sector, collaboration in the field of technology, including R&D, Shale gas and gas hydrates technology and clean fuel technology.

Photo for Press Release.JPG
Indian Oil Corporation Ltd has a participating interest of 10% in Pacific North West LNG Project in British Columbia along with Petronas of Malaysia and other partners. Indian Oil is expected to offtake 1.34 MMT of LNG once the project is operational. In this context, Sh Pradhan requested his Canadian counterpart for expediting the required federal environmental clearances for the project to take off at an early date. He also invited participation of Canadian oil and gas companies to actively participate in Indian hydrocarbon sector infrastructure projects, including the gas sector.

In the spirit of growing partnership and friendship in the hydrocarbon sector, both sides also discussed their commitment to expand, enhance and deepen the scope of Canada-India Energy Dialogue through mutual consultation, including in trade and investment in oil and gas, clean technology, electricity, renewables and energy efficiency. Across each theme, both sides agreed to work to promote business-to-business, research-to-research and regulator-to-regulator collaboration between the two countries. Both agreed to work towards enhancing understanding of policies, programs and regulatory practices in both countries, to promote and facilitate greater two-way trade and investment in the oil and gas sectors, including clean technology applied to the sector, for mutual economic benefit. A Joint Statement was also issued on the occasion.

The text of the joint statement is as follows:

“Joint Statement on Enhancing the Canada-India Energy Dialogue

1.  Canada and India enjoy a long and friendly history, demonstrated by decades of political, technological and economic cooperation on the international stage, and cultural and community linkages.Both sides recognise the significant progress in all areas of bilateral energy cooperation including hydrocarbons, civil nuclear energy, electricity, renewables and clean technologies.In 2013, our countries established an Energy Dialogue promoting collaboration that provides a strong foundation for today, and for future joint efforts.
2.  Building on this, we recognise that with the great potential for growth between our energy sectors and our broader economies there is also a tremendous opportunity for cooperation in our mutual and continuing transitions to cleaner energy economies. Our actions to promote access to energy and align climate and energy policies will promote sustainable development and help enhance two-way trade between our countries, and provide better energy reliability for households
3.  However, the world is changing, as highlighted by increasing energy demand, shifting energy markets and the effects of climate change. There is great complementarity between the two nations’ energy agendas. India, being the fastest growing major economy, is already the third largest energy consumer in the world and has rapidly growing energy demand. Canada is one of the largest energy suppliers in the world.   Both countries recognise the urgent need to take action to combat climate change through innovation and deployment of low-carbon solutions, as per provisions of the 2015 Paris Agreement under the UNFCCC.
4.  While recognising the significant scope and wide ranging potential for cooperation in the field of energy cooperation between governments, the private sector, research organizations and regulators, we agree to explore ways to further strengthen the institutional framework for this cooperation. In this context, both sides agree to consider expanding the scope of their future bilateral dialogues to cover other areas of energy such as electricity and renewables; energy efficiency, clean technology and innovation; and civil nuclear energy
5.  These actions are not only beneficial to both our countries in the energy sphere, but will also support the Canada-India partnership on its course towards a more sustainable future.
6.  Canada and India have shared and complementary interests in oil and gas – an expanded Energy Dialogue and action plan will also facilitate greater collaboration between Indian and Canadian entities associated with oil and gas. Our objective is to enhance understanding of policies, programs and regulatory practices in both countries, to promote and facilitate greater two-way trade and investment in the oil and gas sectors, including clean technology applied to the sector, for mutual economic benefit. Canada and India will encourage consideration of investment opportunities in their respective energy sectors, including the Indian upstream sector under the Discovered Small Fields bid round and the Hydrocarbon Exploration Licensing Policy. Canada welcomes investment in major projects and will keep India informed of federal environmental approvals for the Pacific North West LNG Project.

MOVING FORWARD

7.  India and Canada will facilitate and expedite cooperative efforts towards the development of an action plan that will establish the critical steps forward on the implementation of specific cooperative energy projects, with real and measurable benefits for both countries. At this pivotal moment in energy development, both countries recognise the growing complementarity between the two nations’ energy agendas.  As such, they will work toward expanding their dialogues to include cooperation across the spectrum of energy issues, including oil & gas, electricity & renewables, civil nuclear energy, clean energy technology and innovation, as well as global energy security. Canada and India will continue meeting on an annual basis at a senior level to review an action plan with clear results and at the same time, we will strengthen cooperative relationships across all levels and all components of our respective energy departments and markets. Sherpas will meet periodically to develop an action plan and monitor progress.


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