Page 3 - Natural Gas

Mineral production increases by 4.6% during September: Ministry of Mines

The index of mineral production of mining and quarrying sector in September 2022 at 99.5 was 4.6% higher as compared to the level in March 2021

Petronet Q2 net profit falls 4% to Rs 785 cr as natural gas volumes drop

Petronet LNG Ltd on Thursday reported a 4 per cent fall in its September quarter net profit as volumes dropped on a spurt in global natural gas prices. Consolidated net profit stood at Rs 785.73 crore in July-September as against Rs 817.61 crore a year back, according to a company's stock exchange filing. Petronet chief executive officer Akshay Kumar Singh during a conference call said global energy rates spurred after the Ukraine war, but rates have begun to soften in the last 10-15 days. The rise in spot or current market liquefied natural gas (LNG) prices led to volume drop as users couldn't afford higher rates. Petronet is India's largest LNG importer and the gas it imports is supplied to fertilizer plants and other industries for use. Its flagship Dahej terminal in Gujarat processed 182 trillion British thermal units (TBTUs) of LNG during July-September as against 196 TBTU during the previous quarter ended June 30 and 225 TBTU during the corresponding quarter ended September

India's gas reliance grows as Europe cuts down on energy consumption

India's demand for the fuel has slumped 5 per cent in the April-September period of FY23 to 31.5 billion cubic metres from a year ago, after rising 5 per cent 2021-22

Europe's energy crunch will trigger years of shortages and blackouts

Energy security concerns in Europe are driving energy poverty in the emerging world," said Saul Kavonic, an energy analyst at Credit Suisse Group AG

What is coal gasification and why is India investing in it heavily?

On Novemebr 3, Union Finance Minister Nirmala Sitharaman launched the biggest ever coal mine auction of 141 mines in India

BP rakes in quarterly net profit of $8.2 billion after price surge

The firm more than doubled its third-quarter profit from a year earlier to $8.15 billion and expanded its share buybacks by $2.5 billion

Emergency bid: GAIL inks agreement with ADNOC to secure LNG supply

Officials said the agreement represents a reworking of India's gas sourcing strategy as the country aims to aggressively source LNG from a wider list of nations

High natural gas prices spur demand for dual-fuel tankers: Executive

Even as LNG is seen as a key transitionary fuel for bunkering, soaring prices of the super-chilled fuel have led to higher demand for ships with dual-fuel tankers, said an industry executive

Fuel demand to far outstrip supply until 2025: Natural gas exporters

The leader of the coalition of gas-exporting countries said on Tuesday the group expects demand for the fuel to far outstrip supply until 2025 amid a global energy crisis sparked by the war in Ukraine. Secretary General of the Gas Exporting Countries Forum Mohamed Hamel, of Algeria, said at the group's meeting in Cairo that although investment was increasing in natural gas production the countries didn't expect to have new sources of supply online for another three years. We believe that this market tightness to be with us until probably 2025 or 2026 when the new projects that are being developed will come on-stream, he said in a press conference on Tuesday attended by energy ministers from some of the coalition's members. Natural gas prices have skyrocketed worldwide following the Russian invasion of Ukraine early this year. Amid sanctions imposed on Russia's energy sector, much of European Union, which formerly depended on Russia for 40 per cent of its supply, has struggled find .

Energy stockpiling in overdrive soothes worries of winter shortfall

Europe's natural gas storage sites are about 92% full, above the the five-year average of 87.6%. Germany has hit 95%, a level it aimed to reach by Nov. 1

Minister Jitu Vaghani announces 10 pc VAT cut on CNG, PNG in Gujarat

Gujarat Education Minister Jitu Vaghani on Monday announced 10 per cent value-added tax (VAT) reduction on compressed natural gas (CNG) and piped natural gas (PNG) by the state government

EU ministers discuss joint gas purchases, electricity market reform

EU energy ministers held an informal meeting here to discuss solutions for high gas prices, preparing for the energy situation this winter, and a possible revision of the electricity market

Americans to pay the most in 25 years to stay warm during this winter

Prices for natural gas and distillate -- which includes heating oil -- are both seen rising nearly 30% this winter

Govt okays Rs 22,000 crore one-time grant for OMCs to battle losses

This will help them tide over continuing losses in providing domestic liquified petroleum gas

Black swan events in global markets upset India's long-term LNG story

With prices soaring and competition for the fuel rising, India's inability to negotiate term contracts with global suppliers puts Rs 2 trillion of investment at risk

Analysts expect fuel prices to go up if global prices rise further

Brent crude oil prices remained near three-week highs of $92.9 per barrel as of late Thursday

ONGC Videsh to invest $1 billion in offshore block held by Petrobras

Brazil's Petroleo Brasileiro SA (Petrobras) owns a 75 per cent stake in the block and the rest 25 per cent is held by OVL, it will raise its stake in the block

MCX Crude Oil can pullback to Rs 7,700; Natural Gas likely to test Rs 600

The pullback in MCX Crude Oil futures is aided by cut in oil production by OPEC+ members. The commodity crossed its 50-DMA for the first time since July 2022.

RIL bats for no caps on domestic gas price as govt panel seeks review

Any such move will delay investments in fuel production, company tells govt panel

Europe faces 'unprecedented risk' of gas shortage after Russian cuts: IEA

Europe faces unprecedented risks to its natural gas supplies this winter after Russia cut off most pipeline shipments and could wind up competing with Asia for already scarce and expensive liquid gas that comes by ship, the International Energy Agency said. The Paris-based IEA said in its quarterly gas report released Monday that European Union countries would need to reduce use by 13% over the winter in case of a complete Russian cutoff amid the war in Ukraine. Much of that cutback would have to come from consumer behavior such as turning down thermostats by 1 degree and adjusting boiler temperatures as well as industrial and utility conservation, the group said. The EU on Friday agreed to mandate a reduction in electricity consumption by at least 5% during peak price hours. Just a trickle of Russian gas is still arriving in pipelines through Ukraine to Slovakia and across the Black Sea through Turkey to Bulgaria. Two other routes, under the Baltic Sea to Germany and through Belaru