fetching latest news
News tagged in:
Assam Gas Company Ltd (AGCL), Oil India Limited (OIL) and GAIL Gas Ltd inked an agreement to setup a joint venture. The JV will work towards the execution of the City Gas Distribution (CGD) Networks, apart from supplying Piped Natural Gas (PNG) and CNG. While the PNG will be supplied to the domestic, commercial and industrial customers, CNG will be provided to the vehicles in different districts of Assam.
GAIL has approached National Company Law Tribunal (NCLT) after Videocon’s resolution professional rejected its ₹390 crore claim in the insolvency resolution process. The Mumbai bench of NCLT has asked Videocon’s resolution professional to reply by June 10, and GAIL to file its rejoinder by June 17. The Videocon Group owes more than ₹85,000 crore to lenders.
Chairman of GAIL has informed that the gas firm has signed an initial agreement with energy giant ExxonMobil. Both the companies will jointly work to explore ways of supplying natural gas to power and transportation sector in India. This venture will help with the expansion of the gas business in the country. Further, GAIL is also competing to buy IL&FS’s 874 MW operational wind energy assets.
India's GAIL has reported a profit in the fourth quarter. The company's standalone net profit increased by 10% to Rs 1,122 crore. Its revenue from operations witnessed a 22% hike and were Rs 18,764 crore. “The board of directors, in its meeting held on 27th May 2019, has recommended a final dividend of Rs 1.77 per equity share of Rs 10 each amounting to Rs 399.15 crore”, GAIL informed.
If sources were to be believed, ExxonMobil and state-owned GAIL (India) Ltd are in talks to form a joint venture in the country. Exxon’s renewed focus on India is an acknowledgment of the rising energy consumption in India. Chairman and MD at GAIL said, “The discussions are on. We are likely to make an announcement in a fortnight or so,".
The Government of India has put forward state-run GAIL’s name as the buyer for gas output from Vedanta’s Barmer block. The production sharing contract for the Barmer block requires producers to sell the output to a government-nominated entity. The block is expected to generate around 4 million metric standard cubic meters a day (mmscmd). GAIL and Vedanta have been in a long-drawn negotiation row over the pricing of the output.
GAIL awarded a pipe laying contract worth Rs 270 crore to IL&FS last year but is planning to terminate that contract. This is because the financially-troubled contractor is delaying the project. According to the source “Due to its financial crisis, IL&FS is unable to pay its subcontractors and suppliers. So, these sub-contractors have stopped working and vendors have stopped supplies.” This 2,655 km pipeline is called Pradhan Mnatri Urja Ganga.
India-based Great Eastern Energy Corp (GEECL) is planning to put in approximately $2 billion to exploit shale gas reserves in West Bengal’s Raniganj block. The company is looking to begin the initial exploration work of drilling core wells in 2019. GEECL has reached an initial understanding with state-owned GAIL (India) for an offtake or a transmission agreement through the upcoming Jagdishpur-Haldia & Bokaro-Dhamra pipeline.
Metro construction workers, on Monday, damaged GAIL’s underground gas pipeline while drilling a road in Bengaluru. GAIL’s fire safety team attended to the damaged pipeline, as the fire brigade rushed to the spot. Bengaluru Metro Corp. and its contractor have been booked under various sections of PNGRB and IPC. BMRCL cited lack of knowledge about the pipeline presence in the area as the reason of not asking permission from GAIL.
Essar took to twitter to inform about starting off gas supply to state-owned GAIL India. Ruia family-owned Essar inked a 15-year contract in August to supply all of its coal bed methane (CBM) production from Raniganj East block to GAIL. The Raniganj East block is predicted to reach peak coal bed methane (CBM) production of 2.3 million standard cubic metres per day.
In its last attempt to save the company from splitting, GAIL India will launch its new portal tomorrow allowing anyone to hire its pipeline network for natural gas transportation. The Oil Ministry in January considered dividing the company, one for transportation and other for marketing in order to avoid any internal conflicts. According to the sources, GAIL has been accused of denying access to its 11,000-kilometer pipeline network.
If sources were to be believed, ONGC has used its internal resources to pay for the third of Rs 24,881 crore loan it had taken to buy HPCL. Earlier this year, the company got approval from the government to sell its stake in IOC and GAIL to repay the loan but has now decided otherwise. Acquisition of HPCL by ONGC led to the creation of nation’s first integrated oil company.
After the submission of winning bid by GAIL, Essar Oil & Gas E&P has agreed to supply 2.3 mmscmd of its entire coal bed methane (CBM) production from the Raniganj project in West Bengal, India. The gas sale and purchase agreement (GSPA) has a term of 15 years. In its bid, GAIL offered the payment of gas prices associated to the average daily price of three months of Brent crude.
Kerala GAIL Gas Ltd (KGGL), JV of GAIL and KSIDC was formed with an idea to bring more contracts for the development of city gas project in the state and to improve the delivery of CNG and PNG. Failing to do so, the state government is now of the view to wind up KGGL. IOAGPL bagged the maximum contracts in the CGD auction announced so far.
Essar Oil subsidiary, Essar Oil and Gas Exploration and Production (EOGEPL) has entered into a gas sale and purchase agreement (GSPA) with state-run GAIL for a 15-year term. GAIL won the bid for the contract floated by EOGEPL. The deal will help monetize EOGEPL’s complete CBM production from the Raniganj East block. The Essar subsidiary has already concluded drilling of 346 out of the 500 CBM wells.
An Indian Parliamentary panel has reported a drop in number of accident in the facilities of the government oil firms, but the number of such cases in ONGC, HPCL and other state run explorers continues to be high. 149 accidents were recorded by HPCL while GAIL recorded the least number of accidents. The committee has recommended an increase in the safety and security of the facilities.
Oil majors, Royal Dutch Shell and BP Plc are looking forward to moving to a unified tariff for pipelines in India, but the firms want separate marketing and transportation business before they do so. In an open house called by the Petroleum and Natural Gas Regulatory Board (PNGRB), GAIL regarded unification of tariff as a separate exercise and said that it is not related to unbundling of their business arms.
In a statement released by NRL, Indian oil companies, IOCL, ONGC, GAIL, OIL, and NRL have formed a joint venture to carry out the North-East Natural Gas Pipeline Grid as part of the Urja Ganga Gas Pipeline Project. The JV will focus on the development, construction, operation, and maintenance of the Natural Gas Pipeline Grid connecting Guwahati to the other major North-Eastern cities and major load centers.