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India says patience needed on Sudan's missed pipeline payments

NEW DELHI, Nov. 4 (UPI) — Indian energy company ONGC Videsh Ltd. was asked to be patient with Sudan, which has missed four payments for pipeline work, officials said. Sudan missed the payments to the international subsidiary of India’s Oil and Natural Gas Corp. for pipeline work in Sudan, the Times of India reported Saturday. “We should show some more patience to the government of Sudan … as it would have repercussions on our engagement with that country in the oil sector,” India’s Ministry of External Affairs was quoted as saying. The Times reported India is vying for a larger role in a Sudanese oil sector dominated by Chinese energy companies. Sudan controls most of the pipeline infrastructure in the country but lost some reserves to South Sudan when the latter gained independence in 2011. “Our ambassador has also suggested [ONGC Videsh] should look at the possibility of converting […]

Posted On : Published By : Tom Whipple
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Singh Spends $2.2 Billion to Triple Oil Reserve: Corporate India

India , Asia’s second-largest energy user, will spend $2.2 billion to more than triple its proposed emergency crude oil reserves as it seeks to protect the economy against supply disruptions. Four caverns with a combined capacity of 12.5 million metric tons will be built at a cost of 133 billion rupees ($2.2 billion) and add to three with 5.03 million tons of capacity under construction, Indian Strategic Petroleum Reserves Ltd. Chief Executive Officer Rajan K. Pillai said. The government may turn to its biggest refiners Indian Oil Corp. (IOCL) and Hindustan Petroleum Corp. (HPCL) to help fill the reservoirs, he said. Prime Minister Manmohan Singh is seeking to shield Asia’s third-biggest economy from perennial political risk in the Middle East and Africa , which account for 85 percent of its imports. Sanctions by the European Union and the U.S. against Iran forced India to halve its estimated oil imports […]

Posted On : Published By : Tom Whipple
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BHP Billiton exits Indian oil, gas fields

NEW DELHI, Oct. 21 (UPI) — Mining giant BHP Billiton has exited from 10 Indian oil and gas exploratory fields due to clearance delays. The exploration blocks were awarded from 2008 to 2010 under the Indian government’s new exploration licensing policy, known as NELP, India’s Livemint newspaper reported Monday. The report said BHP Billiton, based in Melbourne, Australia, will continue to explore a deepwater field in the Mumbai basin in which it signed a production-sharing contract in 2012 with the government, along with the United Kingdom’s BG Group Plc. The two companies have equal stake in the block. “BHP Billiton has exited all its NELP blocks [other than the one with BG Group] because of delays in defense clearance,” the newspaper quoted an unnamed source familiar with the decision, as saying. Indian infrastructure and energy-focused conglomerate GVK has a majority stake in seven of the 10 blocks. GVK acknowledged […]

Posted On : Published By : Tom Whipple