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Government fixes May domestic gas price at $8.90/mmbtu
The announcement made by the Petroleum Planning & Analysis Cell (PPAC) of the Ministry of Petroleum and Natural Gas (MoPNG) states that the domestic natural gas price for May 2024 will be $8.90 per million British thermal units (mmbtu) on a Gross Calorific Value (GCV) basis.
According to the PPAC?s notification, a ceiling price of $6.50/mmbtu on a GCV basis will apply to gas produced by Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) from their nomination fields for the same period.
It is mentioned in the notification that the pricing decision forms part of India's o..
India's March 2024 natural gas output surges by 6.2%
According to the latest report from the Petroleum Planning & Analysis Cell, the gross production of natural gas for the month of March 2024 had reached 3,138 mmscm, marking a 6.2% increase compared to the same month in 2023.
The report indicated that the net production for sale stood at 2,571 mmscm, reflecting a 5.7% rise year-on-year. This growth was attributed to the ongoing efforts in domestic production by companies such as ONGC, OIL, and various joint ventures.
LNG imports during March 2024 had amounted to 2,522 mmscm, showing a decrease of 1.1% from March 2023, suggesting..
India's crude oil production surges in Sept 2023, reaches 2.4 MMT
In September 2023, India's crude oil production exhibited consistent growth, reaching a total of 2.4 million metric tonnes (MMT), as per data disclosed by the Petroleum Planning & Analysis Cell (PPAC).
The primary contributor to this production surge was the Oil and Natural Gas Corporation (ONGC), responsible for 1.5 MMT, followed by Oil India Limited (OIL) with 0.287 MMT, and private sector producers, adding 0.60 MMT to the overall output.
During the same period, crude oil imports in India rose by 6.1%, aligning with the 0.4% growth observed from April to September 2023 comp..
Indian container cargo set to expand by 8% in FY25 amidst Red Sea crisis
CareEdge Ratings forecasts that Indian container cargo volume will experience an 8% growth, reaching 342 million tonnes (mt) in FY25. They also anticipate the risk of a prolonged Red Sea crisis. In a sectoral report, the agency mentions that the connection of the Dedicated Freight Corridor to Jawaharlal Nehru Port Trust (JNPT) in FY26, coupled with capacity expansions by ports, will likely propel the growth in container volumes in the medium term. According to the report, significant adverse movements in charter rates affecting cargo volumes, as well as vessel additions by shipping lines, will..
Nalanda Capital Sells Stake in Great Eastern Shipping
Nalanda Capital has divested a 1.4% stake in Great Eastern Shipping, a prominent player in the ports and shipping industry, for a total sum of Rs. 1.90 billion. This move comes amidst evolving market dynamics and reflects Nalanda Capital's strategic realignment of its investment portfolio.
The sale of shares in Great Eastern Shipping represents a calculated decision by Nalanda Capital to optimise its investment holdings and capitalise on market opportunities. The transaction, valued at Rs. 1.90 billion, underscores the investor's confidence in realising returns while maintaining flexibi..
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