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The central government's decision to increase the domestic administered pricing mechanism (APM) gas price will negate the benefit of increased APM gas allocation to compressed natural gas (CNG) players, <keyword id="151304" type="General" weightage="100" keywordseo="jefferies" source="Orion">Jefferies</keyword> said in a report. In a report, Jefferies said the CNG players have limited room to increase the prices given worsening economics. According to the report, GAIL, Indraprastha Gas and <keyword id="156122" type="General" weightage="80" keywordseo="mahanagar-gas" source="Orion">Mahanagar Gas</keyword> are the key losers, <keyword id="6355199" type="General" weightage="50" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> Ltd could be a marginal beneficiary. The allocation of high pressure and high temperature (HPHT) gas from Reliance Industries' KG Field by end of 2022 and new pricing formula from a government appointed committee could provide some respite. The APM gas price has been revised from $6.26/mmbtu (effective) to $8.57/mmbtu while HPHT gas price has been revised from $9.9/mmbtu to $12.5/mmbtu. The government-appointed committee under Kirit Parikh has been asked to submit its recommendation on domestic gas pricing by mid-October. Jefferoes said Indraprastha Gas needs to raise CNG price by about Rs 8/kg and <keyword id="222307" type="General" weightage="80" keywordseo="mahanagar" source="Orion">Mahanagar</keyword> Gas by Rs 9/kg to pass on the impact of the rise in feedstock cost. This would reduce CNG's discount to gasoline/diesel from about 45/3 0 per cent to about 40/20 per cent for Indraprastha and Mahanagar. This could impact volume growth. For <keyword id="6391571" type="General" weightage="50" keywordseo="gujarat-gas" source="Orion">Gujarat Gas</keyword>, the impact will be relatively small as the priority sector constitutes only about 25 per cent of overall volume, Jefferies said. The rise in APM gas cost roughly offsets the benefit of higher allocation (94 per cent from 85 percent earlier) announced in August for the city gas distributors (CGD). GAIL's feedstock cost for LPG business increases even as LPG prices are falling further hurting profitability. "Continued availability of 94 per cent of CNG requirement from APM pool by diverting volumes from other segments, access to RIL's KG basin gas via the bidding process and pricing strategy will determine volume trajectory. We reckon growing volume via incremental supplies at Spot prices is earnings dilutive," Jefferies said.

Natural gas price increase negative for GAIL, IGL, marginal beneficiary is RIL: Jefferies

New Delhi, Nov 17 () Essar Steel, Adani Group and state-owned GAIL have bought majority of natural gas from Reliance Industries' newer fields in the KG-D6 block at an indicative price of USD 5.04 - 5.16 per unit, industry sources said.
 Essar Steel picked up 2.25 million standard cubic meters per day or about half of the available volumes in the day long auction conducted on November 15.
 Gujarat State Petroleum Corp (GSPC) picked up 1.2 mmscmd while Adani Group, Mahanagar Gas Ltd and GAIL bought 0.3 mmscmd each, sources said.
 Hindustan Petroleum Corp Ltd (HPCL) bought 0.35 mmscmd and the remaining 0.10 mmscmd went to GSFC/GNFC.
 Reliance and its partner BP Plc of the UK had sought bids from potential users for the 5 mmsmcd of natural gas they plan to produce from the R-Cluster Field in KG-D6 block from mid-2020.
 Bidders were asked to quote a price (expressed as a percentage of the dated Brent crude oil rate), supply period and the volume of gas required. Dated Brent means the average of published Brent prices for three calendar months immediately preceding the relevant contract month in which gas supplies are made.
 Sources said Reliance had set a floor or minimum quote of 8.4 per cent of dated Brent price -- which meant that bidders had to quote 8.4 per cent or a higher percentage for seeking gas supplies.
 In the November 15 auction, bidders quoted between 8.4 and 8.6 per cent slope to corner all of the 5 mmscmd supplies available. This translates into a price of between USD 5.04 per million British termal unit and USD 5.16 per mmBtu rate at Brent oil price of USD 60 per barrel.
 Sources said while bankruptcy-hit Essar bought gas to feed its steel plants, other buyers including Adani Group picked up the volumes for their city gas operations of retailing CNG to automobiles and piped cooking gas to households.
 The volumes are mostly planned for usage in western India particularly in Gujarat where the gas can be delivered through a single pipeline - East-West pipeline. The delivered price in Gujarat is likely to be around USD 6.50 per mmBtu, they said.
 Initially, Reliance had set a floor of 9 per cent of dated Brent price, which translated into a gas price of USD 5.4 per mmBtu at USD 60 oil price. But consumers saw this as a very high price considering that imported LNG in the spot market is available at around USD 4 per mmBtu rate currently.
 To pacify the consumers, Reliance lowered the floor/minimum quote to 8.4 per cent of dated Brent price.
 The company did not immediately respond to an email sent for comments.
 According to the bid document, the gas price will be subject to the ceiling price mandated by the government. The ceiling price for gas from difficult fields such as those in deep-sea currently is USD 8.43 per mmBtu.
 The government-mandated rate for other fields currently is $3.23 per mmBtu.
 Reliance and BP are developing three sets of discoveries in KG-D6 block -- R-Cluster, Satellites, and MJ by 2022.
 R-Cluster will have a peak output of 12 mmscmd while Satellites, which are supposed to begin output from mid-2021, would produce a maximum of 7 mmscmd. MJ field will start production in second half of 2022 and will have a peak output of 12 mmscmd.
 Reliance has so far made 19 gas discoveries in the KG-D6 block. Of these, D-1 and D-3 -- the largest among the lot -- were brought into production from April 2009 and MA, the only oilfield in the block was put to production from April 2009 and MA, the only oilfield in the block was put to production in September 2008.
 While the MA field stopped producing last year, the output from D-1 and D-3 has fallen sharply from 54 million standard cubic meters per day (mmscmd) in March 2010 to 1.68 mmscmd in the July-September.
 Other discoveries have either been surrendered or taken away by the government for not meeting timelines for beginning production.
 Reliance is the operator of the block with 66.6 per cent interest while BP holds the remaining stake in the block. ANZ RSN MR
MR

Essar Steel, Adani, GAIL, HPCL buy bulk of Reliance gas

New Delhi, Feb 9 () Reliance Industries and its partner BP plc of UK will this month offer for sale more natural gas from its KG-D6 block to users as it prepares to put into production second wave of discoveries in the eastern offshore block. Reliance-BP is likely to offer as much as 5 million standard cubic meters per day (mmscmd) of natural gas for bidding from newer discoveries in KG-D6 in next few days, sources aware of the development said. The volume to be offered is the same as the one the company bid out in November last year. E-mails sent to Reliance and BP for comments remained unanswered. Like in the previous auction, Reliance-BP will seek bids from potential users for the 5 mmsmcd of natural gas it plans to produce from the R-Cluster Field in KG-D6 block from mid-2020. Bidders will have to quote a price (expressed as a percentage of the dated Brent crude oil rate), supply period and the volume of gas required. Dated Brent means the average of published Brent prices for three calendar months immediately preceding the relevant contract month in which gas supplies are made. Sources said Reliance had in November set a floor or minimum quote of 8.4 per cent of dated Brent price -- which meant that bidders had to quote 8.4 per cent or a higher percentage for seeking gas supplies. The same formula is likely to be continued in the next auction. In the first round of auction in November 2019, Essar Steel, Adani Group and state-owned GAIL bought a majority of volumes on offer at a price of USD 5.1-5.16 per unit. Essar Steel had picked up 2.25 mmscmd in the country's first transparent and dynamic forward auction that lasted about five-and-half-hours on November 15, 2019, sources said. Gujarat State Petroleum Corp (GSPC) picked up 1.2 mmscmd while Adani Group and Mahanagar Gas Ltd bought 0.3 mmscmd, sources said, adding GAIL, acting on behalf of fertiliser companies, bought 0.3 mmscmd of gas. Hindustan Petroleum Corp Ltd (HPCL) had bought 0.35 mmscmd and 0.10 mmscmd went to Gujarat State Fertilizers &amp; Chemicals Ltd (GSFC)/Gujarat Narmada Valley Fertilizers &amp; Chemicals Ltd (GNFC), sources said. In all, 15 customers across sectors such as steel, petrochemicals, city gas, glass and ceramic got gas in the tender, they added. In the November 15 auction, bidders quoted between 8.5 and 8.6 per cent slope to corner all of the 5 mmscmd supplies available. This translates into a price between USD 5.1 per mmBtu and USD 5.16 per mmBtu rate at Brent oil price of USD 60 per barrel. Initially, Reliance had set a floor quote of 9 per cent of dated Brent price, which translated into a gas price of USD 5.4 per mmBtu at USD 60 oil price. But consumers saw this as a very high price considering that imported LNG in the spot market is available at around USD 4 per mmBtu rate currently. To pacify the consumers, Reliance lowered the floor/minimum quote to 8.4 per cent of dated Brent price. Reliance and BP are developing three sets of discoveries in KG-D6 block -- R-Cluster, Satellites, and MJ by 2022. R-Cluster will have a peak output of 12 mmscmd while Satellites, which are supposed to begin output from mid-2021, would produce a maximum of 7 mmscmd. MJ field will start production in second half of 2022 and will have a peak output of 12 mmscmd. Reliance has so far made 19 gas discoveries in the KG-D6 block. Of these, D-1 and D-3 -- the largest among the lot -- were brought into production from April 2009 and MA, the only oilfield in the block was put to production in September 2008. While the MA field stopped producing last year, the output from D-1 and D-3 ceased to produce this month. Other discoveries have either been surrendered or taken away by the government for not meeting timelines for beginning production. Reliance is the operator of the block with 66.6 per cent interest while BP holds the remaining stake. ANZ ANUANU

Reliance-BP to auction more gas from KG-D6 block this month

The central government has approved eight <keyword id="44749" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Direct-Investment">foreign direct investment</keyword> (<keyword id="44528" type="ORGANIZATION" weightage="20" keywordseo="FDI">FDI</keyword>) proposals worth Rs 34.77 crore. “Based on the recommendations of <keyword id="62529" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Investment-Promotion-Board">Foreign Investment Promotion Board</keyword> (<keyword id="6360345" type="ORGANIZATION" weightage="20" keywordseo="FIPB">FIPB</keyword>)...government has approved eight proposals of foreign direct investment amounting to Rs.34.77 crore approximately,” revealed an official release. 
 
UK-based CSC Computer Sciences International Operations had asked for the government’s approval to set up a limited liability partnership (LLP) worth Rs 30 crore. Proposals of Mahanagar Gas Limited, Medicamen Biotech Ltd, TutorVista Global Private Ltd, Ventura (India) Pvt Ltd, Syssmart Services LLP and Mahindra CIE Automotive Ltd also the government’s clearance. 
 “In the FIPB meeting, a proposal relating to <keyword id="131506" type="CITY" weightage="20" keywordseo="Lupin-Ltd">Lupin Ltd</keyword> was recommended for consideration of Cabinet Committee on Economic Affairs (CCEA) as the investment involved was above Rs1,200 crore,” the release stated. Decision on as many as 12 proposals, including Syngene International Ltd, India Value Fund IV, SME <keyword id="6357264" type="ORGANIZATION" weightage="20" keywordseo="capital-market">Capital Market</keyword> Corporation, SNC-Lavalin Mauritius Ltd and Verint Systems (India) Pvt Ltd, were put off.

8 FDI Proposals Worth Rs 35 Crore Gets Govt’s Nod

New Delhi, May 3 () Reliance Industries and its partner BP Plc of UK have pushed back the start of production from the second wave of discoveries in their eastern offshore KG-D6 block to end June because of restrictions on movement of people and material the nationwide lockdown has imposed. At current Brent oil price of around USD 26 per barrel, the gas from R-Series field in KG-D6 block will cost about USD 2.2 per million British thermal unit -- lower than even the government mandated rate of USD 2.39 for gas from state-owned ONGC fields. SEE ALSO: <a href="https://www.businessinsider.in/business/news/reliance-industries-q4-net-drops-39-pc-at-rs-6348-cr/articleshow/75474053.cms" data-type="tilCustomLink" target="_blank">Crashing crude oil cracks Reliance Industries fourth-quarter profit by nearly 40%Crashing crude oil cracks Reliance Industries fourth-quarter profit by nearly 40%</a> In an investor presentation post its fourth-quarter earnings, Reliance said it is working on three projects in the KG-D6 block, where production from older fields stopped in February this year. "First Gas from R-Cluster field expected by June 2020 subject to lifting of lockdown," it said. Gas production from R-Cluster was to start by mid-May but the coronavirus lockdown has delayed it. Reliance said it expects to achieve a peak output of around 28 million standard cubic metres per day by FY24 when all three projects are up and running. Reliance and BP are developing three sets of discoveries in KG-D6 block -- R-Cluster, Satellites, and MJ by 2022. R-Cluster will have a peak output of 12 mmscmd while Satellites, which are supposed to begin output from mid-2021, would produce a maximum of 7 mmscmd. MJ field will start production in second half of 2022 and will have a peak output of 12 mmscmd. Reliance in November last year auctioned the first set of 5 mmscmd of gas from the newer discoveries in the KG-D6 block by asking bidders to quote a price (expressed as a percentage of the dated Brent <keyword id="45185" type="ORGANIZATION" weightage="20" keywordseo="Crude-oil">crude oil</keyword> rate), supply period and the volume of gas required. Sources said Reliance had in November set a floor or minimum quote of 8.4 per cent of dated Brent price -- which meant that bidders had to quote 8.4 per cent or a higher percentage for seeking gas supplies. Considering current average Brent price of USD 26 per barrel, the gas will cost around USD 2.2 per mmBtu. Dated Brent means the average of published Brent prices for three calendar months immediately preceding the relevant contract month in which gas supplies are made. In the first round of auction in November 2019, Essar Steel, Adani Group and state-owned GAIL bought a majority of volumes on offer. The price at that time came to USD 5.1-5.16 per unit. But international oil rates have slumped as demand evaporated due to outbreak of coronavirus and lockdowns imposed by countries around the globe. Essar Steel had picked up 2.25 mmscmd in the country's first transparent and dynamic forward auction that lasted about five-and-half-hours on November 15, 2019, sources said. Gujarat State Petroleum Corp (GSPC) picked up 1.2 mmscmd while Adani Group and Mahanagar Gas Ltd bought 0.3 mmscmd, sources said, adding GAIL, acting on behalf of fertiliser companies, bought 0.3 mmscmd of gas. Hindustan Petroleum Corp Ltd (HPCL) had bought 0.35 mmscmd and 0.10 mmscmd went to Gujarat State Fertilizers &amp; Chemicals Ltd (GSFC)/Gujarat Narmada Valley Fertilizers &amp; Chemicals Ltd (GNFC), sources said. In all, 15 customers across sectors such as steel, petrochemicals, city gas, glass and ceramic got gas in the tender, they added. In the November 15 auction, bidders quoted between 8.5 and 8.6 per cent slope to corner all of the 5 mmscmd supplies available. This translated into a price between USD 5.1 per mmBtu and USD 5.16 per mmBtu at the then prevailing Brent oil price of USD 60 per barrel. Initially, Reliance had set a floor quote of 9 per cent of dated Brent price, which translated into a gas price of USD 5.4 per mmBtu at USD 60 oil price. But consumers saw this as a very high price considering that imported LNG in the spot market is available at around USD 4 per mmBtu rate currently. To pacify the consumers, Reliance lowered the floor/minimum quote to 8.4 per cent of dated Brent price. Reliance has so far made 19 gas discoveries in the KG-D6 block. Of these, D-1 and D-3 -- the largest among the lot -- were brought into production from April 2009 and MA, the only oilfield in the block was put to production in September 2008. While the MA field stopped producing last year, the output from D-1 and D-3 ceased in February. Other discoveries have either been surrendered or taken away by the government for not meeting timelines for beginning production. Reliance is the operator of the block with 66.6 per cent interest while BP holds the remaining stake. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/reliance-jio-profit-jumps-73-due-to-tariff-hikes/articleshow/75475445.cms" data-type="tilCustomLink" target="_blank">40% tariff hike boosts Reliance Jio’s profit by 73% in just three months ⁠— and there’s a lot more coming from the Mukesh Ambani stable</a> <a href="https://www.businessinsider.in/business/corporates/news/ril-rights-issue-ratio-pricing-and-value/articleshow/75474592.cms" data-type="tilCustomLink" target="_blank">Mukesh Ambani offers Reliance Industries shareholders 1 new share for every 15 held⁠— at a price 14% below market value</a>

RIL and BP cite COVID-19 lockdown for pushing back production from KG-D6⁠— the real reason may the price

New Delhi, Apr 20 () A non-profit body Annamrita Foundation, formerly known as ISKCON Food Relief Foundation, on Monday said it has distributed 69 lakh meals to migrant workers, daily wage earners, slum dwellers and the poor across the country during the COVID-19 lockdown period.The Foundation, in a statement, said it is distributing large quantities of meals to identified partner organisations that have taken on the responsibility to ensure door-to-door delivery to the needy especially in slums."In the lockdown period since March 25, Rs 69 lakh meals have been distributed across the country at 3.2 lakh meals per day," according to the Foundation.In Maharashtra, 81 tonnes of rice, 46 tonnes of pulses, 14 tonnes of cooking oil, 63.5 tonnes of vegetables, 4 tonnes of spices and 6 tonnes of salt have been utilised so far, to prepare these meals.At the request of the Municipal Corporation of Greater Mumbai, the Foundation is delivering meals to all the dedicated and hardworking staff of the municipality on emergency duty.Over 10,000 members of the staff from departments such as solid waste management, maintenance, public health, education, social justice, fire, water and disaster management from 24 Wards around the city are catered to.The Foundation is working round-the-clock to deliver meals to hospitals and quarantine centres in Mumbai."This is a difficult time for our country. ...The workers and volunteers of Annamrita are risking lives to do what is needed. We are grateful for the support we are receiving from our partner organisations as their active engagement has gone a long way to achieve the successful distribution of food," Annamrita Foundation's Radha Krishna Das said.The Foundation is inviting individuals, philanthropists, corporates and NGOs to come forward and contribute either small or large donations to this cause as there are vast numbers that are yet to receive this dire support.Its partner organisations that have contributed funds in kind include: Reliance Foundation, Rotary Club of Mumbai Queens Necklace, TajSats, Cipla, Bharat Petroleum, Bajaj, Thermax, Mahanagar Gas Ltd, JSW, TVS, Mafatlal, IIFL Finance, Pidilite, Mahyco Monsanto, Bayer, Pranic Healing, Sahachari Foundation among others.The distribution partners include Rotary Club of Bombay Queens Necklace, Giants Parivar, NESH52 – No One Ever Sleeps Hungry, Art of Living, YMCA, Arham Yuva Seva Group, IDF and others.Apart from big organisations, a large number of individuals and corporate employees have come forward to pledge and donate amounts starting from as little as Rs 100 to crore as per their capacity. LUX MKJ

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Natural gas price increase negative for GAIL, IGL, marginal beneficiary is RIL: Jefferies

IANS

Essar Steel, Adani, GAIL, HPCL buy bulk of Reliance gas

PTI

Reliance-BP to auction more gas from KG-D6 block this month

PTI

8 FDI Proposals Worth Rs 35 Crore Gets Govt’s Nod

BI India Bureau

RIL and BP cite COVID-19 lockdown for pushing back production from KG-D6⁠— the real reason may the price

PTI

Annamrita Foundation distributes 69 lakh meals to vulnerable people during lockdown

PTI

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