Page 153 - CW E-Magazine (11-6-2024)

Hydrocarbons

COLLABORATION
HPCL and Oil India sign MoU to explore new business

opportunities in energy sector

Hindustan Petroleum Corporation
Ltd. (HPCL) and OIL India Ltd. (OIL)
have signed an MoU to explore new
business opportunities in the energy sec-
tor, including oil & gas, sustainable and
renewable energy, carbon capture utilisa-
tion & storage, and green hydrogen.

The agreement was signed in the
presence of the Chairman & Manag-
ing Director and Functional Directors
of both HPCL and OIL. At the signing
event, Dr. Ranjit Rath, C&MD of OIL,
emphasised the signifi cant potential
for carbon sequestration and storage in Joshi, highlighted the powerful syn- envisioning this MoU as a new bench-
the gas fi elds of Rajasthan and Assam. ergy between the two organisations, mark in the oil & gas and renewables
HPCL’s C&MD, Dr. Pushp Kumar showcasing their past association and space.

PRICE FIXING
Government slashes domestic natural gas prices

The oil ministry has revealed that the The adjustment follows the new prices of imported crude, specifi cally
price of domestic natural gas has been gas pricing mechanism implemented pegged at 10 percent of the Indian
reduced to $8.44 per million metric by the government, which sets a fl oor crude basket.
British thermal units (mmBtu) for June price of $4 per mmBtu and a ceiling
2024, down from $8.90 in the previous price of $6.5 per mmBtu for domestic The government updates these prices
month. gas. This mechanism applies to natural monthly to reflect current market
gas produced from legacy and oil fi elds conditions. This pricing reform was
Despite this reduction, the price managed by Oil and Natural Gas Cor- initiated based on recommendations
of domestic natural gas will remain poration Ltd. (ONGC) and Oil India Ltd. from a government-appointed panel led
capped at $6.5 per mmBtu according to (OIL). Under the new pricing regime, by Kirit Parikh, a former member of
the current pricing formula. domestic gas prices are linked to the NITI Aayog and an energy expert.
Government offers two discovered oil & gas fi elds,

one CBM block in special bidding round

The government has offered two dis- on May 28 and bids will close on July 15. August 2018, offered 25 contract areas that
covered oil & gas fi elds in Mumbai off- DSF was launched in 2016 and since then were made up of 59 fi elds. These had an
shore and a coal bed methane (CBM) fi eld three rounds have been held. In the fi rst in-place resource potential of 190-million
in West Bengal for bidding in the latest round, 67 discovered oil & gas fi elds that tonnes of oil & oil equivalent gas. In June
Discovered Small Fields (DSF) bid round. were clubbed into 46 contract areas were 2021, DSF-III offered 32 contract areas,
In a notice on its website, the Directorate awarded. These fi elds had an in-place comprising 75 fi elds with in-place re-
General of Hydrocarbons (DGH) said that resource potential of 45-million tonnes of source potential of 232-million tonnes of
the notice inviting offer will be launched oil & oil equivalent gas. DSF-II, in oil & oil equivalent.

Chemical Weekly June 11, 2024 153

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