Great Lakes IEMR Mail - IPPAI Power News - 03 January 2012

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Great Lakes IEMR Mail - IPPAI Power News: 03 January 2012
Vaibha Redd <g edd _pgp13@iem .in>
IPPAI Po e Ne
IPPAI <ippai@ippai.o g> To: ippai@ippai.o g
: 03 Jan a
2012
T e, Jan 3, 2012 a 11:33 AM
IPPAI POWER NEWS: 03 Januar 2012

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Coal, Oil & Ga

Singa eni Collie ie m echani m in 3 m on h o adop ne he onl p icing a o fi e
Coal India: P ice hike i pg o h COAL INDIA CIL e pec hike highe
JP Mo gan in e R 100-c in Na ain Ka hike an' g een po e com pan GAIL, Mahind a, Wel p n o de elop ola PV p ojec Cen al PSU line p fo p ojec Wo ld' la ge ola plan po e in AP p
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Source: Economic Times, Sarita C Singh / New Delhi, 03 Januar 2012
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One killed during po er protests in Kashmir

Source: Economic Times, M asood Hussain / Sri Nagar, 03 Januar 2012
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Five CISF personnel allegedly involved in the firing incident outside the NHPC-run Uri pow er project at Boniyar have been arrested w hile the state government has lodged a protest w ith the Union home ministry.
The victim w as identified as Altaf Ahmad Sood (25), w ho died on the spot, police said. 70-year-old Abdul Majid Khan and 25-year-old Parvaiz Ahmad Khan sustained injuries, it added. A group of around 500 persons staged protests outside the pow er plant on Monday morning against recurring electricity shortage in the area. As the protesters, demanding regular electricity supply, marched tow ards the main gate of the pow er plant, CISF personnel guarding the complex allegedly opened fire.
The incident led to tension in the area as residents gathered outside the plant demanding arrest of the personnel responsible for the death of Altaf Ahmad Sood.
The Omar Abdullah government has expressed its "deep regret on the tragic firing incident at Boniyar", said an official spokesman. "CISF, w hose troopers opened the fire, are not a part of the counter-insurgency grid operating in Jammu and Kashmir and have been hired by the NHPC exclusively for the security of their installations across the state, and are not under the operational command of either the unified headquarters or the state government," he said.
He said the state government has taken up the matter w ith the home ministry, lodging a serious protest and demanding stern, exemplary action against the officers responsible for the firing incident. The CM has dispatched a team comprising public health engineering minister Taj Mohiuddin, minister of state for home Nasir Aslam Wani and senior officials to the village.
JP Morgan invests Rs 100-cr in Narain Karthike an's green power compan

Source: Business Line, M . Ramesh / Chennai, 03 Januar 2012
JP Morgan Asset Management has recently invested Rs 100 crore in Leap Green Energy Pvt Ltd, a company promoted by India's ace motor racer Narain Karthikeyan's family. Leap Green ow ns installed capacity of 100 MW of w ind assets, w hich is to be doubled in the current year.
According to Venture Intelligence PE Deal database, JP Morgan first invested Rs 107 crore. The investment w as made into both equity and convertible debt instruments, w hich, w hen converted w ould give JP Morgan a majority stake. Therefore, JP Morgan has invested over Rs 200 crore in Leap Green, w hich describes itself as a green Independent Pow er Producer.
Leap Green's Web site says that the company its portfolio includes w ind, solar and hydel projects w hich are at various stages of completion.
JP Morgan's investment in Leap Green underscores the interest that private equity funds are show ing in renew able energy sector. There have been quite a few deals in the last six months, the biggest of them being Rs 1,000 crore in ReNew Wind Pow er, founded by Mr Sumanth Sinha, a former executive of Suzlon.
IDFC-incubated Green Infra, w hich has operating assets of 164 MW, received Rs 90 crore from IDFC PE. Bharat Light & Pow er, founded by Mr Tejpreet Chopra, a former President & CEO of GE India, also raised an undisclosed sum from DJF Ventures.
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GAIL, Mahi d a, We
de e
a PV
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Source: Business Line, Richa M ishra / H derabad, 03 Januar 2012
cha e ag ee
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NTPC Vidyut Vyapar Nigam (NVVN) expects to sign pow er purchase agreements w ith 22 companies by January-end to develop 350 MW of grid-connected solar photovoltaic energy. The companies include GAIL (India), Welspun Solar, Mahindra Solar One, Enfield Infrastructure, Essel Infraprojects, Azure Pow er India and French firm Fonroche Energie S.A.S.
The trading arm of NTPC has been designated as the nodal agency for sale and purchase of grid-connected solar pow er under the Phase-1 of the Jaw aharlal Nehru National Solar Mission. Last December, NVVN had issued letters of intent to the short-listed developers for the second batch of Phase-1.
The other companies short-listed include Solairedirect SA, SunBorne Energy Services, Sujana Tow ers, and Green Infra Solar Farms. Of the 28 projects for w hich letters of intent have been issued to these companies, 24 are in Rajasthan, tw o in Maharashtra, and one each in Andhra Pradesh and Tamil Nadu.
Once the pow er purchase agreements are inked, the target of over 1,000 MW capacity envisaged in Phase-I w ould be met, a senior official said.
Over 150 companies, including Reliance (Anil Ambani Group), Lanco, Moser Baer and the Tatas, had evinced interest in developing large solar photovoltaic projects of up to 20 MW under the second batch. Request for selections w ere received for 218 projects for over 2,500 MW, much higher than the 350 MW offered. Ta iff ed
Developers offering the best discount on the tariff fixed by the regulatory commission for photovoltaic projects w ere short-listed for the second batch and letters of intent issued. The tariff quoted w ere presumably amongst the low est in the w orld w ith an average Rs 8.77 a unit, w ith the low est bid being Rs 7.49 a unit. Compared w ith the tariffs of over Rs 18 a unit at the start of the Mission, this is a reduction of more than 50 per cent, the official added. The National Solar Mission envisages the implementation of the solar programme (thermal and photovoltaic), including utility grid solar pow er in three phases first phase up to 2013 (1,100 MW), second phase up to 2017 (4,000 MW), and third phase up to 2022 (20,000 MW).
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Source: Business Line, V. Rishi Kumar/ H derabad, 03 Januar 2012
Several large Central public-sector undertakings (PSUs), including Nuclear Pow er Corporation and those from the Defence sector, have
https://mail.google.com/mail/u/1/?ui=2&ik=6c2bec8319&view=pt&search=in 4/20
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expressed interest to set up projects in Andhra Pradesh. Others are Hindustan Aeronautics Ltd (w ith a chopper facility), Bharat Electronics Ltd, and Bharat Dynamics Ltd (for missile facilities).
According to latest information from the State Government, Bharat Dynamics has come forw ard to set up one projects in Ananthapur, tw o in Chittoor and another in Ranga Reddy districts. The State Government has handed over 32 acres to Andhra Pradesh Industrial Infrastructure Corporation Ltd for the company's Rs 500-crore project at Ibrahimpatnam in Ranga Reddy district.
Nuclear Pow er Corporation of India Ltd is planning to set up tw o large nuclear reactors at Adoni in Kurnool district and another one at Visakhapatnam. The Government is making arrangements for allocation of 1,000 acres for tw o projects along w ith w ater and pow er supplies.
Hindustan Aeronautics is planning a greenfield project for manufacture, repair and overhaul of 3-12-tonne helicopters, w ith an outlay of Rs 4,000 crore. The Government has made necessary arrangements for land and is considering extending tax holiday for 10 years.
Bharat Electronics has come up w ith a proposal for integrated radar testing facility w ith an outlay of Rs 500 crore and has sought 100 acres at Lepakshi Know ledge Hub in Ananthapur district. The company has sought another 40 acres for setting up a Rs 100-crore unit at Chittigudur in Krishna district. It also plans a facility at Ibrahimpatnam in Ranga Reddy district w ith an outlay of Rs 500 crore.
These PSUs are likely to sign up during the Confederation of Indian Industry Partnership Summit to be held in January 11-13. These PSUs are likely to sign up during the Confederation of Indian Industry -Partnership Summit to be held in January 11-13.
Wo ld' la ge
ola plan po e
Source: The Independent, Alasdair Fotheringham / London, 03 Januar 2012
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Just under a month ago, on an empty mountain plateau in Andalusia, the last of 600,000 parabolic mirrors w ere connected, and Andasol, the w orld's largest solar pow er station, become operational. It is, as it glints in the Spanish sun, a shining example literally of w hat renew able energy offers. Big almost beyond belief, it is pow erful, clean and looks unlike any pow er station you could ever imagine. Spread over terrain w hich covers the equivalent of 210 football pitches, there is nothing to see behind the security fences and drainage ditches but interminable lines of gleaming, eerily silent, parabolic mirrors. They gyrate simultaneously to follow the sun's path through the sky for all the w orld like an enormous Star Wars android army aw aiting orders from above to destroy the local populace.
The bleak, empty flatlands of the Guadix plateau, 30 miles from Granada, w ere chosen by the backers of Andasol, a joint venture by four German companies, as the location for their 350m (293bn) investment because, at 1,100 metres above sea level, Guadix's atmosphere is clearer and less turbulent than low er altitudes. Purely because of that, it captures more solar energy than the entire Saudi Arabian peninsula.
Other plus points include an ample underground spring system, w hich supplies w ater for the turbines, as w ell as 2,000 hours of sunlight per annum. And if a conveniently close high-voltage pow er line w as an indispensable factor, so too w as the degree of local government support. For all these reasons, if solar pow er is going to w ork anyw here, it's going to w ork here. But there are clouds on the horizon.
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When Rainer Kistner, Andasol's director, talks about business prospects, he can find little cause for celebration. The source of his w oes are the so-called feed-in tariffs, the indirect government subsidy w hich acts as the financial lifeblood for renew able energy projects. They w ere slashed by half last w eek in the UK, and, Kistner fears, they face equally dismal prospects in Spain, too. "In the future, w e know that tariffs w ill go dow n. Dramatically," Kistner gloomily predicts. "It cannot affect existing pow er plants" such as Andasol "but the government has to give some sort of guarantee to the investors. It can't say it'll pay so many euros per kilow att hour... for the next 25 years and tw o years later say 'Sorry, but w e'll give you only half of this'."
Spanish and UK solar energy are not alone in facing an imminent crisis. Globally, renew able energy is on the retreat, to the point w here last month the Ernst & Young accountancy firm w arned that, should the eurozone debt crisis w orsen, a climate funding gap of $45bn (29bn) w orldw ide could emerge by 2015.
Even if government cuts do not deepen, w hich is unlikely, the Ernst & Young report claimed that a gap of $22.5bn on investment in renew able energy and subsidies is likely to emerge across 10 leading w orld economies in less than four years. Among them is the UK w here the shortfall is estimated to be $5bn, w hile in Spain effectively confirming Kistner's fears it w ould be $6bn.
"Continuing economic uncertainty is pushing a low -carbon economy further out of reach," said Juan Costa Climent, Ernst & Young's global climate analyst. And the International Energy Agency's chief economist, Fatih Birol, w arned recently in the Spanish new spaper El Pas that "renew able energies are going through a very difficult period. Countries are cutting subsidies to reduce the [public] deficit. And that is legitimate, but it w ill have long-term implications."
Andasol's Kistner recognises that renew al energy subsidies have been part of the political discussion on how to reduce Spain's deficit, but he points a finger at the "big electrical companies w ho w ould like to lay the blame on renew able energy companies for the increase in price. They've already reduced the tariff for photovoltaic solar energy. The Spanish government right now is nearly bankrupt. And w e are living under law s from w hen the situation w as healthy. Our plant should not be affected, but I'm w orried about new projects. In a completely liberalised market, there w ould never be any chance for a new [electricity-producing] technology because the risks are too high."
The real victim of these cuts and the blame games betw een the electrical companies, as ever, is the environment. While countries such as Canada abandoned the Kyoto Protocol on greenhouse gas emissions last w eek, Andasol's production alone prevents nearly 500,000 tons of CO2 from being pumped into the atmosphere per annum. And w hile some media reports say Andasol's output of 150 megaw atts is relatively modest, it still provides enough energy for a city of half a million inhabitants.
Part of the explanation for Andasol's high output is that, rather than using the better-know n photovoltaic solar energy system, w hich directly creates electrical current, its linear solar concentrators in the mirrors absorb the heat. The heat is then transferred and thermally stored in some 30,000 tons of salt heat w hich can keep the electricity-producing steam turbines turning for up to eight hours after sunset.
"The challenge for most renew able energy sources is that you have to provide electricity w henever the end- consumer needs it," says Kistner. "A photovoltaic solar pow er needs the sun, but if you w ant to w atch a football game at 10pm or cook a meal you don't care about that. And storing electricity, rather than storing solar heat, like our pow er station does, is very expensive."
Given the relentless series of government cuts, it is hardly surprising that those companies still keen to invest in renew ables are looking further afield. In North Africa, for example, an international venture called Desertec Industrial Initiative has recently announced plans for a Sahara-w ide, 400bn solar energy project, starting in the region of Ouarzazzatte in Morocco in 2015.
Desertec's plans could produce 15 per cent of Europe's electricity by 2050, managing director Paul van Son told the new s agency Reuters last month. Space vital for thermal solar plants w hich could dw arf even somew here like Andasol is hardly lacking in the Sahara, either. According to Desertec, it receives as much solar energy in six hours as the entire w orld uses in a year. "It's interesting, and there are definitely locations that are better than here," Kistner says, "even if the huge political projects take a lot of time. Ultimately, in any case, there is no other choice but renew able energies."
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How ever, Kistner says the companies behind Andasol are very nervous about future projects because of their concerns about the ebbing tide of government feed-in tariffs for renew ables. While the cuts continue, those concerns can only increase.
Coal, Oil & Gas
Singareni Collieries to adopt new pricing mechanism in 3 months

Source: Business Line, Amit M itra / H derabad, 03 Januar 2012
Singareni Collieries Co Ltd, India's second biggest coal miner, w ill be completely sw itching over to the new price mechanism based on gross calorific value (GCV) in the next three months, w hich w ould result in some price increases for certain higher-grade coal. The new mechanism w ill enable SCCL to get better price for higher-quality coal and relatively lesser rate for low er-grade coal. It w ill be value for money for our consumers. For us, it w ill mean better price for better grade, Mr S. Narsing Rao, the company's Chairman and Managing Director, told Business Line.
Till then, SCCL, w hich began the process of sw itching over to the new price mechanism from January 1, w ill keep the new prices on par w ith the earlier structure so that there is no revenue and price impact either for the miner or for its consumers.
Qualit Grading
SCCL, w hich produces over 50 million tonnes of coal, is an important supplier of the raw material to NTPC, AP Genco, Karnataka Pow er Corporation and Maharashtra Genco. Its existing prices range from the low est (F-grade) of Rs 690 per tonne to about Rs 2,500 per tonne.
It is investing about Rs 1 crore to set up the required facility to grade the coal as per its GCV to fix a price tag the facility, that includes a laboratory for analysis, w ill be ready by the end of this fiscal.
All these years, State-run coal miners based their prices based on UHF (Useful Heat Value), measured in terms of kilo-calorie per kg. The UHV model provides a broad price band w idth. For example, for C-grade coal, the price band w idth is betw een 4,800 and 5,400 kilo-cal, w hich means coal falling w ithin this band w ill have the same price tag, Mr Rao explained.
In the new mechanism, coal w ill be priced on the amount of calorific value it has and price points change for every 300 points on the kilocal scale, irrespective of the ash or moisture content. After taking a hit in production last year due to the Telangana agitation, SCCL is straining to reach its target of 53.5 million tonnes for this fiscal. We have so far done 35 mt, w hich means w e have to produce 18 mt in the next three months, Mr Rao said.
Coal India: Price hike is the onl wa to fire up growth

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Source: Economic Times, Jwalit V as / New Delhi, 03 Januar 2012
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Reco price: Rs 300 Target price: Rs 322 Coal India is expected to shift to a new pricing mechanism from January 2012. The company w ill price its non-coking coal on the internationally-accepted gross calorific value. Currently, non-coking coal is priced based on various grades ranging from A to F. The new pricing system is based on the recommendations of the Integrated Energy Policy Committee and the Expert Committee on Road Map for coal sector reforms. The change is pricing mechanism is expected to be revenue-neutral for Coal India. Hence, analysts maintain their estimates.
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Source: Reuters / M umbai, 03 Januar 2012
Coal India, the w orld's largest coal miner, hopes higher revenues after a change in its pricing method w ill offset the impact of a likely w age increase, Chairman N.C. Jha said on Monday. The state-run firm's board approved a plan late last w eek to change its benchmark pricing for non-coking coal to gross calorific value from the current useful heat value. It expects higher revenues after the change but cannot currently estimate the exact impact.
"I am not looking for any price hike. With this, I hope, w e w ill get revenues w hich can offset the increase in w ages," Jha told Reuters from Kolkata. "Some customers w ill get coal at higher prices, some w ill get at low er prices."
Coal India is currently in w age negotiations w ith its w orkers' unions, and had made a related provision of Rs 750 crore in the September quarter.
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Source: Business Line, M amuni Das / H derabad, 03 Januar 2012
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Essar Ports' coal terminal development project at Paradip Port is now likely to move forw ard.
held up since last tw o years due to a pending State Forest Clearance
The State forest clearance has come through recently, said Government sources in the know . Based on this, the Central Government's forest clearance to be given by the Ministry of Environment and Forest w ill now be
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processed.
In November 2009, Essar Ports signed the concession agreement to develop the 14 million-tonne-a-year capacity coal handling terminal in Paradip Port.
HIGHER COST
Though the construction cost is hedged, the total project implementation cost for Essar Ports w ill be higher on account of higher interest during construction costs w ith interest rates touching 13 per cent, Mr Rajiv Aggarw al, Managing Director, Essar Ports, told Business Line.
The construction cost for Essar Ports w ill not go up because of this delay as it has already entered into fixed price, rupee-denominated contracts, w ith Essar Projects, another Group company. But, the interest during construction (IDC) cost w ill have to be borne by Essar Ports. The company w hich is also implementing another project at Paradip port mechanisation of dry bulk terminal expects to complete the project by April.
A 20-million-tonne-a-year project at Western port of Salaya is also aw aiting the State Government's forest clearance.
On w hether the recent rupee depreciation has impacted the company's revenues, Mr Aggarw al replied in negative. He said that revenues for all their earnings are rupee denominated. The only exception to this yet to be operational Salaya, w here the revenues w ill be dollar denominated. Essar Ports through operations at Vadinar and Hazira gets most of its revenues from Group companies.
It aims to increase the share of revenues from third-party players over the next few years. Revenues from third-party players currently at tw o-three per cent total revenue is expected to touch 25 per cent by 2015.
ONGC to in est $2.89 b in KG gas find

Source: Business Line / New Delhi, 03 Januar 2012
State-ow ned Oil and Natural Gas Corp (ONGC) plans to invest $2.894 billion (about Rs 15,340 crore) in developing its ultra-deepsea UD-1 gas discovery in the Krishna Godavari basin by 2016-17. ONGC believes that UD-1 gas discovery in the southern part of its Block KG-DWN-98/2 can produce for 14-15 years w ith peak of about 20 million cubic metres per day (mmcmd) lasting for five years, official sources said.
The company detailed the production profile and the likely investment in the revised proposal for declaring the UD1 find as commercial (called Declaration of Commerciality).
Block KG-DWN-98/2 sits next to Reliance Industries KG-D6 block w here drop in reservoir pressure and w ater/sand ingress has seen output dip by over 35 per cent to just over 39 mmcmd.
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SC no ice o French firm on ONGC plea

Source: Financial E press, Indu Bhan / Ne Delhi, 03 Januar 2012
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Oil i
ill indi pen able
Source: Financial E press, Vikram S M ehta / Ne Delhi, 03 Januar 2012
Year 2011 w as a year of records for the oil business. It w as a year w hen despite the sovereign debt tumult in Europe, the consumer balance sheet , recession in the US and the general economic slow dow n in the BRIC countries, the price, demand, revenues and expenditures related to petroleum have all touched historic highs. The year has reaffirmed the indispensability of oil and the vulnerability of countries that, either for reasons of geology or policy, are stuck in the groove of import dependence. It has provided a touchstone for the ministry of petroleum to set its policy priorities for 2012.
Over the past 12 months, the price of the benchmark light Brent crude oil has averaged $110/barrel. This is the highest average price in real and nominal terms since Colonel Drake first struck oil in 1859 in the small timber tow n of Titusville in North Pennsylvania. Global demand has, during this period, hovered just below 90 million barrels. Here too, the figure has touched a historic high. OPEC has, in consequence, earned over a trillion dollars. Only once before in 2008 has their revenue crossed this mark. On the flip side, oil importing countries and, in particular, China and India, have seen a record outflow of foreign exchange on their crude oil accounts. The general consumer too has spent a record proportion of his income on energy for lighting, heating and transportation. Caught betw een the pincer of squeezed earnings and high prices, thousands have been pushed into fuel poverty , especially in countries that do not subsidise energy.
These records throw into sharp relief the pivotal and enduring significance of petroleum. Sure, the price of oil may slip back into double digits in 2012. For demand is declining and production from countries like Libya and Iraq, w hich had been convulsed by geopolitics, is now re-entering the market. But such a slip, if it did occur, must not be grounds for complacencyat least not in economies like India that are moving into their next, more energy-intensive phase of development and w here their emergent, urbanising middle class is looking to trade up from a cycle to a tw o-w heeler to a Nano equivalent. For there are few , if any, immediately available commercial alternatives to oil, especially as a transport fuel. CNG (compressed natural gas), for example, w hich has been mandated by the Supreme Court as the fuel for our buses, taxis and 2-w heelers in major cities, has a low energy density and cannot therefore be a substitute for the diesel used by the heavy-duty long haul transporters. LNG (liquefied natural gas) on the other hand, w hich has a higher energy density and could, therefore, be the substitute, cannot be used w ithout the development of expensive infrastructure and the redesign and retrofitting of existing engines. The fundamentals of demand and supply do not in short provide a solid base for assuming a prolonged dow nw ard shift in prices.
It is w ith this backdrop of 2011 that the petroleum ministry should review its policy tow ards exploration and production (EP) of hydrocarbons. It should do so also because of the w orsening imbalance betw een demand and supply. Today, India imports more than 80% of its crude oil requirements. EP has long been a policy priority for the ministry. To reiterate that it should occupy pole position in its agenda is not therefore an original thought. But in recent months, the signals emanating from the ministry have suggested that there is a gap betw een rhetoric and practice.
The rhetoric encourages the involvement of private capital. It accepts that EP is an inherently risky and uncertain activity involving not just the challenge of locating hydrocarbons but also, once located, the challenge of developing and producing the hydrocarbons on a commercially sustainable basis. It also accepts that to harness its hydrocarbon potential, India must bring to bear the optimum combination of capital, technology and operational expertise into EP and create a policy framew ork that attracts the broadest spectrum of petroleum companies from both the public and private sector.
Unfortunately, in practice, things are different. The industry is concerned w ith the reinterpretation of the contractual clauses related to tax, marketing and prices. They are questioning the rationale behind the continual debate over operating practices. Their foreheads are creased w ith w orry about w hat they regard as rigidity and lassitude in decisionmaking. Whether w arranted or not, this perception has cast a somew hat ambivalent pallor on the EP environment. It is a situation that the country can ill afford. For w ith the end of the era of easy oil and the reality that new discoveries w ill most likely be found in harsh terrain and geologically complex structures, the private sector is a necessary factor for EP success. This is not to dilute the role of the public sector. In fact, some of the major EP breakthroughs in recent years have been spearheaded by state-ow ned companies. The unlocking of billions of barrels by PetroBrasthe Brazilian PSU in the presalt reservoirs of the Santos basin in Brazil is a case in point. It is merely to emphasise that private companies must not be deterred. Their contribution to the production of hydrocarbons in India is already material. In 2010-11, for instance, the private sector produced 10.67 mt and 25.5 bcm of oil and gas, respectively, up from 5.07 mt and 7.72 bcm in 2006-07.
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Those of us w ho have follow ed the corruption scandals that have bedevilled governance can appreciate the pressures imposed on officials by the sw ord of Damocles w ielded by the CBI, CVC and CAG. We can understand w hy, under such circumstances, acts of omission are deemed safer than acts of commission. But this cannot justify ignoring the underlying message of 2011. EP policy must be reinvigorated and, if not done, the country w ill pay a huge and enduring price in terms of energy security and economic grow th.
Indian firms in talks to refine Vene uelan crude at home

Source: M int, Utpal Bhaskar / New Delhi, 03 Januar 2012
With India im porting m ore than 80% of its energ needs, governm ent-ow ned firm s have been scouting overseas for securing assets and have invested Rs. 64,832.35 crore in the effort
In w hat w ill help improve the country s energy security, Indian firms that w on tw o oil blocks in Venezuela as part of a global consortium are in talks w ith Reliance Industries Ltd (RIL) and Essar Oil Ltd to refine some of the crude in India.
The Venezuelan blocks w ill have a peak production of 0.06 million tonnes per annum (mtpa). In comparison, India s largest on-shore crude oil production at Barmer in Rajasthan has a current production profile of 0.023 mtpa.
A helicopter flies over Oil & Natural Gas Corp. oil drilling platforms at Bombay High (Bloomberg) The global consortium includes ONGC Videsh Ltd (OVL), Indian Oil Corp. Ltd (IOC), Oil India Ltd (OIL), Spain s Repsol YPF SA and Malaysia s Petroliam Nasional Bhd (Petronas). OVL, Repsol and Petronas each hold an 11% share in the joint venture, and IOC and OIL hold 3.5% each. The remaining 60% stake is ow ned by Corporacin Venezolana del Petrleo, a unit of state-ow ned Petrleos de Venezuela SA.
Production from the Carabobo 1 Norte and Carabobo 1 Centro blocks in the Orinoco region w ill start from 2013 w ith an initial production of 40,000 barrels per day (bpd). This crude can come to India, said an OVL executive requesting anonymity. We re in talks w ith Essar and RIL that have the new refineries. We ve spoken to them.
Experts w elcomed the move.
Connecting the dots of the energy supply chain brings critical value to the Indian oil industry. India needs to ow n, operate multiple international acreages, leverage domestic dow nstream assets and over time also achieve trading and logistic value generation to India, said Gokul Choudhri, partner at BMR Advisors.
Essar s Vadinar refinery and RIL s Jamnagar refinery are among the few refineries capable of refining heavy oil from the region.
To process the heavy crude oil from Orinoco, integrated production and refining facilities are needed, including oil pumping and upgradation units. Half of the heavy crude w ill be upgraded to light crude. These units w ill improve the quality of the heavy crude in some of the w ells and blend it w ith higher quality crude in the other w ells.
The talks are in initial stages w ith the private refiners, said the head of a consortium partner company, w ho did not w ant to be identified.
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India has made rapid strides in refining. The country has a refining capacity of 194 mtpa, the fifth largest globally and accounting for 4% of the w orld s total refining capacity.
This is expected to reach 238 mtpa by 2013. India is also the w orld s fourth largest oil importer after the US, China and Japan.
While an Essar spokesperson declined comment, questions emailed to an RIL spokesperson on Wednesday remained unansw ered.
The Orinoco blocks are expected to hit a peak production of 400,000 bpd in 2016 or 2017.
The total investment made by the consortium partners is expected to be around $13.63 billion (Rs. 72,650 crore). The consortium has a licence to develop the blocks for 25 years, w hich can be extended by another 15 years.
OVL has 39 projects in 16 countries, w ith nine producing assets in seven countriesSudan, Russia, Vietnam, Syria, Brazil, Columbia and Venezuela. It has produced around 9.43 mt of oil and gas from its overseas assets.
OVL has signed a memorandum of understanding w ith the Indian government for a production of 8.75 mt in 2011-12 and expects to maintain a production of 9 mt. But its producing properties in Sudan, Sakhalin and Syria are in decline.
OVL, though, is the only company among Indian state-ow ned firms w ith producing assets overseas and has a targeted production of 6.496 mt of oil and 2.254 billion cubic metres of gas in 2011-12.
With India importing more than 80% of its energy needs, government-ow ned firms have been scouting overseas for securing assets and have invested Rs. 64,832.35 crore in the effort.
According to the oil ministry, India s energy demand is expected to more than double by 2035, from less than 700 mt of oil equivalent (mtoe) today to around 1,500 mtoe.
Panel Deals a Setback to Exxon in Vene uela

Source: Wall Street Journal, Kejal V as and Angel Gon ale / Vene uela, 03 Januar 2012
An international arbitration panel aw arded Exxon Mobil Corp. about $908 million in a verdict over oil assets nationalized by Venezuelan President Hugo Chvez in 2007, the company said late Saturday. The payout w as substantially low er than the $7 billion that Exxon w as seeking in restitution and is likely to be a boon for Venezuela's leftist government, w hich in recent years has embarked on a nationalization campaign to centralize control over key economic sectors.
State oil company Petrleos de Venezuela SA said Monday it w ill pay Exxon a total of $255 millionafter subtracting existing debtover the next 60 days.
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Analysts said the panel's verdict appears to be a victory for Mr. Ch vez, w ho in 2007 seized the U.S. oil giant's Cerro Negro project as part of a w ide-scale expropriation campaign. Exxon spokesman Patrick McGinn said in a statement that the $908 million aw ard by the arbitration panel at the International Chamber of Commerce "represents recovery on a limited, contractual liability of PdVSA that w as provided for in the Cerro Negro project agreement." Of that amount, how ever, $160 million has already been credited and the remaining $747 million can be paid in cash or by canceling debt.
In a statement Monday, PdVSA said it w ill subtract from the verdict a series of debts ow ed by Exxon, including $191 million for purchasing bonds tied to the financing of the Cerro Negro project. The company, w hich called the verdict a "successful defense," w ill also deduct around $300 million for its New York bank accounts that Exxon had successfully managed to have frozen during the early phases of legal actions in 2007. It said the remaining $160 million w as aw arded by the ICC in counterclaims.
PdVSA called Exxon's claims "exaggerated" and said they "defied logic." The Venezuelan state oil monopoly also pledged to defend itself should Exxon continue to pursue the case.
PdVSA is "netting out other credits, as allow ed by the ICC; they are not repudiating the aw ard," said Nomura analyst Boris Segura. He added that in the end the decision is favorable for the Venezuelan government.
To be sure, the South American government may eventually have to pay more to Exxon as both parties aw ait a verdict on a separate suit filed by Exxon's local subsidiary, Mobil Cerro Negro Ltd., against Venezuela before the World Bank's International Centre for Settlement of Investment Disputes, or ICSID.
Exxon's Mr. McGinn said the "larger" ICSID case "is ongoing and is expected to be argued in February."
The Ch vez administration currently faces around 20 pending cases at the ICSID. With billions in potential payouts looming, the number of cases has been a concern for holders of Venezuelan sovereign bonds.
The court decision came four years after Exxon left Venezuela in a dispute w ith the government, w hich decreed that the state oil monopoly w ould have the majority stake in joint ventures w ith foreign partners. By law , PdVSA now holds at least 60% of all oil projects. Exxon has said it invested around $750 million into the Cerro Negro facility. The company reduced its claim to $7 billion from an initial claim of $12 billion.
Despite the smaller-than-expected ICC panel's compensation for Exxon, the money is still a substantial chunk of change for PdVSA, w hich posted a net profit of $4 billion during the first half of last year. The monopoly has faced declining oil production and cash-flow problems in recent years as Mr. Chavez has diverted large portions of revenue tow ard social projects. Critics have said that caused insufficient investment in maintenance.
Venezuelan Oil Minister Rafael Ramirez has said the government planned to pay no more than a total of $2.5 billion betw een its arbitration cases w ith Exxon and ConocoPhillips. Chevron Corp., the second-largest U.S. oil company, decided to accept PdVSA's majority stake and remained in Venezuela.
Mr. Ramirez in September threw out the possibility of settling w ith Exxon out of court, shortly after the country's prosecutor general told reporters that the $6 billion settlement w as being negotiated.
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BP writes to oil min on KG-D6 approvals

Source: Financial E press / Ne Delhi, 03 Januar 2012
With bureaucratic hurdles delaying its plans to boost output from flagging KG-D6 block, UK s BP plc CEO Bob Dudley has w ritten to Oil minister S Jaipal Reddy seeking immediate approvals so as that the block s potential can be fully exploited.
BP, w hich recently bought 30% stake in KG-D6 and 20 other blocks of Reliance Industries for $7.2 billion, is keen to undertake sea-bed surveys this w inter season the only four months w eather w indow available in Bay of Bengal for such jobs, to access potential of satellite discoveries in the block and draw blue-print of their development.
Follow ing up his meeting w ith Reddy on the sidelines of the World Petroleum Congress in Doha last month, Dudley said one full year may be lost if approvals do not come in time.
As I said during our meeting in Doha, I am deeply concerned that unless w e get approvals and permits to begin these sea-bed surveys this December, w e w ill lose a year in our goal of bringing materially new amounts of gas to the Indian market, he w rote to Reddy last month.
RIL s $ 1.529 billion plan to develop four satellite fields surrounding the currently producing D1&D3 fields in KG-D6 block is aw aiting oil ministry nod. The survey is part of the development plan. The satellite fields are key to boosting output from the block w hich has fallen over 35% to around 39 million cubic meters per day over past one-and-half-years.
Nigerian Gas Prices Jump After Subsid Ends

Source: Wall Street Journal, Dre Hinsha / Dakar,Senegal, 03 Januar 2012
Nigeria's gas stations more than doubled their prices on Monday, and cities braced for nationw ide protests after Africa's biggest oil exporter abruptly scrapped a subsidy that had kept prices of petroleum products low for nearly 40 years.
On Sunday, Nigeria's government announced an immediate end to a 38-year fuel subsidy that had kept a liter of petrol priced at just 65 naira (40 cents). Gas prices rose to betw een 130 and 140 naira a liter on Monday. Nigeria had been spending 1.2 trillion naira a yearabout a quarter of all government spending in the 2012 budgetto keep petroleum products w ithin reach of its deeply poor population of 167 million people, said Dimieari Von Kemedi, a private consultant to President Goodluck Jonathan.
The cost, Mr. Kemedi said, is more than Nigeria spends on agricultural assistance, plus construction of hospitals, schools and roads combined. He said savings from ending the subsidy w ould allow the administration to double funding for these types of projects. Many of the 70% of Nigerians w ho live on less than $2 a day, how ever, view the subsidy as the only w indfall the nation's poor have enjoyed from the more-than-tw o-million barrels of oil the nation exports daily.
1/3/12
Nigeria's top tw o labor unions called for "strikes, street demonstrations and mass protests across the country," starting Tuesday, according to a statement quoted by Vanguard, a new spaper based in the commercial capital, Lagos.
"Millions of Nigerians depend on this subsidy to get from one place to another," said Emmanuel Ugboaja, head of administration for Nigeria's Labour Congress, an umbrella group of labor unions. "If this government remains in pow er, it w ill be one of the eight w onders of the w orld."
Economists say the price increases w ill exacerbate inflation in one of the w orld's fastest-grow ing economies, w hich the International Monetary Fund says w ill expand 8.5% in 2012. Nigeria's Central Bank aims to bring inflation to below 10%, but has reported double-digit inflation in all but tw o of the past 40 months. Annual inflation is likely to rise as high as 14% in January and February, from around 10.9% in December, said Samir Gadio, an economist at Standard Bank.
"It's going to be a sharp shock," lifting food and other retail prices, Mr. Gadio said. "Fuel prices are a really a key driver of economic activity in Nigeria because there's so little electricity and everyone relies on generators."
Analysts say President Jonathan's move could also accelerate discontent w ith his administration, w hich w as re-elected in April amid riots that left more than 800 people dead. Violent protests have repeatedly thw arted plans by previous civilian and military regimes to end the fuel subsidy to smugglers w ho sell the cheap gasoline in neighboring countries, Nigerian officials argued. much of w hich w ent
On Saturday, the president, a Christian from Nigeria's south, declared a state of emergency in four northern, largely Muslim states after terrorist group Boko Haram staged Christmas-day church bombings that left at least 49 dead. The group w hose name means "Western education is sin" has claimed responsibility for near-w eekly massacres, gun battles, fires and bombings in the northern part of the country.
President Jonathan has sought to portray his administration as reformist, saying he targeted the subsidy as a step tow ard securing the 19 trillion naira he said Nigeria needs to spend on infrastructure over the next four years.
The subsidy is "rightly seen as a test of w hether w e're just going to get talk on reform, or even talk and half-hearted effort, but no real action, or if this government going to be different," said Philippe de Pontet, a Nigeria analyst at the international risk consultancy Eurasia Group.
"It's the first big reform that the Jonathan administration has pushed through," said Mr. Gadio, the economist. "It's actually quite bold. Whether it's going to be properly spent, that's now the test."
Reliance Po er, Shell plan east-coast LNG unit

Source: Economic Times / New Delhi, 03 Januar 2012
Anil Ambani-promoted Reliance Pow er and energy giant Shell are in talks to jointly set up India's first east-coast LNG terminal to fuel factories and pow er plants that are eyeing imports as output from the D6 block has fallen sharply, three people familiar w ith the matter said.
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Several companies, including Petronet LNG, the country's biggest gas importer, are considering setting up a terminal on the east coast. Pow er projects w ith a total capacity of about 7,000 mw , including Reliance Pow er's Samalkot project, w ould be stranded due to gas scarcity, as local gas is scarce and importing LNG from existing facilities on the w est coast is not economically viable.
Shell and Reliance Pow er declined comment on the matter, but government and industry sources said the tw o companies w ere keen to set up an equal joint venture for an LNG terminal at Kakinada. The development comes tw o months after Mukesh Ambani-promoted Reliance Industries and oil major BP incorporated their equal joint venture, India Gas Solutions, for global sourcing and marketing of natural gas in India.
The proposed new terminal is expected to involve an investment of Rs 3,000 crore, industry officials said. Shell operates an LNG terminal on the w est coast in Hazira, Gujarat, w hich it set up w ith an initial capacity of 2.5 million tonnes per annum (mtpa). Its capacity is being increased to 5 mtpa, but the additional capacity cannot be used by customers on the east coast because of high transportation charges and local taxes.
A Reliance Pow er spokesman said, "Reliance Pow er keeps exploring various business opportunities. The company w ould not like to comment on specific business proposal." Shell India spokesman Deepak Mukarji said, "We at Shell do not comment on rumour or speculation."
Kakinada Port m a Pick up Stake
Another Shell executive, w ho did not w ant to be identified, said talks w ere on betw een the companies. One industry official w ith direct know ledge of the matter said Kakinada Port may pick up a minority stake in the proposed JV. "The port is considered to be an ideal location for setting up an LNG import terminal due to its modern infrastructure, all-w eather operations and proximity to gas consumers in Andhra Pradesh," said the official, w ho did not w ish to be identified.
A Plan panel report in August had estimated that domestic gas output w ould rise to 199 million metric standard cubic meters per day by 2016-17 from about 145 mmscmd now . According to an estimate by the oil ministry, natural gas demand from fertiliser, pow er, city gas distribution, petrochemical, refinery and steel sectors w ould cross 341 mmscmd by 2014-15.
GAIL delivers cheaper break on gas deals

Source: Business Standard, Aja M odi / New Delhi, 03 Januar 2012
Gets US supply deal at substantially low er benchmark than traditional one. GAIL, the natural gas major, has contracted an import deal from a US-based company for deliveries from 2016-17 at a price far more competitive than the usual benchmark for such deals. The country s biggest gas marketer has contracted import of 3.5 million tonnes annually at w hat is know n as the Henry Hubbenchmarked price. Henry Hub is the pricing point for natural gas futures contracts traded on the New York Mercantile Exchange. It is a point on the natural gas pipeline system in Louisiana and spot and future prices set at Henry Hub are generally seen to be the primary one for the North American gas market.
RATE CARD
Gas source
Price in $/mmBtu
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Long-term from Australia s Gorgon project * Spot LNG Henry Hub-based price# PMT RRVUNL PMT Torrent PMT Others Rava Rava Satellite KG D6 Hazira Niko-AGCL APM 16.0-18.0 16.0-18.0 10.0-12.0 4.6 4.7 5.6 3.5 4.3 4.2 4.6 4.2
* Current landed price, supplies to begin in 2013 # Current landed price, supplies to begin in 2016
The big change for India is that all import deals signed by Indian companies till now w ere at a price calculated as a certain percentage of w hat is termed the Japanese Crude Cocktail (JCC). This is the nickname for Japan Customs-cleared Crude, the average price of customs-cleared crude oil imports into Japan. It is a commonly used index in long-term liquefied natural gas (LNG) contracts in Japan, Korea and Taiw an.
Traditionally, the JCC-linked price has remained substantially costlier than the Henry hub price.
A K Balyan, managing director and chief executive officer of Petronet LNG, the biggest importer, said it w as a good move to look at the US gas market, as it w as favourably priced. It is a good effort by GAIL. It enlarges the source portfolio and impacts traditional gas suppliers, ushering in a more competitive environment. We w ill also look to source gas from the US, he said.
The increasing shale gas production in the US has lead to a surplus, likely to increase in the coming years. The US is, therefore, eyeing export to countries like China, Japan, Korea and India. The increasing gas supply from the US is expected to exert pressure on global prices. In the past, the US has been an importer of gas. With an increase in US gas production, the gas receiving terminals need to be converted to exporting terminals, Balyan said.
Tim el
The new gas price contract has been entered at a time w hen output from the biggest domestic gas field, the Reliance Industries operated KG-D6, has fallen 30 per cent since March 2010 and is still declining, w ith a reversal unlikely before 2013-14.
No major discovery by government-ow ned Oil and Natural Gas Corporation or Gujarat State Petroleum Corporation are expected to start production anytime soon.
Domestic natural gas production is currently about 115 million standard cubic metres per day (mscmd) and another 46 mscmd is imported in the form of LNG. Current demand is 189 mscmd.
1/3/12
The new pricing w ill help companies into expansion. Indian Oil is setting up a new LNG terminal and Petronet LNG is expanding capacity. Shell is also expanding its Hazira terminal capacity. All these companies are trying to contract import at competitive prices.
It is good to see that GAIL is diversifying the LNG supply source. It is expected that the landed cost of Henry Hub-price based LNG in India is expected to be cheaper by $5-7 per million British thermal units, based on the prevailing price, as compared to Australian Gorgon LNG (a big project in Western Australia) supply. In terms of energy cost in the pow er sector, there w ould be a difference of Rs 1.75-2 per unit, said Rakesh Jain, associate director (energy) at Feedback Ventures. He said GAIL s deal w ould encourage other LNG sourcing companies to try for similar contracts w ith US suppliers.
Industry experts anticipate a pressure on the pricing of new gas contracts sourced from traditional suppliers. Pricing w ill have an impact after 2012-13, w ith the new Henry Hub benchmark pricing that GAIL has negotiated. This w ill lead to a trend of pricing shift from JCC. Everybody is looking for cheap gas. It w ill happen, said M Ravindran, managing director, Indraprastha Gas, the monopoly supplier in and around Delhi.
Commodit Prices
Dail Commodit Prices

Source : http:// .cmegroup.com
Date 03/01/2012 03/01/2012
Commodit Crude Oil Natural Gas
Units USD and cents per barrel USD and cents per mmBtu
Price
100.55 2.976
Note: One barrel of crude oil = 158.98 liters; Today s RBI exchange rate for USD = INR 53.2975
__________________________________________________________________________________________ ____________________________________________________________________________
The IPPAI daily new s service is a compilation of new s articles from various published/printed resources. IPPAI does not hold any responsibility for the accuracy of the content. This is not SPAM. If you do not w ish to be on our mailing list, please send a mail w ith the subject unsubscribe to info@ippai.org. Our sincere apologies for any inconvenience caused. Cop right @ Independent Pow er Producers Association of India W: w w w .ippai.org E: info@ippai.org __________________________________________________________________________________________ ____ ____________________________________________________________________________________
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1/3/12

Great Lakes IEMR Mail - IPPAI Power News: 03 January 2012

Vaibha Redd <g edd _pgp13@iem .in>

IPPAI POWER NEWS: 03 Januar 2012

Coal, Oil & Ga

E a Po ge Odi ha g een nod fo coal e m inal a Pa adip ONGC o in e $2.89 b in KG ga find

Nige ian Ga P ice J m p Af e S b id LNG

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Source: Economic Times, Sarita C Singh / New Delhi, 03 Januar 2012

Great Lakes IEMR Mail - IPPAI Power News: 03 January 2012

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One killed during po er protests in Kashmir

Great Lakes IEMR Mail - IPPAI Power News: 03 January 2012

JP Morgan invests Rs 100-cr in Narain Karthike an's green power compan

Great Lakes IEMR Mail - IPPAI Power News: 03 January 2012

Source: Business Line, Richa M ishra / H derabad, 03 Januar 2012

Source: Business Line, V. Rishi Kumar/ H derabad, 03 Januar 2012

Great Lakes IEMR Mail - IPPAI Power News: 03 January 2012

Source: The Independent, Alasdair Fotheringham / London, 03 Januar 2012

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Great Lakes IEMR Mail - IPPAI Power News: 03 January 2012

Great Lakes IEMR Mail - IPPAI Power News: 03 January 2012

Coal, Oil & Gas

Singareni Collieries to adopt new pricing mechanism in 3 months

Coal India: Price hike is the onl wa to fire up growth

Great Lakes IEMR Mail - IPPAI Power News: 03 January 2012

Source: Economic Times, Jwalit V as / New Delhi, 03 Januar 2012

Great Lakes IEMR Mail - IPPAI Power News: 03 January 2012

Source: Reuters / M umbai, 03 Januar 2012

Odi ha g een nod fo coal e minal a Pa adip

Source: Business Line, M amuni Das / H derabad, 03 Januar 2012

Mechani ed coal handling facili

held up since last tw o years due to a pending State Forest Clearance

Great Lakes IEMR Mail - IPPAI Power News: 03 January 2012

ONGC to in est $2.89 b in KG gas find

Great Lakes IEMR Mail - IPPAI Power News: 03 January 2012

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SC no ice o French firm on ONGC plea

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Great Lakes IEMR Mail - IPPAI Power News: 03 January 2012

ill indi pen able

Source: Financial E press, Vikram S M ehta / Ne Delhi, 03 Januar 2012

Great Lakes IEMR Mail - IPPAI Power News: 03 January 2012

Indian firms in talks to refine Vene uelan crude at home

Experts w elcomed the move.

Great Lakes IEMR Mail - IPPAI Power News: 03 January 2012

Panel Deals a Setback to Exxon in Vene uela

Great Lakes IEMR Mail - IPPAI Power News: 03 January 2012

Great Lakes IEMR Mail - IPPAI Power News: 03 January 2012

BP writes to oil min on KG-D6 approvals

Nigerian Gas Prices Jump After Subsid Ends

Great Lakes IEMR Mail - IPPAI Power News: 03 January 2012

Reliance Po er, Shell plan east-coast LNG unit

Great Lakes IEMR Mail - IPPAI Power News: 03 January 2012

Kakinada Port m a Pick up Stake

GAIL delivers cheaper break on gas deals

Great Lakes IEMR Mail - IPPAI Power News: 03 January 2012

Great Lakes IEMR Mail - IPPAI Power News: 03 January 2012