Latest news with #CBM
Time of India
5 days ago
- Business
- Time of India
Energy markets encountered heightened uncertainty this quarter: Reliance chairman Mukesh Ambani
During Q1 FY26, energy markets faced heightened uncertainty due to sharp fluctuations in crude prices, said Reliance Chairman and MD, Mukesh Ambani, adding that the company's Oil to Chemicals (O2C) business posted strong growth by focusing on domestic demand and value-added solutions through the Jio-bp network. Performance was supported by improvement in fuel and downstream product margins. Natural decline in KGD6 gas production resulted in marginally lower EBITDA for Oil & Gas segment, he said. Reliance's core oil-to-chemicals segment, which contributes about 57 per cent to overall revenue, had come under pressure in recent quarters as the global economic slowdown and destocking of inventories led to a sharp decline in transportation fuel cracks and sluggish demand for petrochemicals. However, the oil-to-chemicals segment benefited from improved domestic fuel retail margins, a recovery in transportation fuel cracks and a rise in petrochemical demand. RIL's O2C EBITDA rose 10.8 per cent year-on-year in the June quarter, supported by improved domestic fuel retail margins, stronger transportation fuel cracks, and better PP and PVC spreads. However, segment revenue declined 1.5 per cent year-on-year, impacted by lower crude prices and reduced volumes due to a planned shutdown. Increased domestic fuel placement via Jio-bp partly offset the decline. The company reported a 1.2 per cent year-on-year decline in revenue from its Oil and Gas segment in Q1 FY26, mainly due to reduced sales volume of KGD6 gas amid natural production decline, lower CBM gas prices, and weaker crude price realisations. The impact was partially offset by better KGD6 gas price realisation. Segment EBITDA also fell 4.1 per cent year-on-year, driven by lower revenues and higher operating costs from increased maintenance activities during the quarter.
Business Upturn
5 days ago
- Business
- Business Upturn
Reliance oil & gas segment Q1 results: Revenue down 1.2% YoY to ₹6,103 crore, EBITDA down 4.1%
Reliance Industries Limited announced its Q1 FY26 results for the Oil and Gas (Exploration and Production) segment, reporting a modest decline in revenue and EBITDA compared to last year. For the quarter ended June 30, 2025, revenue came in at ₹6,103 crore, down 1.2% from ₹6,179 crore in the same quarter last year. The decline was primarily due to lower sales volumes of KG D6 gas in line with the natural decline in production, as well as lower prices realized for CBM gas and crude oil. Advertisement EBITDA for the quarter was ₹4,996 crore, representing a 4.1% drop from ₹5,210 crore in Q1 FY25. EBITDA margin also contracted by 240 basis points year-on-year to 81.9%, reflecting higher operating costs owing to maintenance activities. On the operational side, KG D6 production stood at 63.9 BCFe, down 7.9% YoY, while CBM production increased 21.7% YoY to 2.8 BCFe. The company noted that the average price realized for KG D6 gas rose to $9.97/MMBTU in Q1 FY26, compared to $9.27/MMBTU last year. In CBM operations, the second phase of drilling for 40 multi-lateral wells has begun, with 2 wells completed and 1 already in production. Despite lower revenue and profitability in this segment, Reliance highlighted steady progress in both KG D6 and CBM projects, along with ongoing investments to sustain and enhance production levels.
Mint
12-07-2025
- Business
- Mint
Norms for transfer of participating interest among partners in oil, gas eased
New Delhi: In a move aimed at improving operational flexibility and ease of doing business in India's upstream oil and gas sector, the Union government has approved a long-pending recommendation to allow transfer of participating interest (PI) among existing partners without requiring government consent—as long as there is no change in operatorship. Participating interest means, in respect of each party constituting the contractor, the undivided share expressed as a percentage of such party's participation in the rights and obligations under the contract. Under the current contractual provisions of production sharing contracts (PSC), revenue sharing contracts (RSCs), discovered small fields (DSF) and coal bed methane (CBM), any participating interest or stake transfer within the existing parties requires prior written consent from the government. This move is part of the government's efforts to boost investors' interest and reduce energy import dependency. India aims to explore 2.5 lakh square km in the 10th round of auctions under the Open Acreage Licensing Policy. 'The Management Committee may be empowered to approve Participating Interest transfer cases where the contractor intends to transfer the PI within the existing parties of the contract, subject to no change in operatorship," said the report of the joint working group in April. A letter dated 10 July to the Director General of Hydrocarbons noted that the recommendation has been 'approved." The changes should come into effect at the earliest, as the Directorate General of Hydrocarbons has been asked to take necessary actions based on the ministry's approval. However, no specific timelines were mentioned. Noting that under the existing contractual provisions of all contracts, participating interest transfer within the existing parties of the contractor requires prior written consent from the government, the joint working group in June had recommended: 'However, this process involves a comprehensive technical, financial, and legal due diligence for each case." Expediting approval It added that in such cases, as the participating interest holders have already undergone verification during the contract award stage, evaluation for any change in the participating interest among existing parties of the contract may be foregone. 'Further, in many cases it has been observed that internal transfer approval can take up to six months, leading to significant project delays," the working group had said in its report on issues related to ease of doing business in the Indian upstream sector. The recommendation aims to expedite the approval process and reduce project delays, thereby promoting transparency and ease of doing business. 'PI holders should be required to comply with all the existing conditions of the contract," the recommendations said. Although the transfer of participating interest does not require the government's nod, it would need the signature of a government representative. This move is part of the government's efforts to boost investor interest. Under the 10th round of auction under the Open Acreage Licensing Policy, the government aims to explore 250,000 sq. km and reduce oil import dependence. The Draft Petroleum and Natural Gas Rules, 2025, for which stakeholders need to give their feedback by 17 July, also aim to modernise India's upstream oil and gas framework with several major reforms. Key among them is the introduction of an investor-friendly stabilisation clause, designed to protect lessees from adverse impacts of future legal or fiscal changes, such as increases in taxes, royalties or other levies, by allowing compensation or deductions. The Oilfields (Regulation and Development) Act, 1948, was amended in March 2025, which is also expected to boost investor interest in the oil and gas exploration and production sector. Data sharing in India During his visit to Vienna this week for the 9th Opec International Seminar, the minister for petroleum and natural gas, Hardeep Singh Puri, met several stakeholders in the oil and gas space, including Wael Sawan, chief executive officer (CEO) of Shell; Murray Auchincloss, CEO of bp; and Russel Hardy, Group CEO of Vitol, and spoke of opportunities to invest in the country's oil and gas sector. Among other recommendations, minister Puri approved open sharing of data from the National Data Repository at zero charge to micro, small and medium enterprises (MSMEs), startups and academic institutions. "NDR data may be integrated with the repositories of the National Oil Companies (NOCs), such as ONGC and OIL, and other ministries such as ministry of mines, ministry of coal, ministry of earth sciences, Central Ground Water Board, etc. ensuring seamless access to comprehensive datasets, including seismic, well, and other geological information," the recommendations said. The move aims to promote knowledge sharing, collaborative ventures, and technological advancements through enhanced data accessibility, thereby encouraging innovations in the oil and gas industry.
Indian Express
08-07-2025
- Business
- Indian Express
Gujarat govt mulls policy on cruise tourism, first draft likely to be submitted in a month
Aiming to boost coastal tourism in the state, the Gujarat government is in the process to frame its Cruise Shipping Policy aligned with the national Cruise Bharat Mission (CBM), sources in the government said on Tuesday. The first draft of the same is likely to be submitted to the government for further approval in one month's time, the sources said. As part of the process, the Gujarat Maritime Board (GMB) which is framing the policy had held a consultation workshop with concerned stakeholders in May based on which the first draft is being prepared while incorporating the suggestions made in the workshop. CBM was launched by Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal on September 30, 2024. The Cruise Bharat Mission aims to make India a global cruise tourism hub within the next decade with a goal to increase sea cruise tourism tenfold by 2029. A top officer connected with the development said, 'GMB is framing the policy and various departments of the state government like Home, Tourism and Urban Development are also involved in it. The first draft of the policy is almost ready and it will be submitted to the government for approval in one month's time.' Sharing about the workshop details, sources said, 'The workshop was held to take inputs from multiple stakeholders. There has to be an eco-system then only these people will come. And it includes the port facility, tourist destinations, connectivity etc..' As part of the policy, the government has also proposed multiple potential cruise circuits along its western coast which includes destinations such as Diu, Veraval, Porbandar, Dwarka, Jamnagar, Okha, and Padala Island, alongside the operational Ghogha-Hazira Ro-Pax service. According to an official release, the proposed routes have been divided into three clusters, including Padala Island–Rann of Kutch, Porbandar–Veraval–Diu and Dwarka–Okha–Jamnagar. 'Each cluster is designed with tourism logic, ensuring that key religious, natural, and cultural destinations are within a 100-kilometre radius, making shore excursions efficient and attractive for cruise passengers,' the release stated. The release also stated that under the leadership of Chief Minister Bhupendra Patel, Gujarat government has taken a proactive role in shaping the national cruise agenda, leveraging its strategic 2340-km coastline and navigable rivers like the Sabarmati and Narmada. 'While major ports like Mumbai, Cochin, Chennai, and Mormugao have made significant strides in cruise terminal development, Gujarat — despite having India's longest coastline — is yet to establish a dedicated cruise terminal. The recent workshop marks a turning point, as the state gears up to bridge this gap,' it added.
Business Recorder
05-07-2025
- Politics
- Business Recorder
Pakistanis' extradition to India: PTI denounces Bilawal's stance
ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) on Saturday denounced Bilawal Bhutto Zardari's shockingly appeasing, submissive and apologetic stance, particularly his offer to extradite Pakistani citizens to India under the guise of a so-called confidence-building measure (CBM) — a country that remained actively engaged in state-sponsored terrorism, espionage and subversive activities against Pakistan. Speaking at a presser, PTI spokesman Sheikh Waqas Akram stated that Bilawal was an 'immature political child', stating that such irresponsible, ill-advised and sweeping statements not only damage Pakistan's national security narrative but also humiliate the country on international platforms. He lamented that the surrogates imposed upon the nation through electoral fraud, had brought Pakistan to its knees, which completely politically destabilized and economically devastated – solely to cling to power. 'We fail to understand why Bilawal is so keen on appeasing India,' he asked. He stated that Bilawal was proving time and again that he lacked political wisdom, vision and understanding of regional geopolitics. Instead of holding India accountable for its continued aggression, water terrorism and cross-border interference, Bilawal was proposing CBMs that compromise Pakistan's sovereignty and integrity, he said. Bilawal urges UN to press India for comprehensive dialogue He emphasised that it was imperative to ask Bilawal on whose behalf he issued such a statement and what he intended to achieve by offering such concessions to a belligerent India by humiliating Pakistan on an international stage. He further criticised Bilawal's flip-flop from threatening India with war to begging for peace, saying PPP chairman became a symbol of inconsistency, confusion and contradiction in Pakistan's foreign policy discourse. PPP was founded by Zulfikar Ali Bhutto on the legacy of Kashmir, but today, Bilawal is betraying that legacy by pursuing political gains at the expense of Kashmiri blood, he stated. He said that leaders were born, not made through makeup and forced media appearances. 'If PPP's intelligentsia truly cares about Bilawal, they should let him contest local body elections first and appear on regional TV channels instead of being pushed on international media, where he only embarrasses Pakistan,' PTI CIS stated. He asserted that Bilawal was an 'immature political child' who would lead PPP to complete elimination, advising that if the party wanted to survive, he must step aside and hand over chairmanship to Aseefa Bhutto, who, at the very least, showed more promise and sense than him. He said that those encouraging him to go global were not his friends – they were his political undertakers, because pushing him into the limelight without proper grooming, only to expose his incompetence. Shifting focus to Khyber Pakhtunkhwa, he cautioned against any covert or overt attempts to destabilise the democratically elected PTI government in the province. He vowed that PTI would resist any such move tooth and nail, as the people of KP have given their mandate to PTI, and they would not allow surrogate rulers to be imposed in KP like elsewhere in the country. He said the people of KP have already suffered enough due to military operations, exploitation of resources and broken promises and PTI would not allow any such misadventure again in the region. He reminded the centre of the disastrous consequences of past military operations in tribal areas, which brought nothing but destruction, displacement and resentment among tribal people. Therefore, he pressed that instead of repeating failed strategies, the government must prioritise development, infrastructure, education and economic uplift in neglected region. He emphasised that the solution to Pakistan's internal challenges lied in respecting democracy, empowering provinces and investing in neglected regions, not through coercion and brute force. Turning to the government's economic mismanagement and flawed foreign investment strategy, he pointed out that while the government loudly trumpeted its claims of attracting foreign investment through the much-hyped SIFC, the ground reality tells a different story. Waqas stated that multinational companies were shutting down their operations due to flawed, shortsighted and self-serving policies — the closure of Microsoft's office in Pakistan speaks volumes in this regard. Expressing surprise over government double-standard, he said that Pakistan's trade with India surged quietly, yet trade with brotherly neighbour Afghanistan remained suspended, which was not only unjust but also economically suicidal. Waqas demanded that trade with Afghanistan be immediately resumed to benefit the people of Pakistan and the bordering tribal areas, adding that the imposed regime's anti-people policies were destroying livelihoods of the people. Akram vowed that the party would fight till the last ball against the current authoritarian regime. He stated that PTI Patron-in-chief Imran Khan, his wife Bushra Bibi and other PTI leadership were facing politically motivated and fabricated cases, but PTI would not back down. Waqas made it clear that they would not rest until release unlawfully incarcerated PTI founder and other leaders, establish the rule of law, constitutional supremacy, and true democracy in Pakistan. Copyright Business Recorder, 2025
