Page 9 - AsianOil Week 45 2022

AsianOil NEWS IN BRIEF AsianOil

India's PM Modi inaugurates exploring large-scale geothermal power from 2021 at 2.99 million tonnes, while
generation will be possible from April.
diesel rose 5.5% at 6.98 million tonnes, the
onshore facilities for U-Field in Despite the name change, the company PPAC showed.
Cooking gas or liquefied petroleum gas
will continue to be known by the
Krishna Godavari Basin block "JOGMEC" abbreviation in English, given (LPG) sales decreased 3.3% to 2.40 million
tonnes, while naphtha sales fell 24% to 0.96
its recognition in resource-producing
India's Prime Minister Narendra Modi countries since its establishment in 2004, million tonnes.
has inaugurated ONGC's U-field Onshore the company said. Sales of bitumen, used for making roads,
facilities of the KG-DWN-98/2 deepwater JOGMEC, which had 770 employees as were 11.4% lower, while fuel oil use edged
block, situated in Odalarevu, Andhra of July, plans to boost staffing to meet its up 1% in October.
Pradesh, India. expanded role, an official at the organization
The event, in which the Prime Minister said, without giving a specific figure.
dedicated the onshore facilities to the Resource-poor Japan has also been Japan's Inpex lifts profit
nation, took place on November 12. stepping up measures to reinforce energy
The U-Field is part of ONGC’s flagship security with the growing risk of supply forecast on higher energy prices
deepwater KG-DWN-98/2 Cluster-II disruption to key energy and commodities
development project in the prolific Krishna as Russia continues its war in Ukraine and Japan's biggest oil and gas explorer, Inpex
Godavari Basin. Western sanctions on Moscow escalate. Corp (1605.T), lifted its full-year profit
It is the deepest gas discovery of the JOGMEC will be allowed to buy liquefied forecast by 14% to a record 400 billion
project, with a gas production potential of natural gas (LNG) on behalf of utilities yen ($2.7 billion) thanks to higher-than-
about 3 million standard cubic meters of gas when normal procurement by private expected oil and gas prices and the yen's
per day. companies becomes difficult, under a plan plunge against the U.S. dollar.
The gas from the field's wells is evacuated approved by the Cabinet last month. The company raised the forecast for
through the subsea facilities connected to 2022 from its August estimate of 350 billion
an onshore terminal at Odalarevu, situated yen after reporting a 94% jump in its profit
in Dr. B R Ambedkar Konaseema district of India's October fuel demand for the January-September period at 267.4
Andhra Pradesh. billion yen.
rises on festive season boost weakness were positive factors, but stable
"Stronger oil and gas prices and the yen's
Japan's JOGMEC renamed in India's fuel consumption, a proxy for oil operation at the Ichthys LNG project (in
Australia) also contributed to our solid
demand, rose to its highest in four months
shift to national decarbonisation in the festival month of October, data from performance," Daisuke Yamada, Inpex's
the Petroleum Planning and Analysis Cell
managing executive officer, told a news
Role (PPAC) of the oil ministry showed on conference.
Monday.
The one-off gain of 33.3 billion yen from
State-owned Japan Oil, Gas and Metals Consumption in October was 6.7% selling its stake in the Lucius and Hadrian
National Corp (JOGMEC) said on Monday higher than the previous month, while North Fields oil project in the U.S. Gulf
it has been renamed Japan Organization for also up 3.4% year-on-year at 18.37 million of Mexico boosted its earnings, offsetting
Metals and Energy Security and will provide tonnes, the data showed. read more an impairment loss of 18.3 billion yen it
equity investment to back the production The data indicates that "the negative booked in the July-September quarter on its
and storage of hydrogen and ammonia. impact of the monsoon season is now stake in the U.S. Eagle Ford shale oil project.
The change for the organization in coming to an end," Refinitiv analyst Ehsan The impairment loss was due to lower-
charge of providing financial support for the Ul Haq said. than-expected output and reserves and the
exploration and development of energy and "I expect fuel demand to grow Japanese company may withdraw from the
metals reflects the revision of the JOGMEC significantly, as car sales have picked up. project, Yamada said.
Act to help the country achieve its 2050 goal With several refineries coming back from "We may consider selling the project,"
of carbon neutrality. maintenance, crude runs will also increase," Yamada said, adding that Inpex had already
To secure a stable supply of hydrogen Ul Haq added. "On the whole, a positive posted a similar loss of about $300 million
and ammonia, seen as key to the outlook and the best is yet to come." on the stake in 2020 after buying the 100%
decarbonized fuels of the future, JOGMEC India celebrated the major festivals of stake in the project in 2019.
will either invest in or provide a debt Dussehra and Diwali last month, buying The sale of the Lucius stake and the
guarantee to businesses producing and everything from cars, houses and television possible exit from the Eagle Ford are part
storing hydrogen and ammonia both sets to travel and jewellery, according to of Inpex's portfolio reshuffle, shifting
domestically and broad, it said in a early data, giving a fillip to growth prospects away from North America to focus on its
statement. despite economic gloom elsewhere in the core geographic areas such as Australia,
Other new functions include geological world. Indonesia, the Middle East, Norway and
surveys for offshore wind power generation, Indian state fuel retailers' diesel sales Japan, he said.
equity investment in carbon dioxide capture also surged in October from the previous
and storage (CCS) projects and domestic month, preliminary sales data showed last
processing and smelting projects of rare week, indicating a pickup in industrial
metals. activity. read more
Equity investment in overseas projects Sales of gasoline, or petrol, were up 8.8%

Week 45 14•November•2022 www. NEWSBASE .com P9