Latest news with #ProductionSharingContracts
Time of India
23-05-2025
- Business
- Time of India
India's crude oil production falls 3.1% in April; POL exports down 12.4%: PPAC
New Delhi: India's indigenous crude oil and condensate production declined by 3.1 per cent year-on-year to 2.3 million metric tonnes (MMT) in April 2025, data released by the Petroleum Planning and Analysis Cell (PPAC) showed. Oil and Natural Gas Corporation (ONGC) produced 1.5 MMT during the month, Oil India Ltd (OIL) produced 0.3 MMT, while production under Production Sharing Contracts/Revenue Sharing Contracts (PSC/RSC) stood at 0.5 MMT. Total crude oil processed during April 2025 was 21.5 MMT, a decline of 0.6 per cent compared to April 2024. Of this, public sector and joint venture (PSU/JV) refiners processed 15.2 MMT, while private refiners processed 6.3 MMT. Indigenous crude oil processed stood at 1.9 MMT and imported crude processed was 19.6 MMT by all Indian refineries including public, joint venture and private players. The production of petroleum products was recorded at 22.4 MMT in April 2025, down by 4.2 per cent from the year-ago period. Of this, refinery production accounted for 22.1 MMT, while 0.3 MMT came from fractionators. The share of major petroleum products in the overall output included high-speed diesel (HSD) at 42.2 per cent, motor spirit (MS) at 17.5 per cent, naphtha at 6.5 per cent, aviation turbine fuel (ATF) at 6.4 per cent, pet coke at 5 per cent, and liquefied petroleum gas (LPG) at 4.4 per cent. The remaining share was contributed by bitumen, fuel oil/low sulphur heavy stock (FO/LSHS), light diesel oil (LDO), lubricants and others. Crude oil imports were lower by 1.0 per cent in April 2025 as compared to the corresponding month of the previous year. Imports of petroleum oil and lubricants (POL) products also declined by 9.0 per cent. The fall was attributed mainly to lower imports of fuel oil (FO) and lubricating oil/lube oil base stock (LOBS). Exports of POL products fell by 12.4 per cent in April 2025. The decline was primarily due to a reduction in the export of high-speed diesel (HSD) and aviation turbine fuel (ATF), according to the PPAC.
Zawya
19-02-2025
- Business
- Zawya
Algeria extends deadline for hydrocarbon bids to Q2 2025
Algeria's National Agency for the Valorization of Hydrocarbon Resources (ALNAFT), under the Ministry of Energy, Mines and Renewable Energies, has extended the bid submission deadline for the 'Algeria Bid Round 2024' to 17 June 2025. The previous deadline was 15 April 2025. The bid round offers investment opportunities in six hydrocarbon exploration areas across multiple provinces: Production Sharing Contracts ·Le Grand M'Zaid ·Ahara ·Reggane II ·Zerafa II Participation contracts ·Twal ·Guern El Guessa The hydrocarbon contracts would be concluded between the national company Sonatrach and the successful bidders. NAFT said the extension would give participating oil companies sufficient time to analyse recently finalised data and also attract more bidders. The bid specifications are available on NAFT's website. (Writing by Majda Muhsen; Editing by Anoop Menon) (
Iraq Business
28-01-2025
- Business
- Iraq Business
Genel Energy Reports Strong Financials
Genel Energy issued the following trading and operations update in advance of the Company's full-year 2024 results, which are scheduled for release on 18 March 2025. The information contained herein has not been audited and may be subject to further review. Paul Weir, Chief Executive of Genel, said: " We start 2025 with a business that has all the building blocks necessary to grow and become more successful. Genel has a strong balance sheet, our two producing fields within the Tawke PSC form a world class asset that delivers significant cash generation, even when only selling at heavily discounted domestic prices. Genel has a compact, but highly skilled and motivated work force, dedicated to delivery performance, execution of a growth strategy and pursuit of value accretive acquisitions that will geographically diversify us into reliable and predictable jurisdictions. "We continue to work with peers and our host government to push for the conditions necessary to enable testing of any new mechanism for exports. We note the recent discussions of a revised budget law in Iraq that would provide the framework for a mechanism to fund the payment of IOCs by the KRG on resumption of exports. "Consistent strong delivery performance at Tawke saw us complete another year of robust production and deliver full year free cash flow of $19 million and an improvement in our net cash position to $131 million. "We are very clear on what needs to be done to deliver on our strategy, add new assets and build a business that delivers consistent value to its shareholders. The period of our work focused on consolidation and efficiency improvement in 2024 has laid the foundations for profitable future growth. " 2024 FINANCIAL PERFORMANCE Working interest average production of 19,650 bopd for the year, increased from 12,410 bopd in 2023 All production sold into the domestic market at average $35/bbl (2023: $35/bbl) Closing out and finalising terms of exit from Taq Taq at minimal cost. Free cash flow of $19 million, compared to free cash out flow of $71 million last year Balance sheet at 31 December 2024 Total debt has been reduced from $248 million at the start of the year to current $66 million Cash of $195 million (2023: $363 million) Net cash of $131 million, an increase from $120 million at the start of the year Receivables $107 million (under KBT pricing and excluding interest) remains overdue from the Kurdistan Regional Government ('KRG'), although this is reduced by amounts owed to the KRG, which are currently around $50 million We continue to work towards a plan for payment or settlement of amounts owed, and appropriate adjustment for price and interest Arbitration In December 2024 our subsidiary, Genel Energy Miran Bina Bawi Limited, lost the arbitration case brought against it by the KRG regarding the KRG's right to terminate the Miran and Bina Bawi Production Sharing Contracts Due to the extremely limited grounds of appeal against an LCIA Arbitration Award, no appeal has been made by Genel Energy Miran Bina Bawi Limited and the deadline for appeal has passed The process under which the Tribunal determines the costs award to be made against Genel Energy Miran Bina Bawi Limited is now underway. The first stage of that process was for the KRG to submit its claim for costs incurred to the Tribunal. The KRG is claiming circa $36 million for costs incurred to the end of November 2024. This is materially higher than all the costs incurred by Genel Energy Miran Bina Bawi Limited throughout all stages of the arbitration process which was commenced by the KRG in 2021 The next stage of the process gives Genel Energy Miran Bina Bawi Limited the opportunity to make submissions to the Tribunal to challenge robustly the quantum of the KRG's cost claim, with a view to the final costs award being made for costs that are reasonably incurred, proportionate and also necessary KURDISTAN: TAWKE PSC ACTIVITY AND PRODUCTION Q4 Gross production of 74,140 bopd (Q3 2024: 84,210 bopd) sold domestically at average $34/bbl (Q3 2024: $37/bbl), with average production for the year 78,615 bopd (H1 2024: 78,050 bopd) Working interest production of 18,540 bopd in Q4 2024 (21,050 bopd in Q3 2024) Three wells that were drilled in 2023 but not completed due to the closure of the Iraq-Türkiye Pipeline, were brought onstream midyear contributing 7,800 bopd to gross production, with further production added from well interventions work. Discussions with the Regulator around the work programme for 2025 are ongoing AFRICA EXPLORATION On SL10B13 in Somaliland, we continue to work towards achieving conditions that support drilling of the highly prospective Toosan-1 exploration well On Lagzira in Morocco, we are running a farmout process seeking partners to test the newly high graded Banasa Prospect, which has been de-risked by 2024 seismic reprocessing LEGACY KURDISTAN LICENCES Over the last two years we have taken steps to stop spend that does not represent good investment and we have begun the divestment or relinquishment of unprofitable assets We are pleased to confirm that we have agreed terms for divestment of the Taq Taq PSC, which will remove the risk of any residual decommissioning liabilities. This divestment is now subject to KRG approval ESG Emissions reduction: in partnership with DNO, Genel continues to be part of the first Associated Gas Injection (AGI) project in the KRI. CDP Climate risk score of B for three consecutive years Genel's Mobile Medical Clinic project in Somaliland, which provides vital medical care for some of the poorest people in Africa, launched phase two of the project in July, with a further 15,000 cases treated to take the total cases treated to more than 30,000 OUTLOOK With Tawke domestic sales demand in 2025 expected to continue at similar levels to 2024, the Company expects its cash generation to cover its organisational costs - we will provide an update on Tawke activity and investment plans at our full year results in March We continue to work towards a payment plan for recovery of overdue receivables The Company continues to progress towards building a business with a strong balance sheet that delivers resilient, reliable, repeatable and diversified cash flows that supports a dividend programme. The Company objectives for the year on the path to building that business include: acquisition of new assets to add reserves and diversify our cash generation restart of exports to access international pricing recovery of net amounts owed by the KRG further progress towards drilling Toosan-1 farm-out of Lagzira (Source: Genel Energy) Tags: cg, featured, Genel Energy, Kurdistan News, Taq Taq, Tawke
