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India Equity Research Reports, IPO and Stock News
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Crude and Natural Gas prices
In the month of March crude prices were trading in the range of
US$110-US$115/bbl. However, beginning April 2011 there has been a
sharp movement in crude prices to US$120/bbl and has consistently
remained above that level. After reaching a high of US$126/bbl during
the last week, Brent crude is currently hovering at ~US$122/bbl.
• US Henry Hub natural gas price is currently hovering at around
US$4.1/mmbtu. The average price for the fortnight ending 15th April
was US$4.2/bbl. There were no significant fluctuations in gas prices
during this period.
• Futures prices have been moving in tandem with spot prices and
indicate a cooling down in prices of crude oil from current levels.
Refining Margins
• Reuters Singapore complex GRMs remained range bound
(US$8.0/bbl-US$9.0/bbl). Currently hovering at
~US$8.0/bbl, the average GRM for the fortnight stood at
US$8.4/bbl.
• Petroleum product prices have moved upwards in tandem
with crude prices resulting in a range bound movement in
GRMs.
• Arab light-heavy spreads and WTI-WTS sweet-sour spreads
averaged to US$3.9/bbl and US$3.4/bbl respectively for the
fortnight ending mid April2011.
Key Events
• D1 & D3 Gas Production Status : During the week ended 4th April 2011, average gas sales was about 49 MMSCMD, of which gas sale
from Dl & D3 was about 41 mmscmd and from MA about 8 mmscmd; however no reserve estimates are currently available. 11
mmscmd was sold to fertilizer plants, 26 mmscmd to power plants and the balance 13 mmscmd to other sectors such as steel, CGD,
refineries etc.
• HPCL to merge Prize Petroleum : HPCL has decided to merge its 100% subsidiary Prize Petroleum (HPCL’s E&P arm) by buying
stakes of its other partners. HPCL will buy the equity holdings of the joint partners ICICI bank (35%), ICICI ventures (10%) and HDFC
bank(5%).
• OVL to acquire 25% stake in Satpayev block: ONGC Videsh Ltd has signed an agreement with Kazakhsthan NOC, KazMunaiGas for
the acquisition of 25% PI in Satpayev exploration block. The block covers an area of 1,482kms and holds 256mmt of hydrocarbon
reserves.
• RIL commences planned capacity expansion in petchem: RIL has started its planned expansion of its new polyester capacity in
India which will be its largest capacity expansion in this sector. These plants will be integrated with RIL’s captive PTA and MEG.
The expansion includes
• A planned capacity of 2.3mt of PTA at Dahej with an option to increase it by another 1.15 mt.
• 395,000 of PFY and 140,000 of PTY at Silvassa.
• 540,000tons of PET at Dahej with an option to increase it by another 540,000tones
• 290,000 of PSF at Dahej.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Crude and Natural Gas prices
In the month of March crude prices were trading in the range of
US$110-US$115/bbl. However, beginning April 2011 there has been a
sharp movement in crude prices to US$120/bbl and has consistently
remained above that level. After reaching a high of US$126/bbl during
the last week, Brent crude is currently hovering at ~US$122/bbl.
• US Henry Hub natural gas price is currently hovering at around
US$4.1/mmbtu. The average price for the fortnight ending 15th April
was US$4.2/bbl. There were no significant fluctuations in gas prices
during this period.
• Futures prices have been moving in tandem with spot prices and
indicate a cooling down in prices of crude oil from current levels.
Refining Margins
• Reuters Singapore complex GRMs remained range bound
(US$8.0/bbl-US$9.0/bbl). Currently hovering at
~US$8.0/bbl, the average GRM for the fortnight stood at
US$8.4/bbl.
• Petroleum product prices have moved upwards in tandem
with crude prices resulting in a range bound movement in
GRMs.
• Arab light-heavy spreads and WTI-WTS sweet-sour spreads
averaged to US$3.9/bbl and US$3.4/bbl respectively for the
fortnight ending mid April2011.
Key Events
• D1 & D3 Gas Production Status : During the week ended 4th April 2011, average gas sales was about 49 MMSCMD, of which gas sale
from Dl & D3 was about 41 mmscmd and from MA about 8 mmscmd; however no reserve estimates are currently available. 11
mmscmd was sold to fertilizer plants, 26 mmscmd to power plants and the balance 13 mmscmd to other sectors such as steel, CGD,
refineries etc.
• HPCL to merge Prize Petroleum : HPCL has decided to merge its 100% subsidiary Prize Petroleum (HPCL’s E&P arm) by buying
stakes of its other partners. HPCL will buy the equity holdings of the joint partners ICICI bank (35%), ICICI ventures (10%) and HDFC
bank(5%).
• OVL to acquire 25% stake in Satpayev block: ONGC Videsh Ltd has signed an agreement with Kazakhsthan NOC, KazMunaiGas for
the acquisition of 25% PI in Satpayev exploration block. The block covers an area of 1,482kms and holds 256mmt of hydrocarbon
reserves.
• RIL commences planned capacity expansion in petchem: RIL has started its planned expansion of its new polyester capacity in
India which will be its largest capacity expansion in this sector. These plants will be integrated with RIL’s captive PTA and MEG.
The expansion includes
• A planned capacity of 2.3mt of PTA at Dahej with an option to increase it by another 1.15 mt.
• 395,000 of PFY and 140,000 of PTY at Silvassa.
• 540,000tons of PET at Dahej with an option to increase it by another 540,000tones
• 290,000 of PSF at Dahej.
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