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Brent corrected sharply in April by 4%, averaging USD121/bbl with Iran opting for renewed talks on its nuclear programme. INR depreciated 2.7% against USD with rising current account deficit. Indian complex GRMs and Singapore GRMs rose USD0.8/bbl and USD1.0/bbl respectively, due to recovery in diesel and gasoline cracks. In marketing, LPG under-recoveries spiked ~6.4% MoM to INR451/cyl due to high propane and butane prices in March (which have subsequently corrected in April). Petrol, diesel and kerosene under-recoveries averaged INR7.6/ltr, INR12.9/ltr and INR30.9/ltr, respectively. Top picks: BPCL, ONGC, RIL.
Some major company events during the month
· Govt. has sent a notice to RIL, stating it will not allow recovery of INR66bn of RIL’s capex as it had drilled fewer than required wells in the D1/D3 fields of KG-D6 block.
· PNGRB released a tariff order for IGL, pegging the regulated tariff for network and compression at INR3.53/scm against IGL’s demand of INR8.95/scm, and it is forced to refund the excess charges retrospectively since Apr-2008.
· Cairn India announced an oil discovery in KG-ONN-2003/1. Total in-place reserves for two discoveries so far of 550 mmbbls. Recoverable reserves estimated at 10%.
· Govt. has approved OFDP of 4 satellite fields in the KG-D6 block.
Regards,
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