India announces new hydrocarbon exploration licensing policy Christened 

"Hydrocarbon Exploration Licensing Policy" or HELP, the new policy also gives the investors the much needed freedom in pricing and marketing for crude oil and natural gas. | 1 Comments India announces new hydrocarbon exploration licensing policy India has announced a new hydrocarbon exploration licensing policy which offers single license to explore conventional and unconventional oil and gas resources, as the country seeks to propel investment in the energy sector. Christened "Hydrocarbon Exploration Licensing Policy" or HELP, the new policy also gives the investors the much needed freedom in pricing and marketing for crude oil and natural gas. The new policy is part of the strategy to make India a business and investor friendly destination and achieve the plan to double India's existing oil production from current 80 million metric tons to about 150-155 million metric tons by 2022, said the Union Petroleum and Natural Gas Minister Dharmendra Pradhan. Pradhan is leading a high-powered delegation to Houston to attend CERAWeek 2017 an international meeting of top leaders from the oil, energy and natural gas industry. In addition to the Canadian Prime Minister, the week-long meeting is being attended by oil and energy ministers from countries like Russia, Saudi Arabia and United Arab Emirates. "In the new model, government will not micromanage, micro monitor with producers. Government will only share revenue. It will be an open and regular affair

India's GAIL signs 1st time-swap deal for US LNG with Gunvor

It is the first time-swap agreement by GAIL, which is trying to juggle its LNG portfolio to cut costs for price-sensitive Indian customers after a sharp fall in Asian spot prices made its US gas unattractive.(India) Ltd has signed a time-swap deal with Swiss trader Gunvor to sell some of its US liquefied natural gas (LNG), sources said, as the Indian firm tries to ease the burden of its costly foreign LNG supplies. It is the first time-swap agreement by GAIL, which is trying to juggle its LNG portfolio to cut costs for price-sensitive Indian customers after a sharp fall in Asian spot prices made its US gas unattractive. The deal equates to around 5 percent of India's 2015/16 LNG imports and will support a government push to promote use of the cleaner fuel in fertiliser and the power sector, even as India's local gas production is falling.

Under the agreement, Gunvor will supply 15 cargoes or about 0.8 million tonnes of LNG to GAIL on India's west cost between April and December this year in oil-linked prices on a delivered basis in India, two sources with knowledge of the deal said.In return GAIL will sell 10 cargoes or about 0.6 million tonnes next year from Sabine Pass on the US Gulf coast in 2018 at a premium to its pricing formula on a free-on-board (FOB) basis, they said