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Shale Gas: The answer to India's energy woes

Jun 17, 2011

Shale gas has emerged as a silver lining in India's energy landscape amongst the concerns of declining domestic gas supplies.

Zonal tariff: Blockage in the gas pipeline?

Apr 19, 2011

Zonal tariff system is at odds with equitable economic growth and can be a huge roadblock to CGD projects.

Indian gas sector: Running out of options

Apr 1, 2011

We have already missed lot of opportunities in the Indian gas sector. It won't be long before it runs out of steam for the lack of proper policies.

How long will the oil crisis last?

Mar 17, 2011

Oil prices lack fundamental support at current levels and should be restored back to normal in near future

Gas energy: Time for Govt. to wake up

Mar 16, 2011

As access to energy sources is crucial to attain the target GDP growth, it is time for India to come up with right polices and strategic decisions that improve access to domestic gas reserves

Ghost of the peak oil theory

Jun 30, 2010

Equitymaster discuss why the recent BP oil spill raises the ghost of the peak oil theory and its impact on crude oil prices.

ONGC: Exploring dividends

Mar 19, 2009

In the previous article , we had discussed the application on Hindustan Unilever, of a frame work through which one could achieve returns entirely from dividends. In this article, we shall analyse ONGC's dividend record through the same frame work.

Basics of Liquefied Natural Gas

Sep 8, 2008

As per BP Statistical Review 2008, natural gas contributes to 9% of India's energy basket. However, with greater availability and soaring prices of substitutes (crude oil), natural gas is set to gain greater importance going forward.

GAIL: The national gas grid

Sep 1, 2008

The government initiated a discussion on a new gas pipeline policy in 2004. Around this time, the development and construction of a national gas grid (NGG) of around 8,000 kms was also conceptualized on the lines of the power grid

GAIL: What determines its tariffs?

Aug 13, 2008

We have mentioned in our recommendation on GAIL that while we expect incremental volumes to flow through the company’s natural gas pipelines, we are concerned about the situation regarding the tariffs that the company is allowed to levy. In this article, we shall clarify how pipeline tariff is determined.

High crude prices: Will they last?

Jun 16, 2008

The crude price levels are hovering around the US$135 per barrel level, causing headaches for governments and central bankers around the globe. Even Saudi Arabia, the OPEC's most important member, has recently announced an increase in daily production by half a million barrels to protect the goose that lays the golden eggs.

Outlook on the Indian energy sector

Jan 14, 2008

India is a highly under-explored country in terms of hydrocarbons and the recent huge discoveries in the KG, Mahanadi and Cauvery basins are just a tip of the iceberg. They add to the mounting evidence of the success of the NELP rounds. Upstream majors ONGC and RIL are more aggressive than earlier in moving ahead with their exploration activities and joint ventures

GAIL: Volumes in line

Nov 28, 2007

Panna-Mukta-Tapti (PMT) rights GAIL has recently bagged the rights to market 17 million standard cubic meters per day (MMSCMD) of natural gas produced from the PMT fields. It may be noted that GAIL currently delivers about 5 MMSCMD from the PMT fields.

Gujarat Gas: Analysis of the key factors...

Apr 4, 2007

Every company or industry has some peculiar characteristics on which growth and profitability hinge. In this write-up, we will focus on the key factors affecting the operating profitability and ultimately, the stock returns of Gujarat Gas.

GAIL: Gains in the 'Pipeline'!

Mar 21, 2007

In the previous article, we had provided a brief history on GAIL and an overview of the business of the company. Taking our analysis further, in this write-up, we analyse the performance of the company over the last few years with respect to its key business of transmission of natural gas and LPG. We will also have a look at what are the potential catalysts for the transmission business of the company.

GAIL: A brief overview...

Mar 14, 2007

With increased supplies from the private sector players, the Indian gas market is likely to see heightened activity over the next 4-5 years. Recent discoveries by Reliance, Gujarat State Petroleum Corporation (GSPC) and ONGC augur well for mid-stream companies such as GAIL, which is engaged in the transmission and distribution of natural gas in the country. With this background in mind, over the next few weeks, we will try to provide an exhaustive overview of the business operations of GAIL, wit

Natural gas: Fuel for future - I

Mar 5, 2007

Natural gas is the cleanest source of energy available at the disposal of the mankind. It forms 23% of the total energy consumption globally, while in India it accounts for just 9% of the Indian energy matrix. The lower share could largely be attributed to supply side constraints. The demand side of the story continues to be buoyant with the same consistently outpacing supply. Supply side constraints were largely a factor of government regulation in Exploration and Production (E&P) along with t

Gujarat Gas: Analysis of business model

Sep 14, 2006

India is a developing economy and its growth hinges upon the adequate availability of energy resources in the country. Natural gas is thus going to play a pivotal role in the economic development of the country. Also, the demand for natural gas has outstripped supply owing to it being environment friendly fuel in addition to it being cheaper fuel (compared to other fuels in terms of calorific value). One of the key players in this segment is Gujarat Gas. In this write up, we analyse the business

Energy: A Porter's perspective

Apr 12, 2006

Refining industry worldwide is performing well over the the past few years, which could be attributed to production disruptions due to natural calamities, lower spare capacity worldwide in addition to the growing demand for petroleum products worldwide. All these factors have resulted in refining companies earning significantly high (gross refining margins) and thereby, reporting higher profits. In this article, we take a look at the Indian refining sector through Michael Porter's model of compe

Energy: Lucky for some...

Feb 4, 2005

Energy stocks have announced mixed results for 9mFY05. High crude oil prices had different impacts on different businesses depending on the straddle of the energy sector. In other words, while oil marketing companies witnessed a sharp dip in bottomline on account of higher costs and lower realization factors, upstream majors, such as ONGC, had a very good outing during the period, with its product (read crude oil) touching prices never witnessed before by the oil major (ONGC was selling crude at

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