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Fertilizer stocks: Buy them, says stock broking houses .  There is a lot of scope to innovate in the fertilizer sector, says Amit Roy, CEO of IDFC.  Tata Chemicals: Unhappy with the bids received?.  Rajathan's draft Mineral Policy: Ample scope for units based on gypsum, rock phosphate and potash.  Matix eyes coal gasification route to make urea.  Subsidy bills-I: Allocation for indigenous urea will get over by October, 2015.  Subsidy bills-II: Processing of balance claims of urea units amount to Rs 2000 crore yet to begin.  Scathing indictment of NBS policy by CAG-II: Rs 5555 crore lost because benchmark price for DAP was not fixed in 2011-12.  Scathing indictment of NBS policy by CAG-VII: Auditor comes out with a series of recommendations, wants cost data verified from 2010.  Rashtriya Chemicals and Fertilizers to invest around Rs 14,000 crore over next five years.  Scathing indictment of NBS policy by CAG-VI: Companies raised MRPs disproportionately, claims CAG.  Scathing indictment of NBS policy by CAG-V: Unreasonable loading of costs by IFFCO highlighted.  Scathing indictment of NBS policy by CAG-IV: DOF machinations led to Rs 653 crore loss, says auditor.  Scathing indictment of NBS policy by CAG-III: Auditor castigates non-recovery of lower ammonia cost from P&K producers.  Scathing indictment of NBS policy by CAG-I: Policy failed to produce results, says auditor.  Modi government's new oil & gas model-VII: Model equates domestic prices to imported gas prices in 2022. .  Modi government's new oil & gas model-VI: Cost estimate scenarios can be built too.  Modi government's new oil & gas model-V: Update on India's unconventional plays.  Modi government's new oil & gas model-IV: User can play around with demand side estimates.  Modi government's new oil & gas model-III: Policy framework will be target oriented.  
Fertilizer stocks: Buy them, says stock broking houses
Sep 02: Fertilizer stocks are looking up these days.
 
8This is evident from more and more "buy" recommendations being taken out by stock broking houses.
 
8A case at point is that of Chambal Fertilizers. The recommendation is to buy the stock on the basis of the following financial parameters:
 --At the current market price of Rs. 61.50, the stock P/E ratio is at 5.74 x FY16E and 4.95 x FY17E respectively.
 --Earning per share (EPS) of the company for the earnings for FY16E and FY17E is seen at Rs. 10.71 and Rs.12.43 respectively.
 --Net Sales and PAT of the company are expected to grow at a CAGR of 11% and 14% over 2014 to 2017E respectively.
 --On the basis of EV/EBITDA, the stock trades at 6.16 x for FY16E and 5.35 x for FY17E.
 --Price to Book Value of the stock is expected to be at 0.95 x and 0.83 x respectively for FY16E and FY17E.
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There is a lot of scope to innovate in the fertilizer sector, says Amit Roy, CEO of IDFC
Sep 02: Innovation is the only way to go for the fertilizer industry, says Amit Roy, the CEO of the prestigious US-headquartered International Fertilizer Development Center (IFDC).
 
8A time has come to develop new technologies as the world has to go beyond products developed particularly in the US over 30 years ago.
 
8“N and P fertilizers are absolutely necessary to produce more food, but the critical question is how to improve the uptake of these nutrients and at the same time reduce external impacts, says Roy. There is work going on looking at the fundamental aspects of nutrient uptake and also at product development. “Even if we could improve uptake efficiency of the current nitrogen products substantially we would still be losing 40% or so in run off and wastage,” he said.
 
8IDFC has been instrumental in developing what is called the Urea Deep Placement (UDP) model through which prilled urea is compacted to create larger briquettes of fertilizer, which are then implanted deeper into the soil than usual, at around 7-10cm depth. The technology has been used successfully in rice farming in Bangladesh, with one application in a growing season allowing nitrogen consumption to be reduced by 30-35% and rice yields to be increased by 15-18%.
 
8Roy says the technology is now being tested and scaled up for use in Africa and across Asia.
 IDFC has now set up a Virtual Fertilizer Research Center (VFRC) designed to foster the creation of the next generation of fertilizers and production technologies by bringing together research institutes from across the world.  So far however industry and academic collaboration has been sporadic and not systematic.
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  Details
Tata Chemicals: Unhappy with the bids received?
Sep 01: There is no news yet from Tata Chemicals and its banker Kotak Mahindra on the non-binding bids submitted for the company's fertilizer assets.
8"There is complete silence on their side and in all likelihood they don't seem to be happy with the bids that had been submitted," one of the bidders who refused to be named told this website.
8The call is finally on the Tatas on whether to go ahead with the bidding process or call a halt to it.
8In case they are interested in going ahead, bidders will be allowed to do adequate due diligence before they are asked to submit their bids.
8For the Tatas, the sale of fertilizer assets is not a distress sale. "We can continue to run the division should we want to," a Tata source told this website.
8Which way the wind is going to blow will become clear in the coming days, sources said.
Click on Details for more on what the website said about the price tag for the Tata asset.
  Details
Rajathan's draft Mineral Policy: Ample scope for units based on gypsum, rock phosphate and potash
Sep 01: The website carries here the draft Mineral Policy of Rajasthan.
 
8The policy is important for the fertilizer sector as the state has recoverable deposits of rock phosphate.
 
8Rajasthan also has 82% of the total gypsum deposits in India. The state's deposit amount to around one billion tonnes
 
8The state has reasonable deposits of potash as well.
 
8The mineral policy says that there is ample scope for establishing fertilizer units in the state based on gypsum, rock phosphate and potash.
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Matix eyes coal gasification route to make urea
Sep 01: Matix Fertilizers and Chemicals Ltd has its hands full trying to commission its long delayed ammonia-urea complex based on CBM but the company is now eying the coal gasification route to produce urea.
 
8In a presentation, Matix claims that given coal gasification is now a proven technology and a success in China, and must be put to use.
 
8The company says that the high ash content in India coal will be required to be blended with imported coal to get the right mix that will be required for gasification.
 
8Matix says that coal allocation must also be made to the fertilizer sector in addition to allocations made to power, steel and cement.
 
8The company is of the view that “Make In India” urea would be cheap and cost competitive in comparison to gas based urea.
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Subsidy bills-I: Allocation for indigenous urea will get over by October, 2015
Aug 31: For reference purposes, the website carries here the fertilizer subsidy utilization figure up to August 20, 2015
 
8The data shows that the budget for imported urea has been utilized only to the extent of 31% of the total of Rs 12,300 crore. There is therefore ample scope for imports still left under the existing budget.
 
8The imported decontrolled fertilizer subsidy budget utilization is also about 31% only. On account bills upto June have been paid. Balance claims are being processed wherever quality certification from concerned state governments are available.
 
8For indigenous P&K, the budget utilization is about 47% and the subsidy will run out by December, 2015.
 
8The indigenous fertilizer subsidy budget is likely get over by October, 2015. Payments of June on account claims have been cleared, and there are indications that July on account shall be paid in Sep-15. Processing of balance claims is yet to be taken up by FICC.
 
8As for freight subsidy budget on indigenous fertilizers, freight bills upto January, 2015 have only been cleared and budget is almost exhausted.
 
8Overall however, the subsidy budget is only 56% over as on August 20.
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Subsidy bills-II: Processing of balance claims of urea units amount to Rs 2000 crore yet to begin
Aug 31: While current dues, except for freight subsidy, are getting cleared, the following is the status on payment of dues from the past
 
8As the deeming provision for quality certificates from states (Proforma B2) notified via NBS notification dated 25/06/2015 has been interpreted as prospective by DoF, the balance claim bills for November 2012 onwards are being processed for P&K fertiliser only for states which have issued B2 certificates.
 
8It is learnt that FICC will make provisional payments for beyond 100% production, amounting to around Rs.3,200 crore in September, besides on account claims for indigenous urea for the month of July.
 
8However FICC is yet to start processing of balance claims of indigenous urea units for the months November 2012 and beyond valued about Rs.2,000 crore.
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Scathing indictment of NBS policy by CAG-II: Rs 5555 crore lost because benchmark price for DAP was not fixed in 2011-12
Aug 31: The CAG has highlighted the following anomalies in the processing of subsidies for decontrolled fertilizers:
 DOF lost opportunity to save Rs 5555 crore in subsidies
 
8The benchmark price considered for fixation of subsidy on DAP for 2011-12 in November 2010, was lower than the prevailing import/procurement rates because of which the fertilizer companies were not able to finalize contracts with international fertilizer suppliers. The landed price for DAP rose and the benchmark price was finally fixed at US$ 612 per metric tonne (PMT) in May 2011, which was 35 per cent higher than the benchmark price fixed in November 2010. By not fixing the benchmark price at reasonable level in November 2010, the DOF lost an opportunity of saving subsidy of Rs 5555 crore. Fixation of benchmark price at a reasonable level needs to be ensured by DoF which would allow fertilizer companies to finalize contracts with international suppliers timely.
 Heavy tendency of Proformae ‘B’
 
8There was huge pendency of Proformae ‘B’, which was the basic reconciliation tool for cross verification of information pertaining to quantity and quality of fertilizers supplied by fertilizer companies with information provided in the mobile FMS by the State Government. As many as 4112 Proformae ‘B’ were pending in respect of P&K fertilizers, pertaining to the period 2007-08 to 2013-14, as of 31 October 2014. Out of these, 3899 related to the period when NBS Policy was in force. Thus, there was a need for DoF to frame a time-bound action plan to clear the pendency.
 Rs 25 crore extra subsidy for SSP
 
8On the recommendation of Inter Ministerial Committee (November 2010), subsidy on Single Super Phosphate (SSP) was reduced by Rs 104 PMT as secondary freight element was withdrawn
  and lump sum freight of Rs 200 PMT was allowed as compensation for this withdrawal. This resulted in additional financial burden of Rs 25.74 crore on DoF.
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Scathing indictment of NBS policy by CAG-VII: Auditor comes out with a series of recommendations, wants cost data verified from 2010
Aug 31: Some of the major recommendations to correct the anomalies made by the CAG are:
 
8A well-defined road-map for achieving each objective of the Policy, which may, inter alia, indicate quantifiable deliverables and specific timelines for achieving the objectives, needs to be laid down.
 
8DoF may put in place specific well coordinated measures including a critical review of pricing of Urea and extending to farmers the benefits of balanced usage of fertilizers through a dedicated strategy of publicity.
 
8DoF may factor in the impact of movement of international prices, while fixing benchmark price before start of financial year, which would enable fertilizer companies to enter into contracts with international suppliers for timely procurement of their requirements.
 
8DoF may establish a mechanism to ensure that requirement of fertilizers is assessed in advance based on month-wise and State-wise demand of fertilizers projected by DAC and co-ordinate the arrangements for supplying the required quantities of fertilizers. Necessity for having an MSP for SSP and modalities for same may also be worked out by DoF in close co-ordination with DAC.
 
8As NBS Policy left MRPs open for being fixed by fertilizer companies at a reasonable level, DoF may critically review adequacy of measures to assure itself that prices are actually fixed by companies at a reasonable level. For this, cost accounting firms already appointed by DoF may be instructed to submit their reports in a timely manner, so that action could be taken by DoF against fertilizer companies loading their cost with irrelevant components. Further, DoF may also consider extending verification of cost data of fertilizer companies from April 2010 onwards i.e. with effect from the date of introduction of NBS Policy instead of getting cost data examined only from 2012-13.
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Rashtriya Chemicals and Fertilizers to invest around Rs 14,000 crore over next five years
Aug 31: State-run Rashtriya Chemicals and Fertilizers Ltd (RCF) today said it will invest around Rs 14,000 crore over the next five years for expansion and charting a growth path for the public sector unit. "We are investing around Rs 14,000 crore for expansion plans over the next five years, which includes expanding our urea capacity at Thal unit (Raigad district) at a cost of Rs 5,458 crore and fertiliser complex at Talcher (Odisha) for Rs 8,000 crore," RCF Chairman and Managing Director R G Rajan told reporters here. 
8"We are expanding the capacity of urea at Thal by setting up one single stream ammonia plant of 2200 MTPD capacity and another plant of 3850 MTPD capacity at the existing site. "The company has already received pre-PIB (Public Investment Board) clearance. We now expect PIB and Cabinet clearance in the next 3-4 months period, Rajan said, adding that the project is expected to go on stream by 2018. RCF along with Coal India, GAIL (India) and Fertilizer Corporation of India (FCIL) is contemplating to set up a fertilizer complex at Talcher comprising 2200 MTPD ammonia plant, 3850 MTPD urea plant through coal gasification route.This project will utilize state-of-the-art coal gasification technology.The pre-project activities are under way, he said. 
8The `mini ratna' PSU is also putting up a sewage treatment plant (STP) at Trombay (Mumbai). Recognising the need of sufficient water supply for its Trombay plant operations, RCF has lined up a contract to set up a new STP adjacent to the existing plant at a cost of Rs 198 crore, Rajan said. A part of treated water will be supplied to BPCL, which will share the financial cost of the project, which will be commissioned in October 2016, the CMD said. 
Scathing indictment of NBS policy by CAG-VI: Companies raised MRPs disproportionately, claims CAG
Aug 31: Purchase cost of DAP by some companies was less than the benchmark price of US$ 500 PMT considered by DoF for fixation of subsidy for the year 2010-11. In the absence of any cost sheet of the calculation of MRPs for such products and no separate verification mechanism in DoF, Audit could not verify whether the benefit of such lower cost of purchase was passed on to farmers through a reduction in MRP.
 
8Partial modification in NBS Policy for payment of secondary freight subsidy in line with ‘Uniform Freight’ w.e.f 1 January 2011, resulted in withdrawal of inbuilt freight subsidy by Rs 300 PMT in the case of DAP. It was, however, observed that subsequent to the said notification, Chambal Fertilizer and Chemicals Ltd. (CFCL), Indian Potash Limited (IPL) and IFFCO increased their MRP for DAP by `Rs800 PMT. Though no specific reasons were available for such increase of MRP by IFFCO and IPL, CFCL had cited withdrawal of inbuilt secondary freight subsidy as the reason.
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Scathing indictment of NBS policy by CAG-V: Unreasonable loading of costs by IFFCO highlighted
Aug 31: DoF had not laid down any guidelines for assessing and enforcing the reasonableness of MRPs fixed by the fertilizer companies.
 The CAG observed the following instances of unreasonable loading of costs in MRP were found:
 
8FFCO added `142 PMT as ‘loss on sale of fertilizer bond’ as a component of cost for fixing MRP of DAP (imported) during 23 September 2011 to 30 May 2012. Financial impact of above loading was Rs 9.89 crore.
 
8Increased subsidy on opening stock of imported DAP as on 1 April 2011, amounting to `4.41 lakh, was recovered by DoF from IFFCO which in turn, added Rs 40 PMT as ‘loss on mopping up of subsidy’ as a cost component for fixing MRP of imported DAP. This resulted in undue profit of Rs 2.59 crore to the Company.
Scathing indictment of NBS policy by CAG-IV: DOF machinations led to Rs 653 crore loss, says auditor
Aug 31: The Monthly Supply Plan (MSP) in respect of decontrolled P&K Fertilizers, as issued to fertilizer companies as well as to states, was not based on realistic assessment of requirements. 8Quantity actually supplied by the companies was being regularized without any link with the quantity mentioned in MSP. Further, no MSP was being prepared for SSP.
 
8DoF decided (8 February 2012) that DAP (MAP/TSP/DAP Lite), NPK (all grades) and MOP Fertilizers except Urea arriving in February 2012 and March 2012 would not be dispatched from ports to any state till further orders. DoF, however, reversed (28 February 2012) the decision despite the fact that the month’s requirements could have been met through indigenous production and the stock carried over from the previous month. As substantial reduction in the rate for NBS of DAP was recommended by IMC for 2012-13 (7 February 2012), the decision of DoF to resume supply of imported DAP enabled fertilizer companies to dispatch the imported DAP to district level and claim subsidy at higher rates of 2011-12.
 
8Resultantly, DoF had to bear avoidable burden of Rs 653 crore on additional quantity of imported fertilizers, despite there being no immediate requirement.
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Scathing indictment of NBS policy by CAG-III: Auditor castigates non-recovery of lower ammonia cost from P&K producers
Aug 31: Cost of production of Ammonia using domestic/APM gas was cheaper as compared to use of imported Ammonia for production of complex fertilizers.
 
8The Empowered Group of Ministers (EGoM) directed (February 2012) the DoF to finalize guidelines for effecting recovery of undue benefits that had accrued to P&K manufacturing fertilizer companies which used domestic gas.
 
8Further, Minister of State for Chemicals & Fertilizers directed (November 2013) that pending finalization of guidelines, DoF should initiate ‘adhoc’ recovery which was notified in January 2014. 8However, DoF neither finalized the guidelines to effect such recovery from fertilizer companies nor made ‘adhoc’ recoveries even after expiry of two years from the direction of EGoM.
 
8Financial impact on account of this non-recovery could not be worked out by the CAG due to non-availability of data on use of Ammonia for production of Urea vis-à-vis P&K fertilizers.
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Scathing indictment of NBS policy by CAG-I: Policy failed to produce results, says auditor
Aug 31: The CAG in its review of the policy on decontrolled fertilizers (up to the year March, 2014) has come out with a scathing indictment of the procedures followed by the DOF.
 The following observations were made:
 
8DoF records did not reveal a clear road-map or timelines or monitoring mechanism for implementation of NBS Policy with respect to achievement of laid down objectives.
 
8Preferred proportion of usage of NPK nutrients is 4:2:1. ‘N’ which was at 4.3 in 2009-10, jumped to 8.2 in 2012-13, as farmers preferred Urea, containing ‘N’, because it was cheaper than P&K fertilizers. Such a practice had an adverse effect on soil fertility. Thus, NBS Policy did not promote balanced fertilization.
 
8Despite stated objective of NBS Policy to improve growth of indigenous fertilizer industry, production of P&K Fertilizers by the indigenous fertilizer industry declined.
 
8There was a need for a critical review of the utilization of 78 Fertilizer Quality Control Laboratories (FQCLs) in the country as capacity of some FQCLs was overutilized while some remained underutilized.
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Modi government's new oil & gas model-VII: Model equates domestic prices to imported gas prices in 2022.
Aug 30: The following cost estimates are taken into account by the NITI Ayog model for calculation of costs:
 
8The Point Estimate for 2017 domestic price is calculated by moderately increasing the prevailing domestic gas price of $4.66/mmbtu by 20%. The low estimate for 2017 domestic price is computed by increasing the domestic gas price of $4.27/mmbtu (as it prevailed in 2012) by 20%. The high estimate for 2017 domestic price is calculated by increasing the price in proportion with low and point estimates. Pertinently, domestic and imported gas prices vary till 2022 after which they become alike as explained above.
 
8The crude prices have been derived from the International Energy Agency’s (IEA) World Energy Outlook (WEO) which describes three policy scenarios
 Rs 417 million/Mtoe/year is taken as the high estimate and Rs 333 million/Mtoe/year as low estimate for capital cost. The point estimate for capital cost of refinery is taken as the average of high and low cost estimates. The high, point and low estimates for operating cost of 1 Mtoe refinery excluding fuel costs is taken as 4.4% of the high, point and low estimates of capital cost respectively.
 
8The high and low estimate of the total cost of pumping and transporting 1 Mtoe of crude oil through pipeline is taken as INR 1400 and 1200 per Km per 1000 tons.
 
8The high, point and low estimate of capital cost for import docking of 1 Mtoe of crude oil through pipeline is taken as Rs 190 million/Mtoe derived after consulting with industry.
 
8The high and low estimate of the total cost of transporting gas through pipeline is taken as $1/mmbtu and $0.4/mmbtu respectively while the point estimate is taken as the average of the high and low cost estimates. The high, point and low estimate of the total cost of 1 Mtoe LNG import terminal in India is taken as INR 45/mmbtu after consultion with LNG terminal operators.
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Modi government's new oil & gas model-VI: Cost estimate scenarios can be built too
Aug 30: NITI Ayog's new model also provides a software tool to evaluate different cost pathways in the oil and gas sector.
 
8Cost projections have been included in excel sheets as well.
 
8The projections will have to estimate the price of crude and natural gas paid to the upstream oil and gas producer.
 
8The cost of processing and transporting crude and in the case of natural gas, merely cost of transportation has to be accounted for.
 
8As regards imported gas, the cost of tolling at the LNG terminals is taken into account.
 
8There is however a large uncertainty around prices in the next 3 decades or more, the model allows for three estimates of prices, allowing the user the choice of adopting the cost as may be preferred.
 
8The model makes it clear that given the recent drastic drop in the prices of crude and gas, there is a large uncertainty around such an exercise but the user can undertake sensitivity analysis on oil and gas costs to derive the big picture on the arbitrage involved in moving away from fossil fuels or continuing with it.
 
8For an import dependent country like India, the assumption is to err on the side of higher prices as India will need to strategise on protecting  public finances, which are affected significantly when crude and gas prices rise given the large dependency on imports.
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Modi government's new oil & gas model-V: Update on India's unconventional plays
Aug 30: The new model takes into account gas production from unconventional sources such as from shale plays, CBM and Underground Coal Gasification (UCG) is taken into consideration.
 
8The model takes into estimation of these reserves from research papers and projections which are already available.
 
8As for UGC, the model assumes that India has more than 35% of coal resources locked at depths higher than 300 m which are potentially exploitable. A cumulative 285.86 billion tonnes of 8Geological Resources of Coal and 40.90 billion tonnes of  of lignite have so far been estimated in the country as in 2011. Out of the above estimates, 6 billion tonnes of lignite and 45 billion tons of coal, totaling 51 billion tones only is extractable. The 35 billion of lignite and 240 billion of coal is still unextractable. The policy paper has called to find ways and means to exploit these unrecoverable coal and lignite reserves of 275.75 billion tonnes.
 
8Unlike countries like China and the US, India does not have a reliable estimate of shale oil and gas deposits yet. Figures vary from an estimate 300 to 2100 TCF by Schlumberger to 584 TCF by the IEA. But actual estimates are not available as steps have not been taken yet to make a real estimate. ONGC is drilling some wells to find out more about shale plays in its blocks but it take time before realistic estimates are built.
 
8As for CBM, estimated prognosticated reserve in the country is about 92 TCF. The 33 CBM blocks awarded for exploration of CBM gas have an estimate of about 63 TCF. Reserves have been established in 8 CBM blocks which are in production or development phase. The total established in-place reserves in these these blocks are 9.9 TCF (280.34 BCM).
 
8There is a lot of potential in gas hydrates but production is still at an experimental stage. A lot reserves have been located in the Krishna Godavari, Mahanadi and Andaman deep waters in numerous complex geologic settings. Studies have prognosticated gas hydrate resources of 1894 TCM for India.
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Modi government's new oil & gas model-IV: User can play around with demand side estimates
Aug 30: The India Energy Security Scenarios 2047 Version 2.0 provides for demand side modeling too.
 
8The demand for oil and gas in the Indian economy is generated from all consuming sectors through the software.
 
8The user can fine tune the demand using technology and energy efficiency choices.
 
8The algorithm in the tool then deploys domestic oil and gas production in meeting the demand. The balance demand is then sourced by the excel model from imports, which would be separately shown as numbers/percentage of the supply being imported.
 
8It is obvious that the level of petroleum imports would be dependent both on demand and supply scenarios.
 
8The new software version creates import scenarios for demand and supply combinations.
 
8It helps the policy maker to remain aware of the steps that need to be taken to bring import levels down and enhance India’s energy security.
 
8The likely oil and gas demand would be 587 MMT and 308 BCM in 2047 considering Level 2 (Determined Effort) which is the default scenario, respectively.
 
8On the other hand the likely production of oil and gas has been estimated to be 59 MMT and 127 BCM in 2047 under Level 2.
 
8Thus Level 2 a robust increase in demand but only moderate increase in domestic and gas supply.
 
8Resultantly, when taking into account the likely demand for petroleum products as envisaged by the software, the oil and gas import shares (against consumption) could be between 88% and 60% in 2047.
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Modi government's new oil & gas model-III: Policy framework will be target oriented
Aug 30: The target seems to be to push the recovery factor to 40% for oil from 28%.
 
8The government claims that achieving a 40% recovery should not be a problem as the recovery factor of more than 45% has been achieved for oil in North Sea fields and in the USA.
 
8But achieving a recovery of 40% would require huge investments, technology collaborations, and a better policy framework.
 
8Raising the recovery for gas reserves from current levels of 55% to 80% however may be a tad ambitious but that seems to be the attempt here.
 
8The NITI Ayog exercise is meant to highlight the ‘problems’ faced by the E&P sector in their inability to convert discoveries into production, and the likely ‘upsides’ to crude/gas production by putting in place suitable policies to enhance recoveries.
 
8The idea seems to look at a policy framework that can free up the reserves and raise output significantly.
 
8A new software model has also been released that helps the user make choices in the determination of different crude oil and gas production trajectories until the year 2047.
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Aug 30: Modi government's new oil & gas model-II: Raising recovery factor seems to be the new focus  Details
Aug 30: Modi government's new oil & gas model-I: Gas output can shoot up if recovery factor improves  Details
Aug 28: IFFCO forms JV with Mitsubishi to manufacture agrochemicals  Details
Aug 28: Urea units: Competitive politics takes over  Details
Aug 27: Bid document out for Gorakhpur urea unit: 2.4 mmscmd of captive gas will be available from ONGC's Ramand field  Details
Aug 26: Adani wants to produce power and urea together from coal-I: Rs 25,000 crore plan unveiled   Details
 
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