Oil and Gas Sector Current Affairs

India hosts 16th International Energy Forum (IEF) Ministerial Meeting

India, world’s third-largest energy consumer after US and China hosted 16th International Energy Forum (IEF) Ministerial Meeting from 10-12th April 2018 in New Delhi. It was formally inaugurated by Prime Minister Narendra Modi. This is second time India hosting IEF Ministerial meeting. It had earlier hosted 5th IEF Ministerial in 1996 at Goa.

IEF Ministerial Meeting

The theme of 2018 IEF Ministerial Meeting was “The Future of Global Energy Security: Transition, Technology, Trade and Investment”. It was attended by Petroleum Ministers from 42 countries and was co-hosted by China and South Korea. It was informal dialogue held at both political and technical levels. It was aimed to improve policy and investment decisions, and through increased knowledge and experience sharing.

The deliberations among other important issues held in this edition of meeting were global energy security, sustainable and inclusive growth, energy access and affordability, fiscal regimes and legal reforms to attract investments in the energy sector and energy sector digitalization-benefits and challenges.

International Energy Forum (IEF)

The IEF is an inter-governmental arrangement set up in 1991 and based (Secretariat) in Riyadh, Saudi Arabia. It serves as neutral facilitator of informal, open, informed and continuing global energy dialogue among its member countries. There are 72 member countries of IEF (comprising of energy producing and energy consuming states, including transit countries) including India, covering all six continents. Its membership accounts for 90% of global supply and demand for oil and gas.

IEF’s Executive Board (EB) was set up in 2002 and comprises of 31 designated representatives of Ministers of the member states. It meets twice a year. International Energy Agency (IEA) and Organisation of the Petroleum Exporting Countries (OPEC) are non-voting members of the Executive Board. The EB is chaired by the Host State of the next biennial Ministerial Meeting. Indian is currently Chair of IEF’s Executive Board. The IEF Ministerial Meetings are held biennially and is world’s largest gathering of Energy Ministers who engage in dialogue on global energy issues.

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ONGC to introduce Asia’s first large scale CO2 injection technique at Gandhar field

State owned Oil and Natural Gas Corporation (ONGC) is planning to introduce carbon dioxide (CO2) injection technology in its Gandhar oil field in Gujarat. It will be first large scale CO2-injected project in Asia.

Its purpose is to recover extra 20 million barrels of crude oil under enhanced oil recovery (EOR) programme. EOR programme aims at recovering up to 20% of residual oil from ageing oil fields to improve India’s energy security.

Key Facts

Gandhar located in Gujarat is one of ONGC’s major brownfields and was discovered in 1983. The field produces approximately 30,000 barrels of oil per day and is on the decline.

Under this project, ONGC plans to invest $75 million in CO2 capture and another $200 million in injector producer network to recover an extra 15% of residual oil currently valued at $1.36 billion. It will be operational in 20 months. ONGC is in talks with National Thermal Power Corporation (NTPC) for utilising nearly 5 million tonnes of emitted gas (CO2) from the latter’s Gandhar plant.

CO2 injection technology

CO2 injection technology is a proven concept in the West specially the US and Canada. Under it, CO2 gas is injected with residual oil in the ageing field in which total oil production has been declining. It reduces its viscosity and makes it easier to displace oil from the rock pores. CO2 gas also swells oil, thereby pushing it towards the producing well for extraction.

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