Latest news with #PSCs
Time of India
4 days ago
- Business
- Time of India
Explained: Why US tariffs have reignited the debate on India's energy dependence
New Delhi: When a trade war makes its way to the fuel pump, the ripple effects can be enormous. The recent 50 per cent tariff on Indian exports announced by US President Donald Trump is not just a headline about geopolitics — it could mean an additional $11 billion a year on India's oil import bill. For a country that imports nearly 90 per cent of its crude oil, the development has put energy security back in the spotlight. Aruna Sharma, Policy Advisor, Development Economist, and former Secretary Steel, Government of India told ETEnergyWorld that the episode is 'a stark reminder of India's persistent energy vulnerability to unpredictable diplomatic shifts and new global political alliances '. India has called the tariffs 'unjust, unfair, and unreasonable', with Prime Minister Narendra Modi reaffirming the push towards energy self-reliance and maximising domestic production. Why is India vulnerable? India's dependence on imported crude means global disruptions — whether political, economic, or security-related — can directly affect domestic fuel prices and supply. Consumption is projected to rise in the coming decades, making the import reliance an ongoing risk. Sharma said that the country must 'rapidly scale up domestic exploration and production' to reduce exposure to such shocks. What policy changes are being suggested? Extending contracts: Oil and gas fields under production sharing contracts (PSCs) nearing expiry risk losing investment unless terms are extended until the economic life of the field. Aligning PSC and RSC terms: Granting PSC operators the same flexibility as revenue sharing contracts (RSCs) could prevent disputes and speed up project execution. Streamlining operations: Self-certification could cut paperwork and accelerate execution by up to 12 months. What about investment and taxation? Capital-intensive deepwater and ultra-deepwater projects need foreign and private investment, but high taxes and royalties — which send 60–70 per cent of producer revenue back to the government — remain a deterrent. Sharma recommended targeted fiscal relief like royalty waivers, tax incentives for marginal fields, and support for enhanced oil recovery. What about GST? Bringing oil and gas under GST would let E&P companies claim input tax credits, lowering costs and improving project viability. What is the key message? Sharma added that the government should see the current crisis as a wake-up call and not allow its energy policy to be dictated by external pressure or global alliances. The country must double down on its domestic production ambitions, with urgency, clarity, and political will.
The Star
10-08-2025
- Business
- The Star
PETRONAS' PUSH TO CREATE MALAYSIA'S VIBRANT UPSTREAM ECOSYSTEM
PETRONAS MPM aims to unlock five new frontier basins in the country. MALAYSIA'S oil and gas (O&G) sector is asserting enduring significance and robust growth potential driven by the inherent dynamics of resource abundance, technological innovation and persistent global demand. This critical industry, a bedrock of the economy, continues to unlock new opportunities and sustain vital energy supplies. While Malaysia embraces a responsible energy transition, the fundamental value and strategic importance of its hydrocarbon wealth remain undeniable, with the sector's trajectory defined by its foundational role in meeting both national and global energy needs. Malaysian Petroleum Management (MPM) senior vice-president Datuk Bacho Pilong stated that the upcoming decades are set for continued growth, evidenced by the heightened upstream momentum last year, which coincided with Petroliam Nasional Berhad's (PETRONAS) 50-year anniversary. Over the past half-century, Malaysia's oil production has experienced a twenty-fold increase, from over 100,000 barrels per day in the 1970s to over two million barrels per day in 2024. Last year, PETRONAS also secured RM50bil in upstream investments and signed a record 14 product sharing contracts (PSCs) with 12 operators. 'From our humble beginnings in 1974, PETRONAS and MPM have grown leaps and bounds,' said Bacho. 'Last year, we awarded the highest number of blocks (14) the country has ever done. 'Our role is about creating a future for the industry, to ensure its prominence for the decades to come. I believe that PETRONAS' future could be even more exciting than the past fifty years,' said Bacho. — IZZRAFIQ ALIAS/The Star 'This is thanks to the mature infrastructure network, progressive fiscal terms, enhanced transparency and a skilled talent pool, crucial for the industry to flourish. 'This stability provides investors with the certainty to come in and invest in the country.' Bacho added that MPM's role goes beyond being a mere regulatory arm, as the organisation aims to actively shape the future of the industry, accelerating growth and global competitiveness. 'Our role is about creating a future for the industry, to ensure its prominence for the decades to come. I believe that PETRONAS' future could be even more exciting than the past fifty years,' he said. These strategic undertakings represent a pivotal phase in PETRONAS' bold transformation journey as an integrated energy company, one that goes beyond maintaining its traditional upstream excellence by 2035. 'We are reimagining Malaysia's role as a regional energy leader through innovative partnerships, cutting-edge technology and asset excellence,' said Bacho. 'This transformation encompasses our evolution as a progressive energy and solutions partner, where every business decision – from frontier basin exploration to portfolio enhancement – serves the larger vision of delivering sustainable, competitive energy for the next decade and beyond. 'This comprehensive shift is what we call PETRONAS 2.0 – building tomorrow's energy ecosystem today, ensuring Malaysia remains not just relevant but essential in the global energy transition,' he added. Untapped resources Bacho shared that to invigorate the sector, PETRONAS, through MPM, plans to reactivate dormant oil basins in the country via strategic partnerships, untapping unutilised reserves. He explained that, in total, Malaysia is home to eight basins. These comprise the Malay Basin, Penyu Basin, Langkasuka Basin in Peninsular Malaysia, Sarawak Basin, Layang-Layang Basin, Kinabalu Basin, Tawau Basin and Sandakan Basin in East Malaysia. 'Just imagine, all this time, our playing field was limited to three basins. But, in the decades to come, it will be expanded to eight basins. There are five dormant basins just waiting to be activated,' he said. 'So, we must attract more investments to capitalise on these opportunities, to unlock this growth potential.' Each of these basins offers distinct geological potential and commercial advantages, backed by enhanced subsurface data, improved fiscal terms and viable infrastructure networks. This year, the production sharing contracts for the Mutiara cluster in the Sandakan Basin and the Temaris Cluster in the Malay Basin were successfully launched and awarded to Dialog Resources Sdn Bhd and Seascape Energy Asia (One) Sdn Bhd respectively. Additionally, strategic technical evaluation agreements (TEAs) were signed with major industry players such as BP, TotalEnergies (France) and Eni (Italy), for the Langkasuka and Layang-Layang basins. Bacho described Sabah as a potential investment opportunity, as there are many blocks available in the state's untapped basins. Recently, Japanese company Inpex Corporation made a comeback into the country, with plans mooted for the Tawau Basin. In the 1960s, the company began expanding abroad, including exploration in Sabah under Sabah Teiseki Oil Co (a subsidiary of Teikoku Oil), and drilled five oil wells at the southeastern tip of Sebatik Island, off the coast of Tawau. Catalysing investments To activate and streamline the operations of these basins, MPM is forming strategic collaborations and partnerships with potential investors. This is done through Malaysia Bid Round (MBR), an annual exercise to develop upstream initiatives and offer investors different opportunities to grow their energy portfolios. MBR 2025 is offering a balanced portfolio with five exploration blocks and three discovered resource opportunities (DRO) clusters in Malaysia. 'Malaysia remains an attractive and vibrant exploration and production (E&P) investment destination for potential investors,' said Bacho. He added that a game-changer in attracting investment interest has been the PETRONAS myPROdata platform. Bacho said this system provides greater access and transparency to Malaysia's E&P data, encapsulating over 100 petabytes of accumulated seismic, production and field data over the past five decades. Access to these datasets eases the decision-making process for investors, enabling them to make well-informed decisions on their investments. 'This can be a catalyst for the industry. By sharing this data with investors, at a nominal subscription fee, we speed up their decision-making and de-risk exploration for them,' said Bacho. He disclosed that MPM will be spending roughly RM500mil annually for five years to acquire valuable seismic data. This initiative, he says, bolsters investor confidence. Coupled with the re-entry of major players into the country and the continued high demand for O&G from the Global South, it highlights the potential for an upward trajectory in the industry. 'It's about confidence in many aspects: our geology, our regulatory systems, our stable market prices. The moment investors have this confidence, it paves the way for more investments,' Bacho affirmed. MPM also recently introduced Malaysia Bid Round Plus (MBR+), an initiative that allows players to bid on relinquished blocks without waiting for the next annual bid round. This flexibility, exclusively available for PETRONAS myPROdata subscribers, ensures continuous opportunities for new operators and investors. To date, MPM has launched two MBR+ licensing rounds with 100% take-up rates. In addition to the PETRONAS myPROdata platform, MPM employs the Right Asset, Right Player (RARP) strategy. This strategy involves the clustering of assets, classified as late-life assets, small-field assets and so on, depending on their maturity. This effectively matches E&P players with assets that align with their niche capabilities, maximising value creation for all parties. 'Different operators have different focuses, priorities and approaches. With RARP and MBR+, we can utilise the assets to the fullest, and extract more value from them, so it's a win-win for everybody,' Bacho explained. Responsible energy management In line with the National Energy Transition Roadmap (NETR), to achieve net-zero carbon emissions by 2050, Bacho emphasised that while the industry continues to drive economic growth and ensure energy security, embedding emission management from the outset is no longer an option, but a fundamental aspect of operations. A proactive stance is critical, as failure to address emissions could lead to challenges, particularly in securing crucial financing for projects. 'The difference between back then and now is that, in production, emissions are now managed upfront. It is part of the plan as built-in mechanisms and no longer an afterthought,' said Bacho. 'We must ask ourselves, 'Can we manage the emissions?', 'Can we capture the released gas?'. It's about a change in thinking for us all.'
Business Recorder
24-07-2025
- Business
- Business Recorder
Land record digitalisation initiatives: CM Sindh reviews progress
KARACHI: Sindh Chief Minister Syed Murad Ali Shah, presiding over a meeting of Land Administration & Revenue Management Information System (LARMIS), directed the Board of Revenue (BoR) to integrate the e-Mutation system with the e-Registration system and expedite the progress on the e-transfer system to improve service delivery. The meeting, held at CM House, was attended by Mayor Karachi Murtaza Wahab, Chief Secretary Asif Hyder Shah, PSCM Agha Wasif, Commissioner Karachi Hassan Naqvi, Secretary Local govt Waseem Shamshad, Members Board of Revenue Omar Farooq Bullo and Saleem Baloch, and Secretary-cum-Director LARMIS Saifullah Abro and others. The CM said that LARMIS was established to provide citizens with computerised access to land records and related services throughout the province. With 27 dedicated People's Service Centres (PSCs) across district headquarters and a comprehensive online platform via the Board of Revenue's official website, the system ensures easy access to vital land information. During the briefing, the CM was told that Modern IT infrastructure supports daily operations, while a state-of-the-art Data Centre located at Revenue House Clifton, Karachi, serves as the central repository for digitised land records. Moreover, a Disaster Recovery Centre (DRC) in Hyderabad guarantees service continuity during emergencies. The digitisation process, which commenced in 2010 with the scanning of old records from 1985 to 2010, secures Forms VII-A, VII-B, and Form II collected from all Mukhtiarkar offices. Continuous scanning and indexing of post-2010 records at the Provincial Record Centre (PRC) in Hyderabad ensures ongoing public accessibility through integrated networks. LARMIS has further expanded its capabilities by offering digital access to government offices and statutory bodies for land title verification. It may be noted, the introduction of e-Registration services at PSCs has enhanced service delivery, with plans underway for the integration of an e-Mutation system. Launched in February 2024, the e-Registration system currently operates across 51 Sub-Registrar offices, facilitating registration services through the PSCs. By July 2025, over 100,000 documents and deeds have been successfully registered through this innovative system. Furthermore, the Board of Revenue Sindh is collaborating with Sukkur IBA University on the development of an 'E-Transfer of Property System,' which aims to secure revenue records through blockchain technology, thereby making property transactions more accessible and user-friendly. Copyright Business Recorder, 2025
Business Times
15-07-2025
- Business
- Business Times
Indonesia battles oil production slump with bold new drilling plans
[JAKARTA] Indonesia is banking on 75 newly offered oil and gas blocks to stem its declining domestic output, but analysts warn that the boost may be short-lived unless deeper investment and structural reforms follow. The government hopes the expanded portfolio will help lift production to 605,000 barrels a day this year and eventually reach its longstanding target of one million barrels by 2030. But with more than half of Indonesia's crude oil needs already met through imports and demand still rising, the stakes are high if these new blocks fail to deliver. Prateek Pandey, senior vice-president and head of Asia-Pacific oil and gas analysis at Rystad Energy, said that Indonesia's target, while ambitious, is not out of reach if the right pieces fall into place. 'Production upside brings a short-term momentum. But the real challenge isn't reaching 605,000 barrels; it's sustaining it,' he told The Business Times. New blocks to drill Of the 75 blocks offered, 61 are currently open for bidding. These include resource-rich but underexplored areas such as Seram-Aru and Cenderawasih Bay II and III in the Maluku and Papua regions, which officials hope will attract long-term investment and help diversify the national production base beyond traditional oil and gas hubs. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up The government has also identified 14 more areas for future licensing rounds, including Bukit Barat, Halmahera-Kofiau, Semai IV, and Akimeugah. Deputy Minister of Energy and Mineral Resources Yuliot Tanjung said on Jul 8 that the blocks are being offered under production-sharing contracts (PSCs), which allow companies to recover their exploration and development costs before sharing profits with the government. Deputy Minister of Energy and Mineral Resources Yuliot Tanjung says the new blocks are being offered under production-sharing contracts. PHOTO: ELISA VALENTA, BT He added that some blocks already have winning bidders, while others remain open for bidding or are being prepared for future tenders. Rikky Rahmat Firdaus, deputy for exploration in the Upstream Oil and Gas Regulatory Task Force, said that Malaysia's Petronas and Total E&P Indonesie will begin exploration drilling next year in the Bobara Block, a 8,500 square kilometre oil field in Papua. Firdaus pointed out that Indonesia could see additional production this year from two oil and gas blocks, including state-owned energy firm Pertamina's existing assets such as ExxonMobil's Cepu Block, which may contribute around 30,000 barrels a day. Further gains are expected from newer fields such as Forel and Terubuk, which are projected to add another 20,000 barrels per day combined. Declining output Once a major oil producer, Indonesia has seen a steady decline in domestic output, leaving the country increasingly reliant on imports to meet its energy needs. In the 1990s, oil and gas production peaked at around 1.5 million barrels a day, but output has since dropped significantly. Komaidi Notonegoro, executive director of the Jakarta-based think tank ReforMiner Institute, said the country's upstream oil and gas industry has been grappling with increasingly complex challenges in recent years. He noted that a key concern is Indonesia's heavy reliance on ageing wells, with around 52 per cent of the output coming from mature fields nearing the end of their productive life. Reversing the downward trend in domestic output is no easy feat, said Komaidi, as it requires balancing the economic viability of upstream projects with the government's fiscal limitations, a delicate act of walking a tightrope between industry needs and state finances. 'In general, managing oil and gas fields in the mature phase requires special treatment, as production and maintenance costs tend to rise while output continues to decline,' he noted. Pandey from Rystad Energy said that most of Indonesia's recent oil and gas block awards have reverted to the cost-recovery PSC model, marking a shift away from the gross split scheme introduced in 2017. The cost-recovery model is seen as more appealing in today's uncertain market. 'While fiscal terms are generally not seen as a major obstacle, above-ground risks and domestic-market dynamics continue to weigh heavily on the commercial viability of projects,' he said, pointing to investor caution amid unstable Brent prices in 2025. Operators, he added, are becoming increasingly hesitant to invest in both brownfield developments and high-risk exploration. Energy security Indonesian President Prabowo Subianto has placed energy security at the heart of his economic agenda, vowing to reduce import dependence and ramp up domestic oil production. The push is not only about securing supply, but also about curbing rising energy import bills and easing long-term fiscal pressures. Indonesia's fuel subsidy amounted to 500 trillion rupiah (S$39.4 billion) last year. The country currently consumes around 1.6 million barrels of oil a day, with domestic production accounting for only 600,000 barrels, while the remaining one million barrels are met through imports. Dr Yayan Satyakti, a lecturer and researcher at Padjadjaran University, warned that the growing gap between domestic supply and demand would not only erode energy resilience but also carry broader economic, fiscal, and geopolitical consequences for Indonesia. 'Higher energy imports mean more spending in foreign currency, potentially worsening Indonesia's current account balance and putting pressure on the rupiah,' Dr Yayan said. Pandey noted that, amid rising geopolitical tensions that could fuel energy price volatility, countries around the world are re-evaluating their domestic oil and gas potential and Indonesia is no exception. The South-east Asian nation is also seeking to buy more crude oil from the US, part of its broader negotiation with Washington to lower the 32 per cent import tariff that is still under review. While this effort will remain relevant, domestic potential is likely to take priority, said Pandey.
Scroll.in
17-06-2025
- General
- Scroll.in
IGNOU admission 2025: BEd entrance exam result declared, here's direct link to download
The Indira Gandhi National Open University (IGNOU) has announced the results for the Entrance Examination 2025. This entrance test serves as the gateway for the programme offered by IGNOU for the 2025 academic year. Candidates who took the exam on March 16, 2025, can now check their results on the university's official website Steps to check IGNOU entrance result 2025 Direct link to IGNOU BEd entrance result. According to a Times of India report, candidates who qualify the entrance examination must now participate in the counselling process to secure admission. IGNOU will conduct regional counselling sessions through its designated Programme Study Centres (PSCs) across the country.
