Latest news with #PSC
Time of India
2 days ago
- Business
- Time of India
Centre approves participating interest transfer among existing oil, gas contractors through management committee nod
New Delhi: The government has approved a key recommendation allowing participating interest (PI) transfer among existing parties in oil and gas contracts through the Management Committee (MC) instead of the current requirement of prior government approval, subject to no change in operatorship. The move applies to Production Sharing Contracts (PSC), Revenue Sharing Contracts (RSC), Discovered Small Fields (DSF), and Coal Bed Methane (CBM) regimes, and is aimed at reducing project delays and easing operations for existing contractors. "Participating Interest (PI) means, in respect of each party constituting the contractor, the undivided share expressed as a percentage of such party's participation in the rights and obligations under the contract." A letter dated July 10 to the Directorate General of Hydrocarbons stated that the recommendation made by the joint working group in June has been 'approved.' The group had proposed that the Management Committee may be empowered to approve PI transfer cases 'where contractor intends to transfer the PI within the existing parties of the contract, subject to no change in operatorship.' The recommendation noted that under current provisions, PI transfer within the existing parties required prior government consent, involving comprehensive technical, financial, and legal due diligence for each case. It stated that since the PI holders have already undergone verification at the contract award stage, such evaluation may be foregone. 'Further, in many cases it has been observed that internal transfer approval can take up to six months of time-period, leading to significant project delays,' the working group on ease of doing business in the Indian upstream sector said. The government has maintained that PI holders will still need to comply with all existing conditions of the contract. The measure comes as part of broader reforms aimed at increasing investor interest and reducing import dependency, with India targeting exploration of 2.5 lakh square kilometres under the 10th round of the Open Acreage Licensing Policy (OALP). As part of its upstream reforms, the Ministry of Petroleum and Natural Gas has also released the Draft Petroleum & Natural Gas Rules, 2025, for public consultation. The draft proposes a stabilisation clause to protect lessees from adverse fiscal or legal changes by allowing compensation or deductions. Stakeholder feedback is invited by July 17. The draft rules also propose mandatory declaration of underutilised pipeline and facility capacity to facilitate third-party access under government oversight. In March 2025, amendments to the Oilfields (Regulation and Development) Act, 1948 were notified to further streamline operations and attract investment in exploration and production. During his visit to Vienna for the 9th OPEC International Seminar earlier this week, Union Minister Hardeep Singh Puri met Shell CEO Wael Sawan, bp CEO Murray Auchincloss, and Vitol Group CEO Russel Hardy, where he highlighted India's push to increase domestic oil and gas production. In another development, the ministry approved open sharing of National Data Repository (NDR) data at zero charge for micro, small and medium enterprises (MSMEs), startups and academic institutions. The joint working group also recommended integrating NDR data with those of ONGC, OIL, Ministry of Mines, Ministry of Coal, Ministry of Earth Sciences, and Central Ground Water Board. The measure is aimed at promoting knowledge sharing and technological development through access to comprehensive datasets, including seismic, well and other geological data.
Mint
2 days ago
- Business
- Mint
Norms for transfer of participating interest among partners in oil, gas eased
New Delhi: In a move aimed at improving operational flexibility and ease of doing business in India's upstream oil and gas sector, the Union government has approved a long-pending recommendation to allow transfer of participating interest (PI) among existing partners without requiring government consent—as long as there is no change in operatorship. Participating interest means, in respect of each party constituting the contractor, the undivided share expressed as a percentage of such party's participation in the rights and obligations under the contract. Under the current contractual provisions of production sharing contracts (PSC), revenue sharing contracts (RSCs), discovered small fields (DSF) and coal bed methane (CBM), any participating interest or stake transfer within the existing parties requires prior written consent from the government. This move is part of the government's efforts to boost investors' interest and reduce energy import dependency. India aims to explore 2.5 lakh square km in the 10th round of auctions under the Open Acreage Licensing Policy. 'The Management Committee may be empowered to approve Participating Interest transfer cases where the contractor intends to transfer the PI within the existing parties of the contract, subject to no change in operatorship," said the report of the joint working group in April. A letter dated 10 July to the Director General of Hydrocarbons noted that the recommendation has been 'approved." The changes should come into effect at the earliest, as the Directorate General of Hydrocarbons has been asked to take necessary actions based on the ministry's approval. However, no specific timelines were mentioned. Noting that under the existing contractual provisions of all contracts, participating interest transfer within the existing parties of the contractor requires prior written consent from the government, the joint working group in June had recommended: 'However, this process involves a comprehensive technical, financial, and legal due diligence for each case." Expediting approval It added that in such cases, as the participating interest holders have already undergone verification during the contract award stage, evaluation for any change in the participating interest among existing parties of the contract may be foregone. 'Further, in many cases it has been observed that internal transfer approval can take up to six months, leading to significant project delays," the working group had said in its report on issues related to ease of doing business in the Indian upstream sector. The recommendation aims to expedite the approval process and reduce project delays, thereby promoting transparency and ease of doing business. 'PI holders should be required to comply with all the existing conditions of the contract," the recommendations said. Although the transfer of participating interest does not require the government's nod, it would need the signature of a government representative. This move is part of the government's efforts to boost investor interest. Under the 10th round of auction under the Open Acreage Licensing Policy, the government aims to explore 250,000 sq. km and reduce oil import dependence. The Draft Petroleum and Natural Gas Rules, 2025, for which stakeholders need to give their feedback by 17 July, also aim to modernise India's upstream oil and gas framework with several major reforms. Key among them is the introduction of an investor-friendly stabilisation clause, designed to protect lessees from adverse impacts of future legal or fiscal changes, such as increases in taxes, royalties or other levies, by allowing compensation or deductions. The Oilfields (Regulation and Development) Act, 1948, was amended in March 2025, which is also expected to boost investor interest in the oil and gas exploration and production sector. Data sharing in India During his visit to Vienna this week for the 9th Opec International Seminar, the minister for petroleum and natural gas, Hardeep Singh Puri, met several stakeholders in the oil and gas space, including Wael Sawan, chief executive officer (CEO) of Shell; Murray Auchincloss, CEO of bp; and Russel Hardy, Group CEO of Vitol, and spoke of opportunities to invest in the country's oil and gas sector. Among other recommendations, minister Puri approved open sharing of data from the National Data Repository at zero charge to micro, small and medium enterprises (MSMEs), startups and academic institutions. "NDR data may be integrated with the repositories of the National Oil Companies (NOCs), such as ONGC and OIL, and other ministries such as ministry of mines, ministry of coal, ministry of earth sciences, Central Ground Water Board, etc. ensuring seamless access to comprehensive datasets, including seismic, well, and other geological information," the recommendations said. The move aims to promote knowledge sharing, collaborative ventures, and technological advancements through enhanced data accessibility, thereby encouraging innovations in the oil and gas industry.
Straits Times
3 days ago
- Entertainment
- Straits Times
What is ‘aura farming'? This Indonesian tween will show you
Sign up now: Get ST's newsletters delivered to your inbox The video of Dika dancing on the boat has gone viral, with many recreating the dance on social media. In the past few weeks, Rayyan Arkan Dikha, an 11-year-old boy who lives in Indonesia and, according to his local government, goes by Dika, has been hard to miss on social media, even if you have never heard of his name. A video of him dancing on the front of a boat has become an internet sensation and is the reason 'aura farming' has become a popular phrase. The video has been overlaid with various songs, imitated by countless creators, commented on by celebrities and, most recently, led to Dika being named a tourism ambassador for Riau, the province in Indonesia where he lives. While many of the videos featuring Dika have amassed millions of views around the world, his popularity in the United States – and the explosion in use of the phrase 'aura farming' – has come despite relatively little information being available about him or the race he competes in. What is aura farming? According to the website Know Your Meme, the expression was popularised in 2024 largely in reference to anime characters and various celebrities. It generally refers to someone who does something repetitive to look cool and build, as Gen Alpha would say, aura. Dika, who seems strangely calm on the bow of a thin boat, dressed in black and wearing sunglasses, uses a series of repetitive movements in his dance, making him a perfect fit for the term. Top stories Swipe. Select. Stay informed. Singapore S'pore boosts nuclear viability, safety research with new institute and $66m in additional funding Singapore More than 14,300 people checked during 7-week-long anti-crime ops Singapore Over 12,000 lower-income households to receive $60 in transport vouchers by end-July Singapore NDP 2025: Leopard tank transmission fault identified, vehicle to resume role in mobile column Life Anti-smoking advisory in new plaque for controversial samsui woman mural World Trump nominates 'alpha male' influencer to be ambassador to Malaysia Business CEO pay: At Singapore's top companies, whose pay went up and whose saw a drop? Business Popiah king Sam Goi makes $123.5 million offer to buy rest of PSC Why is he dancing on the front of a boat? In the original video, which was posted on TikTok in January 2025 by a user named Lensa Rams, Dika is participating in an event in Riau called Pacu Jalur, which roughly translates to 'boat race'. It is part of an annual festival that dates back hundreds of years, and each of the long canoe-like boats in the race has, as part of its large crew, a Tukang Tari who dances and provides inspiration for the rowers. Dika, who has participated in the races since he was 9, has become the face of the tradition, but each boat has its own Tukang Tari, and each brings a different vibe to the race. How has this spread so quickly? The video has been around for months – Pacu Jalur is held in August – but it has exploded in popularity in the last few weeks, at least partly because the dance is easy to imitate. In addition to the various creators on Instagram and TikTok who have tried their hand at Dika's dance, it has been posted about by Travis Kelce, the NFL star and boyfriend of Taylor Swift, who compared his own moves to Dika's in a video with more than 13 million views. The dance was recreated on a baseball field by the Party Animals, a rowdier cousin of the Savannah Bananas, with a TikTok of their rendition receiving more than 5 million views. It was even used as a goal celebration by Diego Luna of the United States men's national soccer team in a win over Guatemala last week. Is the kid getting anything for all this attention? On July 8 , the government in Riau, citing the impact of the video and the fact that he had been 'inspiring local kids to embrace and preserve their traditions,' named Dika as a tourism ambassador for the province. The Riau governor, Mr Abdul Wahid, awarded him a scholarship for 20 million rupiah (S$1579) for his education. Dika also performed a rendition of his dance along with Mr Wahid and other officials. 'Wow, I'm so happy,' Dika said in Indonesian in a notice from the government about the scholarship. 'I never imagined I'd meet the governor.' He can most likely expect quite a bit more attention when Pacu Jalur returns in August . NYTIMES
Straits Times
3 days ago
- Business
- Straits Times
Root Awakening: Grey patches are likely lichen
Sign up now: Get ST's newsletters delivered to your inbox It is common to see lichen on older trees growing in moist environments. Lichen is harmless My old belimbing tree has white spots all over the trunk and branches. What are they and are the fruit still safe to eat? Audra Ruyters The grey patches are likely lichen, a combination of a fungus and an algae. It is harmless to you and the tree. It is common to see lichen on older trees growing in moist environments. Garlic vine needs bigger pot Avoid spraying new chemicals on plants without first testing them on a small part. PHOTO: SIN CHEY CHENG My garlic vine grows up a vertical trellis outdoors. It gets more than half a day's worth of sunlight and last bloomed in January. How often does it flower? Recently, its leaves have been turning yellow and patchy, and eventually fall off. I sprayed the plant with a solution of diluted vinegar and orange peels. What is wrong? Sin Chey Cheng Did the plant start shedding leaves at a hotter time of the year? If so, it could be due to dehydration and heat stress. Top stories Swipe. Select. Stay informed. Business S'pore to launch new grant for companies, expand support for workers amid US tariff uncertainties World Trump to use presidential authority to send weapons to Ukraine, sources say Opinion Whisper it softly, there's a new Japan rising Business Popiah king Sam Goi makes $123.5 million offer to buy rest of PSC Business Aster Chemicals in talks to buy Esso petrol stations in Singapore: Sources World The $12.8m bag: Original Birkin smashes records at Paris auction Asia Tariffs overshadow diplomacy as Asean foreign ministers press on with meetings Singapore What 'skills first' really means: Panellists at SkillsFuture Forum talk culture, systems, mindsets Your plant has limited root space in its current pot, and may lack nutrients. If it has been grown in the same container for some time, it may have used up all the nutrients in the growing mix. Avoid spraying new chemicals on plants without first testing its reaction. Some plants may react adversely and their leaves may get damaged. Always test a chemical on a small part of the plant before applying it elsewhere. You may want to move the plant to a larger pot so its roots have more room to grow. Fertilise and water it regularly, and prune excessive growth periodically to reduce water loss. The garlic vine usually flowers after a dry spell. In Singapore, this occurs once or twice a year. Fiddle-leaf Fig is a slow grower This plant also looks to be pot-bound. PHOTO: ADRIAN LING What is the correct method of pruning this plant? Adrian Ling Grown under optimal conditions, the Fiddle-leaf Fig is a robust species that produces new growth readily when pruned. Prune your plant at a point high enough that it still has enough leaves to photosynthesise and grow. Some woody plants die when they are cut back to older, bare parts. This species grows slowly, and the plant will take time to produce new growth. It also appears that your plant is pot-bound and should be moved to a bigger container. Umbrella tree can be propagated via air-layering The top half of this plant is producing more leaves as it gets more light than the lower half, which is blocked by a wall. PHOTO: DANIEL LING Can I shorten my umbrella tree by cutting off the portion in the photo and replanting the cutting elsewhere? There are hardly any leaves on the bottom half of the trunk and I want them to spread out more evenly. Daniel Ling You are correct to propagate a section of your tree to restart as a smaller plant. Stem cuttings can also be done, but thick woody cuttings from your tree may take time to root. The umbrella tree can be propagated via an air-layering method, also called marcotting. There are numerous instructional videos that you can refer to. Once the propagated section has established a root system, you can discard or give away the original plant. Your tree's lack of leaves in its bottom half is likely due to a lack of light at that section, where sunlight is blocked by the parapet wall. Exposure to light is essential for plants to maintain healthy leaves. Over-pruning a woody plant to an older, bare section can cause it to decline. The plant may not have enough buds if the growing conditions are not optimal or the plant is not strong enough. Cut the plant in such a way that some leaves are still attached to the original plant, so it can continue to photosynthesise and produce the energy needed for new growth. Curry tree seeds can be dispersed by animals This plant is likely the Gamthi variety of the curry plant. PHOTO: LEONARD TAN This plant of unknown origin has been growing in my pot. It seems to be a curry tree, but the branches are pinkish-red, while typical curry branches are green. It has white flowers and green, berry-like fruit which turn black over time. Leonard Tan Your description of the plant fits the Curry Tree (Bergera koenigii) – namely, the Gamthi variety, due to its pinkish rachis. Its fruit turn black when they ripen, and are ready to eat at this stage, but avoid consuming the seeds. The fruit are eaten by birds and dispersed through their droppings. Your plant may have emerged in your garden through this dispersal mode.
Business Times
3 days ago
- Business
- Business Times
Popiah king Sam Goi makes mandatory offer for rest of PSC at S$0.40 a share
[SINGAPORE] Local tycoon Sam Goi has made a mandatory offer to buy the remaining shares of PSC Corp that he does not already own at S$0.40 apiece. This comes after he spent S$25.2 million on 63 million shares to raise his stake to 43.38 per cent. The offer represents a premium of 7.8 per cent over the volume weighted average price of S$0.371 in the past one-month period, according to a bourse filing by UOB Kay Hian on his behalf. Dubbed the local 'popiah king', Goi on Thursday (Jul 10) bought the shares at S$0.40 apiece, lifting his stake from 31.82 per cent, the filing said. This acquisition, which will bring the number of shares he owns in the company to 236.5 million, will be completed on Jul 11 by way of a married deal. Given that PSC has a paid-up share capital of S$177.3 million comprising 545.3 million shares, Goi's offer would amount to S$123.5 million, according to calculations made by The Business Times. Goi is also the executive chairman of PSC, a fast-moving consumer good manufacturer and distributor. He has been steadily buying shares in the company over the past few years. The latest purchase triggers a rule in the Singapore Code on takeovers and mergers whereby anyone who holds more than 30 per cent, but not exceeding 50 per cent of the voting rights of a company is required to make a mandatory general offer for all the shares in the company which he does not already own. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The offer price will not be cut, or adjusted for the final dividend of S$0.013 per share for the financial year ended Dec 31, 2024. This was paid out on Jun 18, 2025. UOB Kay Hian said Goi's offer presents existing shareholders with a 'clean cash exit opportunity to realise their entire investment', without incurring brokerage and other trading costs. In laying out the rationale of the offer, the filing also notes that the trading volume of PSC shares has been low – at a daily average of around 183,790 shares in the previous month. The number drops to 76,287 for the past 12 months. UOB Kay Hian also notes that PSC faces a challenging business environment in Singapore and its other key markets, due to tariff uncertainties and geopolitical tensions. Adverse weather conditions have also impacted commodity prices and production costs for PSC and its subsidiaries, it noted. Goi does not currently intend to actively pursue PSC's delisting from the mainboard, the filing said. PSC shares fell S$0.01, or 2.4 per cent, to close at S$0.40 before the announcement. In a separate filing, UOB Kay Hian said that Goi will make a mandatory unconditional cash offer for Tat Seng Packaging Group, in which PSC owns a controlling stake. This is if Goi's offer for PSC becomes unconditional, or if he acquires statutory control of the company, he will need to make an offer for Tat Seng under what is known as a chain offer condition. PSC holds 100.5 million of Tat Seng's ordinary shares, or a stake of around 63.95 per cent. Goi owns 409,700 shares, or about 0.26 per cent. If and when a chain offer for Tat Seng is made, the price shall be S$0.899 a share.
