Government agreed to release Rs 25,000 crore as compensation to state-run oil marketing companies - Indian Oil, Bharat Petroleum and Hindustan Petroleum-for selling diesel, cooking gas (LPG) and kerosene at subsidised prices. The finance ministry gave a comfort letter to the OMCs intimating its plan to release the amount. How
Category: Oil & Gas
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ONGC lines up 44 mega projects for 2012-17
Sudhir Vasudeva, Chairman and Managing Director of ONGC informed that the state-run oil and gas explorer would execute 44 mega projects worth about Rs 86,862 crore between 2012-17. Of these projects, 16 would be on-land projects and 28 offshore. Most of the projects are lump-sum turnkey contracts (LSTK)
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Essar Oil to meet demand of villagers
According to media reports, the meeting between the agitating villagers of Dhabani in West Bengal and Essar Oil officials on the firm's coal-bed methane (CBM) project ended successfully. The villagers committed that they will not disturb work on the project. In exchange for this commitment, the officials of the firm agreed to meet some of the demands of the
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Gujarat govt seeks gas at equal price
During his meeting with Prime Minister Manmohan Singh, Gujarat Chief Minister Narendra Modi demanded provision of natural gas to the state at the same rate as places like Delhi and Mumbai. Both the Gujarat government and the central government are locked in a legal battle on allocation of natu
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Crude oil price rises on strong economic data
International crude oil price rose marginally in recent trading sessions on the back of positive economic data from the US and the Europe. Recent data from the US shows rebound in its serv
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AP CM requests centre to allocate gas
Andhra Pradesh Chief Minister wants union oil ministry to take immediate steps to ensure sufficient natural gas supply to the state and help overcome the power shortage. The chief minister requested Prime Minister Manmohan Singh to direct oil ministry to boost gas supply for the state. He made this request when he met the Prime
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Morgan Stanley upgrades ratings on oil firms
Following the centre's move towards deregulating diesel prices, financial services firm Morgan Stanley upgraded the ratings on Oil and Natural Gas Corporation (ONGC) and Hindustan Petroleum (HPCL) to 'overweight' from 'equalweight'. On January 17, the central government allowed state-owned oil firms to raise prices in small measures every mon
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States’ plea to Centre to up coal, gas supplies
State governments have on February 5 requested Union Minister of State for Power (Independent Charge) Jyotiraditya Scindia to take up the issue of inadequate coal supply with the Prime Minister and seek his early intervention. At the 6th Conference of Power Ministers of States and Union Territories in Delhi, power minister of the States expressed concern over fuel uncertainty affecting the power sector.
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States’ plea to Centre to up coal, gas supplies
State governments have on February 5 requested Union Minister of State for Power (Independent Charge) Jyotiraditya Scindia to take up the issue of inadequate coal supply with the Prime Minister and seek his early intervention. At the 6th Conference of Power Ministers of States and Union Territories in Delhi, power minister of the States expressed concern over fuel uncertainty affecting the power sector.
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Petrofed warns against shifting to export parity pricing
The Petroleum Federation of India (Petrofed), an apex body of entities in hydrocarbon sector, warned the union finance ministry against its proposed norm for calculation of under-recoveries of state-run oil marketing companies (OMCs). Recently, the finance ministry proposed that the export parity price should be considered for calculating under-recoveries of OMCs instead of the present trade parit