Cabinet Committee on Investments (CCI), in its maiden meeting, urged the petroleum and defence ministries to resolve their differences on giving approval to the development of 46 oil and gas blocks in one month. It is learnt that delay in giving clearance by the defence ministry to these blocks has hampered investments of Rs 92,000
Category: Oil & Gas
Post
Post
OVL plans to complete Azerbaijan block deal in 3 months
ONGC Videsh (OVL), the overseas arm of state-run oil explorer ONGC, plans to complete the $1 billion acquisition of a stake in an Azerbaijan oilfield by the first quarter of 2013 subject to government and regulatory approvals. Union Cabinet Committee on Economic Affairs (CCEA) is said to be studying the
Post
Centre may request US govt to allow Indian firms source gas
Reports suggest that the central government would request the US government to allow India oil and gas companies to source shale gas from the country. US government does not allow foreign companies to import shale gas. But as an exception, the US government recently allowed state-run Gail to import natur
Post
Private firms eye bulk diesel sale market
Media reports suggest that private fuel retailers like Essar Oil, Reliance Industries (RIL) would attempt to grab the share of the bulk diesel customer market after the government de-regulated pricing in the segment. The government allowed oil marketing companies (OMCs) to charge market price for bulk customers of diesel, that include railways, industrial users and State Trans
Post
Private refiners reduce export to cater to domestic demand
Reports suggest that private sector oil refining firms like Essar Oil have reduced export of diesel recently in order to cater to the rising demand in the domestic market. Diesel is used in the industrial, agricultural and transport sectors in the country. For example, Essar Oil has reportedly offered only one d
Post
RIL drills 54 new wells in US shale gas projects
Weekly Insight learns from media reports that Reliance Industries (RIL) has drilled 54 new wells in three shale gas projects in America. During the first nine months of 2012-13, the company witnessed 16 per cent sequential growth in prod
Post
ONGC expects 27 mn t oil output in 2012-13
Sudhir Vasudeva, Chairman and Managing Director of Oil and Natural Gas Corporation (ONGC) informed that his firm may produce 27 million tonne of crude oil and 25.7 billion cubic m of gas in 2012-13. Even in 2011-12, the firm achieved similar level of production. However, the firm aims to add 2.9 million-tonne oil equivalent to its output in 2013-
Post
HPCL mulls LPG storage facility for Rs 700 cr
Media reports suggest that Hindustan Petroleum Corp (HPCL) is discussing the feasibility of a Rs 600-700 crore project to set up underground storage facility for liquefied petroleum gas (LPG). The company proposes to set up the facility, which would be its second one, in Mangalore and it is expected to arrive at a decision on the project in the next six
mont
Post
Ministry wants to cut subsidy bill by changing pricing formula
Union finance ministry wants the oil marketing companies (OMCs) to calculate under-recoveries from sale of fuel products based on export parity price rather than the presently followed import parity price. The ministry wants OMCs to discontinue import parity price because the 2.5 per cent customs duty was adding to the under-recoveries of the state-run oil marketing companies without contributing any revenue to th
Post
GAIL revives Rs 75.9 bn gas pipeline project
Reports indicate that Gas Authority of India (GAIL) has revived the much delayed Rs 7,596 crore Jagdishpur-Haldia gas pipeline gas pipeline project. It is learnt that the groundwork for the project, which was sanctioned in 2007, is yet to start. The project was sanctioned almost 5 years ago. However, first a glitch over gas availability led to delay in exec