The government may restart the process of divesting its stake in Indian Oil Corporation following the considerable rise in the share price of oil companies in recent trading sessions. In 2010, the government deferred its plan to offload 10 percent (of its 78.92 percent) stake in Indian Oil because of poor market condition.
Category: Oil & Gas
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LPG distribution norms
Union Petroleum Ministry received a request from the Ahmedabad based Consumer Education and Research Centre (CERC) to reconsider the decision to allow only one gas connection for one address. In a letter to the ministry, the CERC argued that the rule could hit the joint family culture in India as it will impose an additional financial burden of purchasing cooking gas at premium rates for big families that will be unable to survive on the limited quota.
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Bharti Airtel reduces GHG emissions
Bharti Airtel said that it had reduced greenhouse gas (GHG) emissions per terabyte in network infrastructure by 11 per cent in financial 2011-12. It also saved 20 million KWh of energy by consolidating its facilities and improving energy efficiency of its data centre.
As part of its initiatives to enĂÂsure sustainability and increase social inclusion, Airtel plans to bring digitisation to millions through its network coverage and deeper internet penetration.
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ONGC's CBM block sale
Bids invited by ONGC for picking up its stake in four coal-bed methane (CBM) blocks did not receive strong response. ONGC is said to have received bids from only three firms for the blocks. These firms are UK-listed Great Eastern Energy Corporation (GEECL), Brisbane-based Dart Energy and a consortium of Jindal Steel and Deep Industries.
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EAC clears Cairn's plan
The Expert Appraisal Committee (EAC) gave conditional clearance to the plan of Cairn India to raise crude oil output capacity from its Mangala Processing Terminal in Rajasthan. The approval would enable Cairn India to raise oil production from 175,000 bpd to 200,000 bpd.
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Oil ministry prepares uniform gas price policy
In order to bring about equality in the price of imported and domestic natural gas, the union oil ministry has worked out a a Uniform Gas Price Policy. Minister for Petroleum and Natural Gas M Veerappa Moily informed told that he did not know whether the policy has to go to the cabinet or not. Imported gas curre
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CCI asks ministries to decide on 46 exploration blocks in a month
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
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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
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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
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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