Oil Marketing Companies (OMCs) in the private sector have welcomed the decision of the government to allow state-run OMCs to revise diesel prices. However, they want complete de-regulation of diesel pricing in the country. They feel that the decision to allow state-run OMCs to revise diesel price is a token mea
Category: Oil & Gas
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Cairn India awaits nod for exploration
The management committee that overseas the production of crude oil by Cairn India in the Rajasthan oilfields is expected to meet soon. Cairn India is awaiting the approval of the committee for exploration in the delineated area in the Rajasthan oil field so that it could raise oil production. Once approved, the company would be able to raise prod
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Board of Petronet clears Rs 50 bn terminal project
Petronet LNG, which proposes to set up a five million tonne per annum LNG terminal at Gangavaram, Andhra Pradesh at a cost of about Rs 5,000 crore, received final approval from its board for the investment. The firm, which expects to complete the project by end-2016, has finished several pre-project activities and it is working towards short-listing of potential cont
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Congress considers raising fuel prices
The ruling Congress Party at the centre is considering to raise the price of diesel and kerosene in order to reduce the government's fuel subsidy burden and thereby reduce its fiscal deficit. It may be noted that the Congress Core Committee, which has representatives of the party and the government, discussed the issue recently. Although no decision has yet been taken, the party is said to be evolving consensus on raising prices for the
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RIL produces 22.04 mmscmd gas from KG-D6
A report from the Directorate General of Hydrocarbon (DGH) shows that natural gas output from Reliance Industries' KG-D6 field stood at 22.04 million standard cubic meters per day in the week ended December 30, 2012. The output belongs to Dhirubhai-1 and 3 gas fields and MA oil and gas field in the KG-DWN-98/3 or KG-D6 bloc
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Govt launches portability scheme for LPG consumers
Petroleum and Natural Gas Minister M Veerappa Moily informed reporters that the government recently launched a pilot project of portability for LPG connections in Chandigarh. The project is aimed at enabling the customer, who is not satisfied with his present distributor, to shift his connection to another dealer. In 2013-14, the three state-run fuel retailers – IOC, BPCL
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Authorities to set up LPG outlets in rural areas
A Pandian, who is the State-level Coordinator, Oil Industry, Kerala and Lakshadweep informed that by the end of the year, authorities would issue Letters of Intent for setting up rural LPG outlets. In order to promote penetration of LPG cover into “low potential or rural areas, government introduced the rural LPG outlet scheme, known as the Rajiv Gandhi Gramin LPG Vitaratk (RGGLV) in
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Rise in GRM helps Essar Oil post profit
Thanks to a rise in gross refining margins (GRM), Essar Oil announced a profit of Rs 32 crore during Oct-Dec 2012 compared to a loss of Rs 3,986 crore in the year-ago period. During Oct-Dec, the firm reported an almost four-fold rise in the GRM to $ 9.75 per barrel compared to $2.82 per barrel in the year ago quarter. The company achi
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ONGC plans Rs 868 bn investment in 5 yrs
Sudhir Vasudeva, Chairman and Managing Director of state-run oil explorer informed that the firm plans to invest about Rs 86,862 crore on 44 mega projects during 2012-17. He also said that the planned capacity addition of the firm's Mangalore Refinery and Petrochemicals will come about in the present Plan period
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GDNL allowed to acquire stake in Gujarat Gas
GSPC Distribution Networks (GDNL) is allowed to acquire 65.12 per cent stake in Gujarat Gas Company by the Competition Commission of India (CCI). The commission approved the acquisition because it feels that the deal may not have any adverse impact on competition in the natural gas distribution market