Union shipping ministry has reportedly sent a proposal to set up a Rs 4,320-crore integrated liquefied natural gas (LNG) terminal at Ennore, near Chennai to the cabinet for approval. It may be learnt that the project was approved by the shipping ministry recently. Indian Oil Corporation, which plans to construct the terminal, would receive a letter of award from the Ennore Port once the cabinet clears the proposal. Tamil Nadu
Category: Oil & Gas
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Oil ministry seeks speedy nod for 20 blocks
Of the 52 oil and gas blocks which are awaiting clearances from the defence and environment ministries, the oil ministry plans to request Cabinet Committee on Investment (CCI) to expedite nod for 20 offshore exploration blocks. Speedy clearance for these blocks would benefit prospective contractors like RIL, Cairn, BP, BHP Billiton, ONG
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Minister hints at full de-regulation of diesel prices
Some media reports quoted Petroleum Minister Veerappa Moily as saying that the government would allow oil marketing companies (OMCs) to charge market price for all consumers in another 24 months. It may be noted that recently, government allowed these firms to charge market price for only bulk cons
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NITC charters vessel from Mercator
Reports suggest that Mumbai-based Shipping firm Mercator last month gave its vessel the Omvati Prem to the Iran-based National Iranian Tanker Company (NITC) on charter basis for ferrying crude oil to India. This is for the first time the state-run tanker company of Iran NITC chartered an Indian vessel cove
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Cairn India posts 48% rise in net profit
The consolidated net profit of Cairn India rose 48 per cent to Rs 3,344.9 crore in the October-December 2012 quarter from the year-ago period. The company announced a 38 per cent growth in consolidated revenue to Rs 4,277.6 crore during this perio
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OMCs seek norms for bulk diesel users
Reports indicate that oil marketing companies (OMCs) want the government to introduce regulation that would prevent stop bulk diesel users from securing the fuel from retail outlets. Bulk quantities of diesel are sold directly from the depots of OMCs. OMCs want to prevent bulk users of diesel from buying the fuel from retail outlets because the gove
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Govt subsidy may rise under pricing formula of panel
According to some estimate, government will have to bear an additional subsidy burden of Rs 28,800 crore if it implements the Rangarajan committee formula for pricing natural gas. The committee, set up under Prime Minister's Economic Advisory Council Chairman Rangarajan, suggested a price formula which is the mean of the prod
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Cairn India aims 215,000 bopd output in FY14
Cairn India aims to produce 215,000 barrel of oil per day (bopd) during 2013-14 from its Rajasthan block. This is based on the company managementÂ’s guidance and the expectation that the Bhagyam field would produce 40,000 bopd only by the second half of 2013
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EAC clears Cairn’s plan to raise output
The Expert Appraisal Committee (EAC) under the union environment ministry 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 barrels per day (bpd) to 200,000 bpd and associated gas from 35 to 40 million stan
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Govt may restart IOC stake sale
Reports suggest that 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