Sources from the Directorate General of Hydrocarbons (DGH) indicate that the northeastern state of Nagaland invited "expressions of interest" from oil companies for 11 exploration blocks without the approval of the union oil ministry. According to the state government, the central government informed in the Lok Sabha on March 10, 2011
Category: Oil & Gas
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RIL gets no order to stop work at KG block
Government has not ordered Reliance Industries (RIL) to stop work at any of its KG-D6 gas fields and other blocks that figure in the list of 14 areas that have been classified as "No-Go" areas by the Defence Ministry, company sources said. It may be noted that RIL's KG-DWN-98/3 or KG-D6 block is declared as "No-Go" as it overlaps with a prop
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Bulk users worried over sharp rise in diesel price
Bulk diesel users across different states are crying fowl over the government's move to allow oil marketing companies (OMCs) to charge market prices for these consumers. In order to reduce the fuel subsidy burden, the central government recently allowed OMCs charge mark
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OMCs deny cartelisation in oil industry
State-run Oil Marketing Companies (OMCs) deny the allegation that they form cartel while changing petrol or diesel prices. Competition Commission of India (CCI) is studying the allegation and is expected to come out with its obse
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TN govt urges centre to withdraw dual pricing of diesel
In a recent letter to the Prime Minister, the Tamil Nadu Chief Minister J Jayalalithaa asked the centre to withdraw the decision on dual pricing of diesel, which she terms as "ill-conceived, ill-timed". Jayalalithaa warned in the letter that if the centre does not hear the stateĂâs request, the state government has no other option, but to approach the Supreme Court for
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Govt gets request for payment of Rs 500 bn subsidy
Government received a written request from the state-run oil marketing companies (OMCs) to pay Rs 25,000 crore for the first six months and Rs 25,000 crore for the third quarter of 2012-13. The compensation is towards the under-recovery incurred by the OMCs during the year for selling petroleum products below cost. So far, the companies have
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Oil ministry proposes to adopt new gas price formula
Media reports suggest that the union petroleum ministry wants the government to adopt the pricing formula for natural gas proposed by the Rangarajan Committee. Specifically, the ministry wants the pricing formula to apply to all forms of natural gas - conventional, shale and coal-bed methane (CBM). Also, the ministry prop
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Ministry sends plan to set up Rs 43 bm LNG project
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
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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