Oil Minister Veerappa Moily informed reporters that his ministry was yet to process and finalise its view on a proposal to raise fuel prices, on the lines of the recommendation of Kelkar committee. Raising diesel prices is essential in order to reduce the under-recovery of the three public sector oil mark
Category: Oil & Gas
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Norms for LNG terminals
In order to encourage the setting up of LNG terminals in the country, the petroleum ministry framed rules on eligibility conditions for registration of liquefied natural gas terminals (LNG).
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Petronet works on Rs 45 bn terminal project
Petronet LNG is working on a Rs 4,500 crore land-based LNG terminal project with facilities for receiving, storage and regasification of LNG at Gangavaram in Visakhapatnam district in collaboration with the Gangavaram port. However, the initiative faces some headwinds as the l
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IOC takes steps to weed out illegal customers
Indian Oil Corporation (IOC) is taking some stringent measures to weed out illegal customers of liquefied petroleum gas (LPG) or cooking gas in Gujarat. As part of these measures, the state-run oil marketing firm decided to block 4.7 lakh LPG consumer connections in the state for two reasons
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Petronet LNG looks out for LNG customers
Petronet LNG is looking out for customers for the liquefied natural gas (LNG) that it would be importing from the newly set up LNG terminal at Puthuvype in Kerala. So far, the company managed to get only one customer - the BPCL Kochi Refinery- for the LNG. The refine
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Experts call for early solution on KG D6 issues
Industry experts suggest that the government, Reliance Industries and BP Plc work towards an early resolution of the issues holding up investments in Krishna-Godavari (KG)-D6 basin. They feel that improvement in production of natural gas from the basin is essential to meet the ever rising demand for the fuel in
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ABG Shipyard faces liquidity stress
The liquidity condition of ABG Shipyard is facing continued stress owing to large work-in-progress inventory relating to oil rigs, India Ratings said. The shipyard is facing delay in executing a novation agreement with a large client and an associate company. Novation is the act of either replacing an obligation to perform with a new obligation, or replacing a party to an a
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Panel suggests annual revision of gas price
A committee headed by C Rangarajan, Chairman of the Prime MinisterÂ’s Economic Advisory Council (PMEAC), suggested an annual revision in the price of natural gas produced in the country. The revision should be based on monthly moving average of net back price for producers of Indian LNG and the other volume weighted price of USÂ’s Henry Hub, UKÂ’s
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Ministry to take shale gas policy before cabinet
Noting that India has the potential to exploit shale gas, Union Oil Minister M Veerappa Moily informed that the proposed policy shale gas would be taken before the cabinet for approval soon. He also said that the shale gas policy that his ministry was working on was a positive and forward-looking one. Shale gas is an important source and potential of oil world over,
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Panel suggests production-linked deals
In order to overcome problems associated with the cost-recovery contracts in oil and gas exploration sector, a high level panel recommended the government to adopt production-linked contracts wherein companies would be chosen based on the amount of output they are willing to share with the government. The committee, under the PM's Economic Advisory Council ( PMEAC) Chairman C Rangarajan, proposed a mod