Three months after the government decided to cap the number of subsidised liquefied petroleum gas (LPG) cylinders and allowed oil marketing companies to raise diesel prices, Indian Oil Corp is finding the going tough. The companyÂ’s Chairman and Managing Director, RS Butola told a business newspaper that the cap and direct cash transfer are indicators of better-functioning markets.
Category: Oil & Gas
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Gas Authority of India to buy 25 LNG cargoes
Gas transmission firm Gas Authority of India (GAIL) aims to buy 25 spot cargoes of liquefied natural gas (LNG) in 2013, up from 16-17 this year, the firm's Chairman, BC Tripathi, said on last week. GAIL will get the first cargo to start its Dabhol LNG terminal from Gazprom this month, Tripathi told the media on the sidelines of an energy conference.
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Govt to allow Cairn India to explore Rajasthan oilfields
Cairn India is to be allowed to further explore Rajasthan oilfields, a decision that could raise the block's output by over 70 per cent. It is said that the Union Oil Ministry has decided to this extent.
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IOC in need of land for DPCL to set up LNG terminal
For setting up of a Liquefied Natural Gas (LNG) terminal within the Dhamra Port premises Indian Oil Corporation (IOC) has sought early allotment of 125 acres of land from the Odisha government. In March this year, IOC had entered into a pact with DPCL for developing a liquefied natural gas terminal inside the port area at an investment of Rs 10,000 crore.
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MP’s plea to Centre to allocate more natural gas to AP
The Centre has been urged to allocate additional gas to run power projects in Andhra Pradesh more efficiently and at higher plant load factor. Harsha Kumar GV Member of Parliament, in a memorandum to the Prime Minister sought higher allocation of natural gas to Andhra Pradesh-based power projects.
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Shale gas soon from KG basin in AP
The Krishna-Godavari basin could soon become the new source of shale gas, which promises to provide energy for the next 200 years. The KG basin is one of the few places identified in India for exploitation of shale gas. The potential deposits of shale gas in the country has been estimated at between 600 and 2,000 trillion cubic meters.
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Crude oil rises in Asia
Oil prices were up in post-Christmas Asian trade on December 26 as traders warily eyed the soon-to-resume US budget talks on a deal to avert the fiscal cliff, analysts said. New YorkÂ’s main contract, light sweet crude for delivery in February rose 46 cents to $89.07 a barrel and Brent North Sea crude for February gained 55 cents to $109.35.
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Gas consumption slides 3%, OMCs may cut LPG imports
Government-owned oil marketing companies are likely to reduce imports of liquefied petroleum gas (LPG) after the country's consumption slumped 3 per cent in November because of a recently-introduced cap on subsidised cooking gas cylinders, officials and industry executives said.
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Gas output in KG-D6 declines further
IndiaÂ’s biggest gas producing fields in the Krishna Godavari basin (KG-D6), controlled by Mukesh Ambani-led Reliance Industries (RIL) and UKÂ’s BP, has reached its lowest output levels since its inception.
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Govt’s regulation may push growth in oil & gas sector
The Union government shows signs of addressing the problems of petroleum sector. Investors, though selective, are turning bullish as the government appears to be moving towards market pricing of petro products, though total decontrol may be years away.