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.
Category: Oil & Gas
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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.
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Assam prohibits oil and gas workers’ strike
Upholding the public interest, the Assam government on December 21 prohibited strike by workers of the oil and gas sectors in the state.
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No tax sops for ONGC-owned Imperial Energy in Russia
Russia has rejected special tax concessions to Indian government-owned Oil & Natural Gas Corp's (ONGC) Siberia-focused firm Imperial Energy. India had been pressing for tax concessions to Imperial Energy to make up for the prohibitively high cost of extraction from tight oil assets in Siberia because of bad terrain, cold climate and killer taxes.
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Russian firm invites ONGC for joint role in Magadan blocks
Russia's Rosneft has invited the overseas investment arm of India's state-run Oil and Natural Gas Corp to jointly explore two blocks in the Sea of Okhotsk, Indian Oil Minister Veerappa Moily said last week.
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Govt to seek legal opinion on RIL, Cairn India pleas
The opinion of Solicitor General of India may sought by the Union Oil Ministry on whether Reliance Industries and Cairn India can be permitted to drill exploration wells in already producing oil and gas fields.
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Pricing, marketing policies hit gas sector growth: Report
The growth of India's natural gas sector has been constrained by curbs imposed by pricing and marketing policies of the government, a FICCI-PWC report said last week. The gas sector in India holds tremendous potential.
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Rangarajan panel suggests doubling of gas price
C Rangarajan headed panel, was tasked to suggest design of future contracts for exploration and production of oil and gas. Rangarajan is the Prime MinisterÂ’s Economic Advisory Council Chairman. The committee is believed to have suggested a complex pricing formula that will lead to near-doubling of the natural gas price to about $8 (Rs 439).
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Contract opportunities in OIL India
Oil India (OIL) is a premier state-run company under the administrative control of Ministry of Petroleum and Natural Gas in the central government. The company is engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of LPG. For the quarter ending September 30, 2012, the company's net profit declined 16 per cent to Rs 954.57 crore from the year-ago period.