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Category: Oil & Gas
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Centre takes initiatives to boost oil & gas production
The Minister of State (I/C) for Petroleum & Natural Gas Dharmendra Pradhan has informed the Lok Sabha that the Ministry of Petroleum & Natural Gas has signed MoUs (Memorandums of Understanding) with Oil & Gas CPSEs (Central Public Sector Enterprises) to enhance production of oil and gas for meeting domestic demand' Under this agreement, the CPSEs have undertaken to achieve the targets set in the agreement at the beginning of the year.
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OVL to provide $318 mn financing guarantee to Venezuela
ONGC Videsh Ltd will provide $318 million financing to help raise output at a Venezuelan oilfield after the nation signed a pact to supply 17,000 barrels per day of crude oil to India to clear past dues.
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International Gas Union showcases crucial role of gas in energy policy
The International Gas Union, the global voice for the natural gas industry, has issued a new report outlining the essential role of natural gas in global energy policy. The findings have significant implications for India, and its desire to tackle growing air quality issues in a sustainable and economical manner while meeting its commitments towards climate change
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ONGC crosses production target
ONGC has crossed its daily production target of 16,200 tonnes per day and has accordingly revised its annual goal upward to 5.9 million tonnes for this fiscal. ´Production trend has reversed in recent months.
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India sees $20 billion investment in gas fields
India will see an investment of about $20 billion in gas field development in the next 5-7 years and is looking to boost usage of the green fuel and double consumption, Oil Minister Dharmendra Pradhan has said.
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Strategic Petroleum Reserves created at 3 locations
Minister of State (I/C) for Petroleum & Natural Gas Dharmendra Pradhan has informed the Rajya Sabha in a written reply that under the Strategic Petroleum Reserve project Phase-I, underground rock caverns for storage of 5.33 MMT of crude oil at three locations, viz. Vishakhapatnam (1.33 MMT), Mangalore (1.50 MMT) and Padur (2.5 MMT) have been created.
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Govt wins $1-bn dispute with RIL, BG over offshore cost recovery
The government has won a major portion of the $1 billion arbitration with Reliance Industries and British firm BG Group over recovery of cost in western offshore Panna/Mukta and Tapti oil & gas fields.
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Cairn India to invest $100 mn in Rajasthan
Cairn India, a Vedanta group company, would be investing $100 million (Rs.67,000 crore) this year, with focus on its Rajasthan gas fields.
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Govt wins $1-bn cost dispute with RIL, BG
The government has won a major portion of the $1 billion arbitration with Reliance Industries and British firm BG Group over recovery of cost in western offshore Panna/Mukta and Tapti oil & gas fields.