In an interview to a leading media, a top official of
ONGC Videsh (OVL) informed that the firm aims to produce 20 million tonne of oil and gas by 2017-18 and 60 million tonne by 2030. If the company achieves this target, its contribution would be 46 percent of ONGC group production by 2030, against existing 15 percent, the official is quoted as sa
Category: Oil & Gas
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OVL aims to raise output
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Consumers must execute KYC process
Consumers of LPG, who are required to complete KYC (know your customer) process, complained of difficulty in executing it.Following this, the central government extended the deadline for fulfilling this formality to November 15 initially. Recently, this deadline has been extended further to November 30
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RIL bats for linking gas price to market
In order to encourage firms to produce natural gas from technologically challenging ultra deepsea, Reliance Industries (RIL) requested a committee headed by C Rangarajan to propose market-linked pricing.C Rangarajan, who is the Chairman of Prime Ministers' Economic Advisory Council, is heading a committee that is formed to examine terms of future contracts for explo
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Fall in refining margins may hurt oil firms
Many brokerages feel that the margins of Indian refiners may come under pressure because of a decline in the Singapore benchmark refining margin.If the margins remain at the current level in the remaining part of this quarter, margins of companies like Reliance Industries (RIL), Essar Oil and public sector firms like Bharat Petroleum (BPCL), Hindustan Petro
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CAG warns ministry against clearing RIL plan
In a letter to the union petroleum ministry, the Comptroller and Auditor General of India (CAG) warned that any increase in capital expenditure by Reliance Industries (RIL) in its KG-D6 basin may have significant adverse impact on government's financial interests. Therefore, the CAG advised the ministry not to permit any investment plan by the company in the gas field unless RIL allows CAG unfettered access to audit its spen
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HPCL to expedite Rajasthan project
Hindustan Petroleum Corporation (HPCL), which earlier decided to commission its nine million tonne refinery project in Ratnagiri before completing work on its Rajasthan project, has reversed the plan. Media reports suggest that the company finds it meaningful to expedite its recently planned Rajasthan project
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East-West Petroleum eyes shale reserves in Assam
Assam government received interest from East-West Petroleum Corporation for investing in the state's potential shale gas assets. The Canadian firm, which is owned by the industrialist, Herb Dhaliwal, feels that the state possesses huge shale gas potential and the fuel could be extracted by adopting new technology. Dhaliwal, the first Canadian Cabinet Minister of Indian origin, said his company was keen to invest in a big way in the
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CAG insists on its right to vet contractors’ documents
Comptroller and Auditor General (CAG) has asked oil ministry to ‘specifically incorporate’ its right to audit contractor(s) relevant documents of contractors in the future production sharing contracts (PSC).In a letter to Petroleum Secretary, the CAG’s Director General (Commercial) II, P Sesh Kumar said the government auditor must have access to the books, accounts, records, documents and financial statements of co
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Oil price rises on geopolitical risks
The recent geopolitical tension in the middle east led to upward pressure in the price of crude oil in the international market. Investors feel that the outbreak of violence between Israel and Palestine in the middle east may cause supply disruption of crude oil. This caused oil futures to rise over 2 percent in recent trading sessions and it was reportedly trading at its highest price
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Multiple connections to be cancelled in Indore
The Indore chapter of All India LPG distribution federation informed that around 50,000 multiple cooking gas connections in the city would be disconnected. In order to avoid cancellation of multiple connections, customers must establish that there are two or more kitchens on a single address. Meanwhile, reports suggest that the number of complaints, especially those related to multiple connection and transfer of connections, is incre