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
Category: Oil & Gas
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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
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Indian basket crude oil declines marginally
According to data released by Petroleum Planning and Analysis Cell (PPAC), the international crude oil price for Indian Basket fell to 107.54 $ per barrel (bbl) on November 16, 2012. This is $00.37 a bbl lower compared to $107.91 a bbl the previous trading session. In rupee terms also, crude oil price fell to Rs 5,913.62 a bbl on November 16, 2012 as com
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IOC to commission Paradip project in 2013
Indian Oil Corporation (IOC) expects to commission its 15-million-tonne Paradip refinery project in the second half of 2013. Meanwhile, the company has installed the world's largest coke drum on November 15 at the Paradip refinery site. The drum weighs 630 million tonne (mn t) and is 45.52 metre in height and 10.67 meter diameter.
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Refining capacity of BPCL may rise
Reports indicate that the refining capacity of downstream oil company Bharat Petroleum Corporation (BPCL) may rise to 40 mn t by 2015. Recently, the company commissioned a six-mn t refinery in Bina, Madhya Pradesh, while gradually increasing the capacity of its Mumbai facility to 12 mn t. The company is in the process of raising the capacity of its K
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Ministry notifies 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).The new regulation aims to bring about an environment of equitable access and commercial transparency to foster higher availability of imported gas in the country, the ministry said in a
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OMCs resume issue of new LPG connections
Starting with North Eastern states, the three state-owned oil marketing companies (OMCs) resumed issuing of new LPG connections after putting it on hold for a few weeks. It is learnt that they have started issuing connections in Meghalaya, Sikkim, Nagaland and Andaman & Nicobar Islands. In September, issue of new LPG connections was put on hold pending a massive nationwide exercise to eli
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State oil firms to bear additional burden
State-run petroleum companies may share additional financial burden of the Delhi government's ambitious scheme to provide Liquefied Petroleum Gas (LPG) connection to poor people. The state government initiated Kerosene Free Delhi Scheme to replace completely kerosene used by BPL or Antyodaya families for cooking purposes with
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Rupee exchange rate holds key for petrol pricing
According to analysts, the movement of rupee against the dollar holds key for the future price movement of petrol in the domestic market. Recently, the price of petrol was reduced by oil marketing companies (OMCs) for the second time since 9 October 2012 because of the decline in crude oil prices in the international market