The proposed Rs 4,320-crore LNG terminal to be set up by Indian Oil Corporation (IOC) at Ennore Port in collaboration with Tamil Nadu Industrial Development Corporation (Tidco) may be completed by March 2016.
Category: Oil & Gas
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Regulator for oil and gas fields proposed
A Group of Ministers (GoM) on corruption has asked the government to create an independent regulator for oil and gas fields. The GoM has proposed that the new regulator should take over critical functions of the Directorate General of Hydrocarbons(DGH),which reports to the Oil Ministry and is its technical arm for issues involving oil and gas exploration and production contracts.
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Study to streamline upstream regulatory system
In order to revamp the regulatory system of the country’s upstream oil companies, the government plans to commission a study of 10 upstream regulatory agencies from various countries in different continents and suggest steps to design the most suitable for India.
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ONGC stake sale
Finance Minister Pranab Mukherjee said the government raised Rs 12,666 crore from the auction of its 5 percent stake in ONGC.The minister said auction route to sell government stake in a PSU was a “highly experimental option†and added that the auction was a great success.The final demand was for 42.04 crore shares against an offer of 42.77 crore shares.
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BHEL bags ONGC order
BHEL has secured Rs 774 crore contract from ONGC to supply onshore drilling rigs. The order envisages supply of six onshore drilling rigs with AC drives.The equipment will be manufactured by BHEL’s Hyderabad plant, while the electrics will be manufactured by the company’s Bhopal plant.
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Medium-Term Gas Imports
GAIL (India) is looking at medium-term imported contracts to meet the growing gas demand amidst limited domestic supplies. Medium-term contracts are for one to 12 months.The company is looking at Russia, West Asia, and South-East Asia for sourcing liquefied natural gas.
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Addl Oil from Saudi
India has sought an additional 100,000 barrels per day (bpd) from Saudi Arabia for 2012-13 as a replacement for a cut in supplies from sanctions-hit Iran.Saudi Arabia is the biggest oil supplier to India, the world’s fourth-biggest oil consumer, and is the only oil producer with significant spare capacity to replace any fall in supply from its regional rival Iran.
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BP, Videocon on
Mozambique gas Bharat Petroleum Corp and Videocon are riding high on a giant gas find in Mozambique, where their stakes are valued at $2 billion each, but both are keen to hang on to their holdings as the value is expected to grow, and they can ship the gas to India.
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ONGC to speed up KG Basin work
The Oil and Natural Gas Corporation (ONGC) will accelerate work on a major oil and gas project in the Krishna Godavari basin by taking up works simultaneously with regard to exploration, development and seeking approvals from the government. ONGC has taken to production of both oil and gas from the KG Basin in a small way late in 2011.
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Deepest platform to augment oil supply off-Mumbai
Essar Projects is completing ONGC’s D1 development project on a fast-track basis within 24 months on EPC by this month end.India’s farthest and deepest offshore platform is neaÂring completion on fast track,and is expected to go on-stream by the end of this month.