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.
Category: Oil & Gas
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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.
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Indian Oil, GAIL ink MoU for equity stake in Dhamra LNG terminal
Indian Oil Corporation Limited and GAIL (India) Limited signed an MoU with Dhamra LNG Terminal Private Limited (DLTPL) for equity in the 5 MMTPA capacity LNG receiving, storage and re-gasification terminal being set up at Dhamra Port, Odisha.
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ONGC nod for stake in GSPC gas block
State-owned Oil and Natural Gas Corp (ONGC) has approved signing of a preliminary agreement to buy a stake in Gujarat government firm GSPC´s KG basin gas block, according to a reportin the Business Line.
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OVL wants oil in lieu of $537 million cash due from Venezuela
ONGC Videsh Ltd (OVL), the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), wants $537 million worth of crude oil in lieu of cash due for its share of sales from Venezuelan oilfield. OVL owns 40 per cent of the San Cristobal field and invested $190 million in 2008.
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BP looks to sell 8.5percent stake in Castrol India
BP wants to sell 8.5 per cent stake in Indian subsidiary Castrol India through a block deal worth Rs.1,750 crore.
The share sale at an indicative range of Rs.408 - Rs.422.50 per share.
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Higher oil demand growth expected this year
India´s oil demand growth will exceed 11 per cent this year as the world´s third-largest oil and gas consumer fires up its economic development, said Minister of Petroleum and Natural Gas Dharmendra Pradhan.