ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), is seeking $537 million worth of crude oil in lieu of cash due for its share of sales from a Venezuelan oilfield. OVL owns 40 per cent of the San Cristobal field and had invested about $190 million in the project in 2008.
Category: Oil & Gas
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Foreign companies ready to partner HPCL-GAIL JV for AP project
A few foreign players have expressed interest in partnering with Hindustan Petroleum (HPCL) and GAIL to build a petrochemicals complex in Andhra Pradesh, the head of HPCL has said.
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KG-D6 | RIL hit by $380 mn additional penalty
The government has slapped an additional penalty of $380 million on Reliance Industries and its partners for producing less than targeted natural gas from the eastern offshore KG-D6 fields.
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Mangalore caverns ready for more crude oil to hold strategic reserves
The government-owned Indian Strategic Petroleum Reserves Ltd (ISPRL) is ready to fill the just-built underground rock-cut caverns near Mangalore with crude oil.
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Four natural gas processing terminals to come up
The Petroleum Ministry will set up four new terminals with a capacity of 50 million tonnes across the country for processing and supply of natural gas to ensure better availability of the gas to the industries, Dharmendra Pradhan, Minister of State (independent charge) for Petroleum and Gas has said.
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India tries to recover $600 mn dues from Venezuela
India has discussed ways to recover over $600 million of past dues from Venezuela including recouping it from payments for oil it imports from the Latin American nation. ONGC Videsh Ltd owns 40 per cent of the San Cristobal oilfield but has not been paid for its share of oil sales for the last couple of years.
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Russia offers Indian firms stake in Yamal LNG project
Russia has offered Indian oil companies a stake in the second phase of Yamal LNG, the biggest project to produce liquefied natural gas in the Arctic. Petronet LNG, India´s biggest natural gas importer, is studying the offer, while other state-owned firms like Indian Oil Corp (IOC) may join in later.
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India to stare at oil deficit in 15 years
India, a net exporter of oil products, may not have any surplus capacity in 15 years going by the current rate of consumption and planned expansion, said the chief of refineries at Indian Oil Corporation, the country´s largest refiner. India has a capacity to refine 230 million tonne (MT) a year.
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HPCL Visakh Refinery processes 9.2 MT crude in FY16
Hindustan Petroleum Corporation Limited´s (HPCL) Visakh Refinery processed 9.2 million tonnes (MT) of crude oil during 2015-16, which was nearly 111 per cent of its installed capacity of 8.3 million metric tonne per annum (MMTPA).
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India-US team finds huge gas hydrate deposits
India´s petroleum ministry and the US Geological Survey have discovered large, highly enriched accumulations of natural gas hydrate -an icy form of the fuel - in the Bay of Bengal, opening up a new resource to meet energy needs.