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.
Category: Oil & Gas
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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.
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Petronet LNG plans $3 billion investment in overseas push
Petronet LNG aims to spend up to $3 billion in the next five years to expand overseas, setting up terminals in Sri Lanka and Bangladesh among other countries. Falling spot LNG prices have boosted consumption of the fuel in India and triggered demand for LNG infrastructure in countries long shut out of the gas trade.
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ONGC seeks buyers for deep-water field in KG Basin
Oil and Natural Gas Corporation (ONGC) is seeking buyers for gas from a new deepwater field in the KG Basin, which will be the first to supply under the new policy that allows companies to charge a much higher rate for output from challenging fields.
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GSPL signs GTA with RFCL
GSPL India Transco Ltd (GITL), a subsidiary of Gujarat State Petronet Ltd (GSPL), has signed a Gas Transportation Agreement (GTA) with Ramagundam Fertilizers & Chemicals Ltd (RFCL) to supply 2 MMSCMD of natural gas for a period of 20 years.
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ONGC, HPCL may sell stake in MRPL
State-owned ONGC and Hindustan Petroleum Corp Ltd (HPCL) may sell a part of their stake in Mangalore Refinery and Petrochemicals Ltd (MRPL) to comply with regulations on minimum public holding.
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India, US sign bilateral agreement for hydrocarbon
The Indian government has signed a three-point bilateral agreement with the US government aiming to harness new technologies in the hydrocarbon sector. The agreement was signed between Oil Minister Dharmendra Pradhan and US Secretary of Energy Dr Ernest Moniz in Washington.