Government expects to finalise the new policy for auction of oil and gas blocks during the ongoing financial year, Oil Minister Dharmendra Pradhan said.
Category: Oil & Gas
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Govt rejects Cairn appeal to renew Rajasthan block deal
The government has rejected Cairn IndiaĆĀ“s plea to renew the contract for the prolific Rajasthan block with the existing terms and conditions and has asked for the investment plan for the renewal period to assess the extent to which the stateĆĀ“s share of profit can be raised.
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ONGC targets $10-$12 bn foreign oil and gas investments
The foreign investment arm of IndiaĆĀ“s top oil explorer ONGC is targeting $10-$12 billion of oil and gas asset purchases over the next three years, including more corporate acquisitions, its managing director said.
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Petronet LNG contract to be reviewed
Petronet LNG, IndiaĆĀ“s leading gas importer, is in discussions with QatarĆĀ“s RasGas to tweak a decade-old liquefied natural gas (LNG) procurement deal. The Indian firm has been forced to cut down gas volumes from Qatar after the price of fuel bought through this long-term contract has become almost double the spot prices.
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No headway in pipeline project
The ambitious Rs.10,000 cr gas pipeline project to Kashmir is caught in bureaucratic wrangles for the past three years as a proposed MoU between the state government and GSPL India Gasnet Limited (GIGL) Gujarat- the executing agency for the plan- is yet to be signed.
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LNG more viable than coal
India is already among the worldĆĀ“s largest energy consumers. Urbanisation, industrialisation, and the governmentĆĀ“s commitment to 24 x7 energy access for all imply that our need for power will continue to grow.
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IOC sells rare Kandla cargo
Indian Oil Corporation has sold 18,000-20,000 tonnes of naphtha for Oct 29 to Nov 3 loading from Kandla after cancelling a previous tender for the same cargo due to low bids, traders said.
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New gas-based plant at Yelahanka to start in 2018
Next time the thermal power plants in Udupi and Ballari stop production owing to technical problems, Bengaluru may not have to face power cuts. ItĆĀ“ll be in a more comfortable position once production begins in 2018 at the 350-MW gas-based power plant coming up in Yelahanka.
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Foreign fleet owners may gain
An Indian cabinet decision to decentralise shipping arrangements for import of cargo owned or controlled by government departments and state-owned firms will remove an assured business opportunity for local fleet owners.
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ONGC tender flooded with offers
State-run Oil and Natural Gas Corp (ONGC) has been swamped with offers in a tender it floated for hiring five deep sea rigs for its KG-basin gas block campaign.