Environmental clearance has been given to 190 projects, entailing an investment of Rs 6.31 lakh crore across sectors like mining and steel during June-December as part of the National Democratic Alliance (NDA) governmentĆĀ“s policy to fast-track industrial development and generates jobs.
Category: Oil & Gas
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Government clears 30 oil & gas discoveries
Ending months of logjam over discoveries mired in contractual disputes, the government has cleared 30 projects of firms like Cairn India and ONGC to help monetise about 2.6 trillion cubic feet of gas reserves.
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Government to auction 69 small, marginal oil fields
The government plans to auction 69 small and marginal oil and gas fields to private firms on a new revenue sharing model, oil minister Dharmendra Pradhan has said.
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India to discuss LNG imports with US
India will strongly raise the issue of LNG imports with President Barack Obama as the country wants liquefied natural gas to be exported only in vessels built in USA, manned by US crew and insured by American companies.
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IOC yet to start work on Rs.5,150-crore LNG project
State-owned Indian Oil Corp (IOC) has said that it is yet to commence work on a Rs 5,150 crore liquefied natural gas (LNG) import terminal at Ennore in Tamil Nadu.
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India to build up oil reserves
India will make a provision in the Budget to fill up strategic reserves for crude, taking advantage of the falling global oil prices.
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Open Sesame!
Public Sector Units (PSUs) will be pushing the growth engine of the country, be it through almost 18 lakh acres of land reserves with these companies or the cash reserves of almost Rs 2,00,230 crore kept as bank deposits by these enterprises.
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The new gas pricing policy is a step in the right direction
The government has highlighted Oil & Gas (O&G) as a priority sector as part of its ĆĀ“Make in IndiaĆĀ“ campaign. The focus in O&G will be on Oil Field Services and Equipment (OFS). An interesting model could be Malaysia and Dubai kind of service hubs on the east coast and west coast of the country.
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Slow, Stable & Steady
The continuous fall in crude oil prices have come as a major relief for the Indian economy. Oil cartel OPECĆĀ“s decision to not cut production despite the dip in oil prices coupled with a slowdown in a few major economies have meant that crude will continue to come under pressure in the first half of 2015.
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Duty hike on petrol, diesel to fetch Rs.10,500 crore
The government will get an additional Rs 10,500 crore in the current fiscal from hike in excise duty on petrol and diesel.