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.
Category: Oil & Gas
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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 ´Make in India´ 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 OPEC´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.
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Gas price in India to dip to $5 in 3 years
The new natural gas price of $5.61, which is already among the lowest in Asia Pacific, is likely to drop to around $5 per unit in three years due to the variables included in the formula, Goldman Sachs has said.
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ONGC makes 3 new oil & gas discoveries
Public sector major Oil and Natural Gas Corp (ONGC) has announced that there have been three new oil and gas discoveries in one each of the Krishna-Godavari Basin, Cauvery basin and Mumbai offshore, which allows an interim dividend of 100 per cent to its shareholders.
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HPCL opens pump at world´s highest motorable road
State-owned Hindustan Petroleum Corp Ltd ( HPCL ) has opened a petrol pump at the world´s highest motorable road in Leh to make available fuel to the remotest part of Jammu and Kashmir.
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Oil India signs contract for two oil blocks in Myanmar
Oil India Ltd, the second largest State explorer, has signed a contract for two offshore oil and gas blocks it had bagged in Myanmar. OIL along with its consortium partners signed a production sharing contract (PSC) with Myanmar Oil and Gas Enterprise (MOGE) for two offshore blocks M4 and YEB at Nay Pyi Taw, the company said in a statement.