The Oil Ministry has put on hold further diesel price increases.The oil firms said there was no need to increase rates because an expert committee headed by Kirit Parikh had suggested that the government should provide a subsidy of Rs 6 a litre on diesel.
Category: Oil & Gas
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ICRA sees subdued outlook for oil refining sector
Rating agency ICRA reported a subdued outlook for oil refiners in the near term due to global capacity additions outstripping demand growth. The agency expects oil marketing companies to close the current fiscal year with high gross under-recoveries on account of high crude prices and a weakness in the rupee against dollar in the earlier part of FY14.
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ONGC sees 25-30 mscmd from east coast gas block
Oil and Natural Gas Corporation (ONGC) expects peak gas output of 25-30 million standard cubic metre per day (mscmd) from its block off the country's east coast, Exploration Director NK Verma said. Gas production from the deep water block in the Krishna Godavari (KG) basin will begin in 2017. The northern part of the block holds over 2 trillion cubic feet (tcf) of gas, Verma said.
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OVL joins hands with foreign banks to raise $2.5 billion
ONGC Videsh Ltd (OVL) has signed separate agreements with consortia of international banks for raising $2.5 billion offshore borrowings to fund the acquisition of a minority stake in an offshore gas field in Mozambique. The first agreement is signed with a consortium of international banks, including ANZ, Bank of Nova Scotia.
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LNG floating storage unit off TN coast
A Rs 3,500-crore LNG Floating Storage and Re-gasification Unit (FSRU), related port infrastructure and a power plant are to be established in the southern coast of Tamil Nadu. According to sources, Eurostar Kirtilals will soon enter into an agreement with Tamil Nadu Industrial Development Corporation (Tidco) for a joint venture to set up the project in Nagapattinam.
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NMPT cargo volume up
The increase in the handling of crude oil and coal cargoes at New Mangalore Port has helped it to register a 6.4 per cent growth in traffic handling during the first 11 months of the present fiscal year. The port handled 35.76 million tonne (mt) of cargo from April 2013 to February 2014 as against 33.61 mt in the corresponding period of the last financial year.
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Kidde Fenwal launches gas-suppression products
As a global fire-safety leader, Kidde Fenwal is introducing a new line of FM-200-« gas-based fire-suppression systems. It is also offering an extended range of 25- and 42-bar cylinders approved by Underwriters Laboratories (UL) and VdS, an independent fire-safety inspection and certification company, for the FM-200 line and the new Kidde Novec 1230-Ö systems launched earlier this year. This makes UTC Building and Industrial Systems the first company to supply both UL-approved 25-bar and VdS-appr
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Petronet to let out Kochi facility
Petronet LNG is planning to let out its liquefied natural gas (LNG) storage facility at Kochi to an international operator to improve utilisation. The 5-million-tonne-a-year terminal is operating at just 5 per cent of its total capacity posing a heavy burden to the company, as it is not connected with pipelines´ network.
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IOC LPG unit near Kochi
Indian Oil Corporation (IOC) has set up a Rs 600-crore import facility at Puthuvypeen near Kochi with a capacity to handle 0.6 million tonne a year to meet the requirements of Kerala and neighbouring states.
The company has also received approval for a 400-km cross-country LPG pipeline from the import terminal to BPCL Kochi Refinery and to Salem via Coimbatore.
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More gas reserves in Jaisalmer
Focus Energy has discovered new gas reserves in Jaisalmer in the same block where it had found new reserves in October 2012. According to officials, the company found gas in nine wells in SJL field in RJON/06 in Bachia, Lohar village in Shahgarh Bulj area.
The gas reserve was discovered at 3,465 m depth and is stretched up to five km area. Study and experiment has started to ascertain the exact quantity of oil in those wells.