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Category: Oil & Gas
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OVL to buy stake in Brazil
To buy an additional 12 per cent participating interest in block BC-10 in Brazil's Campos Basin, ONGC Videsh (OVL) has signed definitive agreements. Post the deal, OVL's share in the acreage would increase to 27 per cent. In the deep water block, this is part of the sale of 35 per cent share made by Petrobras. In 2006, OVL had acquired 15 per cent interest in the Campos Basin.
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Oil Min can save fuel
The Union Petroleum Minister M Veerappa Moily said that his ministry alone can save about 600 litre of petrol and diesel worth over Rs 40,000 by travelling by public transport. Fuel conservation is a necessity, it is an attitude and this is the message the Minister wanted to give to people. The minister had announced last month that he would travel by bus or metro every Wednesday starting October 9 and all officials will follow the suit.
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L&T wins projects in Gulf
L&T said that it won an EPC project from Takreer, a unit of State-owned Abu Dhabi National Oil Company (ADNOC) for the new aviation fuel terminal at Abu Dhabi International Airport for developing storage and delivery of JET A-1, special purpose aviation turbine fuel.
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LNG terminal in Mangalore
Union Minister for Petroleum and Natural Gas M Veerappa Moily has stated that work on the new LNG import terminal at Mangalore will begin in next November. A feasibility study on the terminal is being carried out by a consortium of ONGC, BPCL, Mitsui and New Mangalore Port Trust (NMPT). The planned LNG terminal is with a capacity of 2-3 million tonne per annum.
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CNGs uniform price
The Union Government is to come out with a uniform Compressed Natural Gas (CNG) pricing across the country. The Union Ministry of Petroleum and Natural Gas is set to come up with a proposal in this regard, said a senior official concerned. The Ministry's plan is to pool in domestic and imported gas used by CNG networks across the country. The ministry is expected to finalise a mechanism for this within the next two months.
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Expert Group to advice govt on deesel pricing
The Government had constituted an Expert Group to advice on Pricing Methodology for Diesel, Domestic LPG and PDS Kerosene under the chairmanship of Kirit S Parikh (Former Member, Planning Commission). The Expert Group has submitted the report to the Minister of Petroleum & Natural Gas M Veerappa Moily in Delhi on October 30.
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Panel suggests hike in diesel price of Rs 5 per litre
A government panel has on October 30 recommended an immediate rise of Rs 5 per litre of diesel or 9.5 per cent rise, along with other measures aimed at cutting the governmentĆās huge oil subsidy bill.
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Rs 1.50 cut likely in petrol price
A small slash in petrol price is awaiting the customers before this Diwali. There may be Rs 1.50 cut in petrol price per litre as favourable changes in the rupee-dollar rate and softer international prices have set the tone in the direction.
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CNG’s uniform price in 2 months
The Union government is to come out with a uniform Compressed Natural Gas (CNG) pricing across the country. The Union Ministry of Petroleum and Natural Gas is set to come up with a proposal in this regard, said a senior official concerned.