For governing and auctioning of coal reserves and shale gas acreages in the future, the Union government has given its approval to bring in new allocation policies. This was decided by the Cabinet Committee on Economic Affairs (CCEA) on September 24. The CCEA approved a Coal Ministry's proposal for competitive bidding of blocks under production-linked revenue-sharing method and a Petroleum Ministry proposal for allocation of shale gas reserves on nomination basis.
Category: Oil & Gas
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Govt proposes price pooling for imported, domestic gas
Price pooling has been proposed by the Union Power Ministry for imported and domestically produced natural gas to be supplied to power plants stranded by a drop in production of the fuel from Reliance Industries' KG-D6 block. The ministry floated a Cabinet note last week to seek government's permission to pool imported liquefied natural gas (LNG) with the fuel available from the KG-D6 block after meeting the requirements of fertiliser units.
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Govt hopes for rise in KG-D6 output
As Reliance Industries and its partner BP plc of the UK are working together, they may have been able to arrest the steep decline in output from their main gas field in the eastern offshore KG-D6 fields. Sources in the Union Oil Ministry said that it was anticipated that the production from KG-D6 will drop to about 11 million standard cubic meters per day by October but that is not happening. The output is around 13.4 mmscmd and is unlikely to drop below 13 mmscmd, the sources added.
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NGT asks govt if gas can be supplied to Assam tea units
The National Green Tribunal (NGT) on September 19 has asked the Union government, Oil and Natural Gas Corporation and Assam Gas Company to clarify it whether natural gas can be supplied to tea industries around Kaziranga which have been ordered to shut down for using wood and coal for their operations.
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Essar Oil in parleys with Ecopetrol to up imports
India's Essar Oil and Ecopetrol, the Colombian gas major and the fourth-largest oil and gas company in Latin America, are set to cement ties. Ecopetrol's three-member delegation, along with the ambassador of Colombia to India and other senior officials held extensive meetings with Essar Oil on September 18 in Mumbai.
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Further US sanctions may fail to cut Iran oil sales
Media reports say that the US Congress is set to pass a bill to further squeeze Iran's oil exports - and its nuclear programme - but new sanctions may fail to cut Iran's crude sales. However, Tehran says its nuclear programme is for generating electricity and medical devices.
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Crude oil-tanker vessel Desh Shanti reaches Vizag
India's crude oil-laden oil tanker vessel MT Desh Shanti reached Vizag Port Trust (VPT) in the early hours of September 18. The oil tanker of the Shipping Corporation of India (SCI) was detained by the Iranian authorities for almost 26 days and now finally reached the VPT in the eastern coast of India.
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Task force okays Rs 3,106 cr gas-based project in Odisha
Now decks have been cleared for establishment of a 423 mw gas-based power project in Odisha, the first of its kind in the state, at an investment of Rs 3,106 crore. JGreen Power has come forward with its proposal for the project. The company has a registered office at Balasore.
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OVL bars Chinese firm from buying state in Brazilian oilfield
Indian-government owned ONGC Videsh (OVL) has blocked a Chinese company from acquiring a stake in the Brazilian oilfields by utilising its pre-emptive right. The Brazilian State-owned Petrobras had planned to sell its 35 per cent state in block BC-10 in the Campos Basin to the Chinese Sinochem group for $1.54 billion. OVL, has a 15 per cent stake in BC-10, along with Royal Dutch Shell company.
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HPCL planned 2nd LPG storage at Mlore hits hurdle
Due to the government's ceiling on number of LPG cylinders a year for a household, Hindustan Petroleum Corporation's (HPCL) plan to set up a second underground storage facility for liquefied petroleum gas (LPG) in Mangalore has hit a roadblock.