Union Oil Minister Marpadi Veerappa Moily has said that India has become an attractive investment destination for gas exploration because it has decided to raise gas prices from April, which will also contain the spurt in gas demand. Investors had been shying away from investing in India because of low prices of domestic gas. But now the government has decided to raise the price of gas from next financial year, which would make India an attractive destination for investment in the sector, the Mi
Category: Oil & Gas
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ONGC Videsh plans to buy 11% stake in Petronas
To buy 11 per cent stake in an oil project in Venezuela, ONGC Videsh, the overseas arm of State-owned Oil & Natural Gas Corp (ONGC), and its partners OIL and IOC are planning. Petroliam Nasional Bhd, Malaysia's State-run oil company, has decided to withdraw from the Carabobo-I project following dispute over terms with Venezuela's state explorer Petroleos de Venezuela SA (PdVSA).
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Gas output in India to double to 211 mmscmd in 13-yrs
By 2026-27, India's natural gas production will more than double to 211 million standard cubic metres per day on back of desired policy support and correct pricing signals, the oil regulator Petroleum and Natural Gas Regulatory Board (PNGRB) has said. Domestic gas production, which was 101.1 mmscmd in 2012-13, is projected to rise to 156.7 mmscmd in 2016-17 and to 182 mmscmd in 2021-22, according to a study commissioned by PNGRB.
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Iran demanded $5 lakh to free Indian oil tanker
Authorities at Iran's Bandar Abbas port are said to have demanded $5,00,000 from India to release the tanker Desh Shanti, which was carrying crude from Iraq. Desh Shanti was held to ransom by Iranian authorities — spearheaded by the dreaded Iranian Revolutionary Guard Corps (IRGC) — for 26 days.
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PM tells Moily to cut oil imports by $25 bn
The Prime Minister Manmohan Singh has asked the Union Oil Minister Marpadi Veerappa Moily to save $25 billion on oil imports in the current fiscal year, so that it can help the country narrow its current account deficit (CAD).Moily said and added that oil is one of the components which is responsible for CAD.
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India, Japan to conduct study on LNG pricing
In order to bring about rationalization of liquefied natural gas (LNG) prices in Asia Pacific, India and Japan would carry out a joint study on the matter. The study would focus right pricing of the fuel to secure long-term contracts at competitive rates. The proposal to conduct the study was mooted on the b
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Iran may not favour export of more oil to India
Media reports indicate that Iran is not favourable to India's proposal for increase crude oil import from the Persian Gulf nation. This is because Iran does not import enough commodities from India to compensate for its rise in crude oil export to
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RIL targets Venezuela for its oil block investments
Executive Director of Reliance Industries (RIL) PMS Prasad has said that the company is looking at oil and gas investment opportunities overseas, particularly in Venezuela. The company has offers for at least from two exploration blocks from the country. RIL, which imports about 3,00,000 barrels of crude oil per day from Venezuela, also plans to increase the quantity, Prasad said in Delhi. It is exploring investment opportunities in Mexico, Iraq, Canada and Myanmar.
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GAIL pipeline can cause unrest: TN govt tell HC
The proposed gas pipeline project of GAIL (India) could spark farmersÂ’ unrest and large scale law and order problem in the State, the Tamil Nadu government has told this to the Madras High Court in response to a writ petition filed by GAIL challenging the StateÂ’s decision not to allow the pipeline to traverse agricultural lands and instead should be laid along national highways.
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TAPI gas pipeline to be ready on time: Pakistan
The construction of Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline to be ready on time, within the stipulated time. Pakistan was bound to purchase gas from Iran by January 1, 2015. Despite a number of hurdles the Pakistan government was committed to complete the project within the stimulated period, Pakistan's Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi told the National Assembly, the lower house of the Palistan Parliament.