The under-recovery, or revenue loss, applicable on diesel for the second fortnight effective from September 16, has been rised upwards at Rs 14.50 per litre, the Union Petroleum Ministry has on on September 15. Oil marketing companies (OMCs) incurring higher daily under-recovery of Rs 486 crore daily crude oil price of Indian Basket remains steady at $110.68/bbl on last September 13.
Category: Oil & Gas
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GMB committee calls for digitized mapping of pipelines
An expert panel of Gujarat Maritime Board (GMB) suggested government to prepare digitized maps of all the oil and gas pipelines on the coast of Gujarat. This suggestion was made by a two-member panel after probing the recent oil seepage in Narmada river near Bhadbhut.
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CMPDI submits data on shale gas blocks
Central Mine Planning & Design Institute (CMPDI) submitted data package for six shale gas blocks to the Directorate-General of Hydrocarbons. These include two blocks in Ranigunj coalfields of the Damodar basin in West Bengal. They are most prolific with a reserve potential of 50 billion cubic metre. The others are in Jharia, also in the Damodar basin, and in the
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RIL says DGH responsible for delay in D-6 block progress
Reliance Industries (RIL) has blamed the Directorate General of Hydrocarbons (DGH) for the delay in developing gas blocks in KG-D6 in Andhra Pradesh. DGH has asked RIL to give up 6,601 sq km out of the total 7,645 sq km area in the block on the grounds that the time line to develop the fields had expired.
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Govt asks its oil firms to fund acquisitions with foreign debt
To reduce pressure on the current account deficit (CAD), the Union government has asked the State-owned power firms to utilise foreign debts to fund their foreign acquisitions completely. Instead of using their own cash reserves, the State power fims should utilise foreign debts or domestic loans to acquire foreign firms, so that they don't deplete India's foreign exchange reserves and put more pressure on the current account deficit.
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Use foreign debts for acquisitions, govt tells its oil firms
To lessen pressure on the country's current account deficit (CAD) the government-owned oil companies have been asked by the Union government to fund their foreign acquisitions entirely with foreign debts instead of using their own cash reserves or taking domestic loans.
The government said that by doing so the companies don't spend India's foreign exchange reserves and put more pressure on the current account deficit.
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Govt may sell six shale gas blocks soon
The Union government may auction six shale gas blocks, with estimated reserves of over 50 billion cubic metres, this year. When it happens it will become India's first auction of exploratory blocks for this fuel. Of the six blocks, two most prolific blocks are in the Ranigunj coalfields of the Damodar basin in West Bengal. The others are in Jharia, also in the Damodar basin, and in the Cauvery basin in the south India.
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Gas, diesel may become costly, cut in petrol price likely
Media reports say that there could be a small reduction in petrol prices if the rupee remains north bound but hike in diesel and kitchen fuel prices appears inevitable. Prices of crude mix, that the government-owned refiners buy, dropped to $110.15 per barrel on September 10 from a high of $112.26 on the previous day.
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US Senator says India should stop oil imports from Iran
An American Senator Jim Risch on September 12 asked India to stop import of oil from Iran, as the Obama Administration defended its decision to grant a sanctions waiver to New Delhi. 'The Indians' purchase of oil from Iran, in my judgment, endangers the entire world community and is a destabilising factor for the Middle East,' Jim Risch said.
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India has become attractive for gas exploration: Moily
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