On the back of higher output of crude oil and natural gas the overseas arm of State-owned Oil and Natural Gas Corp (ONGC) ONGC Videsh (OVL) has reported a 72 per cent jump in its net profit in the June quarter. In the April-June quarter its net profit rose by 71.9 per cent to Rs 837 crore from Rs 487 crore a year ago.
Category: Oil & Gas
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RIL urges govt to hasten oil, gas project clearances
Over the Union government's excessive delays in giving regulatory clearances to its five key oil and gas projects worth $7.5 billion Reliance Industries has flagged the attention of special cell of the Prime Minister-led Cabinet Committee on Investment (CCI). If approved, these projects have the potential to produce about 30-40 million standard cubic metre per day (mmscmd) of gas, increasing the country's output by about 25 per cent in the next 4-5 years, industry executives said.
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Essar secures Rs 700 cr BPCL contract in Kochi refinery
Essar Projects (EPL) has bagged a contract worth Rs 700 crore from Bharat Petroleum Corporation (BPCL). The scope of work includes project management, residual process design, detailed engineering, procurement, fabrication, construction, commissioning, and performance testing of the Coke Drum Structure Package (CDSP) of the Delayed Coker Unit (DCU) at the BPCL Kochi Refinery for the Integrated Refinery Expansion Project.
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Panel clears $4 bn investment plan of RIL, partners
At a recent meeting, a block management committee approved the proposed investment of $4 billion by Reliance Industries and its partners to produce natural gas from the D34 blocks in KG-D6 basin. The partners of RIL in this venture are BP Plc and Niko Resources. D34, which is part of the R-Series gas-field in the block, was declared commercially viable. R-serie
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Cairn India seeks govt nod to raise output
Media reports indicate that the union ministry for environment & forests received an application from Cairn India seeking permission to produce 300,000 barrels of oil equivalent and more from the RJ-ON-90/1 block. Cairn is looking to close this fiscal with production at 200,000-
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Experts advocate proper pricing policy
Experts remark that oil and gas exploration business is a risky venture which depends on the vagaries of geological conditions and hence the government must incentivise investment in the sector through attractive pricing policy. Experts argue that the whole cycle of discovery to development of hydrocarbons may take 10 years. Yet, when
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Moily says India to save $8.5 bn via Iran oil imports
By increasing crude oil imports from Iran, India plans to save over $ 8.5 billion in foreign exchange this fiscal, said the Union Petroleum and Natural Gas Minister Marpadi Veerappa Moily. Moily told this to Prime Minister Manmohan Singh in a written communication on August 30. India, which paid about $144.29 billion last fiscal for importing oil, is renewing imports from Iran and, unlike imports from other countries, it pays Iran in rupees.
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Q1 profit of ONGC Videsh up 72% to Rs 837 cr
On the back of higher crude oil and natural gas output, Oil and Natural Gas Corp's (ONGC) overseas subsidiary ONGC Videsh on September 1 reported a 72 per cent jump in its net profit in the June quarter. The firm's net profit in April-June quarter rose by 71.9 per cent to Rs 837 crore from Rs 487 crore in the same period a year ago, the company said in a statement in Delhi.
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Govt hikes fuel prices, but Moily seeks more hikes
The Union government has hiked petrol prices by Rs 2.35 a litre and diesel by 50 paise a litre (excluding State levies) on the evening of August 31. A further raise could be on the way as per the indication of the Union Petroleum Minister M Veerappa Moily. Though he did not indicate the quantum of hike, the wide expectation is that the companies are pitching for an increase of almost Rs 3-5 a litre for diesel, PDS kerosene Rs 2/litre and domestic LPG Rs 50/cylinder.
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RBI opens window for daily dollar needs of oil firms
To meet the daily dollar requirements of Indian oil marketing companies-IOC, HPCL and BPCL and stabilise the falling rupee, the Reserve Bank of India has now opened a special window to issue dollars.