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.
Category: Oil & Gas
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GAIL pipeline can cause unrest: TN govt tell HC
The proposed gas pipeline project of GAIL (India) could spark farmersĆā 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 StateĆās 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.
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OVL net profit up by 72% on higher oil, gas output
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.
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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.