To foray into Indian oil and gas sector, Saudi Aramco, world's biggest oil producer, plans to buy up to 30 per cent stake in ONGC Petro additions Ltd with a lead role in the Indian government-owned giant petrochemicals project in Gujarat.
Category: Oil & Gas
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Delhi gives free gas cylinders, stoves to 1.75 lakh BPL families
The Delhi government, under its ambitious 'kerosene-free Delhi scheme,' has provided free LPG cylinders and gas stoves to nearly 1.75 lakh poor families. The Delhi Food and Civil Supplies Minister Harun Yusuf said this in the State Assembly on August 29.
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Govt okays RIL-BP’s plan to invest $3.18 bn in KG-D6 block
A plan of Reliance Industries and BP has been approved by the Union government to invest $3.18 billion in R-series gas field in the KG-D6 basin in Andhra Pradesh, which is expected to produce up to 13 million standard cubic metre gas, said the government and industry officials. As per the approved plan, the field is estimated to hold about 1.2 trillion cubic feet of recoverable gas reserves.
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PM tells Moily to cut oil import bill by $25 bn
The Union Oil Minister Marpadi Veerappa Moily on August 27 said that to reduce the current account deficit (CAD), the Prime Minister Manmohan Singh has sought $25 billion cut in oil import bill. India is renewing imports of the fuel from Iran as unlike imports from other countries. It pays the Persian Gulf nation in rupees. India paid about $170 billion last fiscal for importing oil.
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Pak has record gas, oil reserves: EIA
Media reports, quoting US Energy Information Administration (EIA), say that Pakistan has untapped shale gas reserves of about 105 trillion cubic feet (TCF) and over nine billion barrels of oil. Pakistan currently produces about 4.2 billion cubic feet of gas and about 70,000 barrels of oil a day. The estimates by EIA are greater than Pakistan's proved hydrocarbon reserves of 24 TCF for gas and about 300 million barrels of oil, the media reports said.
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RBI to sell dollars directly to OMCs to aid falling rupee
To save the falling rupee, the Reserve Bank of India (RBI) will sell dollars to the government-owned oil marketing companies (OMCs) in the counry, said the RBI on August 28. Through a designated bank, the RBI will, with immediate effect, is to sell dollars to Indian Oil Corp (IOC), Hindustan Petroleum Corp (HPCL) and Bharat Petroleum Corp.
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Centre may hike diesel prices after Parliament session
Citing the depreciating rupee, as a matter of concern, the Union government is likely to increase diesel prices at least by Rs 3 a litre after the end of monsoon session of Parliament next week. UNion Oil Minister M Veerappa Moily said though there was no proposal to hike diesel prices for now depreciating rupee threatens to widen the government's fuel subsidy bill
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Oil marketing companies incur Rs 4,403 cr loss
Union Minister of State for Petroleum & Natural Gas Panabaaka Lakshmi on August 27 told the Rajya Sabha that State-run oil marketing companies have reported a combined loss of Rs 4,403 crore in April-June quarter of the current financial year. But, the three marketing firms - Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp managed 'meager profits' in previous financial years only after factoring in cash compensations provided by the government and discount on crude oil offere
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Gail India talks to Qatar to buy 3 mn tonne LNG
To secure 3 million tonnes of LNG at a price lower than the offered $14 per unit, Indian government-owned natural gas processing and distribution company Gail India is negotiating with gas-rich Qatar. Gail India is offering to help Qatar Petroleum to buy 5 per cent equity in Petronet LNG. Gail India wants a price of $12.5 per unit for LNG.
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Under-recovery of oil firms on the rise
Under-recovery on sale of one litre of diesel rose to Rs 14 over the last couple from around Rs 7 earlier because of global rise in crude oil price and depreciation of rupee. The rising under-recovery would adversely affect state-run oil marketing companies (OMCs) like IndianOil, Bharat Petroleum Corporation and Hindustan Petroleum Corp