By the end of 2013, Indian Oil Corp (IOC) plans to begin work on its liquefied natural gas (LNG) terminal project at Ennore near Chennai.
Category: Oil & Gas
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India to import crude oil from Iran
India will import crude oil from Iran to counterbalance any supply disruptions arising from imminent strikes by the US on Syria. The country has ruled out any considerable impact on IndiaĆās crude oil import supply in the event of US strikes on Syria. Prices of oil in the global markets have been hiked with the reports of imminent US strikes on Syria.
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Govt plans oil import from Iran to cut oil bill, CAD
To reduce the current account deficit (CAD), the Union Oil Ministry has worked out a plan, which can save $22 billion in the oil import bill from Iran, said the Union Petroleum Minister M Veerappa Moily. The Minister said that import of oil is one of the components responsible for CAD. The Prime Minister Manmohan Singh has told the Ministry to save $25 billion in the import bill. And accordingly, the Ministry has prepared a plan to save $22 billion in import bill, Moily said.
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Saudi Aramco to buy 30% stake in OPaL in Gujarat
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.
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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