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.
Category: Oil & Gas
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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
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ONGC prepares DoC for deepwater block
State-run exploration firm Oil and Natural Gas Corporation (ONGC) is preparing the Declaration of Commerciality (DoC) for its deepwater discoveries in the Krishna Godavari Basin. The company would soon submit the DoC to the Directorate General of Hydrocarbons for approval. A DoC is necessary to develop any discovery. The com
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IOC to get Rs 42 bn cash subsidy for Q1
India's State-owned fuel retailing oil company, Indian Oil Corp is to get cash payment for the fiscal first quarter subsidy from the government on September 17, the company's officials said on August 26. The Union government provides the subsidy to its fuel retailers-Indian Oil Corp, Hindustan Petroleum Corp (HPCL.NS) and Bharat Petroleum Corp (BPCL.NS) to sell diesel, kerosene and cooking gas at discounted rates to the poor and tame inflation.
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Govt may rope-in ONGC, OIL to extract shale gas
State-owned Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) may be roped in by the Union government to explore shale gas in onland blocks held by them under nomination, giving them an edge over rivals who can start the hunt only after auction of blocks, whose date has not been announced yet. Shale gas is non-conventional natural gas found in non-porous rocks and requires fracking technology for its extraction, similar to the extraction of gas between coal seams in India.