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
Category: Oil & Gas
Post
Post
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.
Post
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
Post
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
Post
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.
Post
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.
Post
OMCs float tender for 133 cr litre Ethanol
The Union Minister of Petroleum & Natural Gas Marpadi Veerappa Moily informed the Lok Sabha in a written reply recently that the government has further decided on last July 3 that Oil Marketing Companies (OMCs) will procure ethanol from domestic sources to achieve the mandatory requirement of 5 per cent ethanol blending with petrol by October, 2013 in areas/parts of the country where sufficient quantity of ethanol is available.
Post
Oil India mulls to diversify into refining biz
As part of its diversification strategy, government-owned hydrocarbon explorer Oil India plans to diversify into building and operating refineries in the country and is looking for a partner, said the company Director, Finance, TK Ananth Kumar. For now the company's plans are India-specific, he added.
Post
ONGC to buy stake in Mozambique gas block for $2.64 bn
US oil company Anadarko Petroleum Corp is to sell a 10 per cent stake in a Mozambique gas field offshore to a unit of Oil & Natural Gas Corp (ONGC) for $2.64 billion. aNADARKO wanted to focus more on its domestic assets.
By the end of this year, the deal for the Mozambique's offshore Area 1 is expected to close, the US company said.
Post
BP India says $4.2 gas price unviable
UK major BP Plc's India unit has made a strong pitch for market determined prices for natural gas. Most of gas discoveries in India are unviable at the current rate of $4.2, says the company.