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.
Category: Oil & Gas
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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.
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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.
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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.
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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.
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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.
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Oil-rich South Sudan looks to India to up its agri-production
To improve its agricultural and food security practices, South Sudan is looking to India. The oil-rich African country hopes the New Delhi visit of Salva Kiir Mayardit, the president of the world's youngest nation, will lay a solid foundation to further promote bilateral relations with India. Mayardit is to be in India from August 26-28.
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Govt to ascertain hoarding allegation against RIL
The government is taking steps to ascertain whether Reliance Industries (RIL) hoarded natural gas produced from KG-D6 field in anticipation of higher prices. In this regard, the government plans to appoint a reputed independent consultant. If the consultant feels that RIL hoarded gas in anticipation of higher prices, it wou
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Govt to ascertain hoarding allegation against RIL
The government is taking steps to ascertain whether Reliance Industries (RIL) hoarded natural gas produced from KG-D6 field in anticipation of higher prices. In this regard, the government plans to appoint a reputed independent consultant. If the consultant feels that RIL hoarded gas in anticipation of higher prices, it wou
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Ministry norms hinder ONGC’s exploration plan
According to media reports, the restriction on exploration in 'no-go' areas imposed by the ministry of defence (MoD) may hinder Oil and Natural Gas Corporation's (ONGC) business plan. The public sector firm plans to rope in technical parters for its deep water and ultra deep water blocks, which fall unde