Communist Party of India (CPI) has demanded the Union government to revisit the Rangarajan price formula of natural gas produced by Reliance Industries (RIL) in KG-D6 block as the production cost for RIL is just Rs $2.74 a million Britiesh Thermal unit (mBtu). CPI added that the Rangarajan pricing formula of $8.4 an mBtu would give RIL a windfall gain. The Rangarajan formula is applicable from April 2014.
Category: Oil & Gas
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Domestic crude oil output in India dips by 2.3%
Indian oil refinery companies have imported 15.944 million tonne of oil in July against 14.594 million tonne in the same month last year as the domestic crude oil output has diminished. Domestic oil production dropped by 2.3 per cent in July, states the data of the Union Ministry for Petroleum & Natural Gas.
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RIL, BP announces new gas discovery in Cauvery basin
Reliance Industries and BP Plc on August 23 have announced that they have discovered a new gas condensate off the east coast of India in the Cauvery basin.
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Rs 8,000 cr to expand IOCs Koyali refinery
To expand its Koyali oil refinery in Gujarat, Indian Oil Corp (IOC) will invest about Rs 8,000 crore. The State-owned oil refinery wanted to expand the Koyali unit to 18 million tonne per annum by 2016-17. The expansion from 13.7 million tonne will lead to improvement in distillate yield thereby enabling production of more value added products from the refinery, a company statement said.
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L&T bags Rs 1,500 cr EPC contract from Oman firm
Larsen & Toubro has bagged an EPC (engineering, procurement and construction) contract worth Rs 1,500 crore from the Petroleum Development Oman LLC (PDO). The project at the Yibal-Natih gas reservoir in Oman is scheduled to be completed in 39 months. Larsen & Toubro stated this on August 20 in a filing to the BSE. Yibal-Natih is a sweet gas reservoir with recoverable reserves estimated at 90 per cent.
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Rs 2,000 cr insurance cover soon to Indian oil refiners
To provide insurance cover to Indian domestic refineries that process crude oil imported from Iran the process of setting up of a Rs 2,000-crore fund has begun by the Union Finance Ministry. The Finance Ministry's act comes after the the Union Petroleum Ministry agreed to provide the required money to being in fund.
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RIL, ONGC, Cairn, Oil India beneft from rupee fall
While the rupee fall against dollar is a bad news to oil and gas consumers in the country, the same is a boost to the earnings of ONGC, Cairn India, Reliance Industries and Oil India. The dollar-linked price of oil and gas has risen about 17 per cent in four months. This is a bad news for oil and gas consumers in the country as they have to pay more for the essential petro products. India imports 80 per cent of crude oil, it processes and pays in dollars.
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Gail to export gas to Pak, says Indian Govt
To export natural gas to Pakistan through a pipeline from Punjab, Indian government-owned gas utility GAIL India will enter into contract with a Pakistani firm, the Indian government has said.
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Rs 950 cr to be invested in Panna oil field
To produce more output in Panna oil field, an investment of Rs 950 crore is being invested jointly by the State-owned Oil and Natural Gas Corporation (ONGC) and its partners-Reliance Industries and BG Exploration and Production India. The consortium is to dig more wells in the fied. ONGC has a 40 per cent interest in the oil field. Recently, the output in Panna field has come down.
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Iraq denies crude oil at special price to India
Iraqi Deputy Prime Minister for Energy Hussain Ibrahim Saleh al-Shahristani said the country could not sell crude oil at a concessional price to India as its laws do not allow such a move. Iraq is the second-largest supplier of oil to India, which imports about 20 million tonne of crude oil from the gulf nation annually