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.
Category: Oil & Gas
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ONGC to buy stake in Mozambique gas block for $2.64 bn
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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
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CPI demands govt to revisit gas price formula
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.
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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.