Some analysts attribute the abandoning of 15 oil and gas blocks by BP and Reliance Industries (RIL) to unfriendly investor policy of the government. But BP termed the relinquishment of blocks as a routine "portfolio management" exercise. These 15 blocks are part of the 21 blocks for which BP struck a $7.2-billion deal. According to industry observers, the development does not augur well for the dom
Category: Oil & Gas
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Govt conducts feasibility study for storage project
The Minister of State for Petroleum & Natural Gas Panabaaka Lakshmi informed the Rajya Sabha in a written reply that in order to further increase the Strategic crude oil storage capacity, the government, through Indian Strategic Petroleum reserves (ISPRL), has undertaken a detailed feasibility study for construction of additional 12.5 Million Metric Tonne (mn mt) of crude oil storages in Phase-II a
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IGL to provide PNG connection to Delhi
Indraprastha Gas (IGL) is committed to providing piped natural gas or PNG connections to all technically feasible areas of Delhi, Union Petroleum Minister Veerappa Moily informed members of Lok Sabha. Moily said this while replying to a specific query on Kapashera village of Delhi. He said IGL's pipeline network laying work was in progress near Samalkha crossing, two kilom
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MRPL to procure crude oil from ONGC
Mangalore Refinery and Petrochemicals (MRPL) would procure Rs 38,500 crore worth of crude oil from Oil and Natural Gas Corporation (ONGC) for a five-year period, according to an agreement signed between the firms recently. MRPL is a subsidiary of ONGC. ONGC would supply Mumbai High crude from JNPT and offshore platform to MRPL. ONGC supplies about 11-12 per cent
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Natural gas price hike to make CNG, urea costly
CNG (compressed natural gas) price would rise Rs 8.2 to 11.72 per kg in Delhi and Mumbai once the revised natural gas price comes into effect from April 2014, Minister of state for petroleum Panabaaka Lakshmi informed Parliament. CNG costs Rs 41.90 per kg in Delhi, and Rs 35.95/kg in Mumbai. The CNG price would rise by this amount assuming that the city gas distribution entity is operating entirely on dom
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IOC to import less oil from Iran
Petroleum Minister M Veerappa Moily informed in Rajya Sabha that Indian Oil Corp (IOC) agreed to import 1.2 million tonne crude oil from Iran in 2013-14 compared to 1.566 million tonne in the previous year. This represents a fall of over 23 per cent in crude oil import by IOC from the Persian Gulf nation. During April-June 2013, the firm imported 0.577 million tonne of oil from Iran. It may be noted that IOC is India's third
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Minister stresses need to attract investment in oil and gas sector
In order to attract investment in the oil and gas sector, the government must take key reforms and the recent hike in natural gas price is a step in this direction, union oil Minister M Veerappa Moily remarked in a media. He pointed out that India was losing out to China when it comes to attracting investment in oil and gas sector from multinational companies. He also said that China has also taken decision to hike natural gas price to attract inve
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Oil firms to be asked to shift pipelines
Oil companies in Chennai would be directed to shift petroleum pipelines in some areas on the back of complaints from residents that they are polluting the ground water. The Southern Bench of the National Green Tribunal was hearing a petition filed by local residents in North Chennai. The petitioner argued that the pipelines were carelessly laid in the midst of thickly populated areas of Chen
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ONGC to recover oil and gas from challenging fields
State-run ONGC is taking steps to recover oil and gas from tough reservoirs in India using high end technology. As part of this initiative, the firm set up a ‘Centre of Delivery’ for HPHT and ‘tight’ reservoirs in November 2012. The centre is headquartered in Chennai, because the eight fields identified are in the South — five in the Krish
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Finance Minister backed higher gas price: Oil Ministry
The Union Petroleum Ministry has expressed surprise at the Finance Ministry's suggestion of restricting the impact of the gas price hike under the new policy, saying North Block had not once, but twice backed the plan during consultations. The letter from the petroleum ministry sent a few days ago will put the finance ministry in a fresh spot of bother as it was seen to be distancing itself from a decision of the Cabinet that is facing criticism.