A Parliamentary panel report shows that the government has not conducted any due diligence before clearing the proposal to hike domestic natural gas price in line with the Rangarajan committee recommendation. According to the report, submitted by the parliamentary standing committee on finance,
the
Category: Oil & Gas
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Panel suggests govt to conduct due diligence
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GAIL wants Petronet to renegotiate price of Aussie gas
GAIL India wants Petronet LNG to renegotiate the pricing agreement it signed for importing LNG from Australia's Gorgon project. Petronet LNG signed the agreement in August 2009
and under this, the company would import 1.44 million tonne per annum of liquefied natural gas (LNG) at a
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GAIL to await govt decision on pipeline project
BC Tripathi, Chairman of GAIL (India) said the firm would wait one month for the Tamil Nadu government to take a decision on the company's natural gas pipeline project which passes through the state. GAIL is implementing an ambitous Kochi-Koottanad-Bangalore-Mangalore natural gas pipeline project and it passes through seven districts in Tamil Nadu — Coimbatore, Tirupur, Erode, Namakkal, Sale
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Moily says gas price hike key for tapping new reserves
Union Minister for Petroleum and Natural Gas Marpadi Veerappa Moily has said that due to the increase in gas price, new hydrocarbon blocks in Tripura and Cauvery basin will become commercially viable. Even the Directorate General of Hydrocarbons has said that a price of more than $4.2 per million British thermal unit (mBtu) was required to make some of the gas discoveries commercially viable. These reserves are currently lying untapped due to the current gas price of $4.20 per million British th
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Govt cancels Punj Lloyds contract for constructing RGIPT
The Union Oil Ministry has terminated Punj Lloyd's contract for constructing Rajiv Gandhi Institute of Petroleum Technology (RGIPT) in Rahul Gandhi's parliamentary constituency, citing non-performance and re-tendered the Rs 435-crore project. The ministry wants to scale down the project to expeditiously complete it before the general elections scheduled next year.
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India in talks with Pak to export natural gas via pipeline
To export natural gas to Pakistan through a pipeline from its Punjab state, India is in talks with the neighbouring country to help it overcome crippling energy shortage. India's State gas utility GAIL has proposed to lay a 110-km pipeline from Jalandhar to Wagah border via Amritsar to supply natural gas to Pakistan, GAIL Chairman and Managing Director BC Tripathi has said.
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India reduces oil imports by half from Iran
India's imports of crude oil from Iran more than halved in June from a year ago as refiner Essar Oil became the only remaining Indian client of the sanctions hit country. Tanker data showed that India's imports for June fell about 60 per cent on an annual basis, pointing to imports from Iran's top four customers-China, Japan, India and South Korea of around 8,60,000 barrels per day for the month down more than a third on the year.
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Gorgon gas import price is too high: Gail
India's biggest gas marketer Gail India said the long-term gas import contract with Australia's Gorgon project for about $15.67 per unit price is too high and does not reflect market reality, prompting the state firm to ask the importer, Petronet LNG (PLL), to renegotiate the contract. Gail's statement follows demands from some energy firms for import-parity price for domestically produced natural gas. These firms criticised the recently approved pricing formula propounded by the the Rangarajan
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GAIL may drop TN pipeline project: Gail
GAIL (India) may abandon the Tamil Nadu portion of the Kochi-Koottanad-Bangalore-Mangalore natural gas pipeline project if no decisions are taken by the State Government within a month. Gail Chairman BC Tripathi said that the matter was discussed at the Board meeting. We will wait for one more month and then the Board will take a call on abandoning the project said Tripathi.
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Petronet plans to operationalise phase I of terminal project by Aug
According to media reports, Petronet LNG may operationalise its Phase-I of the natural gas terminal at Kochi by the end of August 2013. The company, which initially planned to commission the project during March 2013, faced several roadblocks.
Work on the project in the southern end of Vypin island