In a report, Goldman Sachs said the government would stand to gain Rs 14,900 crore by way of royalties and taxes from the incremental gas price accruing to state-owned producers ONGC and Oil India in 2014-15 fiscal. The report said, "We note about 65 percent of incremental gas revenue from a price hike would flow back to the central and state governments as royalties, VAT,
Category: Oil & Gas
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BMTC to run fleet on CNG once GAIL project takes off
Bangalore Metropolitan Transport Corporation (BMTC) would be able to run its fleet on CNG (compressed natural gas) once GAIL India sets up filling stations in the city. GAIL India, along with Karnataka government is in the process of setting up 25 CNG filling stations across Bangalore city to supply gas to BMTC. To undertake distribution of clean natural fuel for transport and other sec
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RIL to ramp up gas output from $6.5 bn investment
By 2019-20, Reliance Industries (RIL) aims to ramp up natural gas production from its KG-D6 fields to 60 mmscmd and to achieve this the firm plans to invest $6.5 billion. Owing to water and sand ingress in some of the wells, gas output from the fields declined to around 14 mmscmd recently from a peak of 69.43 mmscmd in March 2010
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ONGC to double its output in 17 years
Oil and Natural Gas Corporation's (ONGC) Assam asset has set in motion a multi-disciplinary approach to complete projects on time so as to double its production by 2030 from the current level of 1.21 million tonne per year. ONGC's ED-asset manager of Assam Asset, BK Baruah, said in Jorhat that more wells need to be drilled with the latest technology, emphasis has to be laid on opening up new horizons by strengthening exploration activities, a multi-disciplinary approach should be adopted to ensu
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Pune, PC area to get 15 new CNG outlets from MNGL
The Maharashtra Natural Gas (MNGL) has decided to open 15 new outlets in Pune and Pimpri-Chinhwad (PC) areas by the end of this year to cater to the increasing demand of Compressed Natural Gas (CNG). As of now, there are 23 CNG outlets which cater to over 30,000 three-wheelers, 14,000 four-wheelers and 517 buses of Pune Mahanagar Parivahan Mahamandal (PMPML). MNGL officials feel that these new outlets will curb the long waiting hours of vehicles at CNG stations.
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Additional gas to be made available by ONGC, GSPC
ONGC and GSPC would be able to produce about 4-5 mmscmd of additional natural from their fields in 2013-14. A similar additional volume may be available in the next fiscal and a further 2 mmscmd from GSPC in 2015-16. This additional output will have to make up for fall in KG-D6 this fiscal and the next as also meet 3.8 mmscmd need of 5 newly converted fertiliser plants for whom allocation had previously been approved by the cabinet and
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RIL agrees to share infra facility with ONGC
Reliance Industries (RIL) agreed to share its infrastructural facility on the East Coast of the country with Oil and Natural Gas Corporation (ONGC). Both the companies recently entered into a memorandum of understanding (MoU) in this regard. According to the MoU, both the firms would work out the mod
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HPCL does not have oil import contract with NIOC
Media reports indicate that Hindustan Petroleum Corporation (HPCL) does not have any crude-lifting contract with National Iranian Oil Company (NIOC) for 2013-14. This is because NIOC turned down the proposal of HPCL
to have only an optional contract of 1 million tonne with the f
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ONGC plans to re-distribute stake in CBM blocks
Media reports indicate that ONGC plans to re-distribute its stake in the coal-bed methane blocks of North Karanpura and Ranigunj to bidders other than Dart Energy. ONGC plans to re-distribute the stake because Dart Energy refused to take 25 per cent stake in North Karanpura and 10 per cent stake in
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Panel suggests govt to conduct due diligence
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