The Association of Oil and Gas Operators (AOGO) opined that the government must move to a free market-based pricing regime for natural gas. In a statement, the industry body of the upstream oil and gas sector said future investors shall be willing to take the risk of lower prices, as long as the free market principles and non interference by allocation are obse
Category: Oil & Gas
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Import bill for crude oil set to rise
India's import bill for crude oil is expected to rise sharply despite the fall in the international price of the fuel in recent months, because of depreciation in rupee. The global price of crude oil declined almost 10 percent since January 2013. However, the import bill of the country may rise because of depreciation rupee against the dollar, reports indicate
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Investors sell stake in CUGL to Indraprastha Gas
IDFC Private Equity, IL&FS Investment Managers and the Asian Development Bank (ADB) sold their cumulative 50 percent stake in Kanpur-based Central UP Gas (CUGL) to Indraprastha Gas for about Rs 70 crore. These three organisations invested Rs 30 crore in CUGL in 2006. While IDFC Private Equity and IL&FS Investment Managers held 15 percent stake each, ADB held 20 percent stake
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New location found for Rs 372 bn project of HPCL
A 15-member task force identified new location about 6 km away from Pachpadra in Barmer district of Rajasthan for the proposed Rs 37,230 crore refinery cum petro-chemical complex to be set up by Hindustan Petroleum Corporation. The new location is found to be qualitatively better than Leelala which was proposed earlier and the former is most suitable as per HPCL's Techno Commercial, Tech
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OVL, OIL enter into pact for Mozambique asset
Through a communication to stock exchange, Oil & Natural Gas Corporation informed that its overseas subsidiary OVL and Oil India (OIL) entered into a definitive agreement to acquire interest in the Rovuma Area 1 Offshore Block in Mozambique
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CAG may study impact of price hike on RIL
Media reports indicate that the Comptroller and Auditor General (CAG) would study the impact of the recent hike in the price of natural gas on the financial position of Reliance Industries (RIL). For natural gas sourced from RIL's KG D6 basin, the hike in the price would be effective from April 2014, when the contractual price agreement between the firm and the government expires
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State-run OMCs raise diesel, petrol prices
State-run oil marketing companies (OMCs) raised the price of diesel by 50 paisa per litre, the sixth increase in rates since January 2013, when the government allowed these firms to raise the price once every month. Government allowed state-owned OMCs to raise diesel prices by up to 50 paisa per litre every month till entire losses on the fuel are wiped out
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Minister urges OMCs to expedite delivery of ethanol
The Minister of Petroleum & Natural Gas M Veerappa Moily directed PSU Oil Marketing Companies (OMCs), at a meeting of CMDs and Directors (Mktg) of OMCs and ISMA here today, to make all efforts for expediting delivery of already procured quantity of ethanol. He also asked them to procure expeditiously additional quantity of ethanol through fresh tenders to meet the requirement of 5 per cent mandatory Ethanol Blen
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MRPL wants to import oil from Iran again
Mangalore Refinery and Petrochemicals would take all necessary steps for recommencement of import or processing of Iranian crude oil in its refinery. This information was given by PP Upadhya, Managing Director of MRPL in a June 29 letter to Oil Secretary Vivek Rae, media reports suggest. The company stopped import of oil from Iran after local insurers said they could no longer cover plants that proc
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Govt to release shale gas policy soon
With the government initiating pricing reform in the natural gas sector, it plans to release the shale gas policy shortly and auction blocks for producing the unconventional fuel, media reports indicate. Also, the government will launch tenth bidding round for oil and gas blocks under new policy, media reports suggest. As part of its overall economic reform initiative, the government the government recently raised the price of domestic natural gas to $8.4 per unit from the present price