M Vijaywargiya, Executive Director of Indian Oil Corporation's (IOC) Paradip refinery project informed reporters that 93.2 per cent work on the Rs 29,777-crore project has already done. He said the Rs 29,777-crore project is scheduled to be commissioned in Sepetmber-October this year. More than 500 engineers and officers of IOC are toiling round the clock at the project site, he said adding the refinery would be the most modern export-orientated processing unit and IOC'
Category: Oil & Gas
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Method for computing competitive gas price
Recently, the Cabinet Committee on Economic Affairs (CCEA) cleared the fixation of price of domestic natural gas according to the recommendations of the committee constituted under the Chairmanship of C Rangarajan on Production Sharing Contract (PSC) mechanism in the petroleum industry. The approved policy derives from global trade transactions of gas, the competitive price of gas at the global level by combining two
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Indian oil and gas firms acquire assets abroad
India ventured into acquiring oil and gas assets abroad at the beginning of 10th Plan (2002-07) to strengthen its energy sector and reduce its dependence on import. Public sector companies that have presence abroad include ONGC Videsh , Oil India , Indian Oil Corporation, GAIL India, Hindustan Petroleum Corporation, Gujarat State Petroleum Corporation and Bharat Petro Resources, a sub
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Industry players welcome price revision
Finance Minister P Chidambaram expressed hope that the government's move to raise natural gas price would encourage investment and production in the natural gas sector. Recently, the Cabinet Committee on Economic Affairs (CCEA) almost doubled natural gas prices to $8.4 per million British thermal unit (mBtu) with effect from April 2014 and applicable for the next five years with a price
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Bottomline of oil firms set to rise
Media reports indicate that the recent hike in the price of natural gas by the government would boost the bottomline of oil and gas companies in the country. For example, the $8.4 an mBtu price approved by the CCEA, would raise the net profit of ONGC by another Rs 8,500 crore, while it would add another Rs 1,050 crore to the bottom line of Oil India (OIL), reports indicate
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IOC to lay pipeline for city gas distribution
Indian Oil Corporation (IOC) would lay pipeline from Rajpura in Punjab to Chandigarh to transport cooking gas to city homes. Besides Chandigarh, the pipeline would also be laid across Ambala in Haryana and the piped gas line will cater to Mohali, Panchkula, Baddi, Parwanoo and Nalagarh. The administration will facilitate in execution of the plan to ensure that general public does not face inconvenience during its
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Recoverable gas reserves set to rise
According to a research note by Macquarie Research, the hike in the natural gas price could boost India's recoverable gas reserves manifold. The note quoted global consultants IHS-CERA to say that the nation's producible gas resources will rise to 80 Tcf at $8 gas price. Meanwhile, union petroleum Minister M Veerappa Moily said over 3 Tcf of gas discoveries are lying to be exploited. These have not been declared commercial by our
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Recoverable gas reserves set to rise
According to a research note by Macquarie Research, the hike in the natural gas price could boost India's recoverable gas reserves manifold. The note quoted global consultants IHS-CERA to say that the nation's producible gas resources will rise to 80 Tcf at $8 gas price. Meanwhile, union petroleum Minister M Veerappa Moily said over 3 Tcf of gas discoveries are lying to be exploited. These have not been declared commercial by our
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Price of Indian basket of crude oil rises
On June 25, the international crude oil price of Indian basket rose to $99.96 per barrel (bbl) from $98.23 per bbl prevailing on the previous trading day of June 24. The price is computed or published by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas. The Indian Basket crude oil price had fallen to 98.23 per bbl on June 24 from $100.10 per bbl on June 21 (the earl
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Chennai’s Kaliamman Koil Street to be widened soon
The Virugambakkam ResidentsÂ’ Welfare Association submitted a petition to the Chennai Corporation Mayor Saidai Samiyappan Duraisamy to facilitate the road widening work on Kaliamman Koil Street, Virugambakkam, at the earliest, at a public consultation meeting. As per the Development Rights Certificate, an additional Floor Space Index (FSI) will be allocated.