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
Category: Oil & Gas
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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.
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Govt subsidy burden may rise due to gas price hike
Even as the union cabinet decided to double the price of domestically produced natural gas to $8.4 per mmbtu from the present $4.2 mmbtu, experts are debating the pros and cons of such a move. Some experts feel that the the move would raise the subsidy burden of the central government. Some reports indicate that the centre's annual subsidy bill will rise by at leas
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Govt steps to unlock shale gas reserves
The government is taking steps to unlock the potential of shale gas reserves in India in order to bridge the ever rising demand for energy. The country is dependent on import to meet over 70 per cent of crude oil and this is expected to change if we successfully explore shale gas reserves
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State-run firms eye Brazilian field
State-run oil and gas companies in India plan to pool their resources to bid for the Libra field, located 180 km off the coast of Rio de Janeiro in the Santos basin, Brazil.
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LNG re-gassification capacity
Union Oil Minister M Veerappa Moily informed that India may have LNG re-gasification capacity of over 50 million tonne per annum (mtpa) by 2016-17 with a supply of 198 million standard cubic metre per day. Currently, India has 18.6 mt of re-gasification capacity - 10 mt terminal at Dahej and 3.6 mt plant at Hazira in Gujarat
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J&K pipeline project cleared
Jammu and Kashmir (J&K) Governor NN Vohra signed the Ordinance which would allow state government to acquire land for the Rs 880 crore Bhatinda-Srinagar gas pipeline project.
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Govt to release shale gas policy
Union government would announce policy on exploration and production of shale gas soon. The ministry will finalise the policy once it receives comments from different ministries.
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Centre finalises Rs 2,000-cr budget for Puducherry
For Puducherry's annual budget plan for 2013-14 the Union government finalised at Rs 2,000 crore on June 27. The outlay includes Central assistance of about Rs 783 crore, in addition to about Rs 100 crore for Centrally-sponsored schemes. The Plan size was finalised at a meeting in Delhi between Deputy Chairman of Planning Commission Montek Singh Ahluwalia and Chief Minister of Puducherry N Rangasamy.
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CCEA clears proposal to hike gas price to $8.4 per unit
On the basis of the suggestions made by the Rangarajan committee, the Cabinet Committee on Economic Affairs (CCEA) decided to raise the price of domestic natural gas, from $4.2 to $8.4 a million British thermal unit (mBtu), from April 2014. Once the new price is adopted, it would be revised on a quarterly basis for a period of five years, reports indicate