In the next few months, state-run energy explorer Oil India (OIL) may set up a foreign arm for exploration and acquisition of hydrocarbon assets abroad, thereby becoming the third state-run oil company to have a dedicated subsidiary for foreign operations. OIL now has presence in countries like Sudan, Libya, Venezuela, Egypt, Timor Leste, Yemen, Nigeria, Iran, the US and Gabon. In Gabon and Libya, it is the main operator of its blocks
Category: Oil & Gas
Post
Post
RIL relinquishes 2 gas fields at KG Basin
Owing to non-lucrative natural gas prices, Reliance Industries (RIL) relinquished two natural gas fields at the KG Basin, media reports indicate. After RIL discovered gas in the two blocks, it took them to the Directorate General of Hydrocarbons (DGH) to declare them commercially viable — declaration of commerciality, in jargon
Post
IGL raises prices of PNG, CNG
Indraprastha Gas (IGL) raised the retail price of PNG (piped natural gas) and the compressed natural gas (CNG) owing to the recent steep appreciation of the dollar vis-a-vis rupee. The firm raised the price also because of the increased dependence on imported LNG, which raised its input cost of gas and necessitated the increase in retail prices of CNG and PNG. IGL said there has been a sharp depreciation of the rupee vis-vis dollar in the last one month
Post
Impact of gas price hike on other sectors
According to some estimate, an increase in the price of natural gas by $1 would result in fertiliser plants taking a hit of Rs 3,155 crore per annum for producing 23 million tonne (mn t) of urea in 2013-14 and Rs 4,144 crore a year for 32 mn t from 2017-18. As for the power sector, the the impact of every dollar increase in the price of natural gas would be about Rs 10,040 crore per annum for generating 28,000 mega watts power
Post
Experts suggest govt to liberalise pricing regime
Experts opine that the government must incentivise private companies to produce more natural gas by giving them freedom to fix market-linked price for the fuel. The liberal pricing regime in the US allowed companies to invest in new technologies in the oil and gas sector. The abundance of shale rocks in the Ame
Post
Experts suggest govt to liberalise pricing regime
Experts opine that the government must incentivise private companies to produce more natural gas by giving them freedom to fix market-linked price for the fuel. The liberal pricing regime in the US allowed companies to invest in new technologies in the oil and gas sector. The abundance of shale rocks in the Ame
Post
Govt postpones decision on gas pricing
Union Finance Minister P Chidambaram has stated that the Cabinet Committee on Economic Affairs on June 21 deferred a decision on domestically produced natural gas pricing. Chidambaram said that the Union Minister for Petroleum & Natural Gas, M Veerappa Moily had to go to Agartala and that's why the deferment. Hopefully, the government would like to take a decision next week when the Minister is back, Chidambaram said.
Post
Govt postpones decision on gas pricing
Union Finance Minister P Chidambaram has stated that the Cabinet Committee on Economic Affairs on June 21 deferred a decision on domestically produced natural gas pricing. Chidambaram said that the Union Minister for Petroleum & Natural Gas, M Veerappa Moily had to go to Agartala and that's why the deferment. Hopefully, the government would like to take a decision next week when the Minister is back, Chidambaram said.
Post
Govt’s nod to RIL to surrender SEZ in Haryana
The Union government has allowed Mukesh Ambani owned by Reliance Industries to surrender its special economic zone (SEZ) in Haryana. The decision to de-notify Reliance Haryana SEZ, a unit of RIL, was taken by Board of Approval (BoA), headed by Commerce Secretary SR Rao, in its meeting on June 12.
Post
Governor clears Ordinance for pipeline project
Jammu and Kashmir Governor NN Vohra signed the Ordinance which would allow state government to acquire land for the Rs 880 crore Bhatinda-Srinagar gas pipeline project. The project, which involves laying of the 750-kilometer gas pipeline from Bhatinda in Punjab to Srinagar via Jammu, is scheduled for completion in three years. Gujarat State Petronet Limited (GSPL) received contract for the project in June 2011