Brisbane-based Dart Energy may pick up 10 to 25 percent stake of Oil and Natural Gas Corp (ONGC) in the latter's four coal-bed methane (CBM) blocks. CBM is natural gas trapped within coal formations, which is extracted by drilling holes into the seams. In order to fast-track gas production with the help of priva
Category: Oil & Gas
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ONGC rules out funding constraint for stake acquisition
Reports indicate that Oil and Natural Gas Corp (ONGC) does not face any constraint in funding the acquisition of a 20 percent stake in the Rovuma basin gas block in Mozambique. Therefore, the company does not intend to rope in a global player to share the cost of acquisition of the stake in the block, which holds up to 60 trillion cubic feet (tcf) of gas.
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BPCL to export naptha
Bharat Petroleum Corp (BPCL) intends to export 35,000 tonne of low aromatic naphtha for July 5-8 loading from Kochi. For this purpose, the state-run oil marketing company (OMC) has issued tender and invited bids from traders till June 11. Meanwhile, the firm is in the process of importing gasoline
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Fitch affirms ratings for RIL
Fitch Rating affirmed Reliance Industries' (RIL) long-term foreign currency issuer default rating at 'BBB-' and LT local currency IDR at 'BBB'. In a statement, the agency said the outlook on the foreign currency issues default rating is stable while the same for local currency IDR is positive
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Under-recovery on diesel sales rises
According to union oil ministry, the under-recovery incurred by oil marketing companies (OMCs) on sale of diesel at subsidised price for the second fortnight effective June 1 rose to Rs 4.87 per litre from Rs 3.73 per litre on May 16. However, under-recoveries towards PDS kerosene and domestic LPG declined to Rs 27.75 per litre (from Rs 27.93 per litre) and Rs 335.14 per cylinder (from Rs 378.38 per cylinder), respectively, the ministry said in a state
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Net profit of ONGC declines
For the year ended March 31, 2013, the net profit of state-run energy explorer ONGC declined to Rs 209,257.00 million from Rs 251,229.20 million in the previous year. The firm's total Income rose to Rs 884,521.50 million for the year ended March 31, 2013 from Rs 809,954.20 million in the previous year
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Corporation may generate gas from waste
Madurai Municipal Corporation proposes to generate natural gas from biodegradable waste available in Tirumangalam, Madurai Flower market and Melur with the help of Bhabha Atomic Research Centre (BARC). Local civic body officials await project report from BARC following which it could implement the plan. Scientists from BARC held discussions with officials and Municipal Commissioners of Melur and Tirumangalam in this r
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Minister defends fuel price hike by OMCs
Union Petroleum and Natural Gas Minister Veerappa Moily defended the hike in petrol and diesel prices by state-run oil marketing companies (OMCs) citing high under-recovery. It may be recalled that OMCs hiked the prices of petrol by 75 paise and diesel by 50 paise per litre while effecting a Rs 45 cut in LPG cylinder price
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GAIL to strengthen LNG trading segment
Public sector firm Gail wants to strengthen its liquefied natural gas (LNG) trading business as it may reduce the dependence of the company's earnings on the uncertain transmission segment. BC Tripathi, Chairman and Managing Director of the company said this in an analyst call. The trading segment of the company involves import of LNG cargoes into the country and then selling them in the spot
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Net profit of IOC rises 14.53% in March quarter
Net profit of Indian Oil Corporation (IOC) rose 14.53 per cent to Rs 14,513 crore during January-March 2013 compared to Rs 12,671 crore in the year-ago period. The rise in profit is attributed to the higher subsidy amount it received from the government for selling petroleum products below the market price