Union Oil Minister M Veerappa Moily informed that India may have LNG re-gasification capacity of over 50 million tonne per annum by 2016-17 with a supply of 198 million standard cubic meters per day. Currently, India has 18.6 mn t of re-gasification capacity - 10 mn t terminal at Dahej and 3.6 mn t plant at Hazira in Gujarat and 5 mn t terminal at Dabhol in Maharashtra
Category: Oil & Gas
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Conventional oil and gas more desirable in Rajasthan block
Some experts argue that Cairn India must concentrate on oil and gas production from its Rajasthan block instead of foraying into shale gas exploration in the area. Experts argue that shale gas exploration is a technology-intensive area, which is at its infancy even in the United States
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Govt to release compensation for state-run OMCs
Media reports indicate that the government may release about Rs 70 billion in six tranches of an equivalent amount every Tuesday to state oil marketing companies (OMCs) for under-recoveries during January-March period. State-run OMCs incur under-recoveries or revenue loss as they sell diesel, kerosene and cooking gas at subsidised price. The government compensates these firms for the under-recoveries every year
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MNGL identifies areas for setting up more CNG pumps
Maharashtra Natural Gas (MNGL) has identified locations for setting up 20 additional CNG pumps across Pune and Pimpri-Chinchwad in order to meet the rising demand for CNG. The new pumps would be set up in Yerawada, Vimannagar, Kharadi, old Mumbai-Pune highway, Baner, Pune Satara road and Sinhgad road among others. Earlier, the agency planned to open eight CNG pumps in Pune commission four of them this July. Later, it identified additional 15 to 20 locations in Pune and near
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Weakening rupee may prod OMCs to raise petrol price
Owing to the sharp depreciation of rupee against the dollar, Oil marketing companies (OMCs) may hike the price of petrol Rs 1.5-2 per litre, industry sources informed. In recent trading sessions, the Indian currency declined to a record low of 58.96 against the dollar because of global financial market developments. The weakening of rupee in the last four weeks caused Rs 20,000 crore of under-recoveries for state-run OMCs, medi
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OIL hopes to form overseas arm by year end
By the end of 2013, public sector oil and gas exploration company Oil India (OIL) plans to form an overseas subsidiary for operating its foreign assets. It is learnt that OIL wants to set up an overseas subsidiary on the lines of ONGC Videsh (OVL), which is the foreign unit of state-run energy explorer ONGC
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APL in the process of delisting its shares
Loss-making Assam Petrochemicals (APL) is in the process of de-listing the company from the Bombay Stock Exchange (BSE) amidst the proposal of Oil India to buy stake in the firm. State-run OIL is in talks with Assam government, which is holding 88.2 per cent stake in APL, for buying 49 per cent equity in the company. Domestic institutions and others hold the remaining stake in
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Hyderabad faces shortage of CNG
Some parts of Hyderabad are facing shortage of
Compressed Natural Gas (CNG) as oil companies are allegedly not supplying the fuel in required quantity at the 12 CNG outlets in the city and its surroundings. Each outlet requires 1,500 to 1,800 kg of CNG every day but oil companies do not supply the required quantity. They hardly supply about 1,000 kg to each outlet, said Rajiv Amaram, Joint Secretary (South), Conf
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Renovation of Hubli bus terminus faces deadlock
In Hubli, renovation of the decades-old City Bus Terminus (CBT) at Bandiwad Agasi is in pending despite the government sanctioned funds and released work orders. When the government came under public pressure, the North West Karnataka Road Transport Corporation decided to give a facelift to the CBT and called for tender for the construction of a five-storey building at the terminus.
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Cairn India seeks extension of contract for Barmer block
Cairn India, which plans to invest $3 billion over three years to improve reserves and increase production, primarily in Rajasthan, wants government to extend contract on Barmer oil block by 10 years. The company would invest this amount after considering the remaining economic life of the field. Therefore, the firm seeks extension of the contract perio