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
Category: Oil & Gas
Post
Post
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
Post
Cairn India wants govt to remove discrimination
In a letter to the union oil ministry, P Elango, CEO of Cairn India asked the ministry to do away with the discrimination between NELP and pre-NELP blocks while giving the right of first refusal for shale gas exploration. It may be recalled that the draft policy for exploration of shale gas provides for giving operators of block awarded under New Exploration Policy (NELP) since 2000, the right of first refusal for exploiting the unco
Post
Govt to auction blocks under NELP in FY14
Oil Minister M Veerappa Moily informed a panel that the government would auction exploration area of about 2.7 lakh sq km under New Exploration Licensing Policy (NELP) in 2013-14 once necessary approvals are in place. The minister informed this to the Parliamentary Consultative Committee in Mussoorie. He said the government initiated the process of inter-ministerial clearances for exploring the 2.7 lakh sq km area, which is id
Post
Govt must take into account key issues in shale gas
As the government is about to announce shale gas policy, experts highlighted some of the issues that must be considered while allowing exploration and production of the fuel. Shale gas and oil are produced from rock formations using "fracking" technology. This injects water and sand at high pressure into wells drilled horiz
Post
Demand for diesel grows more despite price rise
As per the data with the Petroleum Planning and Analysis Cell (PPAC) of the Union Ministry of Petroleum and Natural Gas, consumption of diesel continues to grow at a faster pace than other petroleum products despite the regular hike in diesel prices. Diesel consumption grew by 4.2 per cent year-on-year (y-o-y) in April to 6.2 million tonne.
Post
Clarity on lease tenure
Oil and gas exploration companies are seeking clarity from the government on the tenure of leases issued under the existing production-sharing contracts (PSCs). Following this, the government set up an inter-ministerial committee led by the Union oil ministry.
Post
ONGC mulls Rs 100 bn gas plant project
ONGC may invest nearly Rs 10,000 crore to set up an integrated gas processing plant with a capacity of 10 mmscmd in Maharashtra.
Post
Essar Oil to invest Rs 350 bn on refinery expansion
At an investment of about Rs 35,000 crore, Essar Oil plans to double the refining capacity of its Vadinar unit in Gujarat to 40 million tonne per annum in the next five years.
Post
New gas finds may raise output of RIL
Some analysts expect that the new gas finds of Reliance Industries (RIL) in the KG-D6 block may raise the production of natural gas from the asset. RIL has recently announced a major gas find more than 4 km below the sea bed and 2 km directly