The capital expenditure of Indian Oil Corporation (IOC) is pegged at Rs 11,000 crore during 2013-14.
Category: Oil & Gas
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Aban Offshore to raise Rs4,500 cr
Offshore drilling and oil field service provider Aban Offshore is planning to raise more than Rs 4,500 crore through various market instruments to replace a portion of its expensive debt.
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Best performer
Virendra Singh Jain has been appointed as an independent director of Essar Oil. With an experience of over three decades at the helm of public and private sector enterprises, including two MahaĆĀ”ratnas, his wide ranging experience and financial expertise
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MPT asks Goa govt to hire 2 tugs
Mormugao Port Trust (MPT) asked the Goa government to hire two tugs of 100 ton each from Mumbai in order to tow away the oil tanker MT PratibhaBhima to a safe location in the Mormugao harbour. MPT feels that the two tugs along with the three tugs it already possesses could be used to guide the tanker safely to the harbour
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Govt to prepare scheme for piped gas supply
Madhya Pradesh government would prepare a scheme in association with GAIL to start the supply of piped domestic gas to the residents of Bhopal-Mandideep. Recently, the state urban administration and development Minister Babulal Gaur discussed this project with the officials of GAIL. Bhopal city Mayor Krish
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Cairn India expects 215,000 bpd output from Rajasthan block
Cairn India aims to achieve a production level of 200,000-215,000 barrels of oil per day (bpd) during 2013-14 from its Rajasthan block compared to the present production level of 175,000 bpd. The Vedanta group firm has 26 discoveries in the block with an in-place reserve of around 7.3 billion barrels of oil equivalent. The main producing areas in the Rajasthan block are the Mangala, Bhagyam and Aishw
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Minister hopes to control fuel subsidy at Rs 800 bn
Finance Minister P Chidambaram expressed confidence that the overall fuel subsidy burden during 2013-12 may not exceed Rs 80,000 crore. The finance ministry is relying on the partial de-regulation of diesel pricing, the cap on subsidised cooking gas (LPG) and export parity pricing to reduce its oil subsidy burden by at least 80 per cent. He said of the Rs 80,000 crore, government has Rs 2
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Net profit of OVL rises 44% in FY13
Net profit of ONGC Videsh rose 44.4 per cent to Rs 3,929 crore during 2012-13 from Rs 2,721 crore in the earlier year owing to higher realisation from natural gas sales. The company currently has 32 projects in 16 countries, of which 11 are producing, five are under deve
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Ministry to pay Rs 450 bn compensation to OMCs
Union finance ministry agreed to pay Rs 45,000 crore to state-run oil marketing companies (OMCs) for incurring losses on sale of diesel, kerosene and cooking gas at below market price. The Rs 45,000 crore is in addition to the Rs 55,000 crore already paid to the OMCs as compensation for under-recoveries. Thus, for the financial year 2012-13 as a whole, the government will pay Rs 100,000 crore to stat
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Investors take cue from US jobs data
Nymex crude oil futures was trading around $95.02 a barrel while Brent North Sea crude for July delivery was hovering around $103.63 in recent trading sessions. Traders reduced their long position in crude oil futures following weak unemployment data and housing data in the US. Recent data showed initial jobless claims, a sign of the pace