Global oil firm BP is learnt to have sold 650,000 barrel of Nigerian Okoro crude oil to MRPL for June 1-15 via a tender at a premium of about $5.60 a barrel to dated Brent. MRPL has also reportedly bought 650,000 barrels of Gabon's Rabi light sweet crude oil in a previous tender from Shell for May lifting at a premium of about $3.30 a barre
Category: Oil & Gas
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United LNG seeks govt nod for gas supply to Petronet
Houston-based United LNG will supply 4 million metric ton a year of liquefied natural gas to Petronet LNG for 20 years after the US Department of Energy gives its approval. While both, Petronet and United LNG, signed a preliminary agreement for the supply of LNG, the final agree
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India bought 7.2% of total oil import from Iran
India imported 7.2 per cent of its total oil import in 2012-13 from the sanction-hit Iran, down from, down from 10.5 per cent in the previous fiscal. Of the 182.5 million tonne of crude oil imported in 2012-13, supply from Iran accounted for about 13.3 million tonne. In 2011-12, India imported 18.1 million tonne from the country. These were behind 32.5 million tonne from Saud
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Govt forms panel to decide on extension of lease
Press reports indicate that the union government formed an inter-departmental committee to extend petroleum leases in producing oil and gas blocks. Recently, the committee, chaired by oil ministry's additional secretary & financial adviser (AS&FA) SC Khuntia, held its first meeting. However, the committee did not discuss any particular case because of absence of a key member, repo
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Crude oil futures rise in recent sessions
Crude oil futures rose in recent trading sessions in the international market led by optimistic unemployment data from the US. According to data released by the US Labor Department, unemployment in the country declined to 7.5 percent in April 2012 from 7.6 percent in the previous month. This is said to be the lowest unem
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ONGC produces 5.8% less oil in FY13
According to a performance report of state-owned Oil and Natural Gas Corp (ONGC), the firm produced 5.8 per cent less crude oil at 20.485 million tonne (mn t) in 2012-13 compared to 21.76 mn t achieved in the previous year. The report, which was submitted to the union oil ministry recently, also shows that the output was also shor
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Pricing pooling for natural gas more complex than that for coal
Some experts feel that the issue of price pooling for natural gas is more complex than that for coal. This is because, unlike coal, there is no monopoly producer for natural gas and hence fixing a uniform price is even trickier. A six-member committee headed by the head of the Prime Minister's Economic Advisory Council, C Rangarajan, was tasked with suggesting a formula for gas
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State-run OMCs witness decline in under-recovery
State-run oil marketing companies (OMCs) witnessed a sharp fall in the under-recovery on sale of diesel in the first fortnight of May to Rs 3.80 per litre from Rs 6.42 per litre during the second fortnight of April. Similarly, these companies witnessed decline in under-recoveries on account of kerosene for public distribution system (PDS) for the month of May 2013 to Rs 27.93 per litre
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EGoM to meet soon to discuss panel recommendation
The Empowered Group of Ministers (EGoM) which is looking into the issue of natural gas pricing and allocation may meet soon to consider the recommendation of Rangarajan Committee on the issue. It may be noted that the finance, power and fertiliser ministries as well as gas producers are opposed to th
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Private refiners seek sovereign guarantee for oil import
Media reports indicate that the energy insurance pool of Rs 2,000 crore that was formed by the central government for refineries processing Iranian crude oil is not found sufficient by some private refineries. For example, Essar Oil, which has to import oil from Iran for processing it in its Gujarat refinery, is seeking
sovereign guarantee from the Indian government for the impo