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
Category: Oil & Gas
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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
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Govt departments divided on gas pricing formula
Different departments of the government has different view on the proposed pricing formula for domestically produced natural gas. Earlier, a panel led by C Rangarajan, the Chairman of the prime minister's economic advisory council, recommended that gas prices in India should be calculated on the basis of international benchmarks in Japa
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KPCT to set up jetty for oil and gas products
Andhra Pradesh-based Krishnapatnam Port Container Terminal (KPCT) intends to construct a jetty for handling liquefied natural gas (LNG) and petroleum oil and lubricants in the next two years. Besides, the port, which is said to be having the biggest and deepest draft container terminal on the east coast of the country, is in the process of setting up a dedicated terminal for export of
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KPCT to set up jetty for oil and gas products
Andhra Pradesh-based Krishnapatnam Port Container Terminal (KPCT) intends to construct a jetty for handling liquefied natural gas (LNG) and petroleum oil and lubricants in the next two years. Besides, the port, which is said to be having the biggest and deepest draft container terminal on the east coast of the country, is in the process of setting up a dedicated terminal for export of
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Cairn India may upgrade reserve estimate
Some analysts expect Cairn India to upgrade crude oil reserves in its prolific Rajasthan field in the next two-three quarters led by higher exploration and drilling activities. It may be noted that the government allowed the company to conduct additional exploration in place. The com