A study by World Bank shows that about two-thirds of the developing countries (considered in the study) have kept domestic prices of one or more petroleum products below market-clearing levels in the past three years. It adds that with the additional burden sharing by the oil and gas companies included, fuel subsidies amount to about 2
Category: Oil & Gas
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Board of OIL clears plan to set up foreign arm
In order to pick up stake in foreign oil and gas assets, pubic sector energy explorer Oil India (OIL) plans to set up an overseas subsidiary. At a meeting on April 10, the board of OIL cleared the decision to set up a subsidiary, which will have a separate board and managing director akin to the corporate structure of ONGC
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Fall in global oil supply reduces inventory
According to a recent monthly report of the International Energy Agency (IEA), the fall in the crude oil supply at the global market has reduced inventories in some areas. Global supply of crude oil declined 120 kbpd in March 2013 because of a fall in OPEC output on the back of disruptions in Nigeria, Lib
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LPG subsidy to be rolled out through DBT
The National Committee on Direct Benefit Transfer (DBT) recently decided to roll out the transfer of LPG subsidy through DBT in 20 districts with effect from 15 May 2013. Following this, the Principal Secretary to Prime Minister has written to the Secretary, Petroleum and Natu
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RIL shuts another well at KG D6 block, output falls
According to a latest report of the Directorate General of Hydrocarbons (DGH), Reliance Industries (RIL) shut its ninth well - A1 - on the Krishna Godavari (KG)-D6 block for "reservoir build-up study. The closure of the well resulted in the gas output from the block falling to an all-time low of 15.5 million standard cubic metre per
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RIL finds another reservoir below KG-D6 basin
In a development that may increase output from Reliance Industries' (RIL) KG D6 basin, the company said it discovered another reservoir of natural gas below its existing fields in the basin. Although the company could not ascertain the potential output at the reservoir as it is still drilling in the region, some reports indicate that the new reserve could
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Oil marketers to buy ethanol from sugar mills
Oil marketing companies (OMCs) plan to procure ethanol from sugar mills in order to blend it with petrol and in this regard they invited bids for 105 crore litre of ethanol from domestic and global suppliers in the sugar year ending October 2013. Of the 55 crore litre offered by Indian sugar mills, 11 crore litre is finalized as this volume was offered at the lowest
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Govt to extend Dabhol pipeline upto Mangalore
The natural gas pipeline laid between Dhabol in Maharashtra and Bangalore would be extended up to Mangalore via Chitradurga, Union Minister for Petroleum and Natural Gas M Veerappa Moily said. The extension of the pipeline till Mangalore would enable the government to supply gas to domestic and commercial consumers in the coastal town. Moily said this while addressing a press
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Traders body seeks clarity on bulk consumers
Ajay Bansal, General Secretary of the Federation of All India Petroleum Traders (FAIPT) said the body requested oil marketing companies (OMCs) to define who are the bulk consumers of diesel. The federation asked OMCs to issue clear written instruction supported by the government notification defining who are bulk consumers
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State-run OMC under-recovery set to fall in FY14
RS Butola, Chairman of Indian Oil Corp (IOC) informed reporters that the under-recoveries incurred by state-run oil marketing companies (OMCs) on the sale of diesel, LPG and kerosene may fall to Rs 112,000 crore from the earlier estimate of Rs 130,000 crore. The under-recoveries may decline because of the fall in the international crude oil price. But he said the estim