M Nene, Director (Marketing) of Indian Oil Corporation (IOC) informed that oil marketing companies (OMCs) would discuss with the union oil ministry their plans to raise the number of LPG distributors. OMCs feel the need to increase the number of distributors across the country, going by the 2011 census. Indian Oil Corporation alone has 6,000 distributors as of now and the firm plans to raise it to 7,000
Category: Oil & Gas
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OMCs reduce petrol price by 85 paise a litre
State-run Oil Marketing Companies (OMCs) reduced price of petrol twice in a span of 15 days since March 16. While they reduced petrol price by Rs 2 per litre (excluding VAT) on March 16, they again cut the price by 85 paise per litre from April 1. The OMCs also reduced the prices of non-subsidised domestic cooking gas by Rs 3 a litre. A 14.2-kg non-subs
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Govt resolves issues with RIL on CAG audit
Union Petroleum Secretary Vivek Rae informed reporters that the government resolved the audit issue pertaining to the operation of Reliance Industries (RIL)in the Krishna Godavari (KG) D6 basin. Speaking at the sidelines of a CII Annual General Meeting (AGM), Rae said RIL agreed to a Comptroller and Auditor General (CAG) audit on its operation in KG-D6 fi
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GAIL considers legal steps to carry out pipeline project
State-run gas transmission company GAIL is said to be exploring further legal options to clear hurdles in the implementation of a section of its pipeline project in Tamil Nadu. The company wanted to lay pipeline for a section of its Kochi-Bangalore high pressure LNG pipeline project under the farm lands in Tamil Nadu. However, Tamil Nadu government asked the firm to run the underground pipeline adjacent to highways rathe
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ONGC to set up its own power plants
ONGC plans to set up its own power plants, not just gas-based but also facilities based on nuclear, wind and other conventional energy sources, the government-owned exploration company Chairman and Managing Director Sudhir Vasudeva said on March 28. He was speaking after inaugurating the monetisation and production operations from the first onshore marginal gas fields in KG basin at Ponnamanda village in East Godavari district of Andhra Pradesh.
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Bidding for stake sale in Mozambique field closes
Reports indicate that the bidding for the stake sale of Videocon and the US-based Anadarko Petroleum in a Mozambique gas field was closed recently. Both the companies intend to sell 10 percent stake each in the gas field and several international firms are learnt to have shown interest in the stake
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OVL buys Hess’ stake in oil field
ONGC Videsh acquired 2.72 percent stake in the Azeri, Chirag and Guneshli Fields and 2.36 percent stake in the associated BTC pipeline for $1 billion from Hess Corporation. Hess Corporation is a global independent energy company primarily engaged in the exploration and production of crude oil and natural gas
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Expert calls for steps to boost oil and gas output
Metis Business Solutions (Metis BSPL) is a leading analytical highlights, information and marketing intelligence provider for power and coal sector. S Ravishankar, Director - Energy Practice, Metis BSPL, feels that the government must introduce a long term plan to step up domestic oil and gas production by
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IOC’s Rs 98 cr project faces roadblock
Indian Oil Corporation (IOC) faces protest from local farmers for its 114-km oil pipeline project being undertaken at a cost of Rs 98 crore from its refinery located at Narimanam to Tiruchy storage point. The pipeline laying project faces protest from farmers of Kakka Kottur, Sorakkudi, Moongilkudi and Omankulam
villages in Tiruvarur district because they fear loss of livelihood owing
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ONGC aims 100% rise in oil, gas output by 2030
Sudhir Vasudev, Chairman and Managing Director of Oil and Natural Gas Corporation (ONGC) informed that the firm plans to double the oil and gas production in India by 2030. Vasudev reasoned that investing in gas fields will benefit the entrepreneurs in view of the demand for gas in the country