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
Category: Oil & 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
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DGH proposes stringent conditions for cost recovery
Directorate General of Hydrocarbon (DGH) opined that recovery of cost incurred by companies on exploration activity in the producing oil and gas fields must be allowed only under certain conditions. The upstream oil regulator recommended that the exploration firm must submit a feasible investment plan for producing from the discovery in order to be eligible for cost recovery
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Govt may ask existing contractors to explore shale gas
The government would unveil shale gas policy in the next few weeks, Union Petroleum Minister Veerappa Moily informed. According to Petroleum Secretary Vivek Rae, the government may ask contractors of the existing 254 blocks, awarded under various licensing rounds, to consider shale gas exploration
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GAIL aims transmission of 110 mmscmd of gas in FY14
According to a company statement, state-owned gas utility GAIL India agreed to aim transmission of 110 million standard cubic meter per day of natural gas through its pipeline network in 2013-14. The company aims to sell 84.05 mmscmd of gas during the year, according to the performance memorandum of understanding (MoU) signed by the company with the government
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ONGC’s contractors to get international price
Reports indicate that the state-run explorer ONGC would pay international price for crude oil produced from its marginal fields to the service contractors. ONGC, which holds about 165 marginal fields (offshore and onshore), enters into service contracts with companies having expertise in developing these fields through a bidding process
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ONGC’s contractors to get international price
Reports indicate that the state-run explorer ONGC would pay international price for crude oil produced from its marginal fields to the service contractors. ONGC, which holds about 165 marginal fields (offshore and onshore), enters into service contracts with companies having expertise in developing these fields through a bidding process
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Gas price pooling may benefit power plants
According to industry sources, the cost of electricity would be less than Rs 6 a kWh if the price of imported natural gas is pooled with that of the domestic one. Further, gas price pooling would enable power companies to run their units at 50 per cent plant load factor, sources informed. Sources feel that the gas price pooling mechanism for power sector, if implemented, would result in a price of les