Cabinet Committee on Investment (CCI) would sort out the defence related issues in starting exploration on some of the oil and gas blocks, Planning Commission Deputy Chairman Montek Singh Ahluwalia said. Ministries of defence and oil are asked by the committee to sort out issues like exploration area overlapping with proposed Naval base or being close to missi
Category: Oil & Gas
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Crude oil price of Indian basket falls marginally
The international crude oil price of Indian Basket as computed by the Petroleum Planning and Analysis Cell (PPAC) recently declined to $107.19 per barrel (bbl)on March 11, 2013. This was lower than the price of $107.32 per bbl prevailing on the previous trading day of March 8, 2013. PPAC comes under the Ministry of Petroleum and Natural Gas. In rupee terms, also the Indian Basket crude oil p
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Court directs OMCs not to open new outlets
Karnataka high court directed all state-run oil marketing companies (OMCs) not to open new retail outlets till it completes the heading of a petition filed by an dealers association. The Karnataka State Petroleum Dealers Welfare Association filed a petition with the court after OMCs kept
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Minister asks secretary to address RIL issue
Union Petroleum Minister Veerapa Moily asked the newly appointed oil secretary Vivek Rae to take steps to resolve the difference of opinion between Reliance Industries (RIL) and the Comptroller and Auditor General (CAG). Following the direction, Rae is reportedly making efforts to resolve some differences between the company and the auditor
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Fall in gas output at KG D6 hits RGPPL’s operation
Falling output at the Reliance Industries' (RIL) KG D6 basin affected natural gas supply to Ratnagiri Gas & Power's (RGPPL) 1,967 mw Dabhol power plant in Maharashtra. Consequently, power generation has been stopped at the plant since February 21. Following this, MahaVitaran, which procures 95 percent power, stopp
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RIL eyes $4 billion Iraq oilfield project
India's ` (RIL) is in race along with French energy giant Total, Russia's Lukoil, CNPC of China, American's Brown Energy for a $4 billion project in Iraq. RIL is one of the seven companies shortlisted by Iraq for developing its al-Nassiriya oilfield and construction and operation of a 300,000 barrel per day refine
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IEA expects muted demand for crude oil
According to International Energy Agency (IEA), demand for oil across the globe would remain muted because of worsening Chinese business sentiment, a slowdown in European economies and the impact of budget cuts by the US government. In its monthly oil market report, the agency said the above factors seem to delay further an elusive turnaround in global economic, and in turn oil demand,
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Sale of bulk diesel declines sharply
According to media reports, sale of diesel to bulk customers declined about 40 percent in February, the first month after the government allowed oil firms to charge market price for bulk consumers. It may be noted that bulk diesel sales usually account for 18 percent of the 70 million tonne of diesel consumed in
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Gujarat govt plans PNG connection to many cities
Gujarat minister of Energy and Petrochemicals Saurabh Patel informed that the state government plans to provide Piped Natural Gas (PNG) connections in cities of Bhavnagar, Amreli, Junagadh, Jamnagar, Kutch (East) and Kutch (West). However, the central government has been delaying approval for the project in past two years, the minister said. The bidding process for providing PNG conn
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Govt gets Rs 518 cr dividend from Oil India
For the financial year 2012-13, the central government received a dividend of Rs 518.65 crore from state-run exploration firm Oil India (OIL). Minister for Petroleum and Natural Gas M Veerappa Moily received the cheque from SK Srivastava, Chairman and Managing Director of OIL towards interim dividend at 110 percent for the financial year, the company said in a state