Kelkar committee is likely to submit its report
on the natural gas pricing formula to the government by September 2013, media reports indicate. Under the Chairmanship of Vijay Kelkar, a committee was formed by the union oil Minister Veerappa Moily in March 2013 to suggest steps for enhancing domestic oil and gas production. Later, its scope was expanded to sugg
Tag: committee
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Kelkar panel may submit report by Sept
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Govt to auction blocks under NELP in FY14
Oil Minister M Veerappa Moily informed a panel that the government would auction exploration area of about 2.7 lakh sq km under New Exploration Licensing Policy (NELP) in 2013-14 once necessary approvals are in place. The minister informed this to the Parliamentary Consultative Committee in Mussoorie. He said the government initiated the process of inter-ministerial clearances for exploring the 2.7 lakh sq km area, which is id
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NMC to present Rs 23 bn budget for FY14
Nashik Municipal Corporation (NMC) would announce a Rs 2,539.95 crore civic budget for 2013-14 on May 14. It may be recalled that the standing committee of the civic body raised the size of the budget from the initial estimate of Rs 1,556.80 crore to Rs 2,359.95 crore. The committee revised the budget estimates by suggesting measures to increase the revenue of the civic body by Rs 803.15
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RIL, BP chiefs meet PM to discuss investment plans
Reliance Industries (RIL) Chairman Mukesh Ambani and Bob Dudley, head of global energy firm BP met Prime Minister Manmohan Singh and some government officials recently to discuss their investment plans. The two companies, that are jointly operating the KG D6 gas basin in Andhra Pradesh, asked government to clarify regulatory issues plaguing the oil and gas secto
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Oil ministry takes efforts to ensure CAG’s audit
Union Petroleum Secretary Vivek Rae said his ministry was making all efforts to see that the Comptroller and Auditor General (CAG) is able to audit Reliance Industries' (RIL) spending on KG-D6 block. He said there have been some differences between CAG and RIL on the scope of audit but they are being resolved. He expressed hope that CAG would be able to resume audit by either month or early next
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CAG to conduct comprehensive audit
The Comptroller and Auditor General (CAG) will conduct two separate "performance audits" in the oil and gas sector. The first one pertains to the government's role in the supply and pricing of natural gas between 2007-08 to 2011-12, which will cover the pricing of RIL's KG-D6 gas, its allocation to various consumers and supply cuts due t
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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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Ministry for restricted price pooling of coal
Reports suggest that the union coal ministry may restrict the proposed coal price pooling mechanism only to power projects getting commissioned after March 2009. In a note forwarded to the Cabinet Committee on Economic Affairs (CCEA), the coal ministry has proposed the limited application policy for price pooling. The CCEA had
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Oil ministry proposes to adopt new gas price formula
Media reports suggest that the union petroleum ministry wants the government to adopt the pricing formula for natural gas proposed by the Rangarajan Committee. Specifically, the ministry wants the pricing formula to apply to all forms of natural gas - conventional, shale and coal-bed methane (CBM). Also, the ministry prop
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Govt subsidy may rise under pricing formula of panel
According to some estimate, government will have to bear an additional subsidy burden of Rs 28,800 crore if it implements the Rangarajan committee formula for pricing natural gas. The committee, set up under Prime Minister's Economic Advisory Council Chairman Rangarajan, suggested a price formula which is the mean of the prod