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
Tag: Crude Oil
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IOC refinery output exceeds target for 2012-13
Refinery output of Indian Oil Corp (IOC) exceeded the target for 2012-13 and its 10 refineries operated at 100.7 per cent of their installed capacity, the firm said in a statement. The refineries processed a total of 54.6 million tonne (mn t) of crude oil compared to the target of 54.25 mn t. Despite planned maintenance shut downs, the company achi
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MRPL may procure more oil from Saudi Aramco
Mangalore Refinery and Petrochemicals (MRPL) has is seeking additional 23,000 barrels per day (bpd) of crude oil supply from Saudi Aramco during April in order to compensate for the reduction in import from Iran. MRPL plans to stop oil imports from Iran in April if insurance cover is not available for their refineries. Indian insurance companies said they would not cover refine
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GIC may run reinsurance fund
Media reports indicate that General Insurance Corporation of India would run a Rs 20 billion fund to support local insurers who cover refineries processing Iranian crude oil. The fund would get an annual contribution of up to Rs 20 billion from Indian insurers and the oil ministry.
The money will come from the premiums normally paid by insurers for reinsurance cover.
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Minister discusses plan to set up pipeline in Kazakhstan
External Affairs Minister Salman Khurshid discussed a proposal of the country to build an oil pipeline in Kazakhstan during a meeting with Kazakh Foreign Minister Erlan Idrissov. According to media reports, the proposed pipeline may have to cover over 930 miles, making it longer than a long-planned pipeline from Turkmenistan
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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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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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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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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