According to a performance report of state-owned Oil and Natural Gas Corp (ONGC), the firm produced 5.8 per cent less crude oil at 20.485 million tonne (mn t) in 2012-13 compared to 21.76 mn t achieved in the previous year. The report, which was submitted to the union oil ministry recently, also shows that the output was also shor
Tag: Crude Oil
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State-run OMCs witness decline in under-recovery
State-run oil marketing companies (OMCs) witnessed a sharp fall in the under-recovery on sale of diesel in the first fortnight of May to Rs 3.80 per litre from Rs 6.42 per litre during the second fortnight of April. Similarly, these companies witnessed decline in under-recoveries on account of kerosene for public distribution system (PDS) for the month of May 2013 to Rs 27.93 per litre
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EGoM to meet soon to discuss panel recommendation
The Empowered Group of Ministers (EGoM) which is looking into the issue of natural gas pricing and allocation may meet soon to consider the recommendation of Rangarajan Committee on the issue. It may be noted that the finance, power and fertiliser ministries as well as gas producers are opposed to th
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Private refiners seek sovereign guarantee for oil import
Media reports indicate that the energy insurance pool of Rs 2,000 crore that was formed by the central government for refineries processing Iranian crude oil is not found sufficient by some private refineries. For example, Essar Oil, which has to import oil from Iran for processing it in its Gujarat refinery, is seeking
sovereign guarantee from the Indian government for the impo
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HPCL board clears JV plan for Rs 373 bn project
The board of Hindustan Petroleum Corp (HPCL) cleared a plan to set up a joint venture company with the Rajasthan government to set up a 9 million tonne (mn t) a year refinery in the next four years. The joint venture, in which HPCL will hold 74 percent stake and the Rajasthan government 26 percent, will implement the project at an investment of Rs 37,320 crore. The project involves setting up of an oil refinery and
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Phase I of Rs 220 bn refinery project seen in 2014
Minister for Industries of Tamil Nadu government P Thangamani informed the state assembly that the 6 million tonne first phase of the petroleum refinery project by Nagarjuna Oil Corporation would be operationalised by 2014. Nagarjuna Oil Corporation proposed to set up a 12 million tonne a year refinery project in Cuddalore for abou
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Cairn India awaits govt nod for Rs 50 bn investment plan
Cairn India is awaiting government approval for an over-arching integrated block development plan which envisages investment of Rs 5,000 crore on its Rajasthan oil fields between 2013-2016. The company is also awaiting government decision on extending the Production Sharing Contract (PSC) of the R
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Under-recoveries of PSU OMCs may decline
Under-recoveries of state-run oil marketing companies (OMCs) may decline owing to the fall in the price of crude oil in the international market, ratings agency Crisil said. Under-recovery refers to the difference between the purchase price of crude oil and the retail price at which
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Crude oil price falls on weak economic growth prospects
Amid signs of deterioration in the global macroeconomy, investors are reducing their long position in crude oil and this caused the Brent crude oil futures to decline below $100 a barrel. This is for the first time in nine months that the Brent crude oil futures slipped below $100
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Fall in global oil supply reduces inventory
According to a recent monthly report of the International Energy Agency (IEA), the fall in the crude oil supply at the global market has reduced inventories in some areas. Global supply of crude oil declined 120 kbpd in March 2013 because of a fall in OPEC output on the back of disruptions in Nigeria, Lib