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
Tag: energy
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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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Experts suggest import parity pricing for gas
Experts suggest government to introduce import parity pricing for natural gas as it is a cleaner fuel and leaves a far smaller environmental footprint. Presently, crude oil produced in the country is given import parity price. This is however denied for gas. If the same well produces oil and gas, then the former receives impor
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Experts suggest import parity pricing for gas
Experts suggest government to introduce import parity pricing for natural gas as it is a cleaner fuel and leaves a far smaller environmental footprint. Presently, crude oil produced in the country is given import parity price. This is however denied for gas. If the same well produces oil and gas, then the former receives impor
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GAIL mulls foray into shipping sector
State-run Maharatna firm GAIL India plans to foray into shipping business in order to ferry the natural gas that it would source from different countries. The company is yet to decide whether to have its own ships or charter ships. But, it intends to have six to seven ships
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India, China to contribute considerably to rise in oil demand
Prime Minister Manmohan Singh remarked that India and China may account for a major part of the increase in global demand for crude oil. He said this at the launch function of National Electric Mobility Mission Plan 2020. In order to reduce transport sector's dependence on oil, Singh emphasised on the need for development of el
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Panel upholds CAG’s right to audit blocks
The Rangarajan Committee on oil and gas sector opined that it was the prerogative of the Comptroller and Auditor General of India (CAG) to audit expenses incurred by block operators. The panel, which submitted its report to the union government recently, suggested that the blocks with low value can be audited by panel of auditors formed by CAG and f
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OEC ties up with Talboom
Talboom, a geothermal energy firm in Belgium, has entered into a joint venture with ONGC Energy Centre (OEC) for harnessing the energy in South Cambay basin of Gujarat.
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Oil output in 12th Plan
Planning Commission’s draft note on Energy for the 12th Plan period projected 216.339 million tonne of crude oil production during the five year period.
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OIL mulls 19K cr capex
Oil India (OIL) targets Rs 19,000-crore capital expenditure during the 12th Five Year Plan. The explorer is also planning to foray into other sources of energy such as solar and wind.