In order to encourage exploration and development activities by players in the oil and gas sector, the government is reviewing the system of pricing natural gas under the production sharing contract (PSC), Economic Survey 2012-13 said. The pricing system would be reviewed in order to clarify the extent to which producers will get the free
Tag: exploration
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Cairn drills well in Rajasthan block to raise output
According to a company statement, Cairn India commenced drilling of the first exploration well, after a gap of more than four years, in the prolific Barmer Basin in its Rajasthan oil and gas block. The move to drill well follows the endorsement of the exploration Work Programme for the Rajasthan Block (RJ-ON-
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Oil, defence ministries discuss clearance to 39 blocks
The Minister of State for Petroleum & Natural Gas PanabaakaLakshmi informed the Lok Sabha that as per the directives of Cabinet Committee on Investments (CCI), meetings are being held to resolve the issue of Ministryof Defence (MoD) placing restrictions on exploration and development activities in respect of 39 exploration blocks in offshore areas including Krishna-God
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Oil, defence ministries discuss clearance to 39 blocks
The Minister of State for Petroleum & Natural Gas PanabaakaLakshmi informed the Lok Sabha that as per the directives of Cabinet Committee on Investments (CCI), meetings are being held to resolve the issue of Ministryof Defence (MoD) placing restrictions on exploration and development activities in respect of 39 exploration blocks in offshore areas including Krishna-God
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KIOCL calls off deal to explore Akjoujt asset
Reports suggest that Kudremukh Iron Ore Corporation (KIOCL) called off a deal with Curve Capital Ventures for developing Akjoujt iron ore asset in the Islamic republic of Mauritania, in the West African desert region. KIOCL and the London-based venture capital fund signed a non-binding agreement for developing the Mau
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ONGC yet to decide on selling stake in Cambay block
State-run explorer Oil and Natural Gas Corporation (ONGC) is yet to decide on selling its stake in the Mehsana block in the eastern flank of the Cambay basin of Gujarat to its partner Essar Energy. It is learnt that Essar, which owns 70 per cent stake in the block, wants to take full control of it. The government is learnt to have awarded the block prior to the
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RIL, BP bank on $5 bn investment to reverse fall in output
According to a joint statement from Reliance Industries (RIL) and BP, their jointly proposed $5 billion investment includes testing of a new layer of natural gas under the rapidly depleting fields in the KG-D6 fields. Both the firms agreed to invest jointly of $5 billion in the next few years to boost natural gas output in the flagging Krishna Godavari (KG) D6 basin gradually from 201
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RIL, BP bank on $5 bn investment to reverse fall in output
According to a joint statement from Reliance Industries (RIL) and BP, their jointly proposed $5 billion investment includes testing of a new layer of natural gas under the rapidly depleting fields in the KG-D6 fields. Both the firms agreed to invest jointly of $5 billion in the next few years to boost natural gas output in the flagging Krishna Godavari (KG) D6 basin gradually from 201
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Minister hopes to unveil shale gas policy in a month
Oil Minister M Veerappa Moily informed media persons that his ministry was in the process of putting out a note on the draft shale gas policy for the consideration of the cabinet. He hopes that his ministry would announce the shale gas policy in a months time. The policy would enable the expl
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Plan panel chief expects nod for several oil and gas blocks
Planning Commission Deputy Chairman Montek Singh Ahluwalia informed that the government may approve exploration in many of the 39 oil and gas blocks that await defence clearance in next two weeks. Agency reports indicate that officials from ministries of defence and petroleum have sorted out issues at majority of the 39 blocks