Union Petroleum Minister Veerappa Moily said he wants to reduce the amount of crude oil imported in the country 50 percent by 2020, 75 percent by 2025. By 2030, he wants India to achieve self-sufficiency and energy independence, Moily said while addressing the International Energy Forum conference held recently
Tag: natural gas
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Proposal to revise gas price on quarterly basis
Union oil ministry is in favour of revising the price of natural gas on a quarterly basis as against the monthly revision suggested by the Rangarajan Committee. The ministry feels that the government may have to rely on limited sources for computation of the price if it is notified every month. This is because the ministry has to accommodate and reconcile price data from multi
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Analysts divided on Cairn India’s demand for relinquished block
Industry analysts are divided on the issue of whether the government must allow Cairn India to explore the to re-explore an area of Barmer block that it had earlier relinquished. Some experts feel that the government should not give back the area to Cairn India and instead put the asset for auction and allow the company to bid for it along with other players
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Minister alleges opposition of lobbies for proposed gas pricing
Import lobby is opposing the proposal to link the domestic price of natural gas to the market price and thereby liberalise the pricing of the fuel, Petroleum minister M Veerappa Moily said recently. However, he said he was clueless about whether the opposition is from the crude oil import lobby or the liquid gas import lobby
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India to have over 50 mn t LNG re-gassification capacity
Union Oil Minister M Veerappa Moily informed that India may have LNG re-gasification capacity of over 50 million tonne per annum by 2016-17 with a supply of 198 million standard cubic meters per day. Currently, India has 18.6 mn t of re-gasification capacity - 10 mn t terminal at Dahej and 3.6 mn t plant at Hazira in Gujarat and 5 mn t terminal at Dabhol in Maharashtra
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Power ministry expresses views on gas price hike
According to source-based information, union power ministry opined that base price of domestic natural gas beyond $5 per mmBtu is unviable for power sector. The ministry is learnt to have said this in a note to the
Cabinet Committee on Economic Affairs (CCEA), which would decide on whether to raise the price of domestically produced gas in line with the reco
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Kelkar panel may submit report by Sept
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
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Dart Energy to acquire stake in ONGC block
Brisbane-based Dart Energy may pick up 10 to 25 percent stake of Oil and Natural Gas Corp (ONGC) in the latter's four coal-bed methane (CBM) blocks. CBM is natural gas trapped within coal formations, which is extracted by drilling holes into the seams. In order to fast-track gas production with the help of priva
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ONGC rules out funding constraint for stake acquisition
Reports indicate that Oil and Natural Gas Corp (ONGC) does not face any constraint in funding the acquisition of a 20 percent stake in the Rovuma basin gas block in Mozambique. Therefore, the company does not intend to rope in a global player to share the cost of acquisition of the stake in the block, which holds up to 60 trillion cubic feet (tcf) of gas.
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Power plants to get RIL’s gas under swap deal
Under a so-called gas swapping arrangement, Hyderabad-based Bhagaynagar Gas (BGL) and power plants in Andhra Pradesh would get natural gas from Reliance Industries' KG-D6 fields. The gas would be supplied to BGL and power plants in Andhra Pradesh by diverting a part of gas allocated to Rashtriya Chemicals and Fertilizers (RCF) from RIL's fields