The government has slapped an additional penalty of $380 million on Reliance Industries and its partners for producing less than targeted natural gas from the eastern offshore KG-D6 fields.
Tag: natural gas
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Strategic petroleum caverns to be ready by May
The Indian Strategic Petroleum Reserve Ltd (ISPRL) will complete construction of the caverns in Mangaluru and Padur by March and May 2016 respectively.
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India´s oil demand to be highest: IEA
According to the IEA´s World Energy Outlook-2015 report, India´s oil demand is projected to grow by 6 mln barrels per day (mb/d) from 3.8 mb/d in 2014 to 9.8 mb/d by 2040.
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Industrial development along ports to get a push
The shipping ministry is set to launch the National Perspective Plan (NPP) by January next year, aimed at comprehensive and integrated development of coastline.
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Govt slashes natural gas price by 16%
The government, at end September, cut natural gas prices by 16 per cent to $4.24 per unit for the six month period, beginning October 1. The price cut is the second reduction in rates ever, the first being on April 1.
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Ministry allows R-LNG supply to RCF units
The Fertiliser Ministry has allowed swapping of natural gas from the KG-D6 reserve being supplied to Rashtriya Chemicals and Fertilizers (RCF) units located in Maharashtra with R-LNG, thereby facilitating an additional supply of 2.2 mmscmd to Andhra Pradesh and Telangana, according to an official release.
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Reliance beats IOC in race to supply diesel to Railways
Public sector oil retailer Indian Oil Corporation has lost to Reliance Industries Ltd the contract for supplying diesel to the Indian Railways.
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Global gas prices converge
Global benchmark prices for natural gas have converged to their closest in five years, a trajectory created by a supply glut and an oil rout. That spells trouble for US and Australian projects coming online this year.
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Gas price in India to dip to $5 in 3 years
The new natural gas price of $5.61, which is already among the lowest in Asia Pacific, is likely to drop to around $5 per unit in three years due to the variables included in the formula, Goldman Sachs has said.
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India seeks to increase natural gas production India´s
Petroleum Ministry has forecast an estimated 75 per cent increase in natural gas production over the next five years.