Experts argue that the multiplicity of price points in the natural gas and petroleum sector in the country discouraged private investment.Multiplicity of price points has created market distortions in sectors such as city gas distribution, as it led to considerable differences in prices for end-consumers. There are multiple price points, depending on the source and
Tag: natural gas
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BP Plc’s plea for market price for natural gas
Europe's second-biggest oil company, BP Plc has demanded a market price for natural gas to enable immediate development of a huge 10 Trillion cubic feet of discoveries to help unlock up to 100-150 billion value.
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OVL aims to raise output
In an interview to a leading media, a top official of
ONGC Videsh (OVL) informed that the firm aims to produce 20 million tonne of oil and gas by 2017-18 and 60 million tonne by 2030. If the company achieves this target, its contribution would be 46 percent of ONGC group production by 2030, against existing 15 percent, the official is quoted as sa
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RIL bats for linking gas price to market
In order to encourage firms to produce natural gas from technologically challenging ultra deepsea, Reliance Industries (RIL) requested a committee headed by C Rangarajan to propose market-linked pricing.C Rangarajan, who is the Chairman of Prime Ministers' Economic Advisory Council, is heading a committee that is formed to examine terms of future contracts for explo
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CAG warns ministry against clearing RIL plan
In a letter to the union petroleum ministry, the Comptroller and Auditor General of India (CAG) warned that any increase in capital expenditure by Reliance Industries (RIL) in its KG-D6 basin may have significant adverse impact on government's financial interests. Therefore, the CAG advised the ministry not to permit any investment plan by the company in the gas field unless RIL allows CAG unfettered access to audit its spen
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East-West Petroleum eyes shale reserves in Assam
Assam government received interest from East-West Petroleum Corporation for investing in the state's potential shale gas assets. The Canadian firm, which is owned by the industrialist, Herb Dhaliwal, feels that the state possesses huge shale gas potential and the fuel could be extracted by adopting new technology. Dhaliwal, the first Canadian Cabinet Minister of Indian origin, said his company was keen to invest in a big way in the
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CAG insists on its right to vet contractors’ documents
Comptroller and Auditor General (CAG) has asked oil ministry to ‘specifically incorporate’ its right to audit contractor(s) relevant documents of contractors in the future production sharing contracts (PSC).In a letter to Petroleum Secretary, the CAG’s Director General (Commercial) II, P Sesh Kumar said the government auditor must have access to the books, accounts, records, documents and financial statements of co
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Refining capacity of BPCL may rise
Reports indicate that the refining capacity of downstream oil company Bharat Petroleum Corporation (BPCL) may rise to 40 mn t by 2015. Recently, the company commissioned a six-mn t refinery in Bina, Madhya Pradesh, while gradually increasing the capacity of its Mumbai facility to 12 mn t. The company is in the process of raising the capacity of its K
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Players can submit bids for pipeline projects on March 21
Media reports suggest that interested parties can submit bids for laying a 300-km gas pipeline connecting Reliance Industries’ coal bed methane production site in Shahdol, Madhya Pradesh, to Phulpur in Uttar Pradesh
on March 21. Reports quoted a Petroleum and Natural Gas Regulatory Board (PNGRB) official as saying that the board would start selling the bid documents on
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RGTIL pipeline capacity fixed at 85 mmscmd
In its November 2 order, the Petroleum and Natural Gas Regulatory Board (PNGRB) declared the capacity of the East-West gas pipeline of Reliance Gas Transportation Infrastructure (RGTIL) at 85 million standard cubic meter per day (mmscmd). One-third of this capacity will be available on common carrier basis