The government is taking steps to ascertain whether Reliance Industries (RIL) hoarded natural gas produced from KG-D6 field in anticipation of higher prices. In this regard, the government plans to appoint a reputed independent consultant. If the consultant feels that RIL hoarded gas in anticipation of higher prices, it wou
Tag: natural gas
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Govt to ascertain hoarding allegation against RIL
The government is taking steps to ascertain whether Reliance Industries (RIL) hoarded natural gas produced from KG-D6 field in anticipation of higher prices. In this regard, the government plans to appoint a reputed independent consultant. If the consultant feels that RIL hoarded gas in anticipation of higher prices, it wou
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Lack of gas supply renders power plants idle
Power Minister Jyotiraditya Scindia said 12 power projects, with a total generation capacity of 2,978.62 mw, are lying idle because they don't receive natural gas from Reliance Industries' KG-D6. During first and second quarter of 2013 (till August 19, 2013), these projects, which are solely dependent on gas supply from KG-D6, did not
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CPI demands govt to revisit gas price formula
Communist Party of India (CPI) has demanded the Union government to revisit the Rangarajan price formula of natural gas produced by Reliance Industries (RIL) in KG-D6 block as the production cost for RIL is just Rs $2.74 a million Britiesh Thermal unit (mBtu). CPI added that the Rangarajan pricing formula of $8.4 an mBtu would give RIL a windfall gain. The Rangarajan formula is applicable from April 2014.
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Gail to export gas to Pak, says Indian Govt
To export natural gas to Pakistan through a pipeline from Punjab, Indian government-owned gas utility GAIL India will enter into contract with a Pakistani firm, the Indian government has said.
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ISPRL setting up 12.5 mn t oil storage capacity
Indian Strategic Petroleum Reserves (ISPRL) is setting up 12.5 million tonne strategic crude oil storage capacity in Bikaner, Rajkot, Chandikhol and Padur. This is part of the phase-II project, Minister of State for Petroleum & Natural Gas Panabaaka Lakshmi informed the Parliament. In the first phase, ISPRL is setting up storage facilities of 5.
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House panel suggests cap on gas pricing
A Parliamentary committee suggested the government to impose a cap on natural gas price once it is linked to the formula proposed by the Rangarajan panel from April 2014. The Parliamentary committee suggested the cap in order to avoid the potential for unlimited gains to local producers owing to an upswing in
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Govt conducts feasibility study for storage project
The Minister of State for Petroleum & Natural Gas Panabaaka Lakshmi informed the Rajya Sabha in a written reply that in order to further increase the Strategic crude oil storage capacity, the government, through Indian Strategic Petroleum reserves (ISPRL), has undertaken a detailed feasibility study for construction of additional 12.5 Million Metric Tonne (mn mt) of crude oil storages in Phase-II a
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Minister stresses need to attract investment in oil and gas sector
In order to attract investment in the oil and gas sector, the government must take key reforms and the recent hike in natural gas price is a step in this direction, union oil Minister M Veerappa Moily remarked in a media. He pointed out that India was losing out to China when it comes to attracting investment in oil and gas sector from multinational companies. He also said that China has also taken decision to hike natural gas price to attract inve
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Icra expects rise in output and demand for natural gas
By 2015-16, domestic production of natural gas may rise to around 125 MMSCMD from 111 MMSCMD in 2012-13, rating agency ICRA feels. By 2019-20, domestic output could increase further to around 183 MMSCMD, a study conducted by ICRA show