Industry watchers feel that the budget 2013-14 was a mixed bag for the oil and gas sector. While the Finance Minister announced that his government would soon release shale gas policy and review the pricing of natural gas, industry players are cautious. They feel that one has to wait and watch how the
Tag: oil and gas
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Budget may have mixed impact on oil and gas sector
Industry watchers feel that the budget 2013-14 was a mixed bag for the oil and gas sector. While the Finance Minister announced that his government would soon release shale gas policy and review the pricing of natural gas, industry players are cautious. They feel that one has to wait and watch how the
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Minister seeks suggestion on implementing dual price system
Pointing out the difficulty in selling diesel at two different rates at the same petrol pump, Finance Minister P Chidambaram said the government is open to suggestions on implementing dual rates provided two different prices does not “lead to black marketing”. Speaking at the Rajya Sabha, the minister said the government knocked some heads together to see if it is possible to have dual prices of diesel at the same retail outle
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ONGC uses floatover installation methods for 1st time
In a noteworthy milestone for offshore exploration and development, ONGC has used the floatover installation methods for the first time in India. The company installed a 13,000 tonne process platform and an 8,000 tonne living quarters platform on the sea in order to develop its B-193 field in the Mumbai offshore
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Industry players expected more tax incentives
Some companies in the oil and gas sector feel that the budget has not provided enough tax incentives for the upstream and the downstream segments of the sector. For example, upstream companies were expecting the budget to remove service tax on service providers to E&P companies favourably, since that drains away a substantial part
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Revenue share contracts may raise risk for explorers
Deepak Mahurkar, leader, oil and gas, PricewaterhouseCoopers opined that a move towards revenue-sharing mechanism in exploration contracts exposes investors to more risks of investments, and that may dissuade large oil companies from India. It may be noted that the union Finance Minister P Chidambaram announced in his budget speech that a new
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Improving offshore efficiency
NPCC Engineering has successfully created a well head platform at WO-16 and SB-14 cluster field located at South East of SH process complex of Mumbai High Field in water depth of 75 to 80 m, with the help of Tekla's 3D BIM-based software.
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Govt reviews pricing system for natural gas
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
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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