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
Tag: oil and gas
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Minister hopes to unveil shale gas policy in a month
Oil Minister M Veerappa Moily informed media persons that his ministry was in the process of putting out a note on the draft shale gas policy for the consideration of the cabinet. He hopes that his ministry would announce the shale gas policy in a months time. The policy would enable the expl
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PwC India suggests tax benefits for oil & gas sector
PwC India has suggested the government to give some tax benefits to the oil and gas sector. Deepak Mahurkar, Leader Oil & Gas, PwC India recommended the government to make all petroleum sector transactions eligible for classical GST benefit. He proposed the government to include natural gas and coal bed methane in the 'mineral oil' category, in order to q
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Plan panel chief expects nod for several oil and gas blocks
Planning Commission Deputy Chairman Montek Singh Ahluwalia informed that the government may approve exploration in many of the 39 oil and gas blocks that await defence clearance in next two weeks. Agency reports indicate that officials from ministries of defence and petroleum have sorted out issues at majority of the 39 blocks
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Plan panel chief expects nod for several oil and gas blocks
Planning Commission Deputy Chairman Montek Singh Ahluwalia informed that the government may approve exploration in many of the 39 oil and gas blocks that await defence clearance in next two weeks. Agency reports indicate that officials from ministries of defence and petroleum have sorted out issues at majority of the 39 blocks
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Realisation from crude oil may improve for Oil India
Goldman Sachs recently released outlook for the stocks of some of the companies in the oil and gas sector. The brokerage expects improved outlook for the scrip of Oil India owing to fuel price increases and potential gas price hike. Goldman Sachs expects Oil India's net crude realization to improve from $54 in current fiscal to $58.2 per barrel in 2014
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Realisation from crude oil may improve for Oil India
Goldman Sachs recently released outlook for the stocks of some of the companies in the oil and gas sector. The brokerage expects improved outlook for the scrip of Oil India owing to fuel price increases and potential gas price hike. Goldman Sachs expects Oil India's net crude realization to improve from $54 in current fiscal to $58.2 per barrel in 2014
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ONGC upgrades hired rig to drill wells
In order to drill three three wells in water depth ranging from 10,170 to 11,318 feet, ONGC upgraded at its own cost an ultra deep-sea drilling rig it had hired from Reliance Industries (RIL). ONGC upgraded the rig at its own cost because it does not want to take the risk of having to pay liquidated damages if these wells were not drilled on time and
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ONGC upgrades hired rig to drill wells
In order to drill three three wells in water depth ranging from 10,170 to 11,318 feet, ONGC upgraded at its own cost an ultra deep-sea drilling rig it had hired from Reliance Industries (RIL). ONGC upgraded the rig at its own cost because it does not want to take the risk of having to pay liquidated damages if these wells were not drilled on time and
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DGH updates home ministry on RIL
The Directorate General of Hydrocarbons (DGH) wrote to the home ministry that Reliance Industries (RIL) failed to perform its obligations in terms of international petroleum industry practices towards the Krishna Godavari gas block. DGH wrote this in a reply to the letter sent by the hom