State-run oil and gas explorer Oil India (OIL) could produce only 3.701 million tonne of crude oil during 2012-13 compared to 3.884 million tonne in 2011-12 because of hostile work environment in Assam. The company was targeted to explore 3.95 million tonne in 2012-13, but it could not and the figure was this year's target. OIL posted a gross income of Rs 11,456.32 crore
Tag: oil and gas
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IOC ropes in Essar Projects for safety improvement project
Indian Oil Corporation (IOC) roped in Dubai-based engineering firm Essar Projects to implement process safety related improvements at its terminals and depots across the country. According to the contract, Essar Projects is responsible for basic and detailed design and project management relating to implementation of various HSE requirements in 109 POL terminals or depots of IOC acro
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Vedanta Group chief welcomes gas price hike
Anil Agarwal, Chairman of Vedanta Group told a leading media that the government's decision to hike the price of domestic natural gas would boost growth the sector. On June 27, the Cabinet Committee on Economic Affairs cleared the pricing of all domestic gas through Rangarajan formula from April 1, 2014. The price of gas as per the formula is likely to be about $8.4 per million British thermal unit as opposed to $4.2 currently
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IOC eyes stake in Canadian shale asset
Indian Oil Corp (IOC) may buy 10 percent stake in Canadian shale gas assets from Malaysia's Petronas, reports indicate. Both the firms are said to be holding discussion on this matter. It is learnt that both the firms are yet to work out the terms of a potential deal. Last year, state-run Petronas acquired Canada's Progress Energy Resources Corp in a C$5.2 billion ($4.92 billion) deal that gave it shale gas properties in north
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Govt to decide on diverting gas to power sector
Government would decide on whether to increase the supply of natural gas to power sector by diverting a part of the existing supply to fertiliser sector. Fertiliser plants in India get 43.6 mscmd of natural gas at present. Of this, 19.5 per cent (8.5 mscmd) comes from imported liquefied natural gas (LNG). Some reports indicate that the fertiliser plants may have to import 45-50 per cent of their total gas
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India keen to source LNG from Iraq
Union minister M Veerappa Moily held discussion with Iraqi Prime Minister Nouri Al-Maliki on partnership between both the countries on oil and gas sector. Moily visited Baghdad to attend a two-day meeting of the India-Iraq Joint Commission. According to a government statement, India will be interested in natural gas-based projects and importing liquefied natural gas (LNG) from Iraq
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Govt expects new pricing formula to boost gas output
According to an internal note prepared by the union petroleum ministry, the new gas pricing formula approved by the cabinet would enable exploration and production from around 3 tn cf (trillion cubic feet) of gas reserves. This would lead to increase in domestic supply of natural gas, the note points out. The note pointed out that investment in exploration and development plan declined in the last few y
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Deepest oil well drilled by ONGC at KG basin
According to a company statement, ONGC drilled the well 1-D-1 in a block at Krishna Godavari basin. This is the deepest well drilled by the firm at a water depth of 10,411 feet (3,174 meters). The well was drilled at the block KG-DWN-2005/1. The state-owned firm drilled over 100 deepwater wells since 2004. A large number of these wells are in water depth beyond 5,000 feet in environmentally and logistically difficult areas of east and west coast, ranging from
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ONGC set to award vessel contract to Cochin Shipyard
Media reports indicate that ONGC is in the process of giving a contract to Cochin Shipyard for manufacturing a seismic ship. A seismic vessel carries equipment that sends down sound waves to the sea-bed and capture their reflections. Cables (called ‘streamers’) several kilometre long are laid is the water and an airgun is fired from the vessel. ‘Hydrophones’ on the cables, which lie at regular inter
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Kazakh govt’s move dashes ONGC’s hope on Kashagan field
The Kazakh government exercised its right of first refusal (ROFR) or pre-emption rights to acquire the 8.4 per cent stake held by ConocoPhillips in Kashagan oilfield. In November 2012, India's ONGC decided to buy ConocoPhillips' 8.4 per cent stake in Kazakhstan's biggest oilfield, Kashagan for $5 billion. But, according to a law in Kazakhstan, the national government has the ROFR that allowed it an option to buy the stake at the price agreed between ONGC and Con