Oil and gas exploration companies are seeking clarity from the government on the tenure of leases issued under the existing production-sharing contracts (PSCs). Following this, the government set up an inter-ministerial committee led by the Union oil ministry.
FlashNews:
JSW Paints to Acquire Majority Stake in Akzo Nobel India in ₹89.86 Billion Deal
India to Extend Digitalisation of Public Services to the Power Sector with India Energy Stack
Whoever controls Antariksha (outer space) will rule Prithvi (the world)”: Dr. Subba Rao Pavuluri
Electricity futures key to managing power price volatility”: NSE’s Sriram Krishnan
InfraPandit Awards to Honour Doctoral Excellence in Infrastructure
REC Wins Leading CSR and Sustainability Award for Healthcare Support
HAL Set to Enter New Global Space Race with SSLV Contract Win
Multimodal Logistics: Optimising Assets, Strengthening Supply Chains
Gadkari Announces FASTag Annual Pass to Ease Private Vehicle Movement from Independence Day
Air India 171 Crash: A Definitive Inflection Point for Indian Aviation
REC Reports Strong Profit Growth
GAIL Reports Record Profit Surge
India Calls for Inclusive Energy Governance at BRICS Meet
Mumbai-Ahmedabad Bullet Train’s 300 km Viaduct Milestone
India Revokes Security Clearance to Turkish Firm Çelebi
Major Ports Handle Record Cargo Throughput in FY2025
India Committed to Unlocking Energy Potential: Puri
Gaganyaan Scheduled for 2027 Launch
Defence Budget Set for Rs.500 Billion Top-up
Ministry gets request from OIL for gas revision
In order to meet the increasing cost of production and also to enable the proposed capital investment of over Rs 19,000 crore in the 12th Five Year Plan period (2012-17), Oil India (OIL) asked the union oil ministry to raise natural gas price. In a letter to the union oil ministry, the firm said its cost of production of natural gas from the nominated fields was increasing on sustained
Offshore oil and gas blocks hold great potential in India
Industry players opine that India's offshore exploration sector holds tremendous potential in terms of oil and gas reserves. According to SK Srivastava, Chairman of Oil India (OIL), offshore exploration will play an increasing role in India's efforts to source crude oil domestically. Of the domestic crude oil output of 38 million ton, the offshore sector accounts for 21 million ton, followed by 1
Oil India gets green nod for exploration in KG block
Oil India (OIL) received approval from the union Ministry of Environment and Forests ( MoEF) for its proposed exploration activities in KG-ONN-2004/1 block in the Krishna-Godavari basin. According to a letter from the union ministry, OIL has been allowed to conduct prospecting exploration activities over an extent of 55 sq km of forest land in the b
Govt asks IOC to sell ATF at discount to Air India
Media reports indicate that some state-run oil marketing companies (OMCs) agreed to sell aviation turbine fuel (ATF) to the loss-making Air India at a concessional rate at the behest of the government. It is learnt that Indian Oil Corporation (IOC) agreed to sell fuel to Air India at a discount of 8 per cent. Some reports indicate that Air India will be charged Rs 5,300 lowe
Govt asks IOC to sell ATF at discount to Air India
Media reports indicate that some state-run oil marketing companies (OMCs) agreed to sell aviation turbine fuel (ATF) to the loss-making Air India at a concessional rate at the behest of the government. It is learnt that Indian Oil Corporation (IOC) agreed to sell fuel to Air India at a discount of 8 per cent. Some reports indicate that Air India will be charged Rs 5,300 lowe
Govt asks IOC to sell ATF at discount to Air India
Media reports indicate that some state-run oil marketing companies (OMCs) agreed to sell aviation turbine fuel (ATF) to the loss-making Air India at a concessional rate at the behest of the government. It is learnt that Indian Oil Corporation (IOC) agreed to sell fuel to Air India at a discount of 8 per cent. Some reports indicate that Air India will be charged Rs 5,300 lowe
Oil secy urges officals to act fast on approvals
Following a grim assessment by the Directorate General of Hydrocarbons (DGH), Union Petroleum Secretary Vivek Rae urged officials in his ministry to act fast on clearing oil and gas projects. It may be noted that the oil ministry's technical arm DGH said officials of the ministry are yet to clear 268 files relating to various projects for
OIL may raise Rs $250 mn via dollar loan
Media reports indicate that public sector energy explorer Oil India (OIL) plans to raise a maximum of $250 million through dollar-denominated five-year long-term loan in the next few weeks. The company plans to raise dollar loan because this is a cheaper source of finance compared to rupee debt. Some reports indicate that the firm may pay an interest rate of around 2-2.5 per cent
Board of OIL clears plan to set up foreign arm
In order to pick up stake in foreign oil and gas assets, pubic sector energy explorer Oil India (OIL) plans to set up an overseas subsidiary. At a meeting on April 10, the board of OIL cleared the decision to set up a subsidiary, which will have a separate board and managing director akin to the corporate structure of ONGC