By 2016, natural gas-based power plants may get about 6-10 million standard cubic feet per day (mscmd) of gas from the new fields of ONGC (Oil and Natural Gas Corp) and GSPC (Gujarat State Petroleum Corp). Supply of gas from these new fields may compensate partially the shortage of gas owing to reduction in output from Reliance Industries (RIL)Â’s KG-D6
Tag: ONGC
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RIL, ONGC, Cairn, Oil India beneft from rupee fall
While the rupee fall against dollar is a bad news to oil and gas consumers in the country, the same is a boost to the earnings of ONGC, Cairn India, Reliance Industries and Oil India. The dollar-linked price of oil and gas has risen about 17 per cent in four months. This is a bad news for oil and gas consumers in the country as they have to pay more for the essential petro products. India imports 80 per cent of crude oil, it processes and pays in dollars.
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CAG finds fault with ONGC’s hiring of rig
A report by the Comptroller and Auditor General of India (CAG) found fault with ONGC for hiring a rig from Reliance Industries (RIL) in 2009 for six months at a cost of Rs 146.7 crore without bidding. While ONGC hired it in 2009 on grounds that it needed the equipment to drill three wells urgently, the CAG report suggests the rig was not necessary going by the
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MRPL to procure crude oil from ONGC
Mangalore Refinery and Petrochemicals (MRPL) would procure Rs 38,500 crore worth of crude oil from Oil and Natural Gas Corporation (ONGC) for a five-year period, according to an agreement signed between the firms recently. MRPL is a subsidiary of ONGC. ONGC would supply Mumbai High crude from JNPT and offshore platform to MRPL. ONGC supplies about 11-12 per cent
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ONGC to recover oil and gas from challenging fields
State-run ONGC is taking steps to recover oil and gas from tough reservoirs in India using high end technology. As part of this initiative, the firm set up a ‘Centre of Delivery’ for HPHT and ‘tight’ reservoirs in November 2012. The centre is headquartered in Chennai, because the eight fields identified are in the South — five in the Krish
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ONGC’s G-1 plans
By September 2013, ONGC plans to begin oil and gas production from G-1 marginal field, the first deepsea asset in Krishna-Godavari basin off Andhra coast.
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ONGC to double its output in Assam
ONGC Assam asset plans to com¡¡p¡lete projects on time so as to double its production by 2030 from the current level of 1.21 million tonne per year. More wells need to be drilled with the latest technology, emphasis has to be laid on opening up new horizons by strengthening exploration activities
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Govt to benefit from natural gas price hike
In a report, Goldman Sachs said the government would stand to gain Rs 14,900 crore by way of royalties and taxes from the incremental gas price accruing to state-owned producers ONGC and Oil India in 2014-15 fiscal. The report said, "We note about 65 percent of incremental gas revenue from a price hike would flow back to the central and state governments as royalties, VAT,
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Additional gas to be made available by ONGC, GSPC
ONGC and GSPC would be able to produce about 4-5 mmscmd of additional natural from their fields in 2013-14. A similar additional volume may be available in the next fiscal and a further 2 mmscmd from GSPC in 2015-16. This additional output will have to make up for fall in KG-D6 this fiscal and the next as also meet 3.8 mmscmd need of 5 newly converted fertiliser plants for whom allocation had previously been approved by the cabinet and
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RIL agrees to share infra facility with ONGC
Reliance Industries (RIL) agreed to share its infrastructural facility on the East Coast of the country with Oil and Natural Gas Corporation (ONGC). Both the companies recently entered into a memorandum of understanding (MoU) in this regard. According to the MoU, both the firms would work out the mod