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
Tag: production
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Fall in global oil supply reduces inventory
According to a recent monthly report of the International Energy Agency (IEA), the fall in the crude oil supply at the global market has reduced inventories in some areas. Global supply of crude oil declined 120 kbpd in March 2013 because of a fall in OPEC output on the back of disruptions in Nigeria, Lib
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RIL finds another reservoir below KG-D6 basin
In a development that may increase output from Reliance Industries' (RIL) KG D6 basin, the company said it discovered another reservoir of natural gas below its existing fields in the basin. Although the company could not ascertain the potential output at the reservoir as it is still drilling in the region, some reports indicate that the new reserve could
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CAG team resumes audit of RIL’s KG-D6 operation
Following assurance from the union petroleum ministry, the officials of the Comptroller and Auditor General of India (CAG) resumed audit of the KG-D6 gas field operated by Reliance Industries (RIL). Recently, the team of CAG arrived at the Mumbai officie of RIL for this purpose. The CAG received assurance from the oil ministry that the auditing team would have acce
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SAIL, KIOCL to set up coke oven plant, power unit
Reports indicate that state-run miners KIOCL and Steel Authority of India (SAIL) would jointly set up a coke oven plant, which converts coking coal into coke for use in the steel mills, at Mangalore. Both the companies are expected to begin ground work for the project in the next few months after signing an equal joint venture agreement
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Output of Tata Steel expands 27%
The aggregate saleable steel output of Tata Steel expanded 27 percent to 2.26 million tonne (mn t) in January-March 2013 from the year-ago period. The company said this in a communication to the stock exchange. The company sold 29 percent more steel in January-March 2013 at 2.28 mn t compared to 1.77 mn t
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Posco wants govt to revalidate green nod
Media reports indicate that the Korean steel major Posco wants the Indian government to revalidate the environment clearance for the Rs 52,000-crore steel project in Odisha. Although the project was given clearance in 2005-06, that was put on hold subsequently. Following this, the green tribunal visited the site and sent its report to the e
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Posco wants govt to revalidate green nod
Media reports indicate that the Korean steel major Posco wants the Indian government to revalidate the environment clearance for the Rs 52,000-crore steel project in Odisha. Although the project was given clearance in 2005-06, that was put on hold subsequently. Following this, the green tribunal visited the site and sent its report to the e
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IOC refinery output exceeds target for 2012-13
Refinery output of Indian Oil Corp (IOC) exceeded the target for 2012-13 and its 10 refineries operated at 100.7 per cent of their installed capacity, the firm said in a statement. The refineries processed a total of 54.6 million tonne (mn t) of crude oil compared to the target of 54.25 mn t. Despite planned maintenance shut downs, the company achi
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India’s natural gas import may rise
Reports indicate that India's dependence on import for natural gas may increase in the coming years because of the dwindling output from the Reliance Industries' KG D6 basin. Output at the KG-D6 basin declined to an all-time low of 17.3 million standard cubic meters per day (mmscmd) recently. Of this, about 15.2 mmscmd was suppl