According to media reports, the union petroleum ministry prefers to weed out contentious issues with Reliance Industries (RIL) through negotiations rather than through legal means. It may be recalled that both the ministry and the company are locked in a dispute over recovering cost of developing KG-D6 basin from the revenue. RIL resorted to ar
Tag: production
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Weak pricing power may have hit profitability of steel firms
Weak pricing power and high cost of raw materials may have eroded the profitability of many steel makers in India, some brokerages feel. Despite high cost of raw material, domestic steelmakers are unable to raise prices because of subdued demand. Therefore, analysts expects steel firms to a
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Sales of SAIL falls 2.71% in April-Dec 2012
Data from union steel ministry reveals that sales of Steel Authority of India (SAIL) contracted 2.71 per cent during April-December 2012 to 76.03 lakh tonne from 78.15 lakh tonne in the year ago period. Similarly, sales of Vizag-based Rashtriya Ispat Nigam (RINL) also fell over 17 per cent to 17.86 lakh tonne compared to 21.63 lakh tonne reported during this perio
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Steel capacity grew at 8% CAGR in 2004-12
According to a research report on steel industry by CARE Research, domestic steel capacity increased at a compounded annual growth rate (CAGR) of 8 per cent in 2004-05 to 2011-12. During the same period, steel production in the domestic market also recorded a similar increase on line with the domestic steel capacity, the report shows
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OVL finds oil in Colombia block
ONGC Videsh (OVL), which has 70 per cent participating interest in an onshore oil block at llanos basin of Colombia, said it discovered oil in the block. The firm secured the block in the 2008 bidding round in Colombia with 100 per cent participating interest. Later in 2010, OVL divested the 30 per cent participating interest to Petrodorado
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Steel sector witnesses subdued growth in consumption
Data from the union steel ministry shows that consumption of finished steel in the country rose a mere 3.9 per cent to 54.8 million tonne (mn t) in Apr-Dec 2012 from 52.7 mn t in the year-ago period. Industry watchers attribute the muted growth in steel consumption to the subdued demand from the end-use
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RIL produces 22.04 mmscmd gas from KG-D6
A report from the Directorate General of Hydrocarbon (DGH) shows that natural gas output from Reliance Industries' KG-D6 field stood at 22.04 million standard cubic meters per day in the week ended December 30, 2012. The output belongs to Dhirubhai-1 and 3 gas fields and MA oil and gas field in the KG-DWN-98/3 or KG-D6 bloc
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ONGC plans Rs 868 bn investment in 5 yrs
Sudhir Vasudeva, Chairman and Managing Director of state-run oil explorer informed that the firm plans to invest about Rs 86,862 crore on 44 mega projects during 2012-17. He also said that the planned capacity addition of the firm's Mangalore Refinery and Petrochemicals will come about in the present Plan period
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Experts urge oil firms to step up production
Experts and industry observers urge oil and gas companies to accelerate engineering and production activities in order to bridge the demand-supply gap in crude oil. The country depends on import for over 70 percent of its crude oil requirement and this puts huge pressure on India's import bill
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ONGC expects to produce 29.1 mn t oil in 2013-14
Oil and Natural Gas Corp (ONGC), which expects to produce 27 million tonne of crude oil from its own fields and its share in joint ventures in 2012-13, plans to raise it to 29.1 million tonne in 2013-14. Of the 29.1 million tonne it expects to produce in 2013-14, 25.78 million tonne would come from its own field