Government must adopt a single pricing, five-year stable regime for natural gas instead of a phased regime proposed by the petroleum ministry, union law and justice ministry said in its opinion. The petroleum ministry sought the suggestion of the law ministry on the proposal to shift to market-based pricing for domestically produced natural
Tag: production
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Minister wants to reduce crude oil import
Union Petroleum Minister Veerappa Moily said he wants to reduce the amount of crude oil imported in the country 50 percent by 2020, 75 percent by 2025. By 2030, he wants India to achieve self-sufficiency and energy independence, Moily said while addressing the International Energy Forum conference held recently
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Analysts divided on Cairn India’s demand for relinquished block
Industry analysts are divided on the issue of whether the government must allow Cairn India to explore the to re-explore an area of Barmer block that it had earlier relinquished. Some experts feel that the government should not give back the area to Cairn India and instead put the asset for auction and allow the company to bid for it along with other players
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Govt takes steps to unlock shale gas reserves
The government is taking steps to unlock the potential of shale gas reserves in India in order to bridge the ever rising demand for energy. The country is dependent on import to meet over 70 percent of crude oil and this is expected to change if we successfully explore shale gas reserves. Following are some of the steps taken by the government in this direc
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Steel production capacity rises 36% to 90 mn t
Union Steel Minister Beni Prasad Verma informed that capacity of steel production in the country has risen from 66 million tonne (mn t) in 2009 to about 90 mn t in 2012, which is a 36 per cent growth. He said this during a meeting of the Parliamentary Consultative Committee attached to his ministry. Steel output in the country expanded 4.3 per cent in 2012, he informed members of the committee
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Factory output grows a tepid 2% in April
Factory output as measured by the index of industrial production (IIP) grew at a slower rate of 2 per cent in April on a year-on-year basis compared to the revised growth of 3.4 per cent in March 2013. In April 2012, the IIP declined 1.3 per cent. Among sectors, mining output declined 3 per cent in April, while manufacturing and electricity production grew 2.8 per cent and 0.7 per cent respectively
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Conventional oil and gas more desirable in Rajasthan block
Some experts argue that Cairn India must concentrate on oil and gas production from its Rajasthan block instead of foraying into shale gas exploration in the area. Experts argue that shale gas exploration is a technology-intensive area, which is at its infancy even in the United States
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OIL hopes to form overseas arm by year end
By the end of 2013, public sector oil and gas exploration company Oil India (OIL) plans to form an overseas subsidiary for operating its foreign assets. It is learnt that OIL wants to set up an overseas subsidiary on the lines of ONGC Videsh (OVL), which is the foreign unit of state-run energy explorer ONGC
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Minister highlights potential of technology in upstream sector
Union Petroleum Minister M Veerappa Moily said technology and capital intensive interventions have the potential to give new lease of life to the matured fields and improving recovery factor. He said this while making the inaugural address at the third IEF NOC-IOC Forum. Even from producing fields, India's recovery factor is in the range of 25-33 percent whereas fields in North Sea or in Gulf of Mexico of same vintage have recovery fact
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Steel firms to benefit from rupee depreciation
Steel companies are cheering the weakening of the Indian currency against the dollar as it would make export of steel products more competitive and discourage local consumers from resorting to import. Local steel consumers may find imports costlier because of the depreciation in rupee and this may benefit Indian steel companies