Reserve Bank Governor Raghuram Rajan in his April 1 review kept the policy rates unchanged in view of high inflation and uncertainly on the political and economic front. The governor has paid heed to the recommendations of the Technical Advisory Committee (TAC) on Monetary Policy.
Indian Strategic Petroleum Reserves (ISPRL) is setting up 12.5 million tonne strategic crude oil storage capacity in Bikaner, Rajkot, Chandikhol and Padur. This is part of the phase-II project, Minister of State for Petroleum & Natural Gas Panabaaka Lakshmi informed the Parliament. In the first phase, ISPRL is setting up storage facilities of 5.
The Minister of State for Petroleum & Natural Gas Panabaaka Lakshmi informed the Rajya Sabha in a written reply that in order to further increase the Strategic crude oil storage capacity, the government, through Indian Strategic Petroleum reserves (ISPRL), has undertaken a detailed feasibility study for construction of additional 12.5 Million Metric Tonne (mn mt) of crude oil storages in Phase-II a
In order to develop coal liquefaction or coal-to- liquid technology, three coal blocks viz. north of Arkhapal, west of Radhikapur and Ramchandi promotional would be developed. These blocks, which have about 1,500 million tonne of geological coal reserves each, were identified by the Ministry of coal in consultation with Coal India (CIL) and central mine planning & desig
For the week ended July 19, India's foreign exchange reserves stood at $279.20 billion, down $0.985 billion, data from Reserve Bank of India (RBI) shows. In the previous reporting week, the total reserves rose $21 million to $280.19 billion. Foreign currency assets, a major component of the forex reserves declined $999 millio
The Kazakh government exercised its right of first refusal (ROFR) or pre-emption rights to acquire the 8.4 per cent stake held by ConocoPhillips in Kashagan oilfield. In November 2012, India's ONGC decided to buy ConocoPhillips' 8.4 per cent stake in Kazakhstan's biggest oilfield, Kashagan for $5 billion. But, according to a law in Kazakhstan, the national government has the ROFR that allowed it an option to buy the stake at the price agreed between ONGC and Con
The 15 coal bed methane (CBM) blocks, which are part of the 54 blocks that the government identified for auctioning to state-run and private companies, would be demarcated by the oil ministry and given to the coal ministry. It may be recalled that recently, the coal ministry asked the oil ministry to demarcate the coal bearing areas of these CBM mines, relinquish them and hand them
State-run oil and gas explorer ONGC added initial-in-place reserves of 265.65 million tonne oil plus oil-equivalent gas during 2012-13. According to internal assessment, this would mean ultimate reserves of 84.84 million tonne of oil plus oil-equivalent gas. Currently, the firm produces 44-45 million tonne of oil plus oil-equivalent gas. The firm has much more oil, as well as oil-equivalent gas because of the discoveries mad
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
Minister of State for Petroleum & Natural Gas Panabaaka Lakshmi informed Rajya Sabha that the government sought clarifications from Reliance Industries (RIL) on the revised field development plan (RFDP). It may be noted that the company submitted RFDP for D1 & D3 fields, the main gas producing fields in the eastern offshore KG-D6 block, with downward revision in reserves