ONGC, which partners Cairn India in its crown jewel oilfields in Rajasthan and seven other properties in India, has waived its preemption rights over the deal and given a no-objection certificate, sources privy to the development said.
'From the very start, PM Modi was insistent that visiting foreign leaders should be exposed to an India beyond its capital.' 'Through these experiences, he felt that the full Indian narrative would be much better understood across the world,' explains External Affairs Minister S Jaishankar. A riveting excerpt from Bluekraft Digital Foundation's Modi@20: Dreams Meet Delivery.
India on Tuesday pitched for a stake in vast oil and gas fields as well as LNG terminals in the frozen Artic of Far East Russia as it looked to import more oil from the former Soviet republic as part of a strategy to diversify its energy basket.
The government will reserve the right to decide on the cost recoverability of royalty from Cairn India's block in Barmer while clearing Cairn Energy's sale of its Indian subsidiary to Vedanta Resources.
Government wants Cairn India to agree to pay royalty and cess on its all important Rajasthan block.
The Supreme Court on Friday granted six weeks time to Mukesh Ambani's Reliance Industries Ltd (RIL) to respond to the final CAG report which found alleged irregularities including in payments made to the contractors on drilling of D6 wells at the Krishna-Godavari basin.
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The creation of the High Level Political Forum was one of the key decisions of the Rio+20 Conference.
The company's net profit went up 27% in December quarter, sequentially better than peers; core IT services up 33%..
The company management remained tight-lipped about the resignations, but indicated there was nothing unusual in these movements.
The Edinburgh-based firm's current application seeking the nod for sale of 40 to 51 per cent in Cairn India, for up to $8.48 billion, has left out three producing properties, including the giant Rajasthan oilfields.
Decades of a state-owned monopoly selling coal at a fixed price has taken its toll on production.
ONGC, which is 30 per cent partner in Cairn India- operated Rajasthan oilfields, is obliged to pay royalty on entire crude oil produce from the blocks, even though its share is just 30 per cent.
ONGC sought opinion from the second highest law officer of the country after its partner Cairn Energy Plc stated that the UK firm's sale of majority stake in Cairn India to Vedanta Resources will not trigger pre-emption rights of the state- owned firm, a top oil ministry official said.
The Supreme Court judgement will hopefully ensure that those in power and authority will hesitate before allotting precious natural resources that belong to each and every citizen of the country in an arbitrary and corrupt manner, says Paranjoy Guha Thakurta.
Stocks of Indian companies with exposure to Europe fell on Tuesday amid concerns about the impact on their sales in case the Russia-Ukraine crisis worsens and the US and its allies impose economic sanctions on Russia. While top conglomerates, including Reliance Industries, the Tata group, and Aditya Birla Group, said they did not have any significant exposure to Russia, executives of some of the oil and gas, pharmaceutical, and tea companies said they were monitoring the situation closely as they earned substantial income from the region. Russian President Vladimir Putin on Monday ordered troops into two breakaway regions of eastern Ukraine after announcing that Russia would recognise their independence.
The Indian energy major Oil and Natural Gas Corporation has evinced interest in exploring gas for Bangladesh in the Bay of Bengal, to help the country utilise its vast untapped off-shore potential.
State-run Oil and Natural Gas Corp (ONGC) may seek management control of the giant Rajasthan oilfields in lieu of allowing UK's Cairn Energy to sell majority stake in its Indian arm that now operates the field, to a non-oil firm, Vedanta Resources for $8.48 billion.
The Government of India has decided to launch a massive rural public works scheme, 'Garib Kalyan Rojgar Abhiyaan', to "empower and provide livelihood opportunities to the returnee migrant workers and rural citizens". Prime Minister Narendra Modi will launch this scheme on June 20 through video conference in the presence of Bihar Chief Minister Nitish Kumar and Deputy Chief Minister Sushil Kumar Modi.
The Vedanta group on Wednesday confirmed putting in a preliminary expression of interest (EoI) for buying the government's stake in Bharat Petroleum Corp Ltd (BPCL).
The pandemic, and the resulting lockdown, saw many people buy or adopt a puppy without realising that this is a long term commitment, says dog trainer Pooja Sathe Gawande.
President Pranab Mukherjee's recent visit to the Pacific Island nation is path-breaking, but much more needs to be done, says Dr Rahul Mishra.
In his address to the nation on the eve of 73rd Republic Day, President Kovind noted that democracy, justice, liberty, equality and fraternity form the bedrock of India and stressed that the observance of Fundamental Duties mentioned in the Constitution creates the proper environment for the enjoyment of Fundamental Rights.
Full list of the rejigged Union Council of Ministers
An IIT Roorkee graduate, Chandran joins a distinguished group of 24.
Tribunal's direction came during the hearing of a petition filed by Anil Ambani group firm Reliance Fuel Resource Ltd, seeking license for laying pipelines from KG Basin to its upcoming power plant at Dadri, Utter Pradesh. The board had directed Reliance Fuel to apply afresh for a license to build a pipeline from Kakinada to Dadri as there were no guidelines at that time. It asked the company to apply in compliance with new regulations.
If IOC is not allowed to run its own affairs, then we can see it close down in the next 10 to 15 years, warns Sudhir Bisht.
The world's fourth-biggest oil and gas consumer imports nearly three-quarters of its energy requirements
ONGC has qualified for final bidding of the first phase of the bioremediation project, worth $3 billion. The total project, to be funded by the World Bank, was likely to cost up to $40 billion, said sources. This project was first floated in 2006 and is aimed at cleaning the huge oil spills created during the war, which was fought after Iraq occupied Kuwait. OTBL is hopeful of bagging this project.
'RCB is a natural choice for us, mainly due to our long-standing association with Virat Kohli.'
'Kanhaiya is eager to play a more active political role as a young leader of a major mainstream party.'
The chief minister, who had on Wednesday expanded his new cabinet by inducting 29 ministers, had played it safe by and large retaining old faces, as 23 of them were Ministers in the previous Yediyurappa cabinet, while six were new.
Stating that open markets mean more opportunities, Modi said during the last six years the government has made many efforts to make the Indian economy more open and reform oriented.
Pakistan's demand for gas stands at 8 billion cubic feet while the current production is 4 billion cubic feet.
India lost around 38.5 thousand hectares of tropical forest in the last decade. Nearly 14 per cent of the country's tree cover! It is one thing for Modi to announce that India will reach a net-zero level of emissions in 2070. But if it is serious, it needs to start today, points out Ramesh Menon.
The Centre has told the Supreme Court that West Bengal's power to withhold consent to the Central Bureau of Investigation is not absolute and the probe agency is entitled to carry out investigations that are being carried out against Central government employees or have a pan-India impact.
The Cabinet Committee on Economic Affairs last month allowed ONGC and Oil India Limited to tap shale resources in blocks allotted to them on a nomination basis.
India-born billionaire Lakshmi Mittal will pay Russia's Lukoil $980-million
Here's the full text of address to the nation by President Ram Nath Kovind on the eve of the Republic Day 2022.
But use of that word -- privatisation -- is not encouraged. This seems to be a classic case of reforms through subtle signals, observes A K Bhattacharya.
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