It is rare for Cabinet ministers to tick off state-owned companies publicly, yet that was what then petroleum and natural gas minister Dharmendra Pradhan did for ONGC. Speaking at an event on June 29, Pradhan said he has asked India's premier exploration company to find fresh oil acreages fast. "Do it yourself through some joint venture (or) through a new business model. But the government cannot permit you to hold resources for an indefinite time." The reason for this stricture is India's rising dependence on imported oil and gas. Or, to put it another way, falling domestic production (see chart: "Crude truth"), especially from ONGC, which faces a simple problem.
"The Trust chose January 26, 2021 for laying the foundation stone of the Ayodhya mosque as on this day our Constitution came into effect over seven decades ago. Our Constitution is based on pluralism, which is the leitmotif of our mosque project," said Athar Hussain, secretary of the Indo-Islamic Cultural Foundation (IICF).
'If the Russian forces do capture Kyiv and set up some sort of provisional government, they might run into an insurgency, for which the geography is just right, it could prove costly for them.' 'In that event, the whole exercise could turn out to be counter-productive -- and costly in both foreign policy and domestic terms.'
The company's net profit went up 27% in December quarter, sequentially better than peers; core IT services up 33%..
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The creation of the High Level Political Forum was one of the key decisions of the Rio+20 Conference.
As infrastructure, power hardly deal in cash, its paucity has failed to affect their receivables
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.
The board of Cairn India has on two occasions rejected oil ministry conditions that royalties paid by Oil and Natural Gas Corporation on its all important Rajasthan oilfields, be cost recoverable from oil sales saying this was against contractual provisions and not in the interest of the company and its shareholders.
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.
"Climate change is a major global challenge. But it is not of our making," Modi said.
Poor governance and mediocre short-sighted politics are destroying the paradise that Goa was as its environment, water table, culture and way of life is drastically threatened by tourism and migration, points out Ramesh Menon.
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.
Decades of a state-owned monopoly selling coal at a fixed price has taken its toll on production.
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.
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.
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.
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.
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.
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.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
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.
'A lot of people who quit felt they have been in the organisation for way too long and needed a better or challenging career role to advance in their careers.'
The Yuan Wang 5 can easily monitor the Indian coast while operating in international waters. She does not have to enter a port in Sri Lanka to fulfill this mission, points out Commodore Venugopal Menon (retd).
The company management remained tight-lipped about the resignations, but indicated there was nothing unusual in these movements.
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.
Full list of the rejigged Union Council of Ministers
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.
An IIT Roorkee graduate, Chandran joins a distinguished group of 24.
Describing his German coach Klaus Bartonietz as the 'best' for him, Olympic gold-winning javelin thrower Neeraj Chopra on Friday said he would like to continue their spectacular partnership in the 2024 Paris Games as well.
Pakistan's demand for gas stands at 8 billion cubic feet while the current production is 4 billion cubic feet.
The world's fourth-biggest oil and gas consumer imports nearly three-quarters of its energy requirements
The Supreme Court order has created a new legal framework for coal mining by ruling that only the Union government and its entities can do it.
India-born billionaire Lakshmi Mittal will pay Russia's Lukoil $980-million
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.
A special court on Thursday refused to accept a closure report by the Central Bureau of Investigation and directed it to further investigate an alleged scam in coal blocks allocation, involving Congress Rajya Sabha MP Vijay Darda, saying he had misrepresented facts in letters written to then Prime Minister Manmohan Singh.
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.
A nearly two-fold hike in natural gas prices will incentivise investment in the hydrocarbon sector and help reduce the energy import bill, India Inc said.
