Assam has become the first state in India to directly venture into oil production, following the discovery of hydrocarbons at the Namrup-Borhat block.
AICC President Mallikarjun Kharge criticised Prime Minister Narendra Modi's relationship with US President Donald Trump, alleging that Modi is acting as Trump's 'slave' and jeopardising India's interests on trade, oil and foreign policy.
Prime Minister Narendra Modi inaugurated Micron Technology's semiconductor plant in Sanand, Gujarat, highlighting India's growing presence in the hardware sector and its strong partnership with the United States in AI and chip technologies.
Finance Minister Nirmala Sitharaman's biggest challenge will be to find a new growth driver, particularly against the backdrop of a global economy ravaged by heightened uncertainty and fragmentation, financial markets on a precipice, and global commodity prices on a continued uptrend.
'Crude oil prices are around $66-67 per barrel now but could fall to $55-60 if global disturbances ease.'
Prime Minister Narendra Modi accused the Congress party of supporting terrorists groomed by Pakistan and protecting infiltrators during a rally in Assam. He also highlighted development projects undertaken by the BJP government in the state.
The district administration said that air pollution is still within the acceptable limit and the local office of Pollution Control Board, Assam is closely monitoring the situation.
The well has not caught fire yet, and no one is injured in the incident, he said.
There were about 290 bandhs, blockades called by numerous organisations during fiscal 2012-13.
Oil and Natural Gas Corporation has discovered new reserves of oil in Assam, Subir Raha, chairman and managing director of the company, said on Wednesday.
State-owned oil producers are planning to upgrade security arrangements protecting their oil installations in Assam following a series of bomb blasts on Thursday that left many dead and injured.
Crude and gas supply concerns have eased amid reports that Israel and Hamas have struck a peace deal. The International Energy Agency estimates oil demand may drop slightly in calendar 24 but Opec probably has enough pricing power to maintain $80/ barrel Brent prices. Russia's share of India's crude imports remained strong at about 35 per cent in September 2023.
Oil-to-telecom conglomerate Reliance Industries Ltd will invest Rs 75,000 crore in North Eastern states in setting up 350 biogas plants, expanding its telecom services, retail footprint, and clean energy projects, chairman Mukesh Ambani said on Friday. Speaking at the Rising NorthEast Investors Summit here, Reliance Industries Ltd chairman and managing director said his group will invest in factories for high-quality FMCG products in the region and setting up a 150-bed cancer hospital in Manipur.
BP Plc has won a bid to operate ONGC's giant Mumbai High oil and gas field by offering up to 60 per cent increase in output over baseline, the state-owned firm said on Wednesday. State-owned Oil and Natural Gas Corporation (ONGC) had in June last year floated a tender seeking foreign partners to reverse declining output at its flagship Mumbai High fields, offering a share of revenue from incremental production plus a fixed fee but not any equity stake.
The upstream oil and gas (O&G) sector has delivered a stellar performance in the stock market in the recent past. The O&G sector is dominated by PSUs and despite the imposition of a windfall tax, profitability has been impressive. Oil India Limited (OIL) is particularly favoured by investors.
Major General S C N Jatar, who passed into the ages on Monday night, thwarted anti-national forces at the peak of the Assam agitation. Colonel Anil A Athale (retd) salutes this officer and gentleman.
IOC has been forced to shut down its Digboi refinery in Assam and is operating Guwahati unit at minimal throughput, while OIL has been forced to shut LPG production and its crude oil production has dropped by 15-20%. Sources said the agitation has blocked the movement of tankers and trucks, which are mostly used to supply petrol, diesel and LPG from the refineries to different parts of the North East.
The apex body of petroleum workers in Assam on Thursday said it has stopped transportation of fuel to Meghalaya, following reports of attacks on vehicles from Assam in the backdrop of violence along the inter-state border that left six people dead.
A deal with the Assam government, which holds majority stake in the company through Assam Industrial Development Corporation Ltd, is likely by October.
The PSU, in a statement, said that the three employees have been abducted by unknown armed miscreants in the early hours of Wednesday from a rig site of ONGC in Lakwa field of Sivasagar.
A meeting of the CCEA, chaired by Prime Minister Manmohan Singh, approved 'splitting of the production sharing contract for Block AA-ON/7 in two parts, to consider separate exploration period of Nagaland part of the block,' an official statement said.
Closely watched by the world for any escalation, the Iran-Israel conflict is already showing early signs of stress for India Inc - longer deliveries, doubling freight rates, extended working capital cycles, and higher costs. For those yet to feel the heat, there is growing apprehension and nervousness over future developments, observed industry executives.
Union Home Minister Amit Shah on Tuesday asserted that the Bharatiya Janata Party will win more than 300 Lok Sabha seats across the country in next year's general elections and return to power for the third consecutive term with Prime Minister Narendra Modi at the helm.
'An internationally established price of crude will encourage more players to invest in India, leading to enhanced domestic production which can be made available to domestic refineries,' recommends Anil Agarwal whose company Vedanta Resources has a controlling stake in Cairn India that operates the country's biggest onland oilfield in Barmer, Rajasthan.
Prime Minister Narendra Modi will visit the poll-bound states of Assam and West Bengal on Monday to launch and lay the foundation stones of several projects.
The incident occurred when a 48-wagon goods train carrying petroleum products from Numaligarh Refinery Limited in Golaghat district of Assam to Gorakhpur in Uttar Pradesh were forcibly brought to a halt by miscreants at Siding, a densely-forested area with an intention to siphon out petroleum fuels from those wagons. However, attempts to break open a wagon loop led to 'toxic emission'.
Privatisation-bound Bharat Petroleum Corporation Ltd (BPCL) on Monday said it will exit Numaligarh refinery in Assam by selling its entire stake to a consortium of Oil India Ltd and Engineers India Ltd for Rs 9,876 crore. The sale of Numaligarh Refinery Ltd clears the way for privatisation of India's second-largest fuel retailer. In keeping with the Assam Peace Accord, the government had decided to keep Numaligarh Refinery Ltd (NRL) in the public sector. As part of this, BPCL was to sell its entire 61.65 per cent stake to state-owned firms.
Retail inflation declined to a three-month low of 5.1 per cent in January, mainly due to subdued prices of vegetables, fruits and other food items, according to government data released on Monday. The fall indicates that retail inflation is inching towards the Reserve Bank's comfort level of 4 per cent. The Consumer Price Index (CPI) based inflation was on the rise for two straight months after touching a trough of 4.9 per cent in October 2023. In December, it stood at 5.69 per cent.
The fundamental construct of India's neighbourhood policy still needs to be what Vajpayee postulated, Manmohan Singh embraced, and Modi energised. It's just that we need to junk domestic politics and excessive religiosity, while acquiring much humility and a renewed respectfulness towards our neighbours, recommends Shekhar Gupta.
22 companies won bids for the 31 contracts on offer; 15 were new entrants to the oil and gas business. Three years on, none of them have started production.
Government-controlled oil-marketing companies (OMCs) have held back petrol and diesel price revisions for a week and are expected to continue doing so, ostensibly owing to political reasons. It appears that the Centre has informally conveyed to the three major OMCs to not revise fuel prices for the time being, two people in the government said. This informal directive follows the talks between the Centre and states on cutting taxes and bringing the auto fuels under the good service tax regime not fetching the desired results, so far.
Retail inflation eased to an 11-month low of 4.83 per cent in April as prices of some kitchen items declined though overall food basket firmed up marginally, according to a government data released on Monday. The Consumer Price Index (CPI)-based retail inflation was 4.85 per cent in March. It was 4.7 per cent in April 2023.
'I think some of us, like Mukesh Ambani, myself and those of us who head industrial units, ought to really focus on what we can really do to make the world a safer place, maybe 50 or 100 years from now.' 'For instance, how can we deal with climate change and global warming, right now?' 'The effects of it may not be felt now; in fact, we may pay a price for it today, but it will help the generations to follow.'
Oil India is set to usher in a new era with a road map drawn to ramp up production and diversification plans to foray into liquefied natural gas
Oil and Natural Gas Corporation on Wednesday awarded six of its small oil fields in Assam and Gujarat to private firms for development and production.
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.
ONGCt has made another significant oil and gas discovery in its Krishna Godavari basin.
Petrol doped with 20 per cent ethanol was rolled out on Monday at select petrol pumps in 11 states and union territories as part of a programme to increase use of biofuels to cut emissions as well as dependence on foreign exchange-draining imports. At present, 10 per cent ethanol is blended in petrol (10 per cent ethanol, 90 per cent petrol) and the government is looking to double this quantity by 2025. Prime Minister Narendra Modi launched the higher 20 per cent ethanol blended petrol two months ahead of the planned rollout in April, at the India Energy Week (IEW) 2023 in Bengaluru.
Meghalaya Chief Minister Conrad Sangma on Thursday said Union Home Minister Amit Shah has given firm assurances at a meeting held in Delhi of acting on his request for a Central Bureau of Investigation (CBI) probe into the 'firing by Assam Police' along the states' border.
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