At the same time, the Cabinet approved reducing government's stake in select PSUs such as IOC to below 51 per cent while continuing to retain management control.
India is the world's fourth-biggest oil consumer, importing four-fifths of its needs as its own output shrinks.
Reliance Industries Ltd, the country's largest company by revenues, profits and market value, has topped Indian corporate in the World's Best Employers rankings 2021 published by Forbes. Reliance was placed at 52 in the overall ranking of 750 global corporates likes Phillips, Sanofi, Pfizer and Intel. Other Indian names in the top 100 rankings were ICICI Bank at 65, HDFC Bank at 77 and HCL Technologies at 90, according to the Forbes ranking.
This is the highest any Indian company has been ranked on the Fortune Global 500 list.
India on Wednesday announced auction of 46 small discovered oil and gas fields, holding about Rs 70,000 crore worth of hydrocarbon reserves.
The government has lost its appeal in the English High Court against a $111 million arbitration award in favour of Reliance Industries Ltd and Shell in a cost recovery dispute in the western offshore Panna-Mukta and Tapti oil and gas fields. High Court judge Ross Cranston on June 9, 2022 ruled that the government should have brought its objections over the arbitration tribunal not meeting the required thresholds, when issuing the 2021 award earlier, two sources with knowledge of the matter said. Rejecting the government's arguments, the court said the objections are barred by an English law principle whereby a party cannot raise matters in new proceedings that could have been raised in earlier proceedings.
A day after deciding to nearly double natural gas prices to $8, Finance Minister P Chidambaram on Friday hinted that power and fertiliser units may get gas at subsidised rates to keep electricity and urea costs down.
RIL has more than half a dozen undeveloped discoveries.
About two dozen discoveries of the state-owned ONGC, Reliance Industries and the Gujarat State Petroleum Corp (GSPC) in KG Basin alone are languishing for want of right price.
The Oil Industry Safety Directorate, under the Petroleum Ministry, carries out safety audits of oil and gas installations, besides formulating and standardising procedures and guidelines for design, operation and maintenance.
Narendra Modi's landslide victory gives him the mandate to deregulate diesel prices as well as raise natural gas rates with a clear road map towards free pricing to cut subsidies and shrink the budget deficit.
OVL had bid for two of the 10 shallow-water blocks that Myanmar had auctioned in December but drew a blank when the fields were awarded on March 26.
The blaze erupted around 7 am in the gas processing plant of the ONGC located in Uran area of neighbouring Navi Mumbai, an official said.
R C Bhargava, Kiran Mazumdar-Shaw & Dinesh K Sarraf are other members of the business delegation
The acquisition of stake in Progress Energy Resources Corp's shale gas assets and Pacific NorthWest LNG for 1 billion Canadian dollars ($900 million) marks IOC's maiden entry into North America.
State-run gas utility GAIL India and state refiner Bharat Petroleum Corp Ltd have floated a joint venture company to supply piped natural gas for domestic and commercial use
Falling oil rates have made rigs available for hire at a cheaper rate. Oil and Natural Gas Corporation planned to foray into building rigs in June 2008 owing to its short supply as crude oil prices zoomed northwards.
Reliance Industries on Friday hit out at Oil and Natural Gas Corp (ONGC) for suing it over KG gas dispute, saying some elements in the state-owned firm may be "misleading" the chairman D K Sarraf to hide their failure in developing the discoveries made over 13 years.
Petroceltic is headquartered in Dublin with offices in Edinburgh, London, Algiers, Varna, Cairo and Rome.
Lines up a $1-billion capital expenditure plan for exploration purposes abroad.
Richest Indian Mukesh Ambani-led RIL was the top private sector company from the country as it jumped from 203rd rank last year to 148th.
The government is bullish on Coal India and ONGC's stake sale programme which are to be held soon.
The petroleum ministry has blamed negligence for causing the devastating fire at state-owned gas transporter GAIL India Ltd's gas pipeline in Andhra Pradesh that killed 22 people.
With the new owner shelling out Rs 18,000 crore for the buyout of 'Maharaja' this would be the highest ever amount garnered through privatisation or even the cumulative sum garnered through strategic sale in 1999-00 to 2003-04. The government had garnered roughly over Rs 5,000 crore during that five-year period by privatising 10 CPSEs.
While previously selling of the marketing business, possibly to another state-owned firm, was being considered, the government is now mulling on hiving off the pipelines into a separate entity and selling off a majority stake in it.
The government on Thursday permitted 100 per cent foreign investment under the automatic route in oil and gas PSUs which have received in-principle approval for strategic divestment. The move would facilitate privatisation of India's second biggest oil refiner Bharat Petroleum Corp Ltd (BPCL). The government is privatising BPCL and selling its entire 52.98 per cent stake in the company.
Adani is the fastest growing energy company in Asia-Pacific and the second fastest in the world
ONGC and RIL bill their consumers like fertiliser plants and power stations in US dollar.
While markets are upbeat over the government decision to nearly double the price of domestically produced natural gas, industry wants it to clearly lay the roadmap for free market pricing regime.
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.
Petrofed, a body representing both public and private sector companies like Indian Oil Corp and Reliance Industries, has written to the government seeking inclusion of crude oil, petrol, diesel, aviation turbine fuel and natural gas in the goods and services tax that is likely to come into effect from next year.
The government has ordered Oil and Natural Gas Corp (ONGC) to pay a near-record Rs 13,764 crore as fuel subsidy for the December quarter, a move that will dent the firm's profitability.
The department believes dividend from CPSUs is a return on investment made by the government.
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.
India Inc could be embarking upon a new phase of capital expenditure (capex) cycle, observed analysts, and suggest its revival would lead to a rerating of industrial stocks. Assisted by a property upcycle, analysts at Jefferies said several government initiatives were likely to drive capex. Indicators, they said, include a private project announcement at Rs 25 trillion for 2022-23 (up 150 per cent from pre-pandemic levels) and credit growth at about 16 per cent, which is closer to pre-pandemic highs.
Almost all of these companies either unveiled their new electric vehicle or alternative energy-powered models.
After a hiatus of nearly two decades, the government's programme to privatise state-owned firms restarted with the handing over of debt-laden national carrier Air India to the Tata Group. With the new owner shelling out Rs 18,000 crore for the buyout of the 'Maharaja', this would be the highest-ever amount garnered through privatisation, and is even more than the cumulative sum mopped up through strategic sales from 1999-00 to 2003-04. The government had in October last year inked the share purchase agreement with the Tata Group for sale of national carrier Air India for Rs 18,000 crore. Tatas would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt.
The acquisition of stake in Progress Energy Resources Corp for 1 billion Canadian dollars ($900 million) mark IOC's maiden entry into North America.
Besides IOC, ONGC Videsh Ltd has also sought two discovered fields from the 16 fields that Iran is likely to put on auction shortly
Expecting oil prices to remain under pressure, Fitch Ratings said deregulation of diesel prices in October will help in lowering the under-recoveries (which is nothing but international petroleum prices minus the subsidised retail rates).
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