The government on Thursday hiked by 62 per cent the price of natural gas that is used to produce electricity, make fertilisers and turned into CNG to use as fuel in automobiles and cooking gas for household kitchens. This is the first increase in rates since April 2019 and comes on back of firming benchmark international prices but does not reflect the spurt in spot or current price of liquefied natural gas (LNG) witnessed during the last couple of weeks. The oil ministry's Petroleum Planning and Analysis Cell (PPAC) said the rates paid for gas produced from fields given to state-owned Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) will be $2.90 per million British thermal unit for the six-month period beginning April 1.
Cairn India can produce up to 2,40,000 barrels per day from its prolific Rajasthan fields, equivalent to output from the nation's largest oilfield of Mumbai High, the company has informed the government.
LN Mittal is getting a senior bureaucrat from the ministry of petroleum and natural gas to run his first-ever venture in the refining business, the Rs 18,919 crore (Rs 189.19 billion) Bhatinda refinery.
The government on Thursday more than doubled the price of natural gas that is used to produce electricity, make fertilisers, turned into CNG and piped to household kitchens for cooking, on the back of a spike in global energy prices. The price of gas produced from old regulated fields, such as the nation's largest gas field of Bassein of ONGC, will rise to a record high of $6.10 per million British thermal unit (mmBtu) from the current $2.90 per mmBtu, according to the oil ministry's Petroleum Planning and Analysis Cell (PPAC). The new price, which is likely to result in a hike in CNG and piped cooking gas rates, will be for six months beginning April 1.
The Cabinet Committee on Divestment failed to take any decision on the divestment of public sector oil companies -- Hindustan Petroleum Corporation and Bharat Petroleum Corporation.
Reliance from 0600 hours today began complying with an oil ministry order asking it to first supply gas produced from eastern offshore KG-D6 fields to priority users -- urea making fertiliser plants, electricity generation houses, LPG extraction units and city gas distribution firms.
The government will initiate action to limit the amount of expenditure Reliance Industries is allowed to recoup from its flagging KG-D6 gas fields in three to four weeks, Oil Secretary G C Chaturvedi said on Tuesday.
The airline's accounts are yet to be audited.
Of the 10 coal bed methane blocks on offer, bids were received only for 8. RIL bid for one block. Of the 24 deep water blocks on offer, bids were received only for eight.
Crude oil import surged 15.4 per cent to 51.88 million tonnes as against 44.97 million tonnes in April-August and oil product exports jumped 35.7 per cent to 16.61 million tonnes.
CAG had said the increase in field cost would mean a lower profit take for the government.
Gas production from KG-D6 in the week ended November 4 dropped to 25.11 mmscmd from about 26 mmscmd last month, according to an output status report filed by the company with the Oil Ministry in New Delhi.
Indian basket at 6-month low of $49.11 a bbl
The Petroleum Ministry on Wednesday sought over Rs 19,620 crore (Rs 196.20 billion) in compensation for state retailers Indian Oil, Bharat Petroleum and HPCL, which sold cooking fuels below cost in 2009-10 fiscal.
Chinese stock markets suffered their biggest single-day drop since the global financial crisis.
More than three weeks after it announced the sale of a majority stake in its Indian arm to Vedanta Resources, UK's Cairn Energy Plc has formally applied to the government for approvals, saying it will meet all contractual requirements needed to fructify the deal.
Indian Oil Corp, the country's largest refiner, said on Thursday the value of its inventory of crude oil and refined products dropped Rs 350 crore (Rs 3.5 billion) in April as crude prices fell after the Iraq war.
There is no direct impact of the Russia-Ukraine crisis on India in terms of bilateral trade but a surge in oil prices poses considerable risk to the economy, an analyst report said on Friday. International oil prices which have surged past $100 per barrel "pose risks to external stability and currency movement," a Bank of Baroda Economics Research report said. Russia has launched military operations against Ukraine, stoking fears of significant disruption in the region, including loss of life. The West is ramping up financial sanctions against Russia and support for Ukraine.
Reliance Industries Ltd, India's largest private sector oil firm, has seen a 70 per cent drop in its diesel sales in July on pricing the fuel higher than public sector firms to cut losses.
The merged entity will become the third biggest refiner behind IOC and Reliance Industries.
Reliance currently holds 90 per cent interest in KG-D6.
The rupee on Tuesday recovered from its all-time intra day low of 77.79 to close higher by 7 paise on a stellar rally in domestic stock markets. After opening lower at 77.67, the local unit plunged further to its all-time intra-day low of 77.79 due to a spike in crude oil prices and disappointing macroeconomic data. However, a strong rally in domestic equities helped the rupee rebound and close at 77.48 (provisional), showing net gains of 7 paise over the last close of 77.55. The forex market was closed on Monday on account of Buddha Purnima.
Bharat Petroleum Corp, Hindustan Petroleum Corp and IBP will turn financially sick by next year as losses arising from freeze on fuel prices are set to erode their net worth, according to oil ministry estimates.
The near-doubling of gas prices to $8 per million British thermal units that will kick in from next month will accrue to all producers in the country.
China on Tuesday angrily denounced the nuclear-powered submarine deal announced by the US, UK and Australia, saying the pact violates the Non-Proliferation Treaty (NPT) and the three countries are travelling "further down the dangerous and wrong path."
A week after the steep hike in petrol prices by Rs 5 a litre, the government on Monday said a ministerial panel is likely to meet in the next few days to take a decision on raising diesel, LPG and kerosene rates.
Gas output from KG-D6 in the week ended April 1 dropped to 33.89 mmscmd from 34.09 mmscmd in the previous week, according to a status report filed by the company with the Oil Ministry.
Divestment Minister Arun Shourie will soon make a statement on stake sales in two state-run oil firms following a consensus reached on the issue by a group of top ministers.
The government ruled out any major jump in petrol and diesel prices after the elections, but said a review to bring the domestic prices in line with the raw material cost will be done by the new government.
The attack did not result in any human losses, it said, adding that the remnants of the intercepted and destroyed ballistic missiles fell in separate areas around Abu Dhabi.
The tankers carrying fuel from terminals to dealer outlets would not just have global positioning system (GPS) tracking but also an electronic key (e-key).
The government has written to market regulator SEBI saying Cairn Energy Plc's deal to sell majority stake in its Indian arm to Vedanta Resources does not yet have its approval, a condition contingent for the $8.48 billion deal to consummate.
India's gold imports, which have a bearing on the country's Current Account Deficit (CAD), rose 6.4 per cent to $12.9 billion during April-July this fiscal due to healthy demand, according to government data. The imports stood at $12 billion during the same period a year ago. In July 2022, however, imports of the precious metal fell sharply by 43.6 per cent to $2.4 billion, as per the latest data released by the commerce ministry.
The output of eight core sectors rose 4.4 per cent in September on account of healthy performance by segments like natural gas, refinery products and cement, official data showed on Friday. The eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had grown by 0.6 per cent in September 2020, as per the data released by the commerce and industry ministry.
Government has put on auction the gas discovery area it snatched from Reliance Industries in KG-D6 block and the field that Cairn India is seeking to regain around its Rajasthan block.
Reliance Industries may ask the government for a refund of its investment if it is forced to give up any part of the prolific KG-D6 block as it has spent a huge sum of money on exploration after obtaining necessary permission to retain the entire 7,645-sq km area.
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