The ministry has attributed the fall in output to non-fulfilment of RIL's commitment to drill 22 wells in the field.
Retail inflation rose to three-month high of 4.81 per cent in June, mainly on account of hardening prices of food, according to the government data. Inflation based on the Consumer Price Index (CPI) stood at 4.31 per per (revised upward from 4.25 per cent) in May and 7 per cent in June 2022. The inflation, however, remains within the RBI's comfort level of below 6 per cent.
The government will next week launch the 9th round of auction under the New Exploration Licensing Policy for the oil and gas sector.
All armed forces including the Army, the Navy, the Air Force and Indian Coast Guard have made necessary preparation to provide assistance to the local people of Gujarat.
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 Prime Minister's office is understood to have declined an extension to Subir Raha, the high profile chairman of Oil and Natural Gas Corporation.
The government is planning to rationalise multiple prices of natural gas in the country to make fuel costs uniform for all consumers, Oil Secretary S Sundareshan said on Wednesday.
Natural gas output from KG-D6 in the week ended June 24 dropped to 30.82 mscmd from 31.57 mmcmd in the beginning of the month, according to a status report filed by the company with the Oil Ministry.
Continuing its attack on Petroleum Ministry, Anil Ambani group on Thursday criticised it for its failure to attract top global players for oil and gas exploration and production due to lack of sanctity attached to concluded contracts.
Petrol and diesel are among the 90-plus commodities that have been approved by the government for derivatives trading
A host of factors including the reform measures taken by the government and decline in global oil and commodity prices have led to lower inflation, the Finance Ministry said on Wednesday.
Finance Minister P Chidambaram had, in the Budget for 2008-09, announced end to income tax holidays for refineries commissioning after April 1, 2009. The Budget also mentioned tax breaks under section 80-IB(9) would be available for production of 'mineral oil', which was defined as not to include petroleum and natural gas. This created a lot of confusion among investors and a fear of poor response took Petroleum Minister Murli Deora to Chidambaram earlier this week.
India's oil import bill has swelled 52 per cent to $44.64 billion in 2005-06 on the back of high global oil prices.
L N Mittal's foray into oil and gas trading business through a joint venture with ONGC is facing fresh opposition from refiner Indian Oil Corp, which feels the JV is ineligible to bid for its tenders.
Terming allegations levelled by India Against Corruption as "baseless and frivolous, the oil ministry in a six-page statement said the Congress-led UPA-I and UPA-II governments under Prime Minister Manmohan Singh have been "consistently protecting the national interest".
India's exports entered negative territory after a gap of about two years, declining sharply by 16.65 per cent to $29.78 billion in October, mainly due to global demand slowdown, even as trade deficit widened to $26.91 billion, according to data released by the commerce ministry on Tuesday. Key export sectors, including gems and jewellery, engineering, petroleum products, ready-made garments of all textiles, chemicals, pharma, marine products, and leather, recorded negative growth during October. Imports during the month under review rose by about 6 per cent to $56.69 billion on account of increase in the inbound shipments of crude oil and certain raw materials such as cotton, fertiliser and machinery.
This means lower losses on fuel sales by Indian oil companies and a shrinking oil subsidy bill for the government.
India's crude oil imports soared over 8 per cent in July to match rise in fuel consumption that continued to be propelled by double-digit growth in diesel demand.
The Indian aviation sector is on the cusp of a change as airlines look to induct a record number of aircraft. This, analysts said, will put the sector on a growth runway, though keeping it viable for only long-term investors. According to Vinit Bolinjkar, head of research at Ventura Securities, expectations of strong air traffic, coupled with low penetration, is the prime reason for a solid long-term outlook.
The connections will be released on completion of Know Your Customer formalities and de-duplication of the applicants across all the three Oil Companies to ensure that multiple connections are not released.
Hakki Pikkis are a semi-nomadic tribe, traditionally of bird catchers and hunters, from Karnataka. Their knowledge of the forest and traditional medicine is extensive and is prized by the Sudanese community.
Exports in June rose by 23.52 per cent to $40.13 billion while the trade deficit ballooned to a record level of $26.18 billion mainly due to jump in gold and crude oil imports, the government data said on Thursday. The country's export growth in May was 20.55 per cent. Imports expanded by 57.55 per cent to $66.31 billion in June compared to the year-ago month, the data showed.
The country's exports rose by about 6 per cent to a "record" $447 billion during 2022-23 on account of healthy growth in the outbound shipments of sectors such as petroleum, pharma and chemicals and marine, Commerce and Industry Minister Piyush Goyal said on Thursday. The country's imports also grew by 16.5 per cent to $714 billion in 2022-23 as against $613 billion in 2021-22. He said that the exports of goods and services together scaled "new heights" and has increased by 14 per cent to $770 billion in 2022-23 as against 676 billion in 2021-22.
According to Oil Ministry sources, price hike of diesel is being considered as the government scrambles to find ways to meet an unprecedented Rs 160,000 crore (Rs 1,600 billion) deficit expected this fiscal on selling diesel, cooking gas and kerosene below their production cost.
The government may in 'weeks' decide on raising price of natural gas produced by state-owned ONGC and Oil India by 30 per cent, petroleum secretary S Sundareshan said on Monday.
At present, in Myanmar, GAIL and IndianOil have a minority stake in a gas pipeline which goes to China, through South East Asia Gas Pipeline Company.
The 5-kg cylinder will be price at market rate.
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The Oil Ministry on October 31 issued orders asking upstream oil and gas producers like ONGC and Oil India Ltd to give Rs 16,729.74 crore (Rs 167.29 billion) to make up for 47 per cent of the Rs 35,328-crore (Rs 353.28 billion) revenue that retailers lost on selling diesel, domestic LPG and kerosene at government controlled rates in second quarter.
Insiders said she remained closeted with top railway officials for hours finalising the Budget on Tuesday and left her Rail Bhawan office only at 3.30 am on Wednesday.
India plans to further cut imports from Iran by 13 per cent next fiscal even though easing of US and western sanctions has made buying crude oil from the Persian Gulf nation easier.
India's oil ministry has decided to divert 30,000 barrels per day (bpd) of indigenous crude oil from refiner Hindustan Petroleum Corp, which is being privatised, to feed small state-run refineries in remote areas, officials said.
Anil Ambani Group never sought clarification before bids closed, says DGH.
State-run oil firms on Thursday cut aviation turbine fuel (ATF) or jet fuel prices by 4.3 per cent in view of halving of the customs duty on the fuel to five per cent. From today, ATF in Delhi will cost Rs 66,226.66 per kilo litre, down Rs 3,000.42 per kl, while in Mumbai the price has been cut by 4.36 per cent to Rs 68,626.87 per kl, an Indian Oil official said.
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