A combination of externalities such as global trade wars and slowing growth, continuing glitches in accessing offsets under the GST regime, which has created a liquidity crunch for smaller exporters, and the growing competitiveness of smaller countries are causing the slowdown.
The output comprised 32.94 mmscmd from the D1 and D3 gas fields and 6.86 mmscmd from the MA oilfield.
Until last week the government's divestment plan was struggling, but it got a boost from a $1.1 billion offering of miner NMDC.
In Maharashtra, the oil industry had tenancy protection till 1999.
The dreary, cold months from December to February may prove to be the undoing of many a nation as they grapple with sky-high fuel prices - a result of the Ukraine conflict and the pandemic. Many - Europe, South Korea, Japan, and China - will still pull through on the strength of their wealth or because of strong storage infrastructure. But India will have its back to the wall. Signs of liquefied natural gas (LNG) rates hitting new records this winter are already evident.
An Anil Ambani group company has asked the oil ministry to stop Reliance Industries Ltd from charging marketing margin on gas, alleging that the Mukesh Ambani-led firm was not sharing the revenue and 'diverting' crores (billion) of rupees of the government's share.
India's trade deficit shrank to a 10-month low in December as global oil prices tumbled and demand for gold fell, auguring well for Indian current account balance and the rupee.
Normal or unbranded diesel currently attracts basic excise duty of Rs 1.46 a litre and an additional excise duty of Rs 2 per litre.
Govt depts, banks prone to information leakage.
The ministry of defence is believed to have suggested that companies from China, Pakistan, Myanmar, Indonesia, Malaysia, Bangladesh and the Arab world be kept out of the bidding for certain oil and gas blocks due to security concerns.
To proceed with a Cabinet proposal to grant the relaxations to RIL, the Election Commission's approval will be sought.
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.
Shipments from Russia rose nearly 33 per cent to $1.1 billion in March from $831.17 million in the previous month, which was when the country mounted aggression on Ukraine and faced sanctions from Western nations, the data accessed by Business Standard shows. Growth in imports was largely on account of oil, people aware of the matter said. The Department of Commerce is learnt to have written to the Ministry of Petroleum and Natural Gas (MoPNG), seeking details of imports, including the payment mechanism, which India has not made public.
The wholesale price-based inflation rose to a four-month high of 14.55 per cent in March, mainly due to hardening of crude oil and commodity prices, even though vegetables witnessed easing of price pressures. As per the government data released on Monday, WPI inflation has remained in double digits for the 12th consecutive month beginning April 2021. The last time such a level of WPI was recorded was in November 2021, when inflation was 14.87 per cent.
To prevent hoarding and check price rise, the Centre on Friday imposed stock limits on all pulses, except moong, held by wholesalers, retailers, importers and millers till October. The stock limits are imposed with immediate effect. An order in this regard has been issued by the Union food and consumer affairs ministry. Retail prices of pulses rose by more than 20 per cent during the January-June period of this year, according to the ministry's data.
Oil Minister M Veerappa Moily approved continuation of the existing rate of $4.2 per million British thermal units until the new government, which will be in place in May, decides on implementation of the new price formula.
The Government has deferred its plan to raise natural gas prices from January after strong protests from the power and fertiliser ministries, a government official said on Tuesday.
Fuel sales rose to 12.364 million tonnes in May from 11.717 million tonnes a year ago, according to provisional data from the oil ministry in New Delhi.
An RIL spokesperson said that the company has filed its reply to the government's petition on the gas dispute.
Days after the Cabinet approved doubling of natural gas price from April next year, the Finance Ministry has written to Oil Ministry suggesting setting of a ceiling or an upper limit for the rates.
A deal with the Assam government, which holds majority stake in the company through Assam Industrial Development Corporation Ltd, is likely by October.
The wholesale price-based inflation in February rose to 13.11 per cent on hardening of prices of crude oil and non-food items, even though food articles softened. After two months of mild easing, WPI inflation accelerated in February and remained in double digits for the 11th consecutive month, beginning April 2021. WPI inflation last month was 12.96 per cent, while in February last year, it was 4.83 per cent. The rise in crude oil and natural gas prices after the Russian invasion of Ukraine, beginning February 24, has put pressure on the wholesale price index, even though food articles saw softening across categories of vegetables to pulses to protein-rich items.
Industrialist Anil Ambani on Wednesday met key ministers and senior government officials in New delhi, a day after he accused the Union oil ministry of helping the Mukesh Ambani-run RIL renege its commitment on supplying gas to his group firm.
India's current account deficit is expected to deteriorate in the current fiscal on account of costlier imports and tepid merchandise exports, according to the Finance Ministry's monthly economic review. The review released on Thursday by the ministry also said that global headwinds would continue to pose a downside risk to growth as crude oil and edibles, which have driven inflation in India, remain major imported components in the consumption basket. For the present, it said, "their global prices have softened, as fears of recession have dampened prices somewhat. This would weaken inflationary pressures in India and rein in inflation."
In its latest undercover investigation, codenamed Operation Falcon Claw, Cobrapost has exposed a bunch of parliamentarians willing to not only write recommendation letters but also lobby with the petroleum ministry for a foreign company to help it secure oil exploration and rigging rights in the Northeast.
A major policy to buy bio-diesel from growers at the rate of Rs 23 per litre was in the offing as the central government would direct oil companies to purchase it through its outlets in the country, a senior officer of Petroleum Conservation Research
The government is planning to probe into diesel imports by private firms that had been given a license to retail the imported fuel but are selling it to industrial and bulk consumers.
If you looked back at 2018 and had to give it a name, the Year of Limitations might be the most accurate.
Budget is widely seen as a test of Prime Minister Narendra Modi.
Glimpses of the protests in Colombo against the worsening economic crisis
After a series of flip-flops, NTPC is likely to finally sign an agreement with Reliance Industries this week to buy government-allotted natural gas at officially approved price of $4.20 per mmBtu.
GAIL has already been appointed as the nodal agency for the pipeline in India.
CAG had in its previous reports slammed Oil Ministry and its technical arm DGH for not exercising enough control and vigil over KG-D6 block.
Given the incredibly high stakes involved, the Comptroller and Auditor General and Central Vigilance Commission should examine relevant facts and find out if capex was overstated, Anil said, pointing that budgeted expenditure of RIL for peak production of 40 mmscmd was only Rs 12,000 crore (Rs 120 billion) in 2004.
Top sources in the government told Business Standard the Congress managers wanted the rise in prices to be a collective decision of the United Progressive Alliance and also make sure allies could not wriggle out of the exercise to take harsh economic decisions.
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