Oil and Natural Gas Corporation ONGC will tie-up with Norway's state-owned oil firm Norsk Hydro to jointly explore for oil and gas in the Gulf region.
Several people are still feared trapped in the debris after a series of landslides that occurred in Chooralmala and Mundakkai of Wayanad.
It not only wants the ministry of petroleum and natural gas to rework the under-recovery figure for the current year but has also decided to look at the issue of oil subsidies only in February 2010, when the next Budget will be announced.
The eight core industries -- fertilisers, cement, steel, electricity, crude oil, coal, petroleum refinery products and natural gas -- have a combined weight of about 38 per cent in the Index of Industrial Production.
The government has nipped Oil and Natural Gas Corp's exclusive plans to extract liquid petroleum gas and C2/C3 from liquefied natural gas by also allowing gas utility GAIL India to do the same from the common LNG being imported by Petronet.
The output of eight core sectors grew 8.9 per cent in June, mainly due to a low base effect and uptick in production of natural gas, steel, coal and electricity, official data showed on Friday. The eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had contracted by 12.4 per cent in June 2020 due to the lockdown restrictions imposed to control the spread of coronavirus infections. In May this year, these key sectors had recorded a growth of 16.3 per cent, while it was 60.9 per cent in April.
Reaching a consensus might also get tougher, as already seen with issues like inclusion of natural gas in GST and imposition of a sugar cess, both central proposals being resisted.
Rebuffing petroleum ministry, Siddaramaiah launches Pradhan Mantri Ujjwala Yojana-like scheme months before state polls
Oil and Natural Gas Corporation may take up the 20 per cent stake in a $ 2 billion liquefied natural gas project in Iran.
The ministry of petroleum and natural gas has granted seven authorisations to companies for selling automobile (auto) fuels in the country. These new approvals are under the relaxed guidelines for authorisation to market transportation fuels that were revised in 2019. This is expected to make the competition more intense in India's petroleum retail business. According to a top oil ministry official, a fresh marketing authorisation has been granted to Reliance Industries (RIL) under these norms. This is being done since RIL's existing retail marketing authorisation has been transferred to its subsidiary Reliance BP Mobility
Oil and Natural Gas Corp, India's highest profit making firm, has suggested a new corporate structure
The government will set up an Appellate Tribunal to hear appeals regarding decisions of the proposed oil sector regulator, the bill for which is likely to be passed during the winter session of Parliament next month.
"Be prepared for a modest or moderate hike in the prices of petrol and diesel, after the meeting of the empowered Group of Ministers in the first week of January," M S Srinivasan, secretary, ministry of petroleum and natural gas, told reporters.
The wholesale inflation rose to a 13-month high of 1.26 per cent in April fuelled by rising prices of food articles, especially vegetables, amid expectations of RBI holding interest rates in the policy review next month. The wholesale price index (WPI) based inflation has been rising for two months in a row.
Hindustan Petroleum Corporation and Petronet LNG will partner with Oil and Natural Gas Corporation in the liquefied natural gas import terminal ONGC plans to put up at Mangalore in Karnataka.
Gas pricing guidelines stipulate that a new gas price will apply to all producers except RIL.
The strong message from the prime minister is of continuity of policies he considers right with strong emphasis on execution, points out T N C Rajagopalan.
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.
Reliance Industries' eastern offshore KG-D6 natural gas field will have a peak output of 80 million cubic metres per day for six years beginning 2011-12, Minister of State for Petroleum and Natural Gas Jitin Prasada said.
The country may propose pipeline via China when Putin visits this year.
The state-run Oil and Natural Gas Corporation may buy stake in Bharat Petroleum Corporation's 6 million tonne Bina Refinery.
The government is pushing the public sector behemoth ONGC to involve private sector companies and service providers wherever possible to help raise oil and gas production, Petroleum Secretary Tarun Kapoor said Thursday. Kapoor's comments came days after the second-highest ranked official in his ministry asked Oil and Natural Gas Corporation (ONGC) to give away a 60 per cent stake plus operating control in India's largest oil and gas producing fields of Mumbai High and Bassein to foreign companies. "ONGC has to explore more so that it can discover more oil and gas reserves and bring them quickly to production to raise domestic output. The government is very clear that ONGC has to do more," he told reporters.
Public sector Petronet LNG Ltd will deliver liquefied natural gas imported from Qatar at $3.6-37 per million BTU, matching the prevailing price of domestic natural gas.\n\n
Replying to a question in the Lok Sabha, Jitin Prasada, Minister of State for Petroleum and Natural gas, said natural gas production in India has increased 75 per cent compared to 2008-09 and is expected to double in near future.
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.
Research and Development plays a crucial role in augmenting capabilities and capacities, said a top official from the ministry of petroleum & natural gas.
With natural gas and cement showing decline in production, the growth of eight core infrastructure industries slowed down to 5.3 per cent in May against 7.4 per cent a year ago.
But after over $10 billion investment that yielded mostly natural gas discoveries, the finance ministry has ruled that the tax breaks would be available only to crude oil production and will not be extended to natural gas, sending the seventh NELP round in a tailspin, industry sources said. The petroleum ministry feels that withdrawal of tax holidays when substantial investment has been made in exploration activities is being viewed as the government reneging on its commitmen
Here is the complete list of ministers in Modi 3.0 and their portfolios:
Three years after India declared its goal to become a net-zero economy by 2070, the policy design for achieving the target has begun, with the NITI Aayog forming dedicated multi-sectoral committees to prepare a transition plan. In 2021, India joined a select group of nations that set a target year for becoming net-zero carbon economy. At COP26 in Glasgow, Prime Minister Narendra Modi outlined a five-pronged 'Panchamitra' climate action target for India and committed to a net-zero target by 2070, joining nations like the US, the UK, and China.
The limited availability of flexible (flex)-fuel vehicles in the Indian market and the slow rollout of ethanol-blended petrol by oil-marketing companies (OMCs) remain major obstacles to achieving widespread use of biofuels in the transportation sector in India. Recently, two Union ministers have emphasised India's biofuel potential, arguing that it has the capacity and potential to lead a transition towards widespread biofuel adoption. Road Transport Minister Nitin Gadkari signalled that this transition is well underway and urged car manufacturers to quickly adapt and introduce new biofuel-run vehicles, lest the government resort to taxing diesel vehicles.
Poor performance of coal, petroleum refinery products and natural gas pulled down the core sector growth to 2.1 per cent in December, 2013 from 7.5 per cent in the same month a year ago.
ONGC will submit a proposal to the Union government for acquiring Hindustan Petroleum Corporation Ltd's entire 16.97% stake in Mangalore Refinery & Petrochemicals Ltd at Rs 37.75 per share even though HPCL is not keen to divest its holding.
The government has given a green signal to Oil and Natural Gas Corporation's petrochemical plans but has discouraged India's largest oil and gas producer from foraying into fuel retailing.
After grappling with the issue for two years, the Ministry of Petroleum and Natural Gas had on November 21 ordered that the margin to be charged, over and above the gas sale price, should be fixed between the seller and buyers in all sectors other than urea and LPG.
The first stretch of Dahej-Panvel-Dabhol pipeline, which will feed natural gas to the beleaguered Dabhol power project in Maharashtra, has been commissioned.
In an interview with Ajay Modi & Jyoti Mukul, ONGC chairman R S Sharma says uncertainties continue in the business even after decontrol of petrol prices.
