To proceed with a Cabinet proposal to grant the relaxations to RIL, the Election Commission's approval will be sought.
Italy's Eni welcomed the Indian company. The other four partners have 60 days from date agreement.
The petroleum ministry has told ONGC to give away 60%stake plus operating control in India's largest oil and gas producing fields of Mumbai High and Bassein to foreign companies, according to an October 28 letter to the state-owned company. Amar Nath, additional secretary (exploration) in the Ministry of Petroleum and Natural Gas, wrote a 3-page letter to ONGC chairman and managing director Subhash Kumar, saying productivity of the Mumbai High and Bassein & Satellite (B&S) offshore assets under state-owned firm was low and international partners should be invited and given 60 per cent participating interest (PI) and operatorship. This is the second time since April that Nath, who is part of the ONGC management as the longest-serving government nominee director on its board and often considered a potential candidate to replace Kumar next year, has written an official letter, painting a poor picture of the company's performance.
The ICICI board is looking to the retired petroleum secretary to provide 'maturity and sagacity'.
The Ministry Of Petroleum and Natural Gas has ruled out a hike in the prices of petrol and diesel in the near future even as the price of the Indian basket of crude oil continues to remain above $65 a barrel.
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.
India's dependence on imported crude oil to meet domestic demand has been a matter of concern for years. Delivering the inaugural address at the global energy summit - Urja Sangam - in 2015, Prime Minister Narendra Modi had called for enhancing domestic oil and gas production to cut the import burden. He aimed at lowering it by at least 10 per cent by 2022 - to coincide with the platinum jubilee of India's independence. But this target is far from being achieved and the country's import reliance has only risen.
The Cabinet has approved a framework of understanding on cooperation in hydrocarbons with Bangladesh recently.
India has asked Pakistan to waive the $200 million transit fee a year for allowing passage of a pipeline carrying natural gas from Iran.
It's the sovereign right of the Organization of Petroleum Exporting Countries to decide on the oil production capacities, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said Friday. Refraining from commenting on the controversial decision of OPEC on cutting oil production by two million barrels a day, which has taken the world by surprise, Puri said it is likely to be scrutinized very carefully. During an interaction with a group of Indian reporters, he said that India as one of the major consumers of oil and gas also has a major say in the global oil market.
Oil India and other PSUs had filed clarificatory /modificatory petition before the Supreme Court. These companies own and operate telecom networks though they do not provide telecom services.
The growth of eight infrastructure industries slowed down to 3.1 per cent in July, against 4.5 per cent in the same month last year, mainly due to contraction in crude oil and natural gas production.
Russian President Vladimir Putin had assured his support for ONGC Videsh Ltd taking a 20 per cent stake in the project, Deora said on Thursday.
Public sector oil companies paid Rs 2,687 crore (Rs 26.87 billion), on Thursday, to the government as interim dividend for 2002-03 to bridge its fiscal deficit target.\n\n\n\n
It was agreed at the meeting to recommend to the competent authority on two issues namely the Declaration of Commerciality of certain wells in the NEC 25 and KG D6.
Minister of Petroleum and Natural Gas, S Jaipal Reddy is likely to be the Leader of Lok Sabha and the decision to this effect is likely to be taken on Friday in the core committee meeting. Informal consultations between the prime minister and Sonia Gandhi has already taken place, say highly placed AICC sources.
Qatar has agreed to supply 1.2 million tonnes per annum of liquefied natural gas to fire the Dabhol power plant in Maharashtra, but differences persist over the price.
The ministry of petroleum and natural gas is evaluating a threshold at which the subsidy on liquefied petroleum gas (LPG or cooking gas) will be reinstated. According to a senior government official in the know, a survey is currently being conducted to determine the price at which maximum consumers will keep buying domestic cylinders. One of the options also being considered is to limit any subsidy disbursal only to Pradhan Mantri Ujjwala Yojana (PMUY) beneficiaries.
The oil companies will meet on Friday for the review meeting on pricing in which petrol price could be increased by Re 1 and diesel prices by 50 paise by this weekend.
The core infrastructure industries had expanded by 5.2 per cent in the previous month.
In its biggest acquisition till date, OVL, the overseas arm of Oil & Natural Gas Corp in November agreed to pay US energy giant ConocoPhillips about $5 billion for the 8.4 per cent stake in Kashagan, the biggest oilfield discovery in over four decades.
The $3-billion Dabhol power project in Maharashtra is facing delays in completion of the LNG receipt terminal, Minister of State for Petroleum and Natural Gas Dinsha Patel said on Thursday.
The petroleum ministry has sought legal advice on payment of production tax by Cairn Energy of the UK on the crude oil it plans to produce from the Barmer district discovery in Rajasthan.
India's oil major ONGC has signed a memorandum of understanding with Russia's Gazprom, paving the way for their possible joint bidding for global energy assets.
The multinational oil firm, however, is required to furnish a Rs 500 crore bank guarantee to the government.
Congress leader and former union minister Captain Satish Sharma died in Goa on Wednesday after a brief illness. He was 73.
The working group of India, Iran and Pakistan will meet in Islamabad from May 22 to May 24 to further work out modalities for Indo-Iran gas pipeline project.
The annual rate of inflation based on monthly wholesale price index (WPI) was up at 1.32 per cent in September as compared to 0.16 per cent in the previous month.
Finance Minister Pranab Mukherjee while presenting the budget 2009-10 in Lok Sabha on Monday said that the details about this expert group will be announced by the minister of petroleum and natural gas.
