Oil and Natural Gas Corporation has won five of the nine coal bed methane blocks on offer, while Reliance Industries Ltd has clinched three.
Board would start selling the bid documents on November 22.
The Oil Ministry has been trying since July to get an Empowered Committee of Secretaries to vet the separate price proposals of RIL and Essar but the panel has so far not decided to take up the issue.
When people get used to something, they want more of it. But gas will always be short in India. All estimates of gas demand are hugely pessimistic.
The Cabinet Committee on Economic Affairs on Friday cleared award of four Coal Bed Methane (CBM) blocks to an Anil Dhirubhai Ambani Group-led consortium and three blocks to a consortium led by Australia's Arrow Energy.
Delhi-based Great Eastern Energy Corporation is planning a public issue, part of which will be "sponsored", meaning foreign shareholders will also tender their shares for sale, a first for the Indian markets.
London Stock Exchange-listed Essar Energy Plc plans to bid for coal-bed methane (CBM) and shale gas blocks in Indonesia next month.
Minister of State for Petroleum and Natural Gas Jitin Prasada, who led the roadshows in the US and Canada, said the roadshows for 70 blocks offered in NELP-VIII and 10 coal bed methane blocks received overwhelming response from investors.
GEECL is looking to bid for the fourth round of Coal Bed Methane block auction. It plans to dilute 10 percent of its equity holding through an IPO in India. It plans to raise Rs 400 crore from the market by this year. It plans to develop 100 wells in two years with an estimated investment of Rs 825 crore and aim to invest another Rs 2,000 crore in 5 to 8 years in West Bengal.
The first of the promotional roadshows for 70 blocks offered under the eighth edition of New Exploration Licensing Policy and 10 coal-bed methane areas will be held in Mumbai on August 8, a petroleum ministry official said. On April 9, India launched the eighth round of auction to give away blocks for exploration under NELP with August 10 being the last date for bidding. But it was deferred over ambiguity on tax holiday for natural gas.
Fearing investor backlash on ambiguity over tax holiday for natural gas, India on Friday deferred roadshows for the largest-ever auction of oil and gas blocks and the new dates would be worked out after elections.
India on Thursday launched its biggest-ever auction of oil and gas blocks, expecting $3 billion investment in exploration of 70 areas on offer for bidding.
The feasibility study, to be taken up by a private firm, will be funded by the US Trade and Development Agency aimed at setting up facilities for capturing CBM, commonly known as natural gas. The grants of $524,819 is meant to tap the opportunities in using technologies for capturing natural gas from the coal blocks.
GEECL plans to dilute 10 per cent equity through the public issue. The London-listed company has filed a Draft Red Herring Prospectus with market regulator Securities and Exchange Board of India and is in the final stages of getting necessary approvals.
The government is offering a total of 70 oil and gas blocks under NELP-VIII and 10 blocks have been offered under CBM-IV.
The government will sign contracts on Tuesday for exploitation of gas trapped below coal seams in nine areas with three consortia, including one led by Anil Ambani Group companies.\n
Anil Ambani Group never sought clarification before bids closed, says DGH.
To extend its global footprint, GAIL India is likely to partner with China Gas in developing coal bed methane (CBM) in Mongolia. Moreover, Oman Oil is also expected to join them as an ally in the project.
Cabinet Committee on Economic Affairs would on Thursday discuss the proposals of the petroleum ministry on the states' claim to share profit on petroleum under production sharing contract signed under New Exploration Licence Policy.\n\n\n\n
Sumitra Mahajan on Tuesday took over as the minister of state for petroleum and natural gas.
A joint venture agreement between GAIL (India) Limited and China Gas Holdings Limited to foray into natural gas
The company discovered 3.75 trillion cubic feet of in-place gas reserves under coal seams in Sohagpur coal bed methane (CBM) blocks in Shahdol district of Madhya Pradesh, senior officials said.
India on Thursday offered 55 oil and gas blocks and 10 coal bed methane blocks for bidding under the sixth round of New Exploration Licensing Policy in an attempt to raise domestic output.\n
The government on Friday awarded 20 oil and gas blocks for exploration and production -- 14 of which went to Oil and Natural Gas Corporation and partners.
India's biggest petrochemicals maker Reliance Industries, whose shares hit a 15-month high earlier on Friday on a newspaper report it had struck gas at a new site, said it would make an announcement later.\n\n\n\n
India's top oil and gas producer ONGC wants the government to scrap windfall profit tax levied on domestically produced crude oil and instead use the dividend route to tap into bumper earnings resulting from surge in global energy prices. The firm also favours a floor price for natural gas at $10 per million British thermal unit -- the current government-dictated rate -- to help bring deposits in challenging areas to production, two sources aware of the matter said. State-owned Oil and Natural Gas Corporation (ONGC) management during discussions with government officials stated that levying windfall profit tax on domestic oil producers, while at the same time reaping rich savings from buying discounted oil from Russia was unfair.
Briefing reporters on her visit, state Finance Minister Amit Mitra said the Singapore Foreign Minister K Shanmugam has invited Banerjee to improve relations and she has accepted it.
On building a world class digital infrastructure, he said that 75 per cent work was done and it would be available by middle of 2015.
Lowering excise duty on petrol, diesel, and other fuels, branded fuels.
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