India's imports from Iran rose to 250,200 barrels per day
India's Oil and Natural Gas Corp and GAIL (India) Ltd's equity in two gas rich offshore blocks in Myanmar have been cut following Myanmar's national oil company exercising its 'step-in' rights in the fields, gas from where will be sold to China.
China and Vietnam have an acrimonious relationship due to their standoff over the South China Sea, a huge source of hydrocarbons.
Are there crude oil deposits in the jungles of the northeastern state of Nagaland?
India's oil and gas industry is estimated to be a US$ 110 billion and it is one of the largest contributors to the central and state exchequers.
However, risks to the outlook stems from possible sub-normal monsoon and higher crude oil prices (on account of the crisis in Iraq)," the Economic Survey 2013-14 tabled in Parliament by Finance Minister Arun Jaitley said.
The government will decide in August whether to sell a 5 percent stake in ONGC, a senior oil ministry official said, in a deal that would be worth $2.9 billion at current market prices.
The 50:50 joint venture of India's Oil and Natural Gas Corporation and China's Sinopec has acquired Columbian oil firm Omimex de Columbia for $850 million.
One reason Japan is betting highly on Indian pharma is that these companies have strong cash flows, low leverage and high debt capacity for medium to large sized acquisitions.
Govt unlikely to cut excise duties to compensate for higher global prices, say analysts.
India is currently the world's fourth-largest oil consumer after the United States, China and Japan
President A P J Abdul Kalam has given his assent to the Petroleum and Natural Gas Regulatory Board Act that envisages having a regulator for India's oil and gas sector, a petroleum ministry official said on Tuesday.
'India does not wish to remain silent in improving its strategic space so that its leverage to counter China's expansionist designs is maintained, besides enabling it to play a responsible role from a position of strength for peace and stability in Asia,' points out Dr Rajaram Panda.
India's Oil and Natural Gas Corp is still hoping to clinch the deal for takeover of PetroKazakhstan, with senior officials dashing-off to Russia to get Lukoil to stop the company's sale to China's CNPC.
Global oil major British Petroleum and French oil giant Total are eyeing equity in Hindustan Petroleum Corp's Rs 8,336 crore
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.
India's Oil and Natural Gas Corporation is well within its rights to improve its bid for takeover of PetroKazakhstan, but the state-owned oil major seems to be rethinking on whether it should do so at all.
Crude oil price of $50 a barrel in the international market would pull down India's GDP growth by 0.4 per cent and push up inflation by 1.5 per cent, a FICCI study has said.
With foreign investment almost drying up in India's oil and gas sector, Petroleum Minister Dharmendra Pradhan has promised an overhaul to make policies predictable, transparent and fair to investors.
While India is catching China in motorbike sales, it lags far behind in cars, which use more petrol per journey.
Petroceltic is headquartered in Dublin with offices in Edinburgh, London, Algiers, Varna, Cairo and Rome.
Participants are keenly awaiting the rollovers to the next series ahead of the expiry of June F&O.
State-owned Oil and Natural Gas Corp (ONGC) will add about Rs 8,000 crore (Rs 80 billion) to its profits annually from near doubling of natural gas prices from next fiscal.
India will become the largest single source of global oil demand growth after 2020, the International Energy Agency said.
India's crude oil imports jumped by 23.3 per cent in July this year on increased demand for oil products, a senior petroleum ministry official said.
Warren Buffett, chief executive officer of Berkshire Hathway Inc, has denied that he had invested $1 billion in the ONGC issue, though the market was abuzz throughout the day that he had placed bids for half the size of the issue.
India is playing its South China Sea card by restarting oil exploration off Vietnam coast despite China's objections as a calculated geopolitical move to force Beijing to make "compromises" on border issue and its close ties with Pakistan, a state-run Chinese think-tank has said.
India and Japan on Friday sought a peaceful solution to the territorial disputes in the strategic South China Sea, saying parties involved in the matter must not resort to "threat or use of force", in remarks that could anger China which is opposed to any outside interference.
The Cabinet Committee on Economic Affairs last month allowed ONGC and Oil India Limited to tap shale resources in blocks allotted to them on a nomination basis.
India's oil import bill is likely to jump 16 per cent to $18 billion in 2003-04 fiscal as refiners imported larger quantities of crude for exporting petroleum products.
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.
Petroleum Minister Ram Naik sought, on Thursday, excise duty cut on petroleum products to check adverse impact of excessive volatality in international crude oil prices on domestic prices
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