ONGC Videsh Ltd, the overseas investment arm of Oil and Natural Gas Corporation (ONGC), has signed a joint venture agreement with Petroleos de Venezuela S.A. (PdVSA) to take 40 per cent stake in the San Cristobal oilfield in Venezuela. Under the agreement, OVL and PdVSA will develop the field from its current production level of 20,000 barrels per day to 40,000 barrels per day, company officials said. OVL will make a total investment of $ 355.738 million comprising signature.
Kerosene and domestic LPG prices in India are the lowest in South Asia, while the rates for petrol and diesel are comparable with its neighbours, petroleum minister Murli Deora said on Thursday. Kerosene in Pakistan costs Rs 34.89 a litre, Rs 30.53 in Bangladesh, Rs 21.26 in Sri Lanka and Rs 34.35 per litre in Nepal.
Minster of Petroleum and Natural Gas Murli Deora on Monday commissioned the first stretch of the Dahej - Panvel - Dabhol pipeline from Dahej to Surat.
The foundation laying ceremony of Oil and Natural Gas Corporation's petrochemical complex in Mangalore was postponed due to heavy rains.
The first stretch of Dahej-Panvel-Dabhol pipeline, which will feed natural gas to the beleaguered Dabhol power project in Maharashtra, has been commissioned.
There is no question of the US or any other country pressurising India on the proposed Iran-Pakistan-India gas pipeline project, Lok Sabha was informed on Thursday.
Iran on Thursday made no firm commitments of honouring the $22-billion deal to export LNG to India but said will look at "ways" for early implementation of the two-year-old contract.
Prime Minister Manmohan Singh laid the foundation stone of the Rs 5460.61 crore (Rs 54.6 billion) Assam Gas Cracker project on Monday, now known as Brahmaputra Cracker and Polymer Ltd.
Murli Deora has expressed optimism over the IPI gas pipeline project, confirming that talks are on with both Iran and Pakistan to finalise the project.
India has asked Pakistan to waive the $200 million transit fee a year for allowing passage of a pipeline carrying natural gas from Iran.
Despite the high oil prices, growth in energy demand will continue globally, but there is need to reorient the approach in meeting the challenge, Minister for Petroleum and Natural Gas Murli Deora said on Sunday.
CNG dealers in Mumbai, Thane and Navi Mumbai region have threatened to go on strike from midnight of March 14 on the issue of dealer margin being given to them by the oil PSU's.
India expects to attract at least $4 billion of investment in oil and gas hunt in the seventh round of auction of acreage under New Exploration Licensing Policy (NELP) which was launched on Thursday.Petroleum Minister Murli Deora announced the offer of 57 oil and gas blocks - nine in shallow water, 19 in deep-sea and 29 onland, in NELP-VII, bids for which will close on April 11, 2008.
Petrol and diesel prices were cut on Thursday by Rs 2 and Re 1 per litre, respectively, Petroleum Minister Murli Deora announced.
India is likely to sign a $145 billion deal by June to import natural gas from Iran through the proposed Iran-Pakistan-India pipeline after Tehran lowered the sale price by 30 per cent.
Prime Minister Manmohan Singh will kick off a massive energy conservation drive on Saturday with the launch of an insurance scheme for auto and taxi drivers using environment friendly CNG as fuel in Mumbai.
India, Pakistan and Iran will for the first time hold a joint official-level meeting in Tehran from March 13-15 on the proposed over $7 billion tri-nation gas pipeline
The government on Wednesday denied any move to hive-off ONGC Videsh Ltd from its parent Oil and Natural Gas Corporation, saying the present arrangement of letting the subsidiary company scout for overseas oil and gas assets was working well.
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.
ONGC confirmed on discovering natural gas in KG basin off the Andhra Pradesh coast and Mahanadi basin off Orissa coast, but said the find in KG basin posts 'technological challenges' and it was on looking for a strategic partner.
ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp (ONGC), is in talks to acquire stakes in two oil blocks in Sudan, a nation which is the Indian flagship is largest overseas oil producing base.
The government is likely to decide within the next two days whether to hike petrol and diesel prices to provide some relief to state-run oil marketing companies, Petroleum Minister Murli Deora indicated on Monday.
The government is exploring various options, including a marginal hike in prices of petrol and diesel, and a possible duty cut to ease burden on state-run oil firms that are increasingly losing revenue due to global crude prices surging close to $100 a barrel. "We will do all that is possible to protect the interests of our PSUs," Petroleum Minister Murli Deora said after a brief meeting with Prime Minister Manmohan Singh on the issue on Friday.
Maharashtra Chief Minister Vilasrao Deshmukh met Petroleum Minister Murli Deora Wednesday to request for alternative sources of gas for the state's Ratnagiri plant.
The government on Wednesday announced a cut in the price of petrol by Rs 2 a litre and of diesel by Re 1 a litre, a move that saw the shares of oil companies tumbling.
The government on Wednesday announced a cut of Rs 2 per litre in petrol and Re 1 in diesel prices from midnight tonight.
India and Pakistan have rejected the gas import price worked out by a consultant appointed by Iran as part of the over $7 billion tri-nation pipeline project.
The government will cut petrol and diesel prices when there is a sustained drop in global crude oil prices, Petroleum Minister Murli Deora said on Tuesday.
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.
"Deora's ability to be a good listener, and his understanding of business, as he is an industrialist himself, helped the empowered group of ministers reach a decision that more or less has satisfied all parties," a senior official says.
The Centre criticised the Maharashtra government on Monday for not honouring its promise to bring down high sales tax on petroleum products and said it 'supports' the demand of striking dealers.
Petrol and diesel prices are unlikely to be hiked in the near future, with Finance Minister P Chidambaram agreeing in-principle to share a third of the revenue loss that state-run oil firms incur on sale of fuel
Petroleum Minister Murli Deora on Tuesday renewed his plea to the Maharashtra government to cut sales tax on petrol and diesel to give relief to fuel pump dealers, who were losing high volume business to neighbouring states where tax rates were much
Petroleum prices could head downward in the coming few weeks if global crude rates decline further, the government said on Saturday.
The government on Wednesday broadly hinted about a hike in petrol and diesel prices, saying although it has kept retail prices unchanged it cannot do so for long given the rise in crude oil rates.
The Union petroleum minister has assured the petroleum dealers that he would discuss with the Maharashtra government to bring sales tax rates at par with neighbouring states.
Petroleum Minister Murli Deora on Tuesday said petrol and diesel prices will not be increased "as of now" even as he began consultations with Finance Minister P Chidambaram on ways of mitigating the spurt in global oil prices.
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