State-own oil explorer Oil and Natural Gas Corporation and the Hinduja group have been offered 40 per cent stake in the development of phase-XII of the giant South Pars gas field of Iran.
The department has proposed to pool prices of imported and domestically produced natural gas.
The output of eight infrastructure sectors registered a growth of 3.6 per cent in March 2023, the slowest in five months, showed government data released on Friday. The output of core sectors had increased by 7.2 per cent in February 2023 and 4.8 per cent in the year-ago month. The previous low was 0.7 per cent in October 2022.
State-owned Oil and Natural Gas Corporation plans to invest over $10 billion in bringing to production gas discoveries off the east coast, its director (exploration) D K Pande said on Tuesday.
The two firms are discussing bidding jointly for CGD projects in cities that would be put on offer by the sector regulator, Petroleum and Natural Gas Regulatory Board in the future.
Fitch Ratings on Monday said India's steady GDP growth outlook, improved banking sector's financial health and expected interest-rate cuts in 2025 will support credit access for corporates in FY26.
In a note for the Cabinet Committee on Economic Affairs, the ministry has proposed raising gas price for state-run firms immediately and that for RIL from April 2014, sources privy to the development said.
An RIL spokesperson said that the company has filed its reply to the government's petition on the gas dispute.
The growth rate in the production of eight key sectors slowed down to a 20-month low of 0.1 per cent in October on account of contraction in the output of crude oil, natural gas, refinery products, and cement, according to the official data released on Wednesday. In October last year, these sectors expanded by 8.7 per cent. In September this year, the core sectors' output growth stood at 7.8 per cent.
A bench headed by Chief Justice P Sathasivam sought response from the Centre and RIL on a PIL filed by Communist Party of India Member of Parliament Gurudas Dasgupta who alleged that no due diligence was done by the government while increasing the price of natural gas.
Around 15 years ago, when Reliance Industries (RIL) struck natural gas in the Krishna-Godavari (KG) basin off the east coast, the government made plans to supply that fuel cheaply to scores of generators that sprang up in India triggered by the discovery. Most of the plants, which account for 6 per cent of India's total generation capacity, operate sparsely after the KG-D6 area first failed to meet production targets, and then finally shut shop. Affordable domestic gas was why those thermal plants came up and the rate of the fuel today is why those generators hardly operate. Record liquefied natural gas (LNG) rates may yet again unravel India's ambitions to expand use of gas in industries, households and vehicles. Rates, while volatile, may stay strong this decade as developed nations with higher purchasing power embrace gas as the transition fuel.
State-run NTPC has agreed to buy natural gas from Reliance Industries but is opposed to paying marketing margin to the private firm and wants to use the fuel at plants other than Kawas and Gandhar that were identified by the government.
Oil and Natural Gas Corporation (ONGC) on Thursday told the Delhi High Court that it has suffered loss of gas worth Rs 30,000 crore as a result of Reliance Industries Ltd (RIL) exploiting gas from its natural gas block in Krishna-Godavri basin. RIL contended before the court of Justice Manmohan that an independent expert panel can determine whether its gas well is interconnected with that of ONGC and what is the quantum of gas withdrawn by RIL and other issues raised by the PSU. The Centre, represented by advocate Neeraj Chaudhari, meanwhile submitted before the court that as per a meeting held between the two companies and Directorate General of Hydrocarbons (DGH), it has been decided to appoint an expert panel. After going through the minutes of the meeting, the court asked ONGC to file its counter to the same and listed the matter for further hearing on August 12.
Moily said several gas fields of both RIL and state-owned Oil and Natural Gas Corp were economically unviable to produce at current rate of $4.2 per million British thermal unit.
Though ONGC and OIL are major producers of natural gas, they currently have no presence in its retailing and marketing, a field dominated by GAIL and its joint ventures.
Floods in Gujarat continued to disrupt half of India's natural gas production for the second day on Wednesday, threatening power generation in north and CNG supplies to automobiles in the national capital.
The Freedom 125 has sold 8,310 units in October to date. This is its highest since it was launched in July and may touch close to 9,000 by the end of the month.
The government has approved a hike in natural gas prices by 12 per cent to Rs 3,200 per thousand standard cubic meters from Rs 2,850 for power and fertiliser units.
Billionaire Mukesh Ambani-run Reliance Industries Limited began gas production from the Krishna-Godavari basin in April, 2009, and its 60 million standard cubic metres per day output led to a 75 per cent jump in natural gas availability in the country to 140 mmscmd.
The current price is among the lowest in Asia Pacific.
UBS Investment Research in its latest report estimated that ONGC and GSPC may get at least $5.5 per million British thermal unit for natural gas they will pump out from their respective Krishna-Godavari basin blocks. RIL is to get a fixed price of $4.2 per mmBtu for gas it would produce from Dhirubhai-1 and 3 fields in KG-D6 block from December-January, for the next five years.
An equal joint venture between British Gas (BG) and GAIL, Mahanagar Gas (MGL) provides piped natural gas (PNG) in and around Mumbai. The company says it is now planning to extend its reach by entering more cities in Maharashtra.
After months of a bitter row over legalities of Indraprastha Gas Ltd's operations in the National Capital Territory, the oil regulator has authorised the company to retail CNG (compressed natural gas) to automobiles and piped gas to households.
Reliance Gas, which had successfully bid for three cities -- Rajahmundry in Andhra Pradesh, Shahdol in Madhya Pradesh and Yanam in Pondicherry -- during the second round of bidding for CGD in 2009.
RIL had drawn 58.67 bcm of gas from four wells.
The government on Thursday more than doubled the price of natural gas that is used to produce electricity, make fertilisers, turned into CNG and piped to household kitchens for cooking, on the back of a spike in global energy prices. The price of gas produced from old regulated fields, such as the nation's largest gas field of Bassein of ONGC, will rise to a record high of $6.10 per million British thermal unit (mmBtu) from the current $2.90 per mmBtu, according to the oil ministry's Petroleum Planning and Analysis Cell (PPAC). The new price, which is likely to result in a hike in CNG and piped cooking gas rates, will be for six months beginning April 1.
Trump spoke approvingly of his recent telephone conversation with Xi Jinping. This could indicate the possibility of America and China reaching some level of tactical accommodation, which would not be good news for India, points out Ambassador Shyam Saran, a former foreign secretary.
Industrialist Anil Ambani met Oil Minister S Jaipal Reddy on Wednesday, seeking natural gas allocation for his group's upcoming power projects.
A group of ministers will meet on Wednesday to discuss the revision of natural gas prices after a gap of four years and consider change in the country's main trunk gas pipeline HBJ's transportation tariff.
The government on Wednesday mandated the petroleum ministry to hold dialogue with Pakistan, Bangladesh, Iran and Myanmar to secure natural gas supplies through pipelines to meet demand of the country.
Oil regulator PNGRB has virtually put Reliance Industries Ltd (RIL) on notice by inviting bids for sections of two natural gas pipelines that were previously awarded to the Mukesh Ambani-run firm.
Movie star-Minister Suresh Gopi visited Thane over the weekend to campaign for the ruling Mahayuti alliance in Maharashtra.
The group of ministers' meeting on Tuesday on raising natural gas price for fertilizer and power units and setting up a regulator for the oil sector remained inconclusive.
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