The government may soon raise prices of natural gas produced by state-owned ONGC and Oil India by as much as 30 per cent, Petroleum Secretary S Sundareshan said on Monday.
ONGC Videsh Ltd, the overseas arm of the Oil and Natural Gas Corporation, has proposed to buy the entire gas production from Sakhalin-I field in Russia and import the same in the form of LNG to India.
Committee of secretaries is working on the formula and it is understood that EAC is also being asked to go through the formula.
10 largecaps stocks which stand to gain from the Budget.
Reliance Industries Limited's chairman Mukesh Ambani last week told company shareholders that his firm will supply gas to ADAG plants as and when they are ready and it is subject to the allocation being made by the government.
State-run Gas Authority of India Ltd on Monday said the government's decision to raise natural gas prices by 12 per cent would not affect its profitability.
BPCL is a high revenue-earning public-sector undertaking (PSU) and plans to privatise it are completely off the table, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Tuesday after assuming charge of the ministry for the second time. "Why would we divest ourselves of highly successful Maharatnas like BPCL," Puri said, arguing the Centre was not in favour of divesting its stake in oil PSUs.
Indraprastha Gas Ltd, whose initial public offer of 4 crore equity shares opens on Friday, plans to expand supply of compressed natural gas to automobiles in Delhi's adjoining cities like Noida, Greater Noida, Gurgaon and Faridabad.
India on Tuesday ruled out importing natural gas from Iran through an onland pipeline.
Citing the May, 2010, Supreme Court ruling that upheld the government's right to frame gas utilisation policy, the ministry last week wrote to Reliance directing it to first supply natural gas from its KG-D6 fields to priority sectors like fertiliser and power, official sources said.
The growth of eight key infrastructure sectors rose to 5.2 per cent year-on-year in March due to improvement in the output of crude oil, cement and electricity, according to official data released on Tuesday. In 2023-24, the growth rate in the output of these eight sectors was 7.5 per cent, marginally down from 7.8 per cent recorded in the year-ago period.
'The global climate system doesn't look at where the carbon dioxide is coming from. 'It may be emitted by the US, but it will not remain above the US alone but covers the whole world.'
An uncontrolled flow of gas started from the Well G-1-9 in Bay of Bengal around August 30.
Reliance Industries will invest $1.7 billion in a project in the United States for extracting gas from shale, a sedimentary rock, in joint venture with Atlas Energy Inc.
The Cabinet Committee on Economic Affairs headed by Prime Minister Manmohan Singh allowed ONGC Videsh Ltd, the overseas investment arm of Oil and Natural Gas Corporation, to invest $167.84 million in taking 8.35 per cent stake in the pipeline.
Reliance Industries Ltd has found new natural gas reserves in Krishna Godavari basin D6 block off the east coast, the company's minority partner Niko Resources has said.
Veerappa Moily's allegation that an import lobby was against an increase in gas prices has found no takers among sectoral experts.
The agreement, which will be reviewed at the end of five years, will boost profitability of the steel firms who had been buying expensive LNG or naphtha to meet feedstock shortage at their plants, a senior official said. The ministry of petroleum and natural gas had last week asked Reliance to sell natural gas to steel firms like Essar, Ispat and Vikarm Ispat to help the nation's most prolific gas field to produce at optimum level.
A report, by DeGoyler and MacNaughton, has put a question mark on the future production from the five ONGC discoveries.
Reliance currently holds 90 per cent interest in KG-D6.
'Even if India is attractive, FPIs currently lack the funds to invest, as money is being redirected to the US.'
Power plants, involving investments of Rs 100,000 crore, facing closure.
ONGC has suffered a loss of over Rs 30,000 crore due to alleged siphoning off of natural gas by Reliance Industries Ltd (RIL) from the PSU's well in Krishna-Godavari (KG) basin and appointment of an experts body on the issue "will not help", the state-run oil firm said.
Modi govt is committed to extend the piped gas networks in the country to 30,000 kms in the next 15 years as against the 15,000 kms network today
IGL had this month raised compressed natural gas (CNG) prices in the national capital by Rs 1.25 per kilogram to Rs 29 per kg and piped cooking gas to Rs 26 per cubic meter, as it bought more of imported LNG to meet the rising demand.
The growth of eight key infrastructure sectors rose to a 14-month high of 12.1 per cent in August 2023 against 4.2 per cent a year ago, mainly due to expansion in production of coal, crude oil, and natural gas, according to the official data released on Friday. The expansion in August is the highest since June 2022, when it was 13.2 per cent. The production of refinery products, steel, cement and electricity also grew in August, the data showed.
Companies to hold rates in Delhi until new government is formed.
A market-determined price is the best option but the Constitution makes it clear that natural resources are a national asset.
Global steel giant Mittal Steel owned by NRI billionaire Laxmi Mittal is to cut consumption of natural gas at its Ukrainian steel plant following steep hike in gas price by Russia.
State-owned Indian Strategic Petroleum Reserves Ltd (ISPRL), which operates India's strategic crude oil storage, will make awards by December to lease around 1 million tons of crude oil storage space (7.3 million barrels) at two of the country's three existing Strategic Petroleum Reserves (SPRs), around a fifth of the total SPR capacity. This will enable the refilling of crude caverns even as escalating hostilities in the Gulf threaten disruptions in crude supplies, two industry sources said.
The Police on Tuesday claimed to have cracked the sensational murder case involving an ex-service man in Hyderabad, revealing grisly details of the killing of his wife where he allegedly dismembered her, crushed her bones into powder and flushed down the remains in a toilet, all during a day-long 'operation'.
The Petroleum Ministry in an order on Wednesday said it has revised guidelines for allocation/supply of domestic natural gas to city gas distribution entities for CNG and piped cooking gas sector.
The prices of natural gas for power and fertiliser units are likely to be raised by 12.5 per cent to Rs 3,600 per thousand cubic metres in July, according to oil secretary M.S.Srinivasan.
Reliance Industries Chairman Mukesh Ambani met top government officials on Tuesday, including Cabinet Secretary and Principal Secretary to the prime minister, to explain his company's approach to pricing of natural gas to be produced from KG basin.
The growth of eight key infrastructure sectors slowed down to 4.3 per cent in May 2023 due to a decline in the production of crude oil, natural gas and electricity, according to the data released by the government on Friday. The core sector growth was 19.3 per cent in May 2022, while in April 2023, the key infra sectors recorded a growth rate of 4.3 per cent. During April-May this fiscal, the output growth of these eight sectors slowed down to 4.3 per cent against 14.3 per cent in the year-ago period, the data showed.
CNG and piped cooking gas prices in cities such as Delhi and Mumbai may be hiked by 10-11 per cent next month as the government-dictated gas price is set to rise by about 76 per cent, ICICI Securities said in a report. The government, using rates prevalent in gas-surplus nations, fixes the price of natural gas produced by firms such as state-owned Oil and Natural Gas Corp (ONGC) from fields given to them on nomination basis, every six months. The next review is due on October 1.
Global brokerage firm CLSA has reversed its early tactical shift from Indian equities to Chinese stocks, and has decided to raise India allocation while cutting exposure to China. In its report titled 'Pouncing Tiger, Prevaricating Dragon', CLSA cited challenges facing Chinese markets in the aftermath of Donald Trump's victory in the US elections as the reason for the move. "Misfortune can happen in threes. So it has played out for Chinese equities over the past week.
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