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.
This is the case even though the benchmark index is only 5 per cent below its all-time high. The list of stocks trading at a discount primarily consists companies in the automotive, banking, oil and gas, insurance, healthcare, and metal sectors.
The Oil Ministry has proposed raising natural gas prices by at least 60 per cent, a move that will result in rise in urea as well as power costs.
Megha Engineering and Infrastructure, the little-known Hyderabad-based firm that in recent years won the prestigious Zojila tunnel deal among other projects, forayed into city gas and acquired a media group, was the second largest donor to political parties using electoral bonds.
In the run up to the general election, Aam Aadmi Party had alleged that RIL's partner Niko Resources was selling KG-D6 gas in Bangladesh for half the $4.2 per million British thermal unit rate that India pays them.
The rates, on net calorific value (NCV) basis, dropped to $ 5.05 per mmBtu for six month period beginning April 1, 2015.
The law regulating the gas pipeline sector will end up making the public sector incumbents dominant players in the market.
Govt was vary of giving BJP-leader and Gujarat Chief Minister Narendra Modi any kind of advantage on the eve of elections in the state.
At present, India allows 100% foreign direct investment in exploration and production of oil and gas through a production sharing regime.
The beleaguered Dabhol power plant will from October 1 start buying natural gas from Reliance Industries to cut electricity generation cost at the nation's largest gas-fired unit.
Anil Ambani-owned Reliance Energy has approached state-owned gas utility GAIL (India) Ltd for transportation of gas to its proposed 4,000 MW power plant at Dadri.
The asset it owned by Venugopal Dhoot and a US oil and gas explorer.
In the past, the absence of commercially viable gas prices had not only discouraged high-risk new exploration activity but also hindered the development of some of the existing discoveries, such as the satellite fields in the Reliance Industries' eastern offshore KG-D6 block.
The President said he made the decision in consultation with European allies but added they may not be in a position to join the US in banning Russian energy imports.
He was speaking on the sidelines of a function to inaugurate the new building to house the Environment Ministry.
The competition between the two main players vying to lay cross-country natural gas pipelines has undergone a volte-face.
The joint venture will participate in exploration and production of gas and oil globally. It will also develop natural gas infrastructure projects.
The Planning Commission on Tuesday called for linking petrol and diesel prices with international markets and made a case for raising gas prices by public sector companies.
The Centre has garnered around Rs 2,500-3,000 crore in the first five weeks after it imposed a windfall tax on oil and gas companies for the export of fuel, Business Standard has learnt. It is likely that the government will continue with the one-time tax till the Indian crude basket is above $80 a barrel, sources said. The next review of the windfall tax on oil companies is early next week.
There is no payment problem for Russian crude, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Wednesday. He said there is no proposal to cut retail fuel prices at the moment. Addressing a press conference, the minister said India enjoys a buyers' position and foreign suppliers are approaching Indian companies with offers to sell oil.
Prime Minister Manmohan Singh on Tuesday dedicated GAIL India Ltd's 1,000 km Dabhol-Bangalore natural gas pipeline to the nation.
Tata Projects (Hyderabad), Tractebel Engineers and Constructors Pvt Ltd (New Delhi), Germanischer Lloyd Industrial Services (Mumbai) and Bureau Veritas (India), Pvt Ltd (Mumbai) are among the 13 agencies which will perform technical audit of city gas projects.
India's export of fuels like diesel to the European Union jumped 58 per cent in the first three quarters of 2024, with a bulk of them likely coming from refining discounted Russian oil, according to a monthly tracker report. The EU/G7 countries in December 2022 introduced a price cap and an embargo on the imports of Russian crude oil in a bid to cripple Kremlin's revenue and create a vacuum in its funding for the invasion of Ukraine.
Three companies -- FirstMeridian Business Services Ltd, IRM Energy Ltd and Lohia Corp -- have received capital markets regulator Sebi's go-ahead to raise funds through initial public offerings (IPOs). These firms, which filed their preliminary IPO papers with the markets regulator between September 2022 and January 2023, obtained the observation letters during February 21-24, an update with the Securities and Exchange Board of India (Sebi) showed on Tuesday. In Sebi parlance, observation implies go-ahead to the company to float the initial share-sale.
The wholesale price-based inflation rate declined to (-) 4.12 per cent in June on easing prices of food, fuel and manufactured items. The wholesale price index (WPI) based inflation in May was (-) 3.48 per cent. In June last year, it was 16.23 per cent.
Several people are still feared trapped in the debris after a series of landslides that occurred in Chooralmala and Mundakkai of Wayanad.
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.
IHS said low regulated gas prices have precipitated a supply shortfall in India, but proposed that reforms to the pricing formula could yield higher domestic production and boost India's economy.
Oil and gas exploration policy will be reviewed to move from profit sharing to revenue sharing contracts.
Trying to give the best support to Indian contingent but still being criticised: IOA chief PT Usha
The petroleum and natural gas ministry has asked the Planning Commission to constitute a committee to suggest a mechanism to average out prices of imported and domestic gas--a move expected to make gas prices uniform for consumers.
Projects worth over $20 billion, ranging from the decade-long Iran-Pakistan-India gas pipeline to various oil and gas exploration and production projects, are being re-considered, said officials in the Union Ministry of Petroleum and Natural Gas.
A deepwater well in a Krishna Godavari basin block operated by state-run Oil and Natural Gas Corp (ONGC) has been leaking gas for two months and there are now fears of environment damage due to the uncontrolled flow.
The Ministry refused to buy RGTIL's argument that the government has already allocated all of the projected 91 mmscmd gas output from the KG-D6 fields to customers in Andhra Pradesh, Maharasthra and other northern states, leaving no gas for transportation through its proposed pipelines from Kakinada to Howrah, Chennai, Tuticorin and Mangalore.
A year after a Hamas attack against Israel on October 7 and the ensuing Israeli invasion of the Gaza Strip, India's trade with most West Asian countries has largely escaped any major disruption, except with countries like Israel, Lebanon, and Jordan. However, repeated flare-ups of geopolitical tensions in the region continue to drive up shipping and logistics costs.
The government is giving top priority to making available 581 MMSCMD of gas required by power projects in the country, Rajya Sabha was informed on Tuesday.
Reliance Industries has found natural gas reserves in a well drilled on its NEC-25 block in Mahanadi basin, off the Orissa coast, the company's junior partner Niko Resources of Canada said on Friday.
RIL has more than half a dozen undeveloped discoveries.
Natural Gas production from KG-D6 block has dropped to below 20 million standard cubic metres a day this week, from over 63 mmscmd peak output achieved in August 2010.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances