India's top oil and gas producer ONGC on Friday reported a tripling of net profit in the June quarter as it earned record prices before the government slapped a tax on windfall profits arising from a global rally in energy rates. Oil and Natural Gas Corporation's (ONGC) standalone net profit at Rs 15,205.85 crore, or Rs 12.09 per share, in April-June, compared to Rs 4,334.75 crore, or Rs 3.45 a share, in the same period a year back, according to a stock exchange filing by the company. Sequentially, the profit was higher than the Rs 8,859.54 crore net profit of January-March.
Two years after it was first constituted, the Petroleum and Natural Gas Regulatory Board continues to move ahead in a patchy manner -- it is inviting bids for 2,800 km of cross-country pipelines and 1,200 km of spurlines next week; it is in the process of fixing tariffs for the Mukesh Ambani-owned Reliance Gas Transportation India Limited pipeline. Its chairman L Mansingh spoke at length on several of these issues to Sunil Jain.
'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.'
Reliance Industries and British Gas have initiated legal proceedings against state-run GAIL (India) to recover about $150 million for gas supplied during June 2004 to March 31, 2005.
The gas pricing formula no weight to cost of gas production. It takes into account prices in global hubs and the price of gas being imported.
In a written reply to a question, he said commercial production of oil from Reliance KG-DWN-98/3 block or KG-D6 commenced in September at the rate of 10,000 barrels of oil per day. Reliance and its Canadian partner Niko Resources has established 570 million tons of oil and oil equivalent gas reserves in the block.
Iran and Pakistan have signed a deal in Turkey paving the way for constructing the much- delayed natural gas pipeline that was originally envisaged to extend up to India.
According to a source close to the development, the government is set to come out with a notification in this regard by the end of this week.
Natural gas produced from C-Series fields is sold to GAIL which further markets it to end users.
'Even if India is attractive, FPIs currently lack the funds to invest, as money is being redirected to the US.'
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.
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'.
Wholesale inflation fell to a 4-month low of 1.31 per cent in August due to a decline in prices of vegetables and fuel, even though onion and potato prices spiked, according to official data released on Tuesday. Wholesale price index-based inflation fell for the second straight month in August after it hit a high of 3.43 per cent in May. Inflation in July was 2.04 per cent. In August last year, WPI inflation was (-) 0.46 per cent.
The output of eight core sectors rose 4.4 per cent in September on account of healthy performance by segments like natural gas, refinery products and cement, official data showed on Friday. The eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had grown by 0.6 per cent in September 2020, as per the data released by the commerce and industry ministry.
A close examination of the government's decision-making process shows there were four specific reasons that influenced the Union Cabinet's Wednesday move to defer a decision on gas prices by three months, to September 30.
Reason behind for the change in his stance: gas price increase.
Earlier this week, the ministry had come out with a clarification, saying domestic gas producers had to stick to the earlier price of $4.2 a unit until a further notification from the new government.
The government cannot exercise its sovereign rights twice over.
The scheme will cost the state exchequer altogether Rs 1,650 crore.
Fertiliser, power plants plan expansion in anticipation
Natural gas output from KG-D6 in the week ended June 24 dropped to 30.82 mscmd from 31.57 mmcmd in the beginning of the month, according to a status report filed by the company with the Oil Ministry.
Gail India has protested Petroleum Minister Mani Shankar Aiyar's plans to open up laying of natural gas pipelines to the private sector, saying competition cannot protect consumer interest.
Gujarat Chief Minister Narendra Modi claims to have made India's largest-ever gas discovery but his Canadian partner firm GeoGlobal Resources downplayed the find saying it was premature to quantify reserves.
RIL had said at that time the allegations were baseless and devoid of any merit.
RIL gets $4.2 per million British thermal unit for the gas produced from its KG-D6 fields in the Bay of Bengal.
Reliance Industries Ltd (RIL) has opposed the proposal of a new pipeline from Kakinada to Srikakulam floated by Andhra Pradesh Gas Infrastructure Corporation (APGIC). RIL has argued that gas availability for the pipeline is uncertain and will not contribute to the development of a national gas grid.
Tripura Asset of ONGC has set a target of 60 lakh cubic metres of gas production per day which would be completed by three phases and Rs 1,946.22 crore (Rs 19.46 billion) has already been sanctioned by ONGC board for the first phase to be completed by 2011-12, the officials said.
State-run NTPC, Essar Power and Torrent are among the firms identified by the Union power ministry for buying natural gas from Reliance Industries' eastern offshore D6 block.
India's biggest oil producer Oil and Natural Gas Corp on Friday restored 70 per cent of gas supplies from Bombay High fields, which had earlier dropped to 20 per cent after a key oil facility was gutted in a fire two-days ago.
RFRL Group President A N Sethuraman on September 3 filed three separate applications with the Petroleum and Natural Gas Regulatory Board for licences to sell CNG to automobiles and piped gas to households in Mumbai, Delhi, Gurgaon, Faridabad etc.
The supplies to Anil Ambani Group's power plants including the one proposed at Dadri near Delhi, will be subject to government approving the allocation of the fuel, Mukesh Ambani said.
The GST Council, in its meeting on Saturday, is likely to decide on reducing tax rates on life and health insurance premiums, while hiking it on high-end wrist watches, shoes and apparels, besides considering a separate 35 per cent tax slab for sin goods. The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, is likely to discuss rate rejig in about 148 items, besides, it will also deliberate on bringing Aviation Turbine Fuel (ATF), a major component for airline industry's operation cost, in the Goods and Services Tax (GST) fold.
The International Finance Corporation is the private sector arm of the World Bank GSPC Gas, which is in the business of distributing natural gas to households and vehicles in Gujarat, has lined up an initial investment of $140 million for laying new pipelines for gas and building the infrastructure needed for gas distribution in cities. It may use the IFC fund to partly finance this expenditure.
Adding petrol and diesel to GST was a challenging task due to their significant role as revenue generators for both the central and state governments.
State-run Oil and Natural Gas Corporation will see its pre-tax profit growing by over Rs 1,822 crore (Rs 18.22 billion) on a 12 per cent increase in natural gas prices as recommended by the group of ministers.
In a new twist to the gas dispute between Ambani brothers, the fertiliser ministry on Monday said private family agreements cannot over-ride national priorities.
It added this wasn't aimed at benefiting Reliance Industries Ltd alone.
Oil and Natural Gas Corporation has made five oil and gas finds in eastern offshore and north-east, the most significant being a gas discovery in the Mahanadi basin block where 3-4 trillion cubic feet of gas reserves have already been established.
The EGoM headed by Defence Minister A K Antony was scheduled to meet on Tuesday to consider abolishing the priority ranking in natural gas allocation so that fuel currently consumed by urea plants can also be diverted to fuel-starved power plants.
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