Petroleo Brasileiro SA or Petrobras, Brazil's state-controlled oil firm, has offered ONGC its 15 per cent interest in the Krishna Godavari basin block that sits next to Reliance Industries prolific KG-D6 fields without any cost.
Oil and LNG prices are likely to shoot up if Iran is to block Strait of Hormuz, through which countries like India import crude oil from Saudi Arabia, Iraq and UAE, leading to a spike in inflation, analysts said on the Iran-Israel conflict. The Iran and Israel conflict has escalated over the last few days. Iran first launched drone and rocket attacks on Israel, which retaliated by firing a missile. Crude oil prices have hovered around USD 90 per barrel since the conflict.
Arun Kumar Singh, former chairman of oil refining and marketing company BPCL, was on Wednesday appointed chairman and managing director of ONGC -- the first instance of a retired person being appointed the head of a Maharatna PSU. "The Appointments Committee of Cabinet (ACC) has approved the proposal of ministry of petroleum and natural gas for appointment of Arun Kumar Singh, ex-CMD, BPCL as chairman, ONGC for a three-year tenure with effect from the date of his assumption of charge of the post," an official order said. PTI first reported of Singh's appointment on November 17.
'The intensity and frequency of heatwaves will be much higher than in previous years over Punjab, Haryana, Rajasthan, Gujarat, Madhya Pradesh and Odisha.'
The Cabinet Committee on Economic Affairs had first on June 27, 2013, and then on December 19, 2013, decided to price all domestically produced natural gas, including unconventional fuels such as coal-bed methane and shale gas, at an average of international hub rates and the cost of importing liquefied natural gas.
It will have a capacity of 33 billion cubic metres
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.
The output of eight core sectors grew by 11.6 per cent in August, mainly due to an uptick in the production of cement, coal, and natural gas, official data showed on Thursday. The eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had contracted by 6.9 per cent in August 2020 due to the nationwide lockdown imposed to control the spread of COVID-19. The eight core industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).
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.
Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Monday said India is the only country where rates of petrol and diesel have come down between November 2021 and April 2024. Replying to various queries during Question Hour in Rajya Sabha, the minister also informed that the government is encouraging dialogue between Oil Marketing Companies (OMCs) and dealers regarding margins for the latter. Puri noted that petrol and diesel were deregulated during the UPA government.
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.
'Trump administration wanted a positive tone at this summit, but there was still some anxiety that there could be some awkward moments -- and there were not.'
The law regulating the gas pipeline sector will end up making the public sector incumbents dominant players in the market.
Putin is keen on establishing a good personal rapport with Trump and anchor a meaningful US-Russia partnership, realistic enough to accept that Trump is as good an American president as Russia would ever get, observes Ambassador M K Bhadrakumar.
The rates, on net calorific value (NCV) basis, dropped to $ 5.05 per mmBtu for six month period beginning April 1, 2015.
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.
I'...additional concessions, such as opening government procurement, reducing agricultural subsidies, weakening patent protections, and allowing unrestricted data flows -- demands India has resisted for decades.'
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.
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 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 joint venture will participate in exploration and production of gas and oil globally. It will also develop natural gas infrastructure projects.
Prime Minister Manmohan Singh on Tuesday dedicated GAIL India Ltd's 1,000 km Dabhol-Bangalore natural gas pipeline to the nation.
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.
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.
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.
Wholesale inflation fell to a 3-month low of 2.04 per cent in July on decline in prices of food items especially vegetables, government data released on Wednesday showed. The decline in wholesale price index (WPI) based inflation in July came after it rose for four months in a row till June, when it was 3.36 per cent. It was (-) 1.23 per cent in July last year. In April wholesale inflation stood at 1.19 per cent.
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.
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.
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.
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.
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.
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