India's latest bid round for 21 oil and gas blocks attracted just three bidders, two of whom were state-owned explorers Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL), according to upstream regulator DGH. As many as 21 blocks or areas were offered for exploration and production of oil and gas in the Open Acreage Licensing Policy (OALP) Bid Round-VI, for which bidding closed on October 6. Besides ONGC and OIL, Sun Petrochemicals was the only other company to have bid, according to 'Summary of Bids Received Against Offered Blocks' posted by the Directorate General of Hydrocarbons (DGH).
ONGC Videsh, the overseas arm of state-owned Oil and Natural Gas Corporation, is seeking to regain operatorship of offshore gas block in Vietnam, which started gas production last month.
"Our gross billing in October-December quarter was $ 89.13 per barrel, as compared to $ 76.66 a barrel in the corresponding quarter of the last fiscal," a company official said.
The government recently announced a new formula for determining the price of natural gas, lowering it from $8.4 suggested by the C Rangarajan committee.
Reliance Industries has put the cost of producing natural gas from its prolific Krishna Godavari basin fields at $2.9 per million British thermal unit and the firm will earn a pre-tax return of 13 per cent.
The wholesale price-based inflation declined to 4.95 per cent in December 2022, mainly due to fall in prices of food articles and crude petroleum. The Wholesale Price Index (WPI)-based inflation was 5.85 per cent in November 2022 and 14.27 per cent in December 2021. Inflation in food articles was (-)1.25 per cent, while in fuel and power it was 18.09 per cent during December 2022.
Iran said it hoped all aspects of a $7-billion pipeline to transport natural gas from the country to Pakistan and India would be finalised in next two months.
Megha Engineering and Infrastructure Ltd made a number of electoral bond purchases close to the date of bagging crucial projects, including the all-weather Zojila tunnel that is being constructed at an estimated cost of Rs 4,500 crore in Jammu and Kashmir.
Barring crude oil and cement, all other sectors recorded positive growth in November. In October, these core sectors' output had grown by 8.4 per cent. In February this year, the growth rate contracted to 3.3 per cent.
The wholesale inflation rose to a 13-month high of 1.26 per cent in April fuelled by rising prices of food articles, especially vegetables, amid expectations of RBI holding interest rates in the policy review next month. The wholesale price index (WPI) based inflation has been rising for two months in a row.
Contracting for the eighth consecutive month, the output of eight core infrastructure sectors dropped by 2.5 per cent in October, mainly due to decline in production of crude oil, natural gas, refinery products and steel. The production of eight core sectors had contracted 5.5 per cent in October 2019, data released by the Commerce and Industry Ministry showed on Friday.
State-run Oil and Natural Gas Corp will invest around $15 million in developing Chinnewala Tibba oil and gas discovery in Jaisalmer district of Rajasthan.
Production of eight infrastructure sectors expanded at a four-month high of 7.8 per cent in January 2023 on better show by coal, fertiliser, steel and electricity segments, according to official data released on Tuesday.
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Wholesale price-based inflation spiked to a record high of 15.08 per cent in April on rising prices across segments from food to commodities. The WPI-based inflation was 14.55 per cent in March and 10.74 per cent in April last year. "The high rate of inflation in April 2022 was primarily due to rise in prices of mineral oils, basic metals, crude petroleum & natural gas, food articles, non-food articles, food products and chemicals & chemical products etc. as compared to the corresponding month of the previous year," the commerce and industry ministry said in a statement.
ONGC Videsh Ltd, the overseas investment arm of India's largest oil producer Oil and Natural Gas Corporation, is planning to bid for a "few" of the 19 exploration blocks being offered under two bidding rounds by Iraq, which has the world's third-largest oil reserves.
Reliance Industries is ostensibly seeking a 25 per cent increase in the price of natural gas it produces from the eastern offshore Krishna-Godavari Basin after it wrote to the Oil Ministry saying it has customers willing to pay more than the government-approved price.
Here is the complete list of ministers in Modi 3.0 and their portfolios:
The company has already received an approval to spend Rs 50,000 crore (Rs 500 billion) for commercialising two of its biggest gas discoveries in the D6 block located in the KG basin. "In a letter to oil regulator Directorate General of Hydrocarbons, the company has submitted one more development plan for Rs 10,000 crore as additional capex (capital expenditure) for the block.
Iran says it is confident that the proposed "peace pipeline" project to transfer natural gas from the rich Iranian fields to Pakistan and India will be constructed once the negotiations between New Delhi and Islamabad are concluded.
The board of Oil and Natural Gas Corporation has approved the investment of Rs 950 crore (Rs 9.5 billion) extract gas from below the coal seams in Jharkhand and West Bengal from June 2007.
Though crude oil prices in the market are at a record high and analysts say they could breach the $200-per-barrel mark soon, consumption has grown rapidly in India as prices of petrol, diesel, kerosene and liquefied petroleum gas are heavily subsidised by the government and its oil production and marketing companies. Higher demand, coupled with higher prices, is also likely to drive up the country's oil import bill to over $100 billion in this financial year.
RIL and its partners BP plc of UK and Canada's Niko Resources plan to produce about 13 million standard cubic metres per day of gas for 13 years from D-34 discovery, known as R-Cluster, in the KG-DWN-98/3 or KG-D6 block by 2017-18.
Barring fertiliser, all seven sectors - coal, crude oil, natural gas, refinery products, steel, cement, and electricity - had recorded negative growth in May.
Differences over the price of natural gas to be imported through the Iran-Pakistan-India pipeline persisted on Friday, but the three countries agreed to appoint an international consultant to look into the issue.
The production of eight infrastructure sectors rose by 7.5 per cent in October on healthy performance by the segments of coal, natural gas, refinery products and cement, official data released on Tuesday showed. The output of eight core sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had contracted by 0.5 per cent in October 2020, according to the data released by the commerce and industry ministry. Core sectors' growth stood at 4.5 per cent in September this year.
The over $7 billion Iran- Pakistan-India gas pipeline project has been found to be technically feasible but its economic viability will depend on the price at which Tehran sells the fuel, the Centre said on Tuesday.
Royal/Dutch Shell on Friday said its $600 million liquefied natural gas import and regassification terminal at Hazira will be commissioned in the second half of 2004 and hoped to make available gas at very competitive price by the year end.
Oil and Natural Gas Corporation and Mukesh Ambani-controlled Reliance Industries may tie up to build a common gas processing unit as the two firms have discovered huge reserves in the Krishna-Godavari basin
Reliance Industries has said that it had in December 2005 signed a contract to sell natural gas to NTPC at $2.34 per mmBtu price for 17 years, but it was the state-run firm that did not reciprocate.
According to industry experts, the consumption of petroleum products in the month of April was only 30-40 per cent of what it had been prior to the lockdown. Due to this, refineries were forced to bring down their capacity too.
Reliance had in 2006 won government nod to invest $8.836 billion in Dhirubhai-1 and 3 fields in KG-D6 block after promising an output of 61.88 million cubic meters a day from 22 wells by April 2011 and 80 mmscmd from 31 wells by 2012.
The incident remains a reminder of the inherent fragilities of all geopolitical relationships.
An expert panel approved policy for development of gas fields.
RIL, which had made four consecutive gas discoveries with close to 500 billion cubic feet of in-place reserves in block, proposed immediate relinquishment, its minority partner Hardy Oil and Gas plc of UK said on Wednesday.
OVL, along with Oil India Ltd, had in June agreed to buy Videocon Group's 10 per cent in the same block for $2.48 billion.
The pricing of natural gas will be discussed by the group of ministers concerned on January 29, Union Petroleum Minister Ram Naik said on Wednesday. \n\n\n\n
The KG-D6 production is lower than 61.5 mmscmd rate achieved in March, 2010, as a drop in pressure in the wells and increased water ingress has led to a lower per-well gas output.
CNG price in the national capital on Friday was hiked by 80 paise per kg, while piped cooking gas rates were increased by a steep Rs 5 per cubic metre on the back of the government raising input natural gas prices to record levels. CNG price in the National Capital Territory (NCT) of Delhi has been increased to Rs 60.81 per kg from Rs 60.01, according to information posted on the website of Indraprastha Gas Ltd (IGL) -- the firm which retails CNG and piped cooking gas in the national capital. This is the sixth increase in CNG prices in the last month.
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