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.
RIL has raised the marketing margin to $0.15 per million British thermal unit from $0.12 per mmBtu earlier, a source said. The rate, which would be charged over the $4.20 per million British thermal unit base gas price, is however lower than the $0.18 per mmBtu margin charged by state-run GAIL. The increase, he said, was due to the additional risk of 'ship-or-pay,' an obligation under which the company would be obliged to transport the committed volumes or pay for the gas.
The Oil Industry Safety Directorate, under the Petroleum Ministry, carries out safety audits of oil and gas installations, besides formulating and standardising procedures and guidelines for design, operation and maintenance.
The state-run Oil and Natural Gas Corporation has walked away with bulk of the 21 oil and gas exploration blocks in the fourth round of new exploration licensing policy.
The state-run power utility NTPC Ltd has signed an agreement to buy gas from GAIL India for 10 years at a delivered price of close to $8 per million British thermal unit.
The fields have reserves of about 89 million tonnes
OVL, along with global oil majors such as Royal Dutch Shell, ExxonMobil, Chevron, ConocoPhillips, British Petroleum, Total and China National Petroleum Corporation, is one of the 35 companies short-listed by the Iraqi government for the auction, which includes six oil-producing blocks with recoverable reserves of 40 billion barrels of oil, making it the largest such auction in the world.
Key infrastructure sectors -- from railways to power, and from coal to petroleum -- will not only be part of the achievements but promises too, as the BJP fights to get a third term at the Centre.
Royal Dutch/Shell Group plans to grow its natural gas business relative to its oil assets and intends to supply gas to the United States, the Wall Street Journal reported on Tuesday.\n\n\n\n
If approved, gas price will rise to $6.775 per million British thermal unit from $4.2 currently.
Afghanistan, Pakistan and Turkmenistan signed a joint letter formally inviting India to join a 1,600-km natural gas pipeline project, the Asian Development Bank said on Wednesday.
Closely watched by the world for any escalation, the Iran-Israel conflict is already showing early signs of stress for India Inc - longer deliveries, doubling freight rates, extended working capital cycles, and higher costs. For those yet to feel the heat, there is growing apprehension and nervousness over future developments, observed industry executives.
India and Pakistan will soon finalise the details of the pipeline that will bring natural gas from Iran, a top Pakistan government official said in Islamabad.
India on Monday sought fuel from Qatar to restart the $2.9-billion Dabhol power project in Maharashtra.
After a series of flip-flops, NTPC is likely to finally sign an agreement with Reliance Industries this week to buy government-allotted natural gas at officially approved price of $4.20 per mmBtu.
Govt approved a formula, not a price; PetroMin says a substantial rise was inevitable.
Non-core sponge iron plants, petrochemicals units and oil refineries have cornered as much as 13.13 million cubic metres per day out of the 60.76 mmscmd of KG-D6 gas allocated.
India may source liquefied natural gas (LNG) from Indonesia and Qatar for restarting the $2.9 billion Dabhol power plant.
Wholesale price-based inflation rose to a record high of 15.88 per cent in May on rising prices of food items and crude oil. The Wholesale Price Index-based inflation was 15.08 per cent in April and 13.11 per cent in May last year. "The high rate of inflation in May, 2022 is primarily due to rise in prices of mineral oils, crude petroleum & natural gas, food articles, basic metals, non-food articles, chemicals & chemical products and food products etc. as compared to the corresponding month of the previous year," the commerce and industry ministry said in a statement.
On the insistence of petroleum minister Murli Deora, Russian Prime Minister Vladimir Putin is sending Shmatko to attend the conference of energy ministers of the Commonwealth of Independent States that New Delhi is hosting on November 25-26.
The Oil and Natural Gas Corporation is set to win seven of the 20 oil and gas blocks auctioned in January while Reliance Industries would bag six.
Reliance Industries Ltd has exited the last of its shale gas assets in the US after it agreed to sell its holding in Eagleford shale gas assets for an undisclosed sum of money.
About two dozen discoveries of the state-owned ONGC, Reliance Industries and the Gujarat State Petroleum Corp (GSPC) in KG Basin alone are languishing for want of right price.
India is the third largest consumer of petroleum products, after the US and China.
A committee of secretaries is already looking into the issue of pricing, which companies like RIL, British Gas and British Petroleum have said should be market-determined.
The latest flashpoint in West Asia has derailed India's preliminary plans to resume crude oil imports from Iran, officials said. In January, officials of the Ministry of Petroleum and Natural Gas had told Business Standard that the government had been studying proposals for the same, given that India was trying to expand sources of imports. "We are always monitoring the situation when it comes to crude flows.
Among the new entrants to the Union cabinet, former Madhya Pradesh chief minister Shivraj Singh Chouhan has been given the agriculture and rural development portfolios, Bharatiya Janata Party president J P Nadda the health portfolio and former Haryana chief minister Manohar Lal Khattar the power portfolio.
Among major economies, India in FY23 recorded the steepest increase in greenhouse gas (GHG) emission, climbing 6.1 per cent, with China trailing close behind at 5.2 per cent, according to the United Nations Environment Programme (UNEP) Emissions Gap Report 2024. In contrast, GHG emission decreased in both the European Union (EU) and the United States (US) by 7.5 per cent and 1.4 per cent, respectively. Despite India's rise, its 2023 GHG emission remains relatively low at 4,140 million metric tons of carbon dioxide equivalent (MtCOe) against China's 16,000 and the US's 5,970.
"India offers attractive opportunities for foreign investors in petroleum sector under the seventh round of the New Exploration Licensing Policy," Minister of State for Petroleum and Natural Gas Dinsha Patel said on Thursday, while inaugurating a Road Show in Calgary .
Anil Ambani Group firm Reliance Fuel Resources Ltd has sought government permission to lay a Rs 16,000-crore (Rs 160 billion) pipeline to take natural gas from Reliance Industries-operated field off the Andhra coast to its power plant at Dadri in UP.
Finance Minister Nirmala Sitharaman on Thursday announced a Rs 11.11 lakh crore spending on infrastructure and vowed to continue reforms as she resisted resorting to populist measures in Modi government's last Budget before general elections, instead choosing to stay on the path of cutting deficit while bolstering measures for focus groups.
An empowered group of ministers headed by Defence Minister A K Antony is to consider an Oil Ministry proposal of abolishing the priority ranking according to which natural gas is first given to urea manufacturing fertiliser plants, then to LPG units, followed by power plants, city gas, steel and refineries.
The EGoM is to consider fixing users for about 50 million cubic meters per day of KG-D6 gas, official sources said. This is in addition to the initial 40 mmscmd output that was previously distributed primarily to urea and power plants.
The output comprised 32.94 mmscmd from the D1 and D3 gas fields and 6.86 mmscmd from the MA oilfield.
RIL is currently producing 36 mmscmd gas from KG-D6, half of which goes to power plants. The firm has the capacity to produce 60 mmscmd but is constrained to produce less as the government is yet to identify customers for buying gas beyond the initial 40 mmscmd, allocated primarily to fertiliser and power producers in accordance with the Gas Utilisation Policy.
The government on Monday refused to review its decision rejecting the price of natural gas proposed to be sold by Reliance Industries Ltd to an Anil Ambani group firm.
Of this amount, over Rs 16,000 crore (Rs 160 billion) is being invested to improve output from seven fields, he told company's shareholders.
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