The government will offer 20 oil and gas exploration blocks in the fifth round of bidding under the New Exploration Licensing Policy in January 2005, Petroleum Minister Mani Shankar Aiyar said on Friday.
India on Thursday offered 55 oil and gas blocks and 10 coal bed methane blocks for bidding under the sixth round of New Exploration Licensing Policy in an attempt to raise domestic output.\n
Oil and gas exploration in India has taken a quantum leap with three significant oil and gas discoveries and about $416 million already invested in less than three years, Petroleum Minister Ram Naik has said.
Global oil majors did not bid in the previous NELP rounds but the discovery of a large gas field with estimated reserves of 14.5 trillion cubic feet by Reliance Industries last year is expected to attract foreign firms, they said.
The blocks on offer include one in the prospective Krishna-Godavari basin in the Bay of Bengal, where Reliance Industries found a large field with estimated reserves of 14.5 trillion cubic feet of gas last year.\n\n\n\n
Oil and gas players' wish list includes incentivising E&P investments and reintroduction of income tax holiday for exploration and production activities, among others.
The new government on June 25 decided to defer the implementation till September-end to hold wider consultations.
Companies to hold rates in Delhi until new government is formed.
Indian oil and gas exploration companies work in silos.
The oil ministry is rejecting the monetisation of new discoveries as their production will not be viable at the present price of $4.2 per mmbtu
Reliance Industries on Friday hit out at Oil and Natural Gas Corp (ONGC) for suing it over KG gas dispute, saying some elements in the state-owned firm may be "misleading" the chairman D K Sarraf to hide their failure in developing the discoveries made over 13 years.
In a presentation to investors in Mumbai last week, Aramane Giridhar, Joint Secretary (Exploration) gave detailed reasons for pendency of decisions in the Ministry of Petroleum and Natural Gas where officials approved of decisions but refused to issue formal orders, resulting in delays in production of oil and gas.
Though the developments are positive, analysts say the benefits will accrue only in the long run
Petrol prices on Thursday crossed Rs 73 a litre mark, the highest level since the BJP government came to power in 2014, while diesel touched a record high of Rs 64.11 a litre.
Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.8%-1%.
As CAG found Reliance Industries was being favoured in gas exploration deal to the government's detriment, former Prime Minister Manmohan Singh told the then top auditor Vinod Rai that audit should not hurt the private sector and RIL was one of the biggest and most respected.
The pricing and marketing freedom for exploitation would be capped by a ceiling price.
Oil India is set to usher in a new era with a road map drawn to ramp up production and diversification plans to foray into liquefied natural gas
In the 38-page report, across 10 chapters, RIL explained how it entered the exploration and production business; the history of the New Exploration and Licensing Policy and the introduction of production-sharing contracts.
Lowering excise duty on petrol, diesel, and other fuels, branded fuels.
Energy conglomerate Reliance Industries and its partner BP plc on Friday said they have made a second deep-water gas condensate discovery in the Cauvery basin, off the east coast.
A Texas company will submit a report by June on whether a company controlled by RIL 'stole' natural gas from the wells where ONGC is contracted to operate in the KG basin, as alleged by ONGC.
Link between oil exploration and markets can be used by India to great advantage.
Custom duties, a major concern for the oil sector.
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Mayank Ashar talks about India's business environment.
Re-instatement of 5% custom duty on crude imports will help.
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