The output has dropped after hitting a peak of about 62 mmscmd in August, 2010.
OIL, which had paid a total dividend of 190 per cent in 2011-12, in January declared an interim dividend of 110 per cent for the current fiscal.
According to reports, the price of petrol is expected to go up by Rs 5 and diesel by Rs 6.
Petrol price was hiked by Rs 1.50 a litre and diesel by 45 paisa a litre.
With a high-powered ministerial panel on fuel pricing being scrapped, a cabinet committee may consider raising the prices of diesel, LPG and kerosene, Oil Minister S Jaipal Reddy indicated on Wednesday but refused to say when the issue would be taken up.
Amid growing street protest and unease in the party over the steep hike in petrol prices, Congress on Thursday hinted at a partial rollback as Oil Minister S Jaipal Reddy cut short his Turkeministan visit and met Sonia Gandhi's political secretary Ahmed Patel.
The Oil Ministry has been trying since July to get an Empowered Committee of Secretaries to vet the separate price proposals of RIL and Essar but the panel has so far not decided to take up the issue.
Bharti Airtel and Vodafone Idea have communicated to the telecom department that they will not pay AGR dues of Rs 88,624 crore, the deadline for which ended on Thursday, and will wait for the outcome of modification petition listed for hearing before the Supreme Court next week, according to official sources. Reliance Jio on Thursday paid Rs 195 crore to the telecom department to clear all adjusted gross revenue dues accounted till January 31, 2020, according to an official source.
Reliance Industries' eastern offshore KG-D6 gas field has seen output drop to 29 million units a day, against a planned 80 million units, causing acute shortage in power generation, Oil Minister S Jaipal Reddy said on Tuesday.
Sharing concerns of the common-man, Oil Minister S Jaipal Reddy said the decision to hike petrol price was taken by the oil companies, but the government is conscious of the 'sense of disturbance' caused by it among the consumers.
Anjanappa, chief of the Chikkaballapur unit of the party, has alleged that several crores of rupees were involved in the alleged scam and hence a probe had to be initiated.
Still battling the fallout of last month's steep Rs 7.54 a litre hike in petrol price, the government on Friday said it is not considering raising rates of diesel, domestic gas (LPG) and kerosene for the moment.
Geo-political reasons are to be blamed for spike in global oil prices, he says.
Basket of crude up 6%, while rupee has depreciated nearly 14% leading to losses
Currently, the gas pipelines have a capacity to transport 230 mmscmd of gas.
The new rates, which are likely to be at $8-8.4 against the current price of $4.2 per million British thermal unit, are based on the recommendations of a committee that was appointed by Prime Minister Manmohan Singh at the request of Moily's predecessor, S Jaipal Reddy.
State-owned Indian Oil Corp and GAIL Ltd are looking at picking up an equity stake in LNG projects in Africa to meet growing energy needs of the country, Oil Minister S Jaipal Reddy said on Friday.
Oil Minister S Jaipal Reddy has written to Finance Minister Pranab Mukherjee demanding a hike in excise duty on diesel cars to make up for subsidised fuel being used in vehicles.
The saving in 2015-16 was about Rs 7,000 crore.
BP, which recently bought 30 per cent stake in KG-D6 and 20 other blocks of Reliance Industries for $7.2 billion, is keen to undertake sea-bed surveys this winter season -- the only four months weather window available in Bay of Bengal for such jobs, to acess potential of satellite discoveries in the block and draw blue-print of their development.
Reliance Industries' eastern offshore KG-D6 gas fields are likely to see output drop to all-time low of 20 million standard cubic meters per day in 2014-15, Oil Minister S Jaipal Reddy said on Tuesday.
More than six months after a Reserve Bank of India order threw out a mechanism to pay for Iranian oil, Oil Minister S Jaipal Reddy on Tuesday said India is trying to ensure uninterrupted supplies of crude from the Persian Gulf nation.
Oil Minister S Jaipal Reddy on Monday rejected senior Bharatiya Janata Party leader Murli Manohar Joshi's attack on Home Minister P Chidambaram on the issue of CAG indictment of his ministry for alleged favours to private firms, saying such attacks would harm decision making at higher levels.
All subsidies will be eliminated by March 2018
A Group of Ministers headed by Finance Minister Pranab Mukhejree is likely to meet on Monday to vet London-listed mining group Vedanta Resources' $ 9.6 billion acquisition of Cairn India.
The visit will provide thrust to expand bilateral cooperation
Ahead of the much anticipated meeting of a high power panel of ministers, Oil Minister S Jaipal Reddy on Friday said his ministry has made no specific proposal on increasing auto and cooking fuel prices.
A CCEA meeting is scheduled for tomorrow but the approval for the Cairn-Vedanta deal is not listed on its agenda so far.
Sources said government headhunters Public Enterprise Selection Board had on September 29 last year, named Butola as its most preferred choice to head the nation's largest oil firm.
Refusing to be cowed by pressure being brought on him, Oil Minister S Jaipal Reddy on Friday said the decision for mining group Vedanta Resources' $9.6 billion buyout of Cairn India will be taken by the Cabinet without "sacrificing" on national interest.
The government has no plans to increase petrol and diesel prices even though international crude rates have touched $100 per barrel, Oil Minister S Jaipal Reddy said in Panipat on Tuesday.
After weeks of delay, Oil Minister S Jaipal Reddy has agreed to clear appointment of two independent directors on board of Oil and Natural Gas Corp (ONGC), a requirement that was must for the state-owned firm's public offering next month.
Industrialist Anil Ambani met Oil Minister S Jaipal Reddy on Wednesday, seeking natural gas allocation for his group's upcoming power projects.
Cairn Energy Plc chief executive Bill Gammell described the 30-minute meeting as 'positive and constructive'.
Reddy, who moved from urban development to the oil ministry, got down to tackling the task straightaway with a brainstorming session with senior ministry officials on Thursday.
India imported 13.2 million tonnes of crude oil from Nigeira in 2009-10.
Firm equity markets and foreign capital inflows failed to restrict rupee's fall against the dollar
With global crude oil prices climbing to their highest level in two-and-a-half years, Oil Minister S Jaipal Reddy on Friday said a ministerial panel will take a call on raising petrol and diesel prices.
Official sources indicated on Monday that the government may allocate natural gas to Anil Ambani Group's proposed power plants like the Dadri project in Uttar Pradesh only six months prior to commissioning, as reservation of gas is not allowed under the present policy.
The cabinet on Thursday approved a Rs 8,000-crore scheme to provide cooking gas (LPG) connections free of cost to women members of poor households.
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