Petroleum Minister Ram Naik sought, on Thursday, excise duty cut on petroleum products to check adverse impact of excessive volatality in international crude oil prices on domestic prices
The Standing Committee on Petroleum and Natural Gas in its report tabled in Parliament today asked the ministry to strictly monitor implementation of directions issued to RIL for reversing the trend of falling gas output from the Bay of Bengal field.
Natural Gas production from KG-D6 block has dropped to below 20 million standard cubic metres a day this week, from over 63 mmscmd peak output achieved in August 2010.
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.
Reliance Industries and Cairn India want to drill exploration wells in already producing oil and gas fields, but the ministry's technical arm DGH had previously opined that such activity in an area that is producing hydrocarbons is not permissible under Production-Sharing Contract.
An increase in petrol, diesel, domestic cooking gas (LPG) and kerosene prices looks "imminent" after the Finance Ministry said it has no money to provide for fuel subsidy.
CAG's report on Hydrocarbon Exploration Efforts of ONGC, which was tabled in Parliament today, expressed concern at the company's lack of adequate efforts and results in new fields and wanted the Oil Ministry to reset annual targets set out in memorandum of understanding that the firm signs with the government.
The oil ministry has asked refiners to defer planned maintenance of refineries to ensure smooth supply of oil products if there is a US-led invasion of Iraq, a government official said
An Oil Ministry-controlled oversight panel that overseas operations at KG-D6 fields, today decided to approve annual operating and capital expenditure for fields that has been pending for past three years, sources said.
The Oil Ministry has proposed a Rs 3-4.50 per litre hike in diesel price and Rs 100 in LPG rates along with raising the number of subsidised cooking gas cylinders for households to nine a year from the current cap of six.
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.
Honda Accord Hybrid and Accord Plug-in Hybrid are a perfect package of beauty, opulence, economic viability, and performance.
The Oil ministry is set to raise the diesel prices by Rs 10 per litre over the next ten months. Planning Re 1 increase per litre per month for the coming 10 months. This means the wide-gap between diesel and petrol will reduce. Should a car buyer still buy diesel cars or opt for other options?
While the Management Committee of KG-D6 block in August agreed to approval of capital spending plans pending for past three years, the resolution has so far not been signed.
Diesel prices may be hiked by Rs 10 per litre over a 10-month period and kerosene rates increased by same quantum over the next two years if a proposal being mulled in the Oil Ministry is accepted.
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.
The PSC provides for a financial audit -- checking of the contractor's accounts in order to verify the charges and credits, but not a performance audit that scrutinises efficacies of processes or technology used in the complex deep sea operations.
The Oil Ministry will raise the cap on supply of subsidised cooking gas (LPG) to 9 cylinders per household in a year provided the Finance Ministry agrees to give an additional Rs 3,000 crore in 2012-13.
In a surprise move, the Ministry had on October 10 moved a note to the Empowered Group of Ministers opposing a hike in price of RIL's KG-D6 gas before April 2014 even though the company itself was not seeking a revision before that date.
Agrees with RIL's stand that CAG cannot do a performance audit of the company.
RIL this week wrote to the ministry offering to give away 4,266 sq km of the Krishna Godavari basin block, sources privy to the development said.
RIL in a letter to the ministry said if such an "untenable" policy was allowed it would encourage KG-D6 allottees to sell the cheap gas at higher rates during times like plant shutdowns when they don't need the fuel.
Cooking gas price was on Saturday hiked by Rs 11.42 per cylinder following government decision to raise commission paid to the dealers.
The merged entity will become the third biggest refiner behind IOC and Reliance Industries.
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.
RIL wants to drill an exploration well on the D1&D3 gas fields in the KG-D6 block, Cairn on the Rajasthan block.
RIL produced a total of 22.04 mmscmd of gas from Dhirubhai-1 and 3 gas fields and MA oil and gas field in the KG-DWN-98/3 or KG-D6 block in Bay of Bengal in the week ended December 30, 2012, the Directorate General of Hydrocarbons said in a production status report to the Oil Ministry.
Oil accounts for about a third of India's total imports and higher dollar prices combined with a rupee near all-time lows have increased its cost.
To prevent rise in air pollution levels, oil marketing companies and thermal power units were planning to procure stubble from farmers to make bioethanol and promote the central government's 'Agricultural Mechanization' for crop residue management. But both have seen minimal success.
RIL on June 15 wrote to Oil Ministry proposing to price natural gas it produces from the Krishna Godavari basin block in Bay of Bengal at a rate equivalent to price India pays for importing liquefied natural gas, official sources said.
Vasudeva, 57, is currently director (offshore) in ONGC.
Gas production from KG-D6 in the week ended November 4 dropped to 25.11 mmscmd from about 26 mmscmd last month, according to an output status report filed by the company with the Oil Ministry in New Delhi.
Having failed to align cooking gas prices with the market and limit the number of subsidised cylinders to consumers, the government is now trying to curb the misuse of multiple connections in households.
The ministry had previously wanted to disallow $1.235 billion expenditure that RIL had incurred on putting production facilities at the Bay of Bengal gas fields but in the 7-page notice it sent to the company on May 2, the cost to be disallowed was put at $1.462 billion, sources privy to the development said.
This is perhaps the first time that retail prices in India are higher than the global rates
Cairn India and UK's BG Group too replied to audit observations.
Reliance Industries was to relinquish 25 per cent of the gas-bearing KG-D6 block in 2004 and a similar area in 2006 but the Directorate General of Hydrocarbons, which was at that time headed by V K Sibal, concluded that hydrocarbon prospectivity "extends over entire block and hence no block area needed to be relinquished."
The board of Cairn India has on two occasions rejected oil ministry conditions that royalties paid by Oil and Natural Gas Corporation on its all important Rajasthan oilfields, be cost recoverable from oil sales saying this was against contractual provisions and not in the interest of the company and its shareholders.
The seven-member grouping has seen two changes -- S Jaipal Reddy replacing Murli Deora after taking over as the Oil Ministry, while Kamal Nath has given away to the new Road Transport and Highways Minister C P Joshi.
The CAG, in its much-awaited report tabled in Parliament on Thursday, did not say if the capital expenditure for KG-D6 being raised from $2.4 billion proposed in 2004 to $8.8 billion in 2006 was unjustified or inflated.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances