Currently, OMCs provide A-I a two-month credit. "There was a request from the committee of secretaries to extend the credit on ATF to three months from the existing two months to help Air India.
The petroleum ministry has told ONGC to give away 60%stake plus operating control in India's largest oil and gas producing fields of Mumbai High and Bassein to foreign companies, according to an October 28 letter to the state-owned company. Amar Nath, additional secretary (exploration) in the Ministry of Petroleum and Natural Gas, wrote a 3-page letter to ONGC chairman and managing director Subhash Kumar, saying productivity of the Mumbai High and Bassein & Satellite (B&S) offshore assets under state-owned firm was low and international partners should be invited and given 60 per cent participating interest (PI) and operatorship. This is the second time since April that Nath, who is part of the ONGC management as the longest-serving government nominee director on its board and often considered a potential candidate to replace Kumar next year, has written an official letter, painting a poor picture of the company's performance.
The government is unlikely to take up the issue of reducing petrol, diesel and domestic LPG prices on Thursday as consultations on petroleum ministry's simultaneous proposal for freeing auto fuel pricing were not complete.
Petroleum Ministry is considering cutting down the number of independent directors on board in an oil PSU to 33%.
Violation of the provisions entails a punishment of a jail term up to five years or with fine up to Rs 1 crore or with both, the ordinance released by the Ministry of Law and Justice on Thursday said.
Mukesh Ambani's Reliance Industries (RIL) might be denied a higher gas price from its D1 and D3 fields until the arbitration process with the government is over and a third-party expert report on the fall in output at the KG-D6 block is out.
The finance ministry, in the explanatory memorandum to the Finance Bill 2008-09, proposes to withdraw the tax holiday which has been a window the petroleum ministry has been using to market the oil and gas exploration blocks under the New Exploration and Licensing Policy (Nelp) since 1999. The commitment to give a 7-year tax holiday to companies producing gas from Nelp blocks was finalised by the Union Cabinet after consultation with the finance ministry.
Could get $8.4 per mmBtu from April 2014 by furnishing bank guarantee that would be encashed if D1, D3 gas hoarding proved
Questioning the idea of market-determined prices for natural gas favoured by the petroleum ministry, the Planning Commission said on Tuesday that given the shortage of the fuel, the government had a role to play.
The petroleum ministry's call for an immediate Re 1 cut in excise duty on diesel has been rejected by Finance Minister P Chidambaram.
The petroleum ministry has projected a strong year for the oil marketing companies though the largest exploration company, Oil and Natural Gas Corporation, is projected to post a moderate gain in its bottomline.
This will help expand the distribution channels, said Subhash Chandra Khuntia, chairman of the insurance regulatory and development authority of India.
Replacing Iran, which is India's third largest oil supplier behind Iraq and Saudi Arabia, will not be a problem but margins will be hit as Tehran offers the best commercial terms
The Oil and Natural Gas Corporation may face delisting from stock exchanges as a petroleum ministry directive appointing additional government directors on company board has violated its listing agreement.
The pipeline deal could be signed by this yearend.
According to data shared with the Lok Sabha, 19 road projects awarded after May 2014 were facing delays
Indian Oil Corporation has approached the petroleum ministry with a proposal to raise oil prices by Rs 5.29 a litre and diesel by 4.54 a litre in line with the price band formula worked out by the government.\n\n
#GiveItUp but no matching LPG connections for BPL
The Cabinet Committee on Economic Affairs deferred on Thursday a decision on sharing royalty earned from oil output with states.\n\n
Ministry may seek to retain control even after underrecovery becomes zero.
In its latest undercover investigation, codenamed Operation Falcon Claw, Cobrapost has exposed a bunch of parliamentarians willing to not only write recommendation letters but also lobby with the petroleum ministry for a foreign company to help it secure oil exploration and rigging rights in the Northeast.
Shell gets govt's nod to import petrol, diesel
Downstream oil sector regulator Petroleum & Natural Gas Regulatory Board had been pushing for cancellation of the authorisation given to RGTIL.
They will be remanded to 11 days judicial custody.
The entry of a new developer through competitive bidding would delay the development of discoveries by at least 10 years.
Not only does there appear to be no meeting ground on the issue of a pricing formula proposed by the committee, the petroleum ministry wants another committee headed by Vijay Kelkar to look into the other major recommendation of moving to the revenue sharing model in exploration and production.
The demand for diesel cars, which account for 58 per cent of passenger vehicle sales in India every month, has seen a steep rise, as manufacturers continue to introduce variants that have diesel engines.
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