The Report looks in-depth at how India’s role on the global oil market may evolve over the period through to 2030. It examines investment plans for the refining and petrochemical industry and how these developments may impact Indian crude and product net trade. The Report looks at energy transition trends …
Over the last few months, the ministry of petroleum and natural gas (MoPNG) has cleared around 200 pending management committee (MC) resolutions involving oil and gas blocks operated by both public and private companies, from as far back as 2004. In April alone, around 88 pending MC resolutions were cleared. …
Domestic gas prices may be fixed at $2 lower than the $8.8-per-unit price discovered by the Rangarajan commitee constituted to suggest changes in the production-sharing contract and future domestic gas-pricing mechanism. Sources said the oil ministry agreed to the basic principle of gas pricing suggested by the panel, but wants …
New Delhi: Reliance Industries (RIL) may this month win approval for $1.45-billion investment for developing a natural gas find it has made in a Cauvery basin block off the Tamil Nadu coast several years ago. RIL had made the only discovery in the CY-DWN-2001/2 block in 2007 and had submitted …
The government cleared a slew of infrastructure projects in the power and the oil and gas sectors on Monday, entailing investments to the tune of over Rs 58,000 crore. In the oil and gas sector, the Cabinet Committee on Investment (CCI) cleared 25 exploration and production blocks out of the …
India is unwilling to impose restrictions on its oil imports from Iran and will continue its energy ties with Tehran as long as it gets a “good deal” and logistic support, even as one national insurance company has stepped in to provide reinsurance for oil imports from Iran, staving a …
New Delhi: Reliance Industries (RIL) has struck a gas pool in the first exploration well dug in more than five years in its showcase Andhra offshore field that has seen production dropping to less than half the quantity for which expenditure was approved. Sources in the know said drilling of …
Reliance Industries has agreed to a Comptroller and Auditor General (CAG) audit on KG-D6 fields and issues over scope and extent of its scrutiny have been resolved, oil secretary Vivek Rae today said. "The audit issue has been resolved and that's a big step forward, that we will now get …
The state industry department has asked the Odisha Industrial Infrastructure Development Corporation (Idco) to formulate the draft memorandum of understanding (MoU) to be signed with Indian Oil Corporation Ltd (IOCL) after due consultation with district government pleader to avoid litigations. The Petroleum and Natural Gas Regulatory Board (PNGRB), the upstream …
The Directorate-General of Hydrocarbons (DGH) has held back approvals for work programme (WP) and budget for KG-DWN-98/3 (KG-D6) block for 2012-13 and 2013-14, seeking an explanation on various issues including not drilling the approved development wells and failing to adhere to the management committee (MC)-approved plans. In a letter to …
It seeks Petroleum Ministry’s intervention to ensure audit of KG-D6 block is not carried out under CAG (DPC) Act The Mukesh-Ambani-owned Reliance Industries Limited (RIL) has written to the Petroleum and Natural Gas Ministry seeking its intervention and an assurance that the audit of the KG-D6 block by the Comptroller …
Complains to ministry about co not co-operating with auditors due to differences over scope of the audit The Comptroller and Auditor General’s (CAG) audit of the controversial KG-D6 gas fields operated by Reliance Industries (RIL) has again cast a shadow on pending approvals for the block’s budget and investment plans. …
New Delhi: The cabinet committee on investment (CCI) will focus on 47 oil and gas blocks, including Reliance Industries’ producing KG-D6 gas fields, where defence approvals have delayed the project when it meets for the first time on Wednesday. On agenda is clearance to the blocks where the petroleum ministry …
Their first target could be bulk buyers but state-owned companies are well-entrenched in that market At 65 million tonnes per annum, diesel accounts for nearly 40 per cent of all petroleum products sold in the country. Not surprisingly, it is a huge opportunity for private oil marketing companies. Now that …
If the price rise is approved, it would raise costs for power and fertiliser companies and other natural gas buyers such as city gas distributors The pricing of natural gas is set for a major revamp. An empowered group of ministers is likely to approve new policy guidelines based on …
A panel headed by Prime Minister's Economic Advisory Council Chairman C Rangarajan has proposed creating a mechanism to carry out "concurrent audit" of blocks where companies have invested over $1 billion, enabling the government to keep a real-time vigil on the books of oil and gas producers. "(In cases) where …
A committee headed by C Rangarajan, the head of the Prime Minister’s Economic Advisory, has suggested linking the price of domestically-produced natural gas to international benchmarks such as US’ Henry Hub as well as the average wellhead price at which India imports gas, government officials said. “The formula balances interests …
EXPLORING REFORMS Wants cost-recovery clause removed, end to govt role in micromanaging fields, tax holiday extension The Rangarajan panel has recommended the end of the controversial system of oil firms recovering their costs from sale of oil and gas in all future contracts and suggested a transparent structure for sharing …
Block may contain over 100 million barrels of condensate or light oil and 3 trillion cubic feet of gas The government has given Reliance Industries the go-ahead to appraise its discovery in the Cauvery basin, enabling the company and its partner BP to prepare a field development plan and extend …
The Comptroller and Auditor General (CAG) has asked the oil ministry not to approve any more investments in Reliance Industries’s KG-D6 oil and gas block till the company submits all records of its spending in the Andhra offshore field till 2011-12 for scrutiny. In a November 9 letter to the …
The government has approved Reliance Industries’ plan to start drilling for developing a new area in KG-D6, the first major decision after Veerappa Moily took charge at the oil ministry late last month. The decision is seen as a shot in the arm for exploration companies, particularly Reliance Industries that …
