Government won’t charge profit on hydrocarbon output in oil industry’s less explored areas

NEW DELHI: In a major overhaul of oil and gas exploration permits, the government will not charge any share of profit on hydrocarbons produced from less explored areas as it looks to attract the elusive private and foreign investment to raise domestic output. Breaking from the two-and-a-half decade-old practice of having a uniform contractual regime […]

ONGC’s KG Basin spends Rs 5.5 cr under CSR

RAJAMAHENDRAVARAM: ONGC’s KG-Basin, led by V Syam Mohan, ED-Basin manager, Krishna Godavari Basin, has spent financial aid of around `5.5 crore for 2018-19 under corporate social responsibility (CSR). The financial assistance was given for schools, upgradation of tailoring unit of central prison Rajahmundry, toilets, strengthening hospital infrastructure and cycle sheds in schools in East Godavari, […]

‘Reasonable petroleum pricing good for economy’

KOCHI: India as a country should strive for a reasonable petroleum pricing which would incentivise both consumers and investors, said B Ashok, MD, Ratnagiri Refinery & Petrochemicals. He was delivering the inaugural lecture at the 38th Annual National Management Convention 2019 organised by Kerala Management Association on Thursday. “Low oil prices mean low investments, especially […]