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 […]
Category: Oil & Gas
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 […]
ONGC bags maximum oil and gas fields
NEW DELHI: Oil and Natural Gas Corporation on Thursday won five out of the 23 discovered oil and gas fields that were auctioned in the second round of discovered small field (DSF). The state-owned explorer has signed a contract for the prolific Chinnewala Tibba gas field, which it had discovered around 15 years ago, but […]
Union Minister Dharmendra Pradhan unveils 2 CNG stations in Puri district
PURI: Union Petroleum and Natural Gas Minister Dharmendra Paradhan on Thursday inaugurated two CNG stations at Uttara and Balukhand in the district through video conferencing. Addressing a public meeting at Saradhabali, Pradhan said the two CNG stations have been set up by GAIL Gas within six months. Fifteen more such facilities will be set up […]
BPCL’s petchem projects to boost local economy; trigger companies to set up base near Kochi
KOCHI: Kerala is a huge market for paint companies such as Asian Paints and Nerolac, contributing to about 10 per cent of their sales, but none of these companies have manufacturing plants in the state. Likewise, products such as automotive seats, mattresses, shoe soles, etc. have a big market in Kerala, yet these are mostly […]
AK Sharma reappointed IOCL finance head
In a rare move, the government has re-appointed A K Sharma as the Director (Finance) of Indian Oil Corp (IOC). This is a first under the current government at the Centre, where a PSU director has been re-employed in the same position after retirement. Sharma, who was superannuated as Director (Finance) of IOC on January […]
680-tonne column shifted to HPCL refinery from HSL
VISAKHAPATNAM: A gigantic task of transporting a 680 metric tonne crude distillation column from the Hindustan Shipyard Ltd (HSL) to the HPCL refinery at Malkapuram was successfully accomplished on Sunday. The column to be used in the HPCL’s 9 million tonne expansion project was built by L&T Heavy Engineering Division at Hazira in Gujarat and […]
Indian Oil signs USD 1.5 billion deal to buy US crude oil
NEW DELHI: In the first-ever deal by an Indian company, Indian Oil Corporation (IOC) on Monday said it has signed an annual deal worth USD 1.5 billion to import 3 million tonnes of crude oil in the fiscal year beginning April 1. This is the first time any Indian refiner has signed an annual contract […]
Rupee decreases by 11 paise to end at 71.34 vs USD on crude oil scare
MUMBAI: The rupee weakened by 11 paise to end 71.34 against the US dollar on Monday amid firming crude oil prices and persistent foreign fund outflows. Heavy selling in domestic equity markets also weighed on the rupee, forex traders said. This is the fourth straight session of loss for the domestic currency, during which it […]
IOCL signs first annual contract to import 3 MT US crude for USD 1.5 billion
NEW DELHI: State-run refiner Indian Oil Corporation on Monday has signed its first annual deal to buy three million tonnes of crude oil, valuing $1.5 billion to diversify crude sources. “IOC has finalised a term contract for import of up to three million tonnes of crude oil of US origin grades as a part of […]
Sensex falls over 100 points in early trade; ONGC rallies 6 per cent
MUMBAI: Market benchmark BSE Sensex fell over 100 points in early trade Friday on selling in healthcare, metal, banking and auto stocks amid sustained foreign fund outflow and rising global crude prices. Also, a weak trend in other Asian bourses weighed on domestic investor sentiment. The 30-share Sensex was trading 88.01 points, or 0.25 per […]