Category: Oil & Gas

Hyderabad: State-owned ONGC has approached the Ministry of Environment and Forests (MoEF) seeking clearance for drilling 45 Development Wells and other related infrastructure involving a cost of over Rs 53,000 crore in Krishna-Godavari basin. An expert appraisal committee (EAC) under the MoEF, however, sought more information in this regard. The block KG-DWN-98/2 or KG-D5 is […]

LONDON: Shell has received a 464 million euro ($529 million) binding offer for its Butagaz liquefied petroleum gas (LPG) business in France from DCC , marking the next step in the Anglo-Dutch oil major’s drive to sell downstream assets. Support services group DCC is now in exclusive talks with Shell, which is discussing the offer […]

KUWAIT: Oversupply in the global oil market is due to slow demand and a rise in production from shale oil, but not from OPEC, Kuwait OPEC Governor Nawal al-Fuzaia said on Monday. Fuzaia, speaking at an event in Kuwait city, said OPEC production had not increased by more than 200,000 to 400,000 barrels per day […]

MELBOURNE: BHP Billiton Ltd is looking to take advantage of a slump in oil prices to pick up assets where it can use its deepwater drilling expertise to boost growth as it slows expansion in onshore shale, its petroleum head said. The world’s biggest miner has slashed its U.S. onshore drilling and development by more […]

Mumbai: The fourth quarter results for the public sector oil and gas companies could be relatively better than what they reported during the third quarter of this fiscal. During the fourth quarter of FY15, crude oil price witnessed sharp fall to average $54 per barrel compared to $108 per barrel in fourth quarter of FY14 […]

NEW DELHI: The government has approved the sale of shares in state-run oil refiner Indian Oil Corp and power producer NTPC as part of its plan to raise $11 billion from asset sales this financial year. New Delhi will sell a 10 percent stake in the oil refiner and 5 percent in the power producer, […]

New Delhi: The cabinet on Wednesday cleared a proposal for 10 per cent disinvestment in Indian Oil Corp and 5 per cent in NTPC, which may fetch the government close to Rs 8,500 crore at the current prices. While ten per cent stake in IOC would yield Rs 7,915 crore at the current price of […]

NEW DELHI: Government today started the auction for subsidy to import natural gas for restarting the stranded power plants, with 14 bidders including GMR, GVK and Lanco in the fray. Stranded plants with 8,100 MW capacity have been registered for this round of bidding for which the government subsidy outgo will be Rs 792 crore. […]

NEW DELHI: The power ministry has postponed by a day the electronic auction to offer subsidy from the Power System Development Fund to gas-based plants that are stranded because of non-availability of fuel. The reverse auction will now commence at 11 am on Tuesday for stranded power plants, the ministry said in a news release. […]

LONDON: Deal making in the oil and gas sector is set to accelerate as higher oil prices and an improved outlook for the sector boost investor appetite, Morgan Stanley said in a report on Monday. Royal Dutch Shell’s $70 billion bid for smaller British rival BG Group last month highlighted the shift in sentiment in […]

KOLKATA: E-auction for allocation of imported regasified liquefied natural gas (RLNG) under the power ministry’s scheme for gas-based power plants is set to begin on May 12. Rating agency CRISIL estimates that, at prevailing gas prices, this can potentially enable 9,000 mw out of 14,300 mw of stranded gas-based power plants to operate at a […]

Vienna,: The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) closed at $62.44 a barrel on Friday against $63.98 last Thursday, the organisation’s secretariat said. The OPEC Reference Basket of Crudes is made up of Murban (UAE), Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), […]