KOLKATA/MUMBAI: Vedanta Ltd, formerly Sesa Sterlite, booked about $3 billion as goodwill impairment charges related to its oil and gas business, possibly the biggest such write-down in the country’s corporate history. The company reported exceptional items of Rs 19,956 crore for the quarter ended March 31, 2015, Vedanta said in its earnings statement on Wednesday. […]
Category: Oil & Gas
Oil & Gas
TAPI gas pipeline construction to take 5 years: Afghan President Ashraf Ghani
NEW DELHI: The construction of the $10-billion TAPI gas pipeline project will be completed in the next five years, Afghanistan President Ashraf Ghani said today. Ghani also invited the Indian industry to invest in production of fertilisers and chemicals by tapping the natural gas from Afghanistan and Turkmenistan. The ambitious Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline was […]
ONGC sells cargo at lower price in choppy market
SINGAPORE: Oil & Natural Gas Corp Ltd (ONGC) sold 34,500 tonnes of naphtha for May 18-19 loading from Hazira to Unipec at premiums of close to $21 a tonne to Middle East quotes on a free-on-board (FOB) basis, traders said on Wednesday. This could not be directly confirmed as sellers and buyers usually do not […]
CCEA nod to policy on development of 12 RIL, ONGC gas finds
NEW DELHI: The Cabinet Committee on Economic Affairs (CCEA) today approved a policy to allow development of a dozen contentious natural gas discoveries of Reliance Industries and ONGC worth Rs one lakh crore at current prices. The policy, which gives companies options to either develop the finds at their own risk or perform DGH-prescribed conformity […]
BP profit beats expectations on strong refining
London : Oil major BP reported higher than expected profit on Tuesday thanks to a hefty increase in refining revenues that offset poor earnings from its oil production division. The company reported first-quarter underlying replacement cost profit of $2.58 billion, against expectations of $1.28 billion. That was down nearly 20% from the same period last […]
Global investors kick off lawsuit against Norway in gas pipeline row
OSLO: A group of international investors is suing Norway in an attempt to overturn its decision to cut gas pipeline tariffs, arguing the fee reduction will cost them 15 billion crowns ($1.9 billion) in lost earnings through 2028. Challenging Norway’s reputation as a predictable place to do business, investors including Allianz, UBS, the Abu Dhabi […]
India seeks first cut in LNG imports under Qatar deal
New Delhi : India is in talks with Qatar to import at least 10% less liquefied natural gas (LNG) under a long-term deal after a slide in spot prices has cut demand by local buyers, an Indian government source with knowledge of the negotiations said. New Delhi would for the first time use a 10% […]
NTPC flags off mobile science labs for rural India
New Delhi : Country’s largest power producer NTPC today flagged off a mobile science lab as part of its efforts to promote scientific learning and revolutionising rural education in India. “It is a very innovative concept by which, we can ignite scientific learning and I am sure this new initiative will further encourage young bright […]
Power Ministry issues draft tender for stranded gas power plants
Mumbai : The Union Ministry of Power has issued a draft tender document for selection of successful bidder for providing support from the Power System Development Fund (PSDF) to eligible gas based plants. The draft tender document was issued on April 24 based on the Centre’s decision taken in this regard on March 27. The […]
ONGC to conduct DGH prescribed test in KG basin to end standoff
NEW DELHI: State-owned ONGC has agreed to conduct tests prescribed by upstream regulator DGH to confirm three key gas discoveries in its Krishna Godavari basin block to end a standoff that stalled its USD 8 dollar project. The Directorate General of Hydrocarbons (DGH) had not approved Declaration of Commerciality (DoC) for three out of the […]
KPMG charts ways of unlocking supply chain for making LNG projects successful
KOLKATA: Optimising supply chain during both construction and operations are key to reducing costs and speeding up time to market for liquefied natural gas projects, according to Gaurav Moda, head of oil and gas practice at professional services firm KPMG in India. KPMG Global Energy Institute has published a study on ways of unlocking LNG […]
Govt reconfirms appointment of Sarraf as ONGC head
New Delhi: The government has confirmed the appointment of Dinesh K Sarraf as the chairman and managing director of India’s biggest oil and gas producer, ONGC. Sarraf, 57, was selected to head Oil and Natural Gas Corp (ONGC) by the previous UPA government in August 2013. He took charge of the post on March 1, […]