New Delhi: Heeding Prime Minister Narendra Modi’s call, industrialist Anil Ambani has given up cooking gas subsidies and has urged about 100,000 employees of his group to follow suit. Ambani joins a host of industry leaders, including Mukesh Ambani, Anand Mahindra, Anil Agarwal, Gautam Adani, Uday Kotak and Kishore Biyani, who have rallied behind Modi’s […]
Category: Oil & Gas
Oil & Gas
Reliance Industries’ credit metrics to improve over next 2 years: Moody’s
Reliance Industries’ credit metrics will improve over the next two years on completion of petrochemical and refinery projects, Moody’s said today. According to a Moody’s Investors Service report, high refining margins boosted RIL’s January-March earnings and “credit metrics to improve on completion of projects over next two years.” The projects are petcoke gasification plant at […]
Govt to auction 69 marginal fields owned by ONGC, Oil India
New Delhi: The government will soon auction 69 marginal oil and gas fields owned by state explorers Oil and Natural Gas Corp and Oil India Ltd, oil secretary Saurabh Chandra said on Tuesday. “Marginal field policy will have approval soon for 69 fields, which ONGC and Oil India have agreed to give. We hope to […]
Government exempts ONGC, Oil India Limited from LPG subsidy payments
NEW DELHI: In a big boost to domestic oil and gas exploration, the government has decided to exempt state-owned ONGC and Oil India from paying for LPG subsidies in current fiscal, Oil Secretary Saurabh Chandra said today. “Government will fully meet subsidy burden of LPG in 2015-16,” he said at FICCI roundtable on Hydrocarbons here. […]
Videocon-BPCL consortium discovers oil off Brazilian coast
NEW DELHI: Good quality light oil has been established in a discovery made in an offshore Brazilian block where Videocon Industries and Bharat Petroleum Corp Ltd (BPCL) hold 40 per cent interest. Brazilian national oil company Petrobras has completed formation test to assess the potential of a petroleum deposit in a well in the BM-SEAL-11 […]
ONGC to take over Tapti field facilities
Mumbai: Oil and Natural Gas Corporation will take over a part of the abandoned assets of the western offshore Tapti gas field from its joint venture partners Reliance Industries (RIL) and BG after the output dropping to zero. In April 2014, RIL, BG and ONGC had decided to abandon Tapti field of the Panna-Mukta-Tapti consortium […]
Oil prices rise in Asian trade
Singapore: Oil prices rose in Asia today, fuelled by sustained unrest in the crude-rich Middle East, while also gaining support on hopes that declining US production will ease a global supply glut, analysts said. US benchmark West Texas Intermediate for May delivery gained 68 cents to $56.42 while Brent crude for June gained 70 cents […]
Government rejects BP’s application for selling aviation turbine fuel to airlines
NEW DELHI: Government has rejected BP plc’s application for selling jet fuel to airlines on the ground that its investment does not qualify to get a retailing licence, Oil Minister Dharmendra Pradhan said today. BP Exploration (Alpha) Ltd, a wholly owned subsidiary of BP plc, had on June 11, 2014 submitted an application for authorisation […]
Aegis gets 5-acre land to develop new port at Kandla
NEW DELHI: Oil, gas and chemical logistics company Aegis Group today said it has been allotted land at Kandla Port to build a major new port terminal. The five-acre land has been allotted on lease for a period of 30 years by Kandla Port Trust, Aegis Group said in a regulatory filing. “Aegis Group is […]
Russia to invest USD 2 bln to build pipeline in Pakistan
Islamabad: Russia will invest a whopping USD 2 billion in Pakistan to build a 1,100-kilometre pipeline from southern port city of Karachi to Lahore to transport liquefied natural gas. “Pakistan and Russia have finalised an LNG pipeline deal in a recent meeting in Moscow and the two countries will sign a government-to-government basis deal next […]
Reliance Industries to restart all fuel pump outlets by March 2016
MUMBAI: Reliance Industries Ltd plans to restart its entire 1,400 retail fuel pump outlets in fiscal year ending March 2016, a report on the company website shows. The stations were closed in 2008 when global oil prices urged towards $150 a barrel and the government’s subsidy to state fuel retailers knocked privately-owned retailers out of […]
Injustice was done to Assam by earlier government in the payment of oil royalty: Pradhan
GUWAHATI: Union minister of state for petroleum and natural gas Dharmendra Pradhan on Friday said that injustice was done by UPA government for underpayment of crude oil royalty to Assam. Oil producing Assam wants royalty to state on the well head price determined by the actual price of equivalent crude oil prevailing in the international […]