NEW DELHI: A delegation will visit Iran this week to scout for investment opportunities ahead of an anticipated nuclear deal between the OPEC-member and world powers that would soften sanctions against the country, sources privy to the plan said. Officials from finance and oil ministries and executives from ONGC Videsh and Mangalore Refinery and Petrochemicals […]
Category: Oil & Gas
Oil & Gas
Speculation over Saudi Aramco and Reliance Industries oil deal as talks drag on
SINGAPORE: Saudi Aramco and Reliance Industries have not yet concluded a term contract to import diesel and gasoline, three industry sources said, fanning market speculation that the long-standing annual deal may not be renewed. A deal has normally been signed by the first quarter, but negotiations have gone on longer at a time when Saudi […]
China to rely on alternative fuels to reduce dependence on foreign oil
Boston, USA: In order to reduce imports of foreign oil, China is making strategic shift towards alternative fuels, which have potential to replace up to 483 billion gallons of gasoline in 2020, according to Lux Research’s new report, ‘Guiding through the dynamics of china’s alternative fuels market’. The changes in China’s strategy are creating huge […]
Celanese converts coal-based boiler plant to gas-fired
Narrows, Virginia: Celanese Corporation has completed the conversion of its Narrows, Virginia, operation to natural gas-fired boilers. Celanese invested $150 million to replace its coal-fired boilers with natural gas to generate the steam needed to run the plant’s electrical generators and processes. “The completion of this project is a concrete example of our commitment to […]
Vedanta Group asks employees to give up subsidised LPG
New Delhi: Metals and mining major Vedanta Group today asked its employees to give up use of subsidised LPG and join Prime Minister Narendra Modi’s initiative of re-deploying the subsidy towards national development. The move comes close on heels of Tata Group requesting its employees to voluntarily consider giving up use of subsidised LPG. “The […]
Shell offers 50% premium to buy BG for $70 billion
London: Royal Dutch Shell agreed to buy smaller rival BG Group for $70 billion in the first oil super-merger in more than a decade to close the gap with the world’s largest oil firm US ExxonMobil. In a joint statement, the two firms said Shell would pay a mix of cash and shares that would […]
Oil Min submits proposal on premium for difficult gas fields
New Delhi: The Oil Ministry has submitted a proposal to the Finance Ministry for paying a premium to natural gas producers for difficult fields, a top official said. “We will very soon decide” on the premium to be paid for gas discoveries in deepwater, ultra-deep sea or high- temperature and high-pressure fields, Oil Secretary Saurabh […]
After dipping for 7 years, ONGC oil production inches upwards
New Delhi: State-owned Oil and Natural Gas Corporation (ONGC) has reversed a seven-year decline in its crude oil production, showing a marginal increase in output in 2014-15, a top official said. ONGC produced 22.263 million tons (MT) of crude oil during April 2014 to March 31, 2015, up from 22.247 MT in the previous fiscal, […]
RIL’s MJ-1 discovery may hold 1.4 Tcf of gas resources
New Delhi: Reliance Industries’ most significant recent gas discovery MJ-1 in KG-D6 block may hold 1.4 trillion cubic feet of gas resources, roughly half of the reserves in the block’s main gas fields. Located about 2,000 meters below the producing D1-D3 field in the eastern offshore KG-D6 block, MJ-1 may hold contingent resource of between […]
Essar Oil’s Raniganj production rises, becomes India’s largest CBM gas producer
NEW DELHI: Essar Oil Ltd, the nation’s second biggest private refiner, today said gas output from its Raniganj coal-bed methane (CBM) block in West Bengal has crossed 0.5 million standard cubic metres per day, making it India’s largest CBM gas producer. “While nearly 100 wells have been already placed on gas production, additional 155 wells […]
Two killed in accident at GAIL’s LPG pipeline in Telangana
New Delhi: Two persons were killed in an accident at an LPG pipeline of state-owned gas utility GAIL India Ltd at Suryapet in Telangana. The accident occurred when an instrumental ‘pig’, which is used to clean the pipeline, ejected out of the pipeline, killing the two persons standing at the mouth of the pipeline, an […]
Essar defers refinery maintenance to July-Aug
New Delhi: Essar Oil will defer planned maintenance at its Vadinar refinery in western Gujarat state by about two months to July-August, trade sources said on Wednesday. The delay was intended to avoid an overlap with scheduled repairs at other refineries in India and to profit from current robust refining margins, they said. Essar had […]