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Posted: February 29th, 2012, 5:06pm EST
Indian companies such as state-run SCL, ONGC, Essar may turn to China and South Korea to insure some of their businesses.
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Posted: February 29th, 2012, 3:40pm EST
India is seeking up to 4 million tonnes a year of additional crude oil from Iraq, on top of 5 million tonnes it recently sought from Saudi Arabia.
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Posted: February 29th, 2012, 6:22am EST
India will increase imports of crude oil from Africa and Latin American countries to reduce dependence on Gulf countries, especially Iran.
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Posted: February 28th, 2012, 3:02pm EST
Buoyed by the enthusiastic response from foreign investors, a panel of ministers has fixed a floor price of 290 per share in ONGC.
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Posted: February 28th, 2012, 2:24pm EST
Oil ministry nudges state refiners to explore new grades of crude oil from Africa and Latin America.
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Posted: February 28th, 2012, 10:56am EST
Govt today decided to offload 5% stake in oil major ONGC through the auction route on March 1 that may fetch the exchequer about $2.5 bn.
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Posted: February 28th, 2012, 10:03am EST
The Indian consortium's interest mirrors efforts by Indian steel, power and coal cos to scout for overseas coal mines to satisfy demand.
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Posted: February 28th, 2012, 7:19am EST
Ennore Port said it is in talks with oil marketing firm Indian Oil Corp for setting up a terminal at an investment of Rs 4,300 crore for importing liquefied natural gas (LNG) .
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Posted: February 28th, 2012, 3:35am EST
"The verdict has no impact on our business since the claim amount has never been accounted for in Essar Oil's books," the company said.
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Posted: February 28th, 2012, 12:49am EST
Orissa High Court has allowed Indian Oil Corporation (IOC) to draw water from Mahanadi River for its proposed oil refinery at Paradeep.
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Posted: February 28th, 2012, 12:46am EST
State-owned oil majors ONGC and GAIL plan to outbid Royal Dutch Shell and Thailand’s PTTEP with a $2-billion offer for UK’s Cove Energy.
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Posted: February 27th, 2012, 6:10pm EST
Oil & Natural Gas Corp is expected to produce an additional 28 million standard cubic meters per day natural gas production by 2017.
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Posted: February 27th, 2012, 5:42pm EST
British oil and gas company BP's Indian arm has sought parity between domestic gas and imported liquefied natural gas pricing.
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Posted: February 27th, 2012, 12:03pm EST
A high-power delegation of top officials from Reliance Industries, Cairn India and BG India today asked Oil Minister S Jaipal Reddy to accelerate oil and gas explorations by removing bureaucratic hurdles.
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Posted: February 27th, 2012, 10:01am EST
A petition was today moved in Supreme Court challenging the validity of the USD 8.5 billion Cairn-Vedanta deal.
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Posted: February 27th, 2012, 9:39am EST
Petrol and possibly diesel prices are likely to be hiked by Rs 2-4 per litre once Assembly Elections in five states, including Uttar Pradesh, are completed this week.
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Posted: February 27th, 2012, 9:26am EST
Energy major BP's India arm has said a predictable market-determined natural gas pricing regime is a must for developing future projects in the country.
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Posted: February 27th, 2012, 9:23am EST
ONGC is expected an additional 28 million standard cubic meters per day natural gas production by 2017.
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Posted: February 23rd, 2012, 6:53pm EST
BPCL and Videocon are riding high on a giant gas find in Mozambique, where their stakes are valued at $2 billion each.
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Posted: February 23rd, 2012, 6:53pm EST
BPCL and Videocon are riding high on a giant gas find in Mozambique, where their stakes are valued at $2 billion each.
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Posted: February 23rd, 2012, 6:39pm EST
A panel of ministers on corruption has asked the government to create an independent regulator for oil and gas fields.
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Posted: February 23rd, 2012, 6:39pm EST
A panel of ministers on corruption has asked the government to create an independent regulator for oil and gas fields.
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Posted: February 23rd, 2012, 5:09am EST
India has asked Saudi Arabia to raise oil supplies by 4-5 million tonnes every year as the country is expanding its refinery capacity to meet growing consumption.
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Posted: February 23rd, 2012, 5:09am EST
India has asked Saudi Arabia to raise oil supplies by 4-5 million tonnes every year as the country is expanding its refinery capacity to meet growing consumption.
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Posted: February 23rd, 2012, 4:29am EST
An Empowered Group of Ministers (EGoM) headed by Finance Minister Pranab Mukherjee is likely to meet tomorrow to consider changes in the natural gas allocation policy.
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Posted: February 23rd, 2012, 4:29am EST
An Empowered Group of Ministers (EGoM) headed by Finance Minister Pranab Mukherjee is likely to meet tomorrow to consider changes in the natural gas allocation policy.
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Posted: February 23rd, 2012, 4:27am EST
State-owned Hindustan Petroleum Corp Ltd (HPCL) will double crude oil imports from Saudi Arabia next fiscal and cut purchases from Iran by over 14 per cent.
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Posted: February 23rd, 2012, 4:27am EST
State-owned Hindustan Petroleum Corp Ltd (HPCL) will double crude oil imports from Saudi Arabia next fiscal and cut purchases from Iran by over 14 per cent.
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Posted: February 23rd, 2012, 3:36am EST
India has sought an additional 100,000 barrels per day (bpd) from Saudi Arabia.
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Posted: February 23rd, 2012, 3:36am EST
India has sought an additional 100,000 barrels per day (bpd) from Saudi Arabia.
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Posted: February 23rd, 2012, 2:34am EST
Adani group is evaluating the potential acquisition of BG Group Plc's stake in Gujarat Gas.
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Posted: February 22nd, 2012, 6:43pm EST
RIL has challenged SEBI's probe into its alleged violation of takeover norms over a promoter stake purchase in 2000.
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Posted: February 22nd, 2012, 2:49pm EST
The govt plans to further reduce gas supply to non-priority sectors to meet the demand of fertiliser and power plants that are suffering.
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Posted: February 22nd, 2012, 8:56am EST
BPCL has turned to Saudi Arabia fearing global sanctions may jeopardise trade with Iran, industry sources said on Wednesday.
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Posted: February 22nd, 2012, 6:21am EST
Prime Minister's economic advisory panel suggested aligning diesel prices to global market in a phased manner and also raising excise.
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Posted: February 21st, 2012, 11:45pm EST
The United States continues to talk with India to encourage it to reduce its dependence on Iranian crude, but would not say what progress it has made so far.
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Posted: February 21st, 2012, 5:20pm EST
CBM is turning out to be the next flashpoint between the govt and private sector energy cos as Essar Oil plans to seek flexibility in pricing.
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Posted: February 21st, 2012, 10:25am EST
The government is likely to finalise timeline for auctioning of five per cent of its stake in oil major ONGC to institutional investors.
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Posted: February 21st, 2012, 8:15am EST
BPCL today said yet another well on the natural gas discovery block in offshore Mozambique has struck good quality reservoir.
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Posted: February 21st, 2012, 6:01am EST
RIL and BP have got government approval to prepare a plan to develop the third largest gas discovery in KG-D6 block that produce a little less than 15 million cubic meters of gas per day.
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Posted: February 20th, 2012, 7:50pm EST
The petroleum regulator has asked gas marketers such as Gail India, GSPC and Reliance Industries to submit cost of procuring natural gas and its sale price by March 5 to help it fixing marketing margins.
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Posted: February 20th, 2012, 9:20am EST
HPCL has taken up construction of underground storage facilities for keeping crude oil stocks which could be used to meet petroleum requirement during oil crisis.
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Posted: February 20th, 2012, 7:54am EST
Mangalore Refinery and Petrochemicals Ltd. (MRPL) plans to shut a 1.2 million tonnes/year hydrocracker from April for 45 days for revamp, a company source said on Monday.
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Posted: February 20th, 2012, 5:37am EST
The ongoing sanctions imposed by the US and some European countries against Iran due to its nuclear programme may put some of the ONGC Videsh's plans in that country on the backburner.
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Posted: February 20th, 2012, 5:21am EST
Oil Minister S Jaipal Reddy has ordered a probe into changes made in a multi-billion dollar contract for import of liquefied natural gas (LNG) from Qatar.
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Posted: February 16th, 2012, 6:21am EST
The government should frame a transparent mechanism for pricing of natural gas that rewards producers for undertaking risky upstream business.
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Posted: February 16th, 2012, 4:48am EST
Essar Oil has filed a review petition in the Supreme Court seeking a re-look of the apex court's decision to set aside a ruling of the Gujarat High Court.
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Posted: February 16th, 2012, 3:21am EST
Assocham has raised certain issues that pertain to oil & natural gas sector. The Chamber has also recommended a few measures to the government for addressing the same.
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Posted: February 16th, 2012, 1:32am EST
Essar Oil has filed a petition in the Supreme Court seeking to review a judgment that prevents the company from deferring payment of a sales tax.
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Posted: February 15th, 2012, 9:56pm EST
Power projects with allocation of Reliance gas too would face the music since they would either have to idle their capacity for lack of fuel or use costlier imported gas.
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Posted: February 15th, 2012, 9:53pm EST
Iran's escalating tensions would make an increase in the prices of motor and kitchen fuels inevitable after the polls as international crude hit a six-month high of near $120 a barrel.
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Posted: February 15th, 2012, 12:10pm EST
State-owned oil companies today cut jet fuel prices by a marginal Rs 350 per kilolitre, the second reduction in this month.
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Posted: February 15th, 2012, 9:05am EST
RIL has told the govt that natural gas production at its flagging KG-D6 fields is likely to dip about 22 million cubic meters a day by 2013-14.
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Posted: February 15th, 2012, 7:04am EST
Iran crude buyers in Asia, are under pressure from US to reduce oil imports as US & allies seek to force Tehran to halt its nuclear programme.
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Posted: February 15th, 2012, 7:04am EST
Iran crude buyers in Asia, are under pressure from US to reduce oil imports as US & allies seek to force Tehran to halt its nuclear programme.
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Posted: February 14th, 2012, 6:16pm EST
RIL attributes the decline to geological complexity but the oil ministry blames the company saying output fell because it drilled fewer wells.
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Posted: February 14th, 2012, 11:57am EST
A cabinet panel on Wednesday will discuss whether to sell a stake in the flagship Oil and Natural Gas Corp that could fetch the cash-strapped govt over $2 billion.
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Posted: February 14th, 2012, 8:50am EST
A panel of ministers will meet on Wednesday to decide selling government's stakes in Oil & Natural Gas Corp and BHEL, government officials said.
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Posted: February 14th, 2012, 7:15am EST
S Jaipal Reddy said the govt may have to send a notice to RIL to curtail cost-recovery at its KG-D6 gas fields as the co drilled fewer number of wells than planned.
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Posted: February 14th, 2012, 4:44am EST
India will launch its first-ever bid round for exploration of shale gas by December 2013, Oil Minister S Jaipal Reddy said today.
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Posted: February 14th, 2012, 4:37am EST
EGoM headed by FM Pranab Mukherjee is likely to meet on February 24 to consider changes in the natural gas allocation policy.
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Posted: February 14th, 2012, 4:34am EST
Gas output from India's Reliance Industries' D6 block may decline to 27 million standard cubic meters a day from April.
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Posted: February 14th, 2012, 4:24am EST
King Abdullah bin Abdul Aziz Al Saud conveyed this to defence minister A.K. Antony, who is on an official visit to strengthen military ties.
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Posted: February 14th, 2012, 3:58am EST
Reddy ruled out deregulation of diesel prices and said he had demanded that the govt compensate state-owned oil firms for the losses made.
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Posted: February 13th, 2012, 8:04pm EST
Petrol prices are expected to rise by about Rs 3 per litre early next month after the crucial assembly election in Uttar Pradesh.
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Posted: February 13th, 2012, 8:00pm EST
Reliance Industries and global major BP plan to submit a brand new field development plan for the entire D6 block by June to raise output and cut costs.
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Posted: February 13th, 2012, 12:01pm EST
Indian Oil Corp Ltd has asked the govt to compensate for revenue losses incurred on selling gasoline below mkt prices, its chairman R.S. Butola said.
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Posted: February 13th, 2012, 6:23am EST
The Appellate Tribunal dismissed the Gail India's appeal against PNGRB and the state venture GSPL that won bid to commission Mallavaram to Bhilwara gas transmission pipeline.
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Posted: February 13th, 2012, 5:52am EST
Gujarat State Petroleum Corporation today said it has spudded its third appraisal well in the Deen Dayal East area of the KG Block.
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Posted: February 13th, 2012, 3:34am EST
The Oil Ministry wants Finance Ministry to waive withholding tax on rupee payments Indian oil refiners plan to make for crude oil they buy from Iran.
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Posted: February 12th, 2012, 2:10am EST
The Oil Ministry had on October 10, 2007, written to RIL fixing USD 4.20 per million British thermal unit.
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Posted: February 11th, 2012, 4:36am EST
Reliance Industries' eastern offshore KG-D6 gas fields may see a further decline in output until new wells are brought to production.
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Posted: February 11th, 2012, 4:03am EST
The Planning Commission, in its Integrated Energy Policy says that energy prices in the country should be internationally aligned.
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Posted: February 10th, 2012, 11:16am EST
Three other crude distillation units at the Jamnagar refining complex are expected to maintain normal operations, it said.
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Posted: February 10th, 2012, 3:18am EST
Refiners have sought at least 2.6 million barrels extra supplies from Saudi Aramco for March, sources familiar with the plan said.
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Posted: February 9th, 2012, 9:29am EST
State-run Hindustan Petroleum Corp said Indian firms cannot pay for Iranian crude imports in rupees unless the federal finance ministry exempted such payment from hefty taxation.
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Posted: February 9th, 2012, 6:42am EST
Finmin has agreed to pay 150 billion rupees as cash subsidy to state-run oil refiners for the Oct-Dec quarter, said B. Mukherjee, DoF, HPCL.
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Posted: February 9th, 2012, 12:52am EST
BPCL sold a March naphtha cargo to Vitol at about $37 a tonne to Middle East quotes on a FOB basis, making this the highest premium the refiner had received so far.
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Posted: February 8th, 2012, 4:08pm EST
After the third shakeup since Reddy replaced Murli Deora as min in Jan last year, the ministry has a new set of bureaucrats in all key positions.
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Posted: February 8th, 2012, 1:35am EST
Planning Commission deputy chairman Montek Singh Ahluwalia said domestic gas prices should be aligned with international rates.
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Posted: February 7th, 2012, 11:23pm EST
RIL is in talks with India's major airlines to provide jet fuel infrastructure and transport services, the company said on Wednesday
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Posted: February 7th, 2012, 8:56pm EST
Iran said on Tuesday that it has agreed to India's proposal for a crude payment mechanism under which India will pay for 45% of its imports from Iran through the Indian rupee.
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Posted: February 7th, 2012, 5:37pm EST
The oil ministry is making a fresh attempt to financially penalise Reliance Industries for the fall in natural gas output from the D6 block.
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Posted: February 7th, 2012, 7:51am EST
Indian refiners are keen to use the new mechanism using rupees as they suspect the current payment route through Turkey may close due to global sanctions.
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Posted: February 7th, 2012, 7:13am EST
ONGC General Manager-Civil P K Bora was taken into CBI custody for allegedly taking bribe from a contractor today in his office here in upper Assam.
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Posted: February 7th, 2012, 5:45am EST
The government has rejected Reliance Industries' demand for a revision in the KG-D6 gas price.
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Posted: February 7th, 2012, 5:36am EST
Iran's oil sales to India have been fraught with payment problems in the past 13 months after a clearing mechanism was scrapped and Indian refiners have sought alternative supplies.
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Posted: February 7th, 2012, 4:20am EST
AOGO has demanded that price of domestically produced natural gas should be indexed to rate at which LNG is imported in the country.
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Posted: February 6th, 2012, 6:55pm EST
The latest round of embargo against Iran by the US and the EU has added to India's problems, making it difficult to buy Iranian crude.
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Posted: February 6th, 2012, 12:14pm EST
The government may auction 5 per cent stake in Oil and Natural Gas Corp, the nation's biggest energy explorer, to raise about Rs 12,000 crore.
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Posted: February 6th, 2012, 5:18am EST
The official said ONGC will pay Rs 30,296 cr in the 9 month period, up 42.3% over Rs 21,291 cr payout in the same period a year ago.
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Posted: February 6th, 2012, 2:34am EST
The Indian government has asked upstream oil companies to compensate state-run oil refiners for 37.91 percent of revenue losses on fuel sales during April to December 2011, a government source told reporters.
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Posted: February 6th, 2012, 1:16am EST
Iran has given a one-month ultimatum to an Indian consortium over the development of a gas field.
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Posted: February 5th, 2012, 4:28pm EST
Mukesh Ambani-led company has proposed to charge a $0.15 levy in lieu of marketing costs on the sale of gas produced from coal seams .
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Posted: February 5th, 2012, 4:18pm EST
BG is already in talks with several bidders, including Germany's E.ON, domestic energy majors and international private equity funds.
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Posted: February 5th, 2012, 1:55am EST
Mukesh Ambani-led company has proposed to charge a USD 0.15 levy in lieu of marketing costs on the sale of gas produced from coal seams (CBM).
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Posted: February 4th, 2012, 8:13pm EST
The CBI has also sought prosecution sanction against five serving NICL employees, according to a status report from the Central Vigilance Commission.
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Posted: February 4th, 2012, 6:21pm EST
India may be staunchly opposed to Iran acquiring nuclear weapons, but is caught in a bind since it cannot afford to substantially cut back energy imports from Iran.
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Posted: February 3rd, 2012, 8:39pm EST
RIL officials told PAC that the company will return offshore areas at Krishna-Godavari gas fields to the govt this year.
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Posted: February 3rd, 2012, 8:17am EST
RIL, pulled up for alleged contract violations of a gas block, told a Parliamentary panel that it was not given a 'fair' opportunity to be heard
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Posted: February 3rd, 2012, 7:31am EST
The government is working on various options, including the auction route, for raising about Rs 10,000 crore through stake sale in ONGC
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Posted: February 3rd, 2012, 4:14am EST
Reliance Industries expects to produce up to 3.5 million standard cubic metres a day (mscmd) of gas by the second half of 2014.
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Posted: February 2nd, 2012, 6:42pm EST
Reliance Industries' officials, including executive director PMS Prasad, are expected to appear before the Public Accounts Committee of Parliament.
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Posted: February 2nd, 2012, 5:01pm EST
A decision on the disinvestment strategy for 2 leading state-run cos, ONGC & BHEL, was deferred after a meeting of the empowered group of ministers.
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Posted: February 2nd, 2012, 11:41am EST
State-owned oil companies have resumed jet fuel supplies to Air India after the national carrier promised to pay Rs 268 crore in dues tomorrow.
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Posted: February 2nd, 2012, 11:11am EST
The alleged violation in the contract of a gas block in the Bay of Bengal awarded RIL will be examined by a key Parliamentary Committee tomorrow
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Posted: February 2nd, 2012, 9:44am EST
A decision on the disinvestment strategy for ONGC and BHEL was deferred after a meeting of the empowered group of ministers
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Posted: February 2nd, 2012, 5:56am EST
An association of oil and gas operators, which boasts of members like Reliance Industries, has opposed pooling or averaging of different gas prices.
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Posted: February 1st, 2012, 4:18pm EST
Govt has ordered a probe into Petronet LNG's imports of liquefied natural gas following allegations that the co has quietly switched to buying lean gas.
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Posted: February 1st, 2012, 9:48am EST
An Indian court has ruled that the country's biggest refiner, Indian Oil Corp, must pay entry tax on the crude it supplies to a plant in a northern state.
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Posted: February 1st, 2012, 9:34am EST
State-owned Oil and Natural Gas Corp said it will invest Rs 164,000 crore on oil and gas exploration in the 12th Five-Year Plan (2012-17)
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Posted: February 1st, 2012, 5:23am EST
Oil and Natural Gas Corp plans to spend Rs 1.64 trillion ($33 billion) on capital expenditure in the five years starting April 2012.
