New Delhi Cairn India has agreed to double the compensation to the farmers and landowners resisting construction of its pipeline project in Rajasthan and Gujarat. The proposed pipeline will connect its Rajasthan oilfield to the crude oil shipping facility at Bhogat in coastal Gujarat.

The company now produces one fifth of India's crude oil output. It has agreed for higher right of user payment — more than double the rate applicable in the Jamnagar district — after discussions with the local authorities and policymakers, said a source privy to the development.

New Delhi India’s largest Iranian oil buyer plans almost to halve daily imports, industry sources said on Monday, becoming the latest Asian refiner to cut supplies from Iran as Western sanctions make trade with Opec’s second-largest producer difficult.

India, China and Japan buy almost half of Iran’s estimated 2.6 million barrels per day of oil exports, but a raft of US and European sanctions aimed at choking off funding for Iran’s nuclear programme are squeezing its oil supply lines.

New Delhi To serve the expected addition in refining capacity and to partly replace any shortfall in crude oil supplies from Iran, India has sought an additional 5 million tonne of crude oil from Saudi Arabia. India has also sought investments from Saudi firms in its new petrochemical and refinery projects.

“We have sought 5 million tonne extra crude oil from Saudi Arabia for 2012-13,” minister of state for petroleum and natural gas R P N Singh said here after holding discussions with the visiting assistant minister for petroleum affairs Abdul Aziz Bin Salman bin Abdulaziz.

Asserting that India was not facing any problem in making payments for the import of crude oil from Iran, Petroleum and Natural Gas Minister Jaipal Reddy on Wednesday warned that the country needed

NEW DELHI: Indian refiners and oil ministry officials are meeting on Monday to discuss alternative methods to pay for Iranian oil imports should an existing mechanism via Turkey's Halkbank be halte

NEW DELHI: Mangalore Refinery and Petrochemicals Ltd. (MRPL), a unit of Oil and Natural Gas Corporation, has been named as the buyer of Cairn India

NEW DELHI: Oil and Natural Gas Corporation Mangalore Petrochemicals Limited (OMPL), a special purpose vehicle to execute the Rs. 6,400-crore aromatic petrochemical complex at Mangalore, has mandated SBI Caps to arrange for funds for the $1.52 billion project. The company plans to borrow around $1 billion to fund the project.

RIL To Kickstart Spot Crude Market With Indicative Benchmarked Price ENERGY major Reliance Industries (RIL), which is set to kick off the first spot crude oil market in the country, will be inviting price quotes from oil refining companies shortly.

By the beginning of the next financial year, consumers in India would have over 10 companies to choose from while buying petrol and diesel. The new entrants in this segment include private players like

Reliance, Essar and Shell, and three psus, Mangalore Refinery and Petrochemical Ltd (mrpl), ongc and Numaligarh Refinery.