The Directorate-General of Hydrocarbons (DGH) has held back approvals for work programme (WP) and budget for KG-DWN-98/3 (KG-D6) block for 2012-13 and 2013-14, seeking an explanation on various iss

State-run ONGC, which has a 30% stake in Cairn India-operated Rajasthan oilfields, has refused to share the cost of further exploration in the block that the government had recently allowed to help

The Arctic needs to be better protected from a rush for natural resources as melting ice makes mineral and energy exploration easier, the United Nations' Environment Programme (UNEP) said.

The Arctic needs to be better protected from a rush for natural resources as melting ice makes mineral and energy exploration easier, the United Nations' Environment Programme (UNEP) said.

A draft document by the Arctic Council fails to define liability for accidents in an icy region opening up due to global warming

India’s northeastern state Nagaland has declared independence from the Union oil ministry and invited bids for 11 exploration blocks in the state without involving the petroleum ministry, which has rushed to the home ministry in protest.

The centre was caught napping, when Nagaland invited “expressions of interest” from oil companies after setting up a ministerial group on petroleum, officials in the Directorate General of Hydrocarbons, technical arm of the oil ministry, told ET.
“It appears that this action of the state government of Nagaland is ultra vires of the Constitution,” director general of hydrocarbons RN Choubey said in a letter to the oil ministry.

New Delhi: Petroleum ministry knocks on investment body’s door for clearances

Move would benefit RIL, Cairn, BP, BHP Billiton and ONGC. The petroleum ministry is set to approach the Prime Minister-led Cabinet Committee on Investment (CCI) for fast-tracking the approvals for 20 offshore exploration blocks, held up for want of defence ministry clearances, despite the firms having signed production-sharing contracts. The move would benefit Reliance Industries, Cairn, BP and BHP Billiton, apart from public-sector ONGC.

Petroleum minister Veerapa Moily has prepared a Cabinet note, recommending a new formula suggested by the Rangarajan panel to split profits between the exchequer and fuel producers from oil and gas

New Delhi: Free-market diesel price in 24 mths; only LPG, kerosene to get subsidy

The UPA government is going the whole hog on its plan to move towards fully market-determined pricing of diesel, which accounts for 60% of this year’s estimated fuel subsidy bill of R1.7 lakh crore. “In 24 months from now, everyone will pay market price for diesel, and we will have fuel subsidies only on LPG and kerosene,” a determined oil minister Veerappa Moily told FE. This is the first time the minister has said this categorically, setting at rest speculation after last week’s government directive to oil marketing companies (OMCs) on diesel pricing on whether it meant deregulation and abrogation of diesel subsidy.

OVL holds 70 per cent participating interest in the block at the llanos basin in Colombia

ONGC Videsh Ltd (OVL), the foreign investment arm of state-owned Oil and Natural Gas Corp (ONGC), has discovered oil on an onland block, CPO-5, in Colombia, it said in a statement on Sunday. “OVL has struck oil at two places in the first well drilled on the Block CPO-5 and produced 120-300 barrels per day on testing,” the OVL statement said. “The oil is heavy in nature with an API (American Petroleum Institute) gravity of about 14. To assess the potential and commerciality of the oil find, extended production testing will be taken up in due course for the remaining objects within the upper Mirador Formation at a depth of 9,533 feet,” the statement further said.

Pages