New Delhi After the Union Budget wiped out $1 billion from Cairn India’s market cap by raising the cess on oil production from R2,500 per tonne to R4,500, the government continues to sit on the company’s applications for both increasing production from its existing MBA (Mangala, Bhagyam and Aishwarya) fields in Rajasthan as well as to carry on more exploration in its Rajasthan block.

If the applications are cleared, apart from the gains Cairn and its partner ONGC will make, the government stands to gain R6.8 crore a day (of this, R2.1 crore is for the Rajasthan government) and the country can save R12.5 crore of forex every day in the immediate future;

Management panel to mull integrated survey plan this week.

New Delhi: While admitting that the decision to send a special envoy to South Sudan and Sudan to broker peace between the two nations was a policy departure for India, the government said on Wednes

New Delhi: Responding to the ongoing conflict between Sudan and less than oneyear-old South Sudan, India has appointed a special envoy to broker peace between the two countries that hold the key to

India’s state-run Oil & Natural Gas Corporation (ONGC) has joined hands with ConocoPhillips for exploration and development of 19 deepwater oil and gas blocks. The two companies would also be collaborating in shale-gas exploration.

ConocoPhillips is the third-largest integrated energy company in the US and the fifth-largest refiner in the world. This partnership, however, could result in ONGC offering equity stakes in some of its blocks in India to ConocoPhillips.

The Comptroller and Auditor General of India (CAG) has pulled up the Gujarat government-run Gujarat State Petroleum Corporation (GSPC) for financial irregularities and undue favour to select companies such as Reliance Industries Ltd and Adani Enterprises Ltd. According to its report for the year ended March 2010-11, GSPC incurred losses of a little more than Rs 5,000 crore during 2006-2011 for exploration activities at its oil and gas block in the Krishna-Godavari (K-G) basin.

State-owned ONGC cornered six blocks - four as operator and two as minority partner - out of the 16 areas that the government awarded for oil and gas exploration, but saw its bids rejected for eigh

Environmental groups are asking a state court to force Wyoming to provide a more complete list of chemicals used in hydraulic fracturing, or fracking, a drilling technique vital to natural gas and

Terming the South China Sea as a disputed region, China has warned India to refrain from undertaking oil exploration in the resource-rich Vietnamese blocks in order to ensure "peace and stability"