Prices could double by 2014 leading to hike in power tariff and fertilizer cost

Despite opposition from within the Cabinet and outside, the Manmohan Singh government on Thursday approved a doubling of natural gas prices from the present $4.2 mbtu to $8.4 mbtu from April 1, 2014.

Paves the way for a new policy after CCEA approval

The Law and Justice Ministry has favoured a stable, five-year gas pricing formula, and also advocated a single price for all sources of gas. This would be put into effect from April 1, 2014, after approval of the Cabinet Committee on Economic Affairs (CCEA).

Over the last few months, the ministry of petroleum and natural gas (MoPNG) has cleared around 200 pending management committee (MC) resolutions involving oil and gas blocks operated by both public

It, however, says that the sample collected during exploration activity should not be used for commercial activity

The Ministry of Environment and Forests (MoEF) has accorded 'green signal' to Oil India Ltd's (OIL's) proposed exploration activities in KG–ONN–2004/1 block in the Krishna-Godavari basin.

With its rising energy needs, India has emerged the fourth largest energy consumer of the world after the US, China and Russia, but its per capita energy consumption remains lower than that of deve

With its rising energy needs, India has emerged as the fourth largest energy consumer of the world after the US, China and Russia, but its per capita energy consumption remains lower than that of developed countries, says a report.

"India is the fourth largest energy consumer in the world after the United States, China, and Russia," the US Energy Information Administration (EIA) said in its latest report (for 2011) on energy outlook for India released here yesterday.

Banking on the phased deregulation of diesel pricing, the government proposes to cap subsidy on this fuel at R6 per litre in 2013-14 to insulate itself from volatility in global crude oil prices wh

Aims to maximise realisation to meet Rs 30,000-cr target FinMin to meet ministries this week

To maximise realisations from stake sale in two companies in its disinvestment pipeline — Oil India Ltd (OIL) and NTPC — the government has planned to sort out some of the issues before launching offer for sale (OFS). The stake sale in the two companies is critical to meeting the government’s Rs 30,000-crore disinvestment target for the current financial year, as the government has managed to garner only about Rs 6,900 crore so far.

As against planned gas production of 95.87 mcm, company produced 153.992 mcm

Oil & Natural Gas Corporation Ltd (ONGC) has achieved highest natural gas production from its Gujarat gas fields for the month of November, a statement from the union ministry of petroleum and natural gas (MoPNG) showed. As against the planned monthly natural gas production of 95.87 million cubic meters (mcm), ONGC produced 153.992 mcm of natural gas from its Gujarat assets during November, achieving 160 per cent of the planned production. This is the highest production achieved among other exploration companies in the country for the month.

Appoints Foster Wheeler as consultant to prepare project report

Even as domestic gas production has fallen 8 per cent, Oil India Ltd (OIL) is planning to set up a liquefied natural gas ( LNG) receiving terminal in India. The company plans to set up a 2.5-million tonne (mt) capacity terminal. According to an industry executive in the know, Geneva-based Foster Wheeler AG has been appointed consultant to prepare a project report for the foray into imported gas. When asked, Ananth Kumar, director (finance), Oil India, confirmed the appointment of a consultant about a fortnight ago, but did not divulge the name, citing a confidentiality clause in the contract.