New Delhi The Cabinet Committee on Economic Affairs (CCEA) is likely to consider awarding of eight more oil and gas blocks that were offered in the ninth round of bidding under New Exploration Licensing Policy (NELP), on Tuesday.

The government had offered 34 areas for exploration and production of oil and gas in NELP-IX in 2010 and bids for 33 were received at the close of bidding on March 28 last year. Of these, CCEA in March awarded 16 blocks to firms, while bids for 10 blocks were rejected due to bidders offering lesser than expected profit petroleum.

Jaisalmer: Public sector company Oil India Ltd (OIL) has for the first time found oil reserves at Poonam Singh ki Dhani in Nachna area of Jaisalmer 1,230 metre below the ground.

According to sources, digging of oil well is going on at the allotted block RJON 2004/2 NILP/16 in Nachna area for the last few days and good quality oil reserves have been found at a depth of 1,230 metre. Samples of the findings have been sent for testing. OIL will also dig one more well near the existing well to find out if there are more reserves, company officials said.

In a significant decision, the Prime Minister’s Office (PMO) has directed the Petroleum and Natural Gas Ministry to carry out a revamp of the Directorate-General of Hydrocarbons (DGH) within three months with focus on strengthening its technical, legal and financial aspects to make it a world class body for better negotiation and monitoring capabilities.

The decision to strengthen the DGH comes in view of the increasing number of production-sharing contracts (PSCs), cases of arbitration and other legal matters.

Mumbai The consortium comprising Gujarat State Petroleum Corporation (GSPC), Oil and Natural Gas Corporation (ONGC), Bharat Petroleum (BPCL) and Oil India (OIL) is likely to sweeten its bid for Bri

India's state-run upstream oil firms will bear nearly 40 percent of the 1.38 trillion rupee ($25 billion) cost of retail fuel subsidies for the 2011/12 year, a government source said on Monday.

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

Gamesa Wind Turbines has bagged an order for a 5.95 MW project from the New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP).

Empowered Committee of Secretaries clears 14 blocks to the first ranked/single bidder

With the Finance Ministry still to come out with a final formula on sharing the fuel subsidy burden, the government has asked upstream oil companies Oil and Natural Gas Corporation (ONGC), Oil Indi

GUWAHATI, Dec 16 – State Power Minister Pradyut Bordoloi today said that there has been a 24 per cent increase in the demand for power in the State from a time when per capita consumption was one o