ONGC gets 25% discount on premium from United India, GIC Re

ONGC gets 25% discount on premium from United India, GIC Re

ONGC's hard bargain with state-run United India Insurance and GIC Re has further brought down its annual renewal premium by almost 25 percent to USD 16 million for both insurance as well as reinsurance covers for its offshore assets valued at USD 34 billion.

Natural gas prices cut by 20%; CNG, cooking gas to be cheaper

Natural gas prices cut by 20%; CNG, cooking gas to be cheaper

Price of natural gas produced from existing fields of state-owned ONGC and Reliance Industries has been cut to USD 3.06 per million British thermal unit with effect from Friday, an oil ministry official said.

Oil Minister Dharmendra Pradhan to visit Iran on April 6-7

Oil Minister Dharmendra Pradhan to visit Iran on April 6-7

Accompanied by ONGC Videsh Ltd Managing Director Narendra K Verma and Indian Oil Corp (IOC) Chairman B Ashok, Pradhan's visit is aimed at engaging with leadership of the oil and gas rich nation that has just come out of international sanctions.

New policies to attract investments in oil & gas sector: S&P

New policies to attract investments in oil & gas sector: S&P

The new price formula and calibrated marketing freedom for gas produced from fields in difficult terrain could help attract investments in India's oil and gas sector, said Standard & Poor's Ratings Services.

ONGC mulls drilling nine development wells in 2 fields

ONGC mulls drilling nine development wells in 2 fields

Oil and Natural Gas Corporation Ltd is planning to undertake drilling of nine development wells in KG-OSN-2004/1 and GS-49-2 fields beside creation of other infrastructure in KG Basin with an investment outlay of Rs 3,750 crore.

Centre can't stop us from exporting crude: Cairn India to HC

Centre can't stop us from exporting crude: Cairn India to HC

Cairn India Tuesday claimed in the Delhi High Court that under Foreign Trade Policy, the Centre cannot stop it from exporting crude from its Rajasthan oil field.

GAIL Q3 net profit rises 10% to Rs 664.26 crore

GAIL India Ltd, the country's biggest natural gas supplier, today reported a 10 percent rise in its December quarter net profit on spike in margins and exemption from payment of fuel subsidy.

Govt's gas pricing formula not viable to develop KG gas: ONGC

Govt's gas pricing formula not viable to develop KG gas: ONGC

State-owned Oil and Natural Gas Corp (ONGC) has sent an urgent message to Petroleum Ministry, saying the natural gas prices according to a formula approved by the BJP-led government was not viable to develop its KG basin discoveries.

Core sector growth slows down to 0.9% in December

Core sector growth slows down to 0.9% in December

Growth of eight core sectors slowed down to 0.9 percent in December 2015 from 3.2 percent in the same month of previous year as production of crude oil, natural gas and steel sectors declined.

Oil ministry mulling new LPG connections on EMIs: Dharmendra Pradhan

Oil ministry mulling new LPG connections on EMIs: Dharmendra Pradhan

Targeting to add 10 crore new LPG connections in next three years, Union Minister for Petroleum and Natural Gas Dharmendra Pradhan Sunday said oil marketing companies are mulling to sell new cooking gas on an EMI basis, just like for other consumer durables.

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Gas worth Rs 11,000 cr migrated from ONGC to RIL's KG-D6 block: Report

Gas worth Rs 11,000 cr migrated from ONGC to RIL's KG-D6 block: Report

US-based consultant D&M has submitted its final report on the gas dispute between ONGC and Reliance Industries, establishing that natural gas worth over Rs 11,000 crore has migrated from idling KG fields of the state-owned firm to the adjoining KG-D6 block.

RIL faces 40% cut in marketing margin on KG-D6 gas

RIL faces 40% cut in marketing margin on KG-D6 gas

Reliance Industries is facing a 40 percent cut in the marketing margin it charges on selling its KG-D6 gas to fertilizer and LPG plants after the government notified a ceiling of Rs 200 per thousand standard cubic meters (scm).

TAPI gas pipeline project to start from December 13

The ground-breaking ceremony of the proposed multi-billion dollar 1,735-kilometre gas pipeline connecting Turkmenistan, Afghanistan, Pakistan and India will start from December 13, Turkmenistan Ambassador to Pakistan has said.

ONGC sees 20-30% lower capex next fiscal on crude price slump

ONGC sees 20-30% lower capex next fiscal on crude price slump

ONGC will maintain its capex plan for this year at the same level as last year at about Rs 30,000 crore, its chairman Dinesh K Saraf has said.

Qatar to waive $1 billion penalty on India for lower gas offtake

Qatar to waive $1 billion penalty on India for lower gas offtake

In a significant development, Qatar has agreed to waive USD 1 billion penalty on India for breaking a long-term LNG contract, and has also consented to change the pricing formula to reflect the slump in global energy rates.

About 11.12 bcm gas of ONGC shifted to RIL's KG-D6: Consultant

About 11.12 bcm gas of ONGC shifted to RIL's KG-D6: Consultant

About 11.12 billion cubic metres of natural gas worth Rs 11,055 crore have flowed from idling Bay of Bengal blocks of the state-owned Oil and Natural Gas Corporation (ONGC) to neighbouring KG-D6 fields of Reliance Industries, US-based consultant D&M has said.

Govt fixes maximum marketing margin for natural gas

Govt fixes maximum marketing margin for natural gas

The government on Wednesday fixed a maximum marketing margin that firms like Reliance Industries can charge on selling natural gas to fertiliser and LPG plants at Rs 200, a 12.5 percent cut from current charge of Rs 225.

 

Natural gas prices to fall next fiscal: Goldman Sachs

Natural gas prices to fall next fiscal: Goldman Sachs

Natural gas prices for existing fields like KG-D6 of Reliance Industries will dip to USD 3.6 per unit in next fiscal from USD 3.82 currently, Goldman Sachs said Wednesday.

India asks Qatar to cut gas price in line with global slump

India has asked its largest liquefied natural gas (LNG) supplier Qatar to cut prices to match a 40 percent slump in global rates as well as waive penalty for not buying all of the contracted fuel.