Cabinet clears new price formula for undeveloped gas finds

In a boost to firms like ONGC and Reliance Industries, the Cabinet today approved a new price formula for their undeveloped gas discoveries in difficult areas, which will lead to a near-doubling of rates.

Pradhan favours crude cess reduction, says talking to Finanace Ministry

 The Petroleum Ministry is talking to the Finance Ministry on reducing the cess that the industry has been seeking since the steep fall in crude prices beginning June 2014, Union Minister Dharmendra Pradhan said today.

Gas allocation to be rejigged, CGD projects to get 1st priority

Presently, urea-manufacturing fertiliser plants have the first right over the domestically produced gas, followed by LPG plants and power stations.

India plans to ease foreign investment in oil, gas sector

With foreign investment almost drying up in India's oil and gas sector, Petroleum Minister Dharmendra Pradhan on Tuesday promised an overhaul to make policies predictable, transparent and fair to investors.

10th round of oil and gas block auction in January

India may launch its largest ever auction of oil and gas block next month at completely revamped terms after the current profit-sharing regime came in for sharp criticism from CAG.

10th round of oil and gas block auction likely in January

India is likely to launch the 10th round of auction of oil and gas blocks in January as the country looks to attract foreign investors to boost domestic production.

Govt not honouring contracts on KG-D6 gas block, says RIL

Amidst move to force Reliance Industries to sell gas from its main fields in KG-D6 block at old rates of USD 4.2, the Mukesh Ambani-run firm on Tuesday hit out saying the government was not honouring signed contracts and extraneous factors were being brought into business.

India to offer 68 blocks in tenth round of NELP

India may offer as many as 68 blocks or areas for exploration of oil and gas in the 10th round of New Exploration Licensing Policy (NELP) this year.

OilMin`s interference responsible for NELP`s flop: Anil

Anil Ambani group said the OilMin interference in marketing and pricing dampened interest in NELP.

ONGC bags most blocks in lukewarm NELP round

State-run ONGC bagged over a third of the blocks in muted bidding for India`s largest ever auction of oil and gas areas -- a response the government attributed to the global slowdown and the Ambani gas dispute.

Mukesh-Anil fight to impact energy blocks auction: DGH

The global economic meltdown and the gas dispute between the Ambani brothers may trip India`s largest ever auction of oil and gas blocks as the two factors are likely to keep major foreign firms from bidding, the regulator feels.

Excellent response for auction of oil & gas blocks: Deora

Petroleum Minister Murli Deora has said the largest auction of oil and gas blocks, aimed to attract an estimated investment of USD 3-4 billion, has drawn "excellent" response from global energy majors.

NTPC to bid in NELP-VIII, scouts for partner

After winning an oil exploration
block in 2005, state-run power producer NTPC is gearing up to participate in the eighth round of auction of oil and gas exploration blocks under NELP.

Finance Commission Chairman advocates gas pricing freedom

Companies like state-run ONGC and Reliance Industries should be given freedom to fix natural gas price that move in tandem with changes in international crude oil prices, Finance Commission Chairman Vijay Kelkar has said.

India relaunches largest auction of oil, gas areas

India today relaunched its largest
ever auction of oil and gas exploration areas, aiming to
attract USD 3-4 billion investment towards boosting energy
security.