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RIL slaps arbitration notice on govt over $1.55 bn demand: Minister

RIL slaps arbitration notice on govt over $1.55 bn demand: Minister

Reliance Industries has slapped an arbitration notice on the government over a demand USD 1.55 billion demand made on it for "unfairly enriching" by producing natural gas belonging to ONGC, Oil Minister Dharmendra Pradhan said today.

Govt grants license to BP Plc for setting up 3,500 petrol pumps in India

Govt grants license to BP Plc for setting up 3,500 petrol pumps in India

Government has formally granted a licence to BP Plc, Europe's third-biggest oil company, to set up 3,500 petrol pumps in India, making it the 10th company to enter the lucrative fuel retailing sector.

BP gets govt nod to set up retail pumps of petrol, diesel in India

BP gets govt nod to set up retail pumps of petrol, diesel in India

BP Plc, Europe's third-biggest oil company, has received government approval to set up petrol pumps to retail petrol and diesel in India.

ONGC board vertically split on claiming gas compensation

ONGC board vertically split on claiming gas compensation

 The Board of ONGC is split on the issue of claiming compensation for Rs 11,000 crore worth of natural gas spewing from its KG basin block into adjoining fields of Reliance Industries.

Petrol, diesel price cut: Know the new rates in major Indian cities!

Petrol, diesel price cut: Know the new rates in major Indian cities!

Petrol price was on Thursday cut by 89 paise a litre and diesel by 49 paise a litre, the first decrease in rates in two months.

Petrol gets cheaper: Know the latest price list city wise

Petrol gets cheaper: Know the latest price list city wise

Petrol gets cheaper: Know the latest price list city wise

India's fuel demand rose 16.4% in March

India`s fuel demand rose 16.4 percent in March compared with the same month last year.

Govt to cut natural gas prices by 17% to $3.15 per mmBtu

Govt to cut natural gas prices by 17% to $3.15 per mmBtu

As per the new gas pricing formula approved by the NDA-government in October 2014, gas prices are to be revised every six months and the next change is due on April 1.

Indian oil imports to drop 10% over next six years: Pradhan

Indian oil imports to drop 10% over next six years: Pradhan

India will cut oil imports by 10 percent in next six years by raising domestic output, conserving fuel and shifting to alternate sources like natural gas, Oil Minister Dharmendra Pradhan said Tuesday.

Start-up funding being explored for oil, gas sector: Pradhan

Start-up funding being explored for oil, gas sector: Pradhan

State-run oil and gas companies are planning to create a venture capital fund to encourage start-ups to develop new business models and infuse innovation into India`s hydrocarbons sector, Petroleum Minister Dharmendra Pradhan said on Tuesday.

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.

BP signals willingness to take back arbitration

BP signals willingness to take back arbitration

After the oil ministry's tough talk, BP of the UK has signalled its desire to end arbitration seeking higher prices for natural gas from eastern offshore KG-D6 block that it co-owns with Reliance Industries.

New crude import policy for spot buys soon: Dharmendra Pradhan

New crude import policy for spot buys soon: Dharmendra Pradhan

Oil Ministry will soon come up with a Cabinet note on new crude import policy for spot crude purchases by state-owned refiners, doing away with the long-followed tendering process, Minister Dharmendra Pradhan said Monday.

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.

OilMin launches e-initiative to improve LPG customer service

The Ministry of Petroleum and Natural Gas has launched an online initiative to seek suggestions from LPG consumers across the country

Oil Ministry pitches for ad-valorem levy of oil cess

The Petroleum Ministry wants the Finance Ministry to cut cess on crude oil and make it ad valorem in view of the slump in global oil rates, Oil Minister Dharmendra Pradhan said Tuesday.

Free gas pricing policy won't help 15-17 Tcf gas discoveries

Free gas pricing policy won't help 15-17 Tcf gas discoveries

Government move to free natural gas pricing will not resolve the issue of economically developing already discovered 15-17 trillion cubic feet of gas reserves as the policy will only apply to future finds.

 

Make excise rates on LPG uniform: Oil Min to FinMin

Make excise rates on LPG uniform: Oil Min to FinMin

LPG or domestic cooking gas, is sold in different pack sizes - 5 kg, 14.2 kg and 19 kg. A household customer is allowed 12 cylinders of 14.2-kg each or 34 cylinders of 5 kg each during a year at subsidised rates. Any requirement beyond this has to be bought at market rate.

RIL arbitration case: Will follow court order, says Oil Ministry

RIL arbitration case: Will follow court order, says Oil Ministry

Days after the Supreme Court dismissed its plea seeking removal of a foreign arbitrator appointed by Reliance Industries, the Petroleum Ministry Thursday said it will follow the court order in the dispute over Panna-Mukta and Tapti oil and gas fields.

Bids for 69 marginal oil and gas fields to begin by Dec: Pradhan

Petroleum and Natural Gas Minister Dharmendra Pradhan Monday said the government will open the bids for 69 marginal oil and gas fields from late November or early December and expressed confidence of getting good response from across the globe.