Domestic natural gas price falls to $2.5/unit

The domestic natural gas price has dropped 18% to a multi-year low of $2.50 per unit, tracking the global decline in prices, which would erode profits of producers such as Oil and Natural Gas Corp (ONGC) and Reliance Industries but lower costs for piped gas consumers, gas-using vehicles and factories. The new rate is less than half of the first price of $5.05 per unit calculated by a formula the Narendra Modi government introduced for domestic natural gas in October 2014. The formula that lin...

Cabinet clears Indian consortium’s stake buy in Russian oilfield

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved the purchase by a consortium of Indian Oil, Oil India and Bharat Petroleum of stakes in two Russian oilfields for a total of $3.14 billion. "CCEA has given its approval to an Indian consortium comprising OIL, IOCL and Bharat Petro Resources Ltd (BPRL) for acquiring 23.9 per cent stake in JSC Vankorneft and 29.9 per cent stake in LLC Taas-Yuryakh from Rosneft Oil Company (Rosneft), the national oil company of Russian Federa...

US based energy giant, Shell Oil has “clear aspirations” to grow in India

Global energy giant Shell Oil has "clear aspirations" to expand its operations in India as the country's energy sector expands, the company's president Bruce Culpepper has said. "By 2050 world energy demand is projected to double, most of that growth will come from developing countries like India as its per person energy use is expected to increase more than 550 during that time frame," Culpepper said. "About two thirds of the India's electricity generation is currently coal based. One o...

Essar Projects wins Rs 85-crore order from Indian Oil

Ruias-promoted Essar Projects today announced that it has bagged a Rs 85-crore order from Indian Oil Corporation to replace its 141 km of pipeline. "Essar Projects had bagged the contract for replacing 141 km of pipeline of 18-inch diameter in the Koyali-Viramgam section of Indian Oil Corporation's (IOC) Koyali-Sanganer pipeline. The contract is valued at more than Rs 85 crore, exclusive of the cost of pipes, which are being supplied by IOC" Essar Projects said in a release. Originating ...

Gail likely to realign Tamil Nadu pipeline to connect LNG terminal in Kochi with Bengaluru

Gail, India's largest natural gas pipeline operator,will likely agree to Tamil Nadu's    demand   of   realigning  the proposed pipeline to connect Petronet's LNG terminal in Kochi with Bengaluru along the national highway, an issue that has held up Rs 3,300-crore project for years. The state wants to avoid damage to farms and the  dispute has reached Supreme Court. Protests from thousands of farmers delayed the project that was to be completed by early 2013. This has hurt GAIL and Petronet....