Oil

  • Cairn says Rajasthan block holds 1-3 Trillion cubic feet of gas reserves 3 days ago

    After oil, Cairn India's prolific Rajasthan block holds significant natural gas reserves, estimated at 1-3 Trillion cubic feet (Tcf), over half of which can be produced. Cairn has so far made 36 discoveries in the Rajasthan block, including the biggest onland oil field of Mangala. It made a significant gas discovery...
  • Government to announce new gas price formula by September end August 13, 2014

    New Delhi: Government will by September end announce a new gas price formula keeping the interest of investors as well as consumers in mind, Oil Minister Dharmendra Pradhan said on Wednesday. Pradhan, however, said no committee has been constituted to suggest an alternative to the Rangarajan formula approved by the previous...
  • Oil India June quarter net up 40 per cent at Rs 851.87 crore August 12, 2014

    New Delhi: State-owned Oil India Ltd (OIL) on Tuesday reported a 40 per cent jump in its June quarter net profit as its net price realisation soared after cut in subsidy. Net profit in April-June rose to Rs 851.87 crore, or Rs 14.17 per share, from Rs 609.08 crore, or...
  • Petrol price likely to be cut on Independence Day August 12, 2014

    New Delhi: Petrol price is likely to be cut on Friday on the back of softening in international rates, Indian Oil Corp, the nation's largest fuel retailer, indicated on Tuesday. "Petrol is a decontrolled product and prices increase or decrease depending on input cost every fortnight. We had cut rates...
  • Bihar government lifts ban on sale of 5 kg LPG cylinders August 9, 2014

    The Bihar government on Friday lifted the ban on sale of 5 kg LPG cylinder, which it had imposed following evidence of their use in the serial blasts at Bodh Gaya in July last year. A release by Minister for Food and Civil Supplies Shyam Rajak said he accepted the plea...
  • Five kanwarias killed as oil tanker rams into a tractor trolley August 4, 2014

    Five kanwarias were killed and over 36 injured on Monday when an oil tanker rammed into a tractor trolley carrying them in Uttar Pradesh's Lakhimpur district, police said. All the deceased were going to visit a Lord Shiva temple to offer holy water. The tractor trolley carrying the devotees was headed...
  • IOC to set up two new plants in Uttarakhand August 1, 2014

    To streamline supply of LPG in Uttarakhand, the Indian Oil Corporation will set up two new plants in the state besides doubling the capacity of its plants in Haridwar and Haldwani. The Corporation will double the current capacity of its Haldwani and Haridwar plants from 5,000 tonnes to 10000 tonnes and...
  • Petrol price cut by Rs 1.09 per litre, diesel hiked by 50 paise per litre July 31, 2014

    New Delhi: Oil companies have cut petrol prices by Rs 1.09 per litre with effect from midnight tonight. However, diesel prices have been hiked by 50 paise per litre. Petrol price was reduced following drop in international oil rates and rupee depreciation against US dollar, making imports cheaper. For the...
  • Mumbai Gas leak: ONGC halts drilling operations, all workers evacuated July 20, 2014

    Mumbai: 48 personnel have been evacuated after a high pressure, highly inflammable gas leak took place at a well that the state-owned ONGC was drilling at its prime Mumbai High oil and gas fields, off Mumbai coast on Saturday evening. Drilling operations have been temporarily stopped at the refinery and efforts...
  • Gas leak at Bombay High Oil Rig, no casualty July 19, 2014

    Mumbai: Massive evacuations began at the Bombay High Oil Rig in Mumbai on Saturday evening following reports of oil leak in the compound. Oil and Natural Gas Corp (ONGC) immediately activated safety procedures, shut down drilling operations and evacuated all non-essential staff. "This is a minor leak. The leak was spotted...
  • Government closely monitoring Iraq situation: Arun Jaitley July 18, 2014

    New Delhi: The government on Friday said it is closely monitoring the situation in Iraq and will calibrate policy response to cope with it. "The turmoil in Iraq has the potential to have an impact on international prices of oil. The government closely monitors the emerging situation and calibrates appropriate policy...
  • Cabinet to soon decide on 10 pc ethanol blending: Dharmendra Pradhan July 14, 2014

    New Delhi: Cabinet will soon take a decision on mandatory blending of 10 per cent ethanol with petroleum, Minister of Petroleum and Natural Gas Dharmendra Pradhan said on Monday. "The government has kept the interests of farmers in mind. It has started the process and the Cabinet will soon take a...
  • Kurds seize Iraq oilfields, ministers pull out of government July 12, 2014

    Baghdad / Kirkuk: Kurdish forces seized two oilfields in northern Iraq and took over operations from a state-run oil company on Friday, while Kurdish politicians formally suspended their participation in Prime Minister Nuri al-Maliki's government. The moves escalated a feud between the Shi'ite-led central government and the autonomous Kurdish region driven...
  • India pays $550 million in oil dues to Iran: Sources July 8, 2014

    New Delhi: India paid a second installment of $550 million in oil dues to Iran on Tuesday under an interim deal that has allowed Tehran access to $4.2 billion in blocked funds globally, two industry sources said. Asian buyers such as Japan and South Korea have already cleared some of the...
  • Tackling subsidy burden with innovative ways tops Oil Ministry's agenda July 6, 2014

    New Delhi: Accusing the previous UPA regime of leaving the coffers dry, Oil Minister Dharmendra Pradhan said that he wanted to tackle subsidy burden on the department in innovative ways. In an exclusive interview to Network18, Pradhan on Sunday said that the roll out of Direct Benefit Transfer (DBT) is one...
  • Government rules out any immediate hike in prices of LPG, kerosene July 5, 2014

    New Delhi: Ruling out any immediate hike in prices of LPG and kerosene, Oil Minister Dharmendra Pradhan on Saturday said the new government will continue with the policy of subsidising commonly used cooking fuels. "There will no increase in LPG and kerosene prices for now. We will continue with the extant...
  • Industry desires import duty on refined edible oil to be increased July 5, 2014

    With the union Budget a few days away, the industry hopes that the import duty on refined edible oil shall be increased. The edible oil industry is going through a tough phase and this is the need of the hour. ...
  • No hike of LPG, kerosene prices: Petroleum Minister Dharmendra Pradhan July 4, 2014

    New Delhi: Petroleum Minister Dharmendra Pradhan said on Friday that there is no proposal to increase rates of subsidised LPG, kerosene and diesel. "There is no such proposal with the government," Pradhan said with reference to a report that his ministry is considering a note to the cabinet for raising kerosene...
  • Oil Ministry may propose hike in LPG price by Rs 250 per cylinder July 4, 2014

    New Delhi: The Oil Ministry is likely to move the Cabinet Committee on Political Affairs (CCPA) soon with an expert panel recommendations of raising cooking gas (LPG) rates by Rs 250 per cylinder and kerosene price by Rs 4 a litre. The ministry is preparing a draft note for consideration of...
  • Government puts on hold hike in LPG, kerosene rates July 2, 2014

    New Delhi: The government on Wednesday put on hold a hike in LPG prices in states including Karnataka, Madhya Pradesh and Kerala, where an increase in local levies had led to a rise in fuel rates. The increase in state levies such as entry tax and octroi led to prices...
  • Cabinet note proposes changes in Rangarajan formula on gas pricing: Sources June 25, 2014

    New Delhi: After due deliberations and discussions, the Oil Ministry is ready with a Cabinet note on gas pricing. The Ministry is awaiting a final call from the Cabinet on the uniform domestic gas price. According to sources, the Ministry in its note has proposed modifications in the that Rangarajan...
  • Oil Ministry proposes to hike LPG price by Rs 5 per cylinder: Sources June 24, 2014

    New Delhi: The Oil Ministry is considering a proposal to hike the price of LPG by Rs 5 per cylinder. The price of kerosene is also likely to be increased by Rs 1. The rise in prices comes amidst high level meetings being held over gas pricing. After Prime Minister Narendra...
  • Second high level meeting on gas prices today, decision likely soon June 24, 2014

    New Delhi: After Prime Minister Narendra Modi held a high level meeting on Sunday to take a decision on gas prices, his Principal Secretary Nripendra Misra is chairing a second high level meeting over the issue on Tuesday. The Oil ministry is working on new Cabinet note for gas prices....
  • Modi meets Pradhan, Jaitley to discuss oil prices June 23, 2014

    New Delhi: Prime Minister Narendra Modi met Finance Minister Arun Jaitley, Oil Minister Dharmendra Pradhan and Oil Secretary on Sunday to take a decision on gas prices. The leaders are reported to have discussed the Rangarajan Formula on gas prices. The new government may consider tweaking it. However, it is too...
  • Iraq's chemical weapons complex under control of ISIS: reports June 20, 2014

    Baghdad: After capturing a major section of Iraq's biggest oil refinery, the ISIS militants have now gained control over the war-torn country's chemical weapons complex, reports CNN. The complex which is now under the ISIS contains old contaminated weapons described by the United Nations as wasteland. The Islamist militants who have...
  • Crisis in Iraq will lead to spike in inflation: Mukesh Ambani June 19, 2014

    Mumbai: Mukesh Ambani, chairman of Reliance Industries which operates the world's largest single-location oil refinery at Jamnagar, on Thursday said the crisis in Iraq will lead to higher fuel prices which in turn will raise inflation. "In an inter-connected world like the one we are living in today, what's happening around...
  • Militants fly their black flags over Iraq refinery June 19, 2014

    Baghdad: Sunni militants have hung their black banners on watch towers at Iraq's largest oil refinery, a witness said on Thursday, suggesting the vital facility had fallen to the insurgents in control of vast territories across the country's north. A top Iraqi security official, however, said the government still held the...
  • Scores killed during battle for Iraq provincial capital, main oil refinery shut June 17, 2014

    Baghad: Scores of Iraqis were killed on Tuesday during a battle for a provincial capital, and fighting shut the main oil refinery, starving parts of the country of fuel and power as an uprising by Sunni insurgents threatens Iraq's survival as a state. Government forces said that that they repelled an...
  • Most Asian shares slip on anxiety over Iraq, dollar edges up June 17, 2014

    Tokyo: Most Asian stock markets fell on Tuesday as the deepening conflict in Iraq and a gas dispute between Ukraine and Russia sapped investors' appetite for riskier assets. MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.3 per cent. Japan's Nikkei bucked the trend with rise of a 0.3 per...
  • Oil prices down in Asian trade June 17, 2014

    Singapore: Oil prices eased in Asian trade on Tuesday, but losses were limited as investors fret over a potential supply disruption due to the worsening sectarian violence in key crude producer Iraq. US benchmark West Texas Intermediate for July delivery fell 18 cents to $106.72 a barrel in mid-morning trade, while...