GAIL is also currently executing gas pipelines worth Rs 20,000 crore and another Rs 10,000 crore worth of lines are under various stages of evaluation.
Iran wants India to buy all of the natural gas to be produced from the Persian Gulf block at a price equivalent to the rate Qatar charges for selling liquefied natural gas (LNG) to India under a long-term deal.
Oil India has made two hydrocarbon discoveries in the upper Assam basin. In an interview to CNBC-TV18, Utpal Bora, Chairman & MD of Oil India spoke about the value of these oil fields and the impact that it will show on profit and loss (P&L).
While a 131-km pipeline will be laid from from Siliguri in West Bengal to Parbatipur in northern Bangladesh to transport diesel, a line from Dattapulia in West Bengal will take natural gas to Khulna, the third-largest city of Bangladesh.
Among the MoUs signed in the presence of visiting Prime Minister Sheikh Hasina is a facility agreement between Bangladesh India Friendship Power Company (BIFPCL) and Exim Bank of India for debt financing for construction of 1,320 mw Maitree Power Project in Rampal in Bangladesh (USD 1.6 bn).
The company's 20 million tonne a year refinery at Vadinar in Gujarat processed 20.95 MT crude oil in the fiscal year that ended on March 31 (2016-17), a 10 per cent increase over the previous financial year.
"India is undergoing a dramatic economic transformation and our close partnership creates opportunities for both nations," 62-year-old Turnbull said in a speech at the Sydney Institute.
"In 2014 the number of households with gas connections was 14 crore and it stands at 20 crore now, Dharmendra Pradhan, the Minister of State for Petroleum and Natural Gas said at the Global Natural Resources Conclave. India has a total of 26 crore households.
India's liquefied natural gas (LNG) demand could ease as the government has scrapped subsidies on gas sales to power companies, the chief executive of the country's biggest gas importer said on Wednesday at a gas conference in Japan.
Sources familiar with the matter told Reuters last week that Indian state refiners were going to cut oil imports from Iran, as New Delhi seeks to put pressure on Tehran to award the Farzad B gas field to an Indian consortium.
The proposed investment will be driven through a consortium of state-run oil companies led by its overseas arm ONGC Videsh (OVL). The statement comes amidst media reports that government is threatening to massively reduce crude intake from Iran as Tehran delays clearing the investment plan in the block.
Qatar declared a moratorium in 2005 on the development of the North Field, which it shares with Iran, to give Doha time to study the impact on the reservoir from a rapid rise in output.
Natural gas price was today cut marginally to USD 2.48 per million British thermal unit, the fifth reduction in two years.
Prices for front-month Brent crude futures, the international benchmark for oil, had gained 18 cents from their last close to $50.93 per barrel by 0652 GMT.
No decision yet has been taken on Trump administration's commitment to the Paris Agreement on climate change. And same is the case with the various co-cooperation that the US has been doing with other countries including India on clean energy and climate change issues, the official said on condition of anonymity.
They are expected to step up investments in upgrading refineries to meet cleaner fuel standards, improve yields and create flexible refinery configurations in product pipeline and gas infrastructure capacities, it said.
Oil and Natural Gas Corp (ONGC), which had last year firmed up an investment of Rs 34,012 crore (USD 5.076.37 billion) in bringing to production 10 oil and gas discoveries in its Bay of Bengal block KG-DWN-98/2 (KG-D5), plans to invest another Rs 21,528.10 crore (USD 3.2 billion) in developing the ultra-deepsea UD-1 find.
The world's third-largest oil consumer will conduct auction of oil and gas blocks under the Open Acreage Licensing Policy (OALP) twice a year, with the first round being held in July this year, Oil Minister Dharmendra Pradhan said here at the influential CERAWeek conference.
Christened "Hydrocarbon Exploration Licensing Policy" or HELP, the new policy also gives the investors the much needed freedom in pricing and marketing for crude oil and natural gas.
It is the first time-swap agreement by GAIL, which is trying to juggle its LNG portfolio to cut costs for price-sensitive Indian customers after a sharp fall in Asian spot prices made its US gas unattractive.
Pradhan and Russia's energy minister Alexander Novak will be among those to address the international gathering of industry, policy and financial leaders at CERAWeek 2017, organised by the UK-based IHS Markit from March 6 to 10.
According to a report by Kotak Institutional Equities, the projected earnings recovery is largely due to sector- specific factors and is not based on fantastic hopes of a domestic economic recovery.
Taking a stake in an internationally active trading house like Noble would help Sinochem, a big oil, gas and petrochemical company, in its ambitions to become a more globally active energy trader, and also develop China's gas industry.
The focus and commitment of this government on clean and renewable energy is clearly visible in this budget as well.
Birol also warned that oil markets could enter a period of high volatility unless companies develop new projects after two years of sharp drops in investments sparked by low oil prices.