The cargo is for delivery into the Dahej or Hazira import terminals over March 20 to 30, one of the sources said.
Petronet will now continue to provide the storage, receiving and re-gasification services for the above-mentioned contract but will not be the buyer of LNG.
Gujarat State Petronet Ltd, the Natural gas transmission company is slated to buy 28.4% stake in Gujarat Gas from Gujarat State Petroleum Corporation.
ONGC had in December last year agreed to buy entire 80 percent interest of GSPC along with operatorship rights, in Deen Dayal West (DDW) gas field.
The 5-million tonne a year import terminal, the third facility in Gujarat for import of natural gas in its liquid form in ships, is nearing completion and GSPC is keen to shed some of its stake to lighten its debt burden.
The Board of state-owned ONGC has approved signing of definitive agreements for buying debt- laden GSPC's entire 80 per cent stake in KG-basin natural gas block for USD 1.2 billion.
The Gujarat government firm, which is saddled with nearly Rs 20,000 crore of debt, has a large gas trading business, gas transmission pipelines and city gas business.
In an open letter to Sebi Chairman U K Sinha, he said as per Oil and Natural Gas Corp's (ONGC) own admission, it and GSPC are related parties of the Government of India.
Given the continuing upward trend in global crude oil prices should help the national explorer ONGC to maintain its credit profile despite the recent leveraged buyout of Gujarat State Petroleum's oil blocks for USD 1.2 billion, says a report.
State-run ONGC will pay over USD 1.2 billion for buying debt-laden GSPC's entire 80 per cent stake in KG-basin natural gas block, which is struggling to start commercial production despite trial outputs starting nearly two-and-half years back.
Global energy giants Exxon Mobil, Chevron and BP plc as well as domestic players like Reliance Industries are unlikely to bid in the auction of 46 discovered small oil and gas fields that closes on Monday.
Accusing the Centre of mounting pressure on ONGC to take over loss-making Gujarat State Petroleum Corporation (GSPC), the Uttarakhand government today opposed the move saying it will reduce the country's leading oil and natural gas company to a loss-making undertaking.
The Board of state-owned ONGC has approved signing of a preliminary agreement for buying a stake in Gujarat government firm GSPC's KG basin gas block.
Rejecting Congress' charge of an attempt being made to "palm off" GSPC's failed gas fields to ONGC, Oil Minister Dharmendra Pradhan on June 3 said his "best wishes" are with the two firms if they are able to strike a commercial deal keeping their interest in mind
"GSPC has carried out four stages of HF successfully in one of the wells....After clean-up, the well is likely to be put under production in the first week of May 2016," the company said in a press release.
It spent Rs 1,757.46 crore on 10 surrendered overseas blocks, of which Rs 1,734.12 crore were eventually written off. Of the 11 overseas blocks held as of 2011, 10 were surrendered by 2015, the report said.
In the Cabinet Meet, slated for Thursday, the government could consider an amendment to the Mines and Minerals (Development and Regulation) Act, 2015 (MMDR) that regulates mining sector activities in the country.
RS Sharma, Former Chairman of ONGC, says the government will hike the gas prices by 60 percent only for the oil fields already discovered but where production has not started yet.
State-owned Oil and Natural Gas Corp on Thursday said the talks to sell stake in long-delayed mega petrochemical plant at Dahej in Gujarat to Kuwait's Petrochemical Industries Company (PIC) remain inconclusive.
Gas-based power stations that are either shut for want of fuel or receiving some domestically produced gas and running at sub-optimal levels are eligible for government subsidy to help them buy costly imported liquefied natural gas (LNG).
Prices of natural gas will be cut by 7.6 percent to USD 5.18/mmBtu from April 1.
The government has decided to price all domestically produced gas by both public and private sector firms at an average price of LNG imports into India and benchmark global gas rates from April 1, 2014.
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As per the MoU, GSPC has agreed to supply 0.85 mmscm of gas per day to Gujarat Gas from January 01, 2014 to June 30, 2025. Price of gas will be determined in the relevant Gas Sales Contracts (GSC) and it is expected to be formula based, according to its filing on the BSE.
Besides seeking untied gas currently produced or likely to be produced in future by companies like state-owned ONGC and GSPC, Scindia wants fertiliser plants to spare some gas after fulfilling the requirement for producing urea.