Oil Minister M Veerappa Moily

While the contract provides for termination in case of a default by a contractor, the Oil Ministry under S Jaipal Reddy in May 2012 had slapped penalty of USD 1.005 billion on RIL for failing to produce natural gas in line with the pre-stated targets.

Higher rates will help increase domestic gas output: Moily

"If you don't raise gas price, no domestic production will come and dependence on imports will increase," Moily said. Higher gas price will help bring to production over 3 Trillion cubic feet of gas reserves that had been declared economically unviable at current rates of USD 4.2.

CCI clears 5 delayed projects worth Rs 7,947 crore

"The CCI on December 9 approved five delayed projects involving an investment of Rs 7,947 crore," Oil Minister M Veerappa Moily told reporters here.

Moily hints at moderation in diesel price hike

The government-appointed Kirit Parikh committee suggested "immediately" hiking prices of diesel by Rs 5 a litre, Rs 4 per litre in kerosene and Rs 250 per cylinder in LPG, reducing annual entitlement of subsidised cooking gas cylinder to six from nine and phasing out diesel subsidy in one year to cut a record subsidy burden.

Diesel prices to be deregulated in six months: Moily

State-owned fuel retailers, who control 95 percent of the petrol pump sales, sell diesel at government-fixed rates, which are way lower than the cost of production.

BP Chief Dudley, Mukesh Ambani meet Veerappa Moily

Moily said issues surrounding KG-D6 were discussed, while Dudley emphasised that his company was committed to staying invested in the country despite regulatory uncertainties.

10th round of oil and gas block auction likely in January

The Oil Ministry is looking at offering as many as 68 blocks or areas for exploration of oil and gas in the 10th round of New Exploration Licensing Policy (NELP). The round is likely to be announced at the Petrotech Conference.

Diesel price hiked by 90 paise per litre effective midnight

On Friday May 10 diesel prices by Rs 1.02 litre. It was the fourth increase in prices this year.

Shale gas exploration policy in next 10-15 days: Moily

India will unveil a shale gas exploration policy in next fortnight as it looks to exploit unconventional hydrocarbon resource to meet its growing energy needs.

OIL pays over Rs 518cr interim dividend to govt this fiscal

State-owned Oil India Ltd today said it has paid over Rs 518 crore as interim dividend for the current fiscal to the government.

Ice broken on defence clearance to KG-D6, 6 blocks: Moily

With over Rs 80,000 crore of investment in oil and gas hunt stuck for want of defence nod, Oil Minister M Veerappa Moily today said the ice has been broken on getting clearance for 39 offshore areas including Reliance Industries' already producing oil and gas fields.

Govt has disallowed RIL's USD 1bn expense on KG-D6: Moily

The government has disallowed USD 1 billion expense of Reliance Industries on the flagging KG-D6 gas fields for not implementing the approved field development plan, Oil Minister M Veerappa Moily said today.