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"Nobody stops us from buying Russian oil at above the price cap level provided. We are not using western service," Pankaj Jain told reporters on the sidelines of an event.
And now, the government plans to give one crore more free LPG connections to the needy over the next two years and make it easier to access cooking gas to achieve near 100 per cent penetration of the clean fuel in the country.
The government is looking at a new pricing regime for coal-bed methane (CBM) to help monetise the clean energy source lying below coal seams, Oil Minister Dharmendra Pradhan said today.
The producers want the government to levy ad-valorem rate of cess which will result in higher payouts when prices are high and lower payout when rates fall. Currently, ONGC and OIL pay a cess of Rs 4,500 per ton on crude oil they produce from fields given to them on nomination basis.
Over the next few days, Tripathi, who turns 57 in June, will take presentations on functioning of the ministry and facets of the oil and gas sector.
Saurabh Chandra said that the two state explorers would invest USD 6 billion in exploration and production in the year ending March 2016, as they look to arrest declining oil and gas production.
A formula, based on recommendation of the Directorate General of Hydrocarbons, has been approved by Oil Minister Dharmendra Pradhan and it has now been forwarded to the Finance Ministry for vetting.
The Commission, it said, will make its recommendations within 18 months of the date of its constitution.
The 10th round of auction under the New Exploration Licensing Policy (NELP-X) will require bidders to quote the amount of oil or gas output they are willing to offer to the government from the first day of production, Oil Secretary Vivek Rae said.
Finance Minister P Chidambaram had last week stated that there were demands from "several chief ministers" for raising the quota of subsidised cylinders and the government "will look into" them.
As a result, oil producer Oil and Natural Gas Corp (ONGC) is now operating power plants, bought a refinery, opened petrol pumps and is planning a fertiliser unit, while refiner Indian Oil Corp (IOC) is taking upstream exploration blocks.
Natural gas output from the Krishna Godavari basin's D6 block, in which BP has a 30 percent equity stake, has declined to 14 million cubic metres per day (mmscmd) from 60 mmscmd at the end of 2010.
Reliance Industries has agreed to a Comptroller and Auditor General (CAG) audit of its pending on KG-D6 fields and issues over scope and extent of its scrutiny have been resolved, Oil Secretary Vivek Rae today said.
State-owned gas utility GAIL India Ltd is targeting sale of 84.05 million standard cubic meters per day (mmscd) of natural gas in 2013-14.
Reliance Industries has denied allegation that it is hoarding gas by keeping KG-D6 output low saying it was technically impossible to store gas in the KG basin fields, and sought appointment of independent international experts to verify its claims.
The oil ministry has sought an additional cash compensation of Rs 40,000 crore from the finance ministry to partially cover revenue losses of state-run companies that sell diesel, kerosene, and cooking gas at state-set subsidised rates, the oil secretary said on Wednesday.
Reliance Industries has pressed on the oil secretary to intervene and resolve all pending issues standing in the way of RIL's petroleum operations adding the government should consider itself an equal partner and not an adversary.
The government is not considering a change in diesel prices, the Oil Secretary GC Chaturvedi said on Wednesday, ahead of a meeting of the Empowered Group of Ministers (EGOM) on Thursday.
India's oil secretary on Monday said he hopes cabinet will soon take a decision on a multi-billion dollar Cairn Energy deal to sell majority of its stake in Cairn India to Vedanta Resources.
Vedanta chief Anil Agarwal met with the oil secretary today on the Cairn Vedanta deal.
Speaking exclusively to CNBC-TV18, Sashi K Mukundan, Country Head of BP said that it will seek government approval for the RIL deal this week.
The RIL stock has been underperforming for quite some time now largely on account of lower production and consequently lesser profitability coming in. But the BP deal may act as a game changer for the Indian oil and gas producer.
The oil ministry will seek changes in crude and products duties after industry asked for cuts, Oil Secretary S Sundareshan said on Wednesday, as international crude prices hover near two-year highs.
State-run Indian Oil Corp's share sale will be delayed to the next financial year beginning on April 1, Oil Secretary S Sundareshan said on Monday.
The government expects a dispute with Iran over payment for crude oil to be settled as early as next week, ending a deadlock that has threatened to stall supplies from the Middle Eastern nation.
