Page 3 - Oil Ministry

IOCL signs pacts with Petrobras, Ecopetrol for crude oil supplies: Report

IOCL's pact with Petrobras was signed during petroleum secretary Pankaj Jain's visit to Brazil last week. Petrobras will supply 1.7 million tonnes per annum to IOCL

Reports of request for windfall tax review misleading: Oil ministry

The Ministry has not however categorically denied making a request to exempt certain oil blocks

Oil ministry says windfall profit tax response to dynamic situation

The oil ministry on Tuesday said the levy of windfall profit tax was a response to a dynamic situation and its design provides for recalibration based on market inputs and feedback. "Crude oil prices have witnessed extreme volatility in 2022. This has resulted in very high prices for end consumers at petrol pumps. "Countries around the world have implemented various measures to mitigate the adverse impacts on consumers. 'Windfall tax' is one of the measures which helps in dealing with the situation," the ministry said in a statement. India first imposed windfall profit tax on July 1, joining a growing number of nations that tax super normal profits of energy companies. While duties were slapped on the export of petrol, diesel and jet fuel (ATF), a Special Additional Excise Duty (SAED) was levied on locally produced crude oil. "The extent of its applicability, reference period, amount of cess/ tax/ duty, the incidence of tax liability, a mechanism for review are integral to such a .

Oil ministry seeks review of windfall tax; wants certain fields exempt

The oil ministry has sought a review of the two-and-a-half-month old windfall profit tax on domestically produced crude oil saying it goes against the principle of fiscal stability provided in contracts for finding and producing oil. The ministry in the August 12 letter, reviewed by PTI, sought exemption for fields or blocks, which were bid out to companies under Production Sharing Contract (PSC) and Revenue Sharing Contract (RSC), from the new levy. It stated that companies have been since the 1990s awarded blocks or areas for exploration and production of oil and natural gas under different contractual regimes, wherein a royalty and cess is levied and the government gets a pre-determined percentage of profits. The ministry, according to the letter, was of the opinion that the contracts have an in-built mechanism to factor in high prices as incremental gains get transferred in form of higher profit share for the government. Emails sent to the oil ministry as well as the finance ..

BPCL disinvestment plans stalled as of now: Oil minister Hardeep Puri

The government currently owns a 52.98 per cent stake in BPCL. It had sought to sell its entire stake in the disinvestment process

Govt plans Rs 20,000-cr aid to oil firms hit by soaring costs: Report

The oil ministry has sought a compensation of Rs 28,000 cr, but the finance ministry is agreeing to only about a Rs 20,000-cr cash payout, say sources

Centre aims to boost refining capacity as fuel demand continues to rise

The oil ministry has been asked by the government to prepare a report on the country's future fuel demand and refining capacity needs

Govt to divert gas from industries after CNG, piped gas prices jump 70%

The increased allocation will meet 94 per cent of the demand for CNG to automobiles and piped cooking gas to household kitchens in the country

India's June fuel consumption rises by 17.9% YoY at 18.67 mn tonnes: Govt

Consumption of fuel, a proxy for oil demand, totalled 18.67 million tonnes, data from the Indian oil ministry's Petroleum Planning and Analysis Cell showed.

Centre may allocate Rs 44,000 cr to oil firms to compensate for LPG losses

The central government is planning to allocate Rs 44,000 crore as compensation to oil companies for losses they have been bearing by selling LPG at below-market rates, a report said

Helicopter crash: Oil ministry, ONGC to pay Rs 30 lakh to kin of deceased

State-owned Oil and Natural Gas Corporation (ONGC) and the petroleum ministry will pay a total compensation of Rs 30 lakh to each of the families of the four people who died in a helicopter crash in the Arabian Sea earlier this week. "ONGC & @PetroleumMin have announced ex-gratia payment of Rs 15 lakh each (total Rs 30 lakh) to the families of the officials who lost their lives in an unfortunate #Helicopter incident in the #Arabian Sea on 28 June 2022," Minister of State for Petroleum and Natural Gas Rameswar Teli tweeted. In addition, ONGC has decided to pay Rs 1 lakh to each individual who suffered injuries in the chopper accident, he said after visiting the injured at a Mumbai hospital. "Additionally, all dues and compensation to the ONGC employees in various heads including EPF and post-retirement benefit scheme will be cleared within one week," he said. A brand new Pawan Hans chopper with nine people on board crashed into the Arabian Sea, about 50 nautical miles from the ...

Oil ministry proposes higher age limit, shorter tenure for ONGC chairman

The ministry has proposed that any candidate to be eligible for consideration should not be more than 60 years of age on the date of occurrence of vacancy

Share a new plan to monetise assets within 15 days: Govt tells oil PSUs

The govt has asked state-run oil and gas cos to share a new plan for asset monetisation after the original plan to monetise pipelines through infrastructure investment trusts (InvITs) was shelved

CNG, petrol price hike: Auto, taxi unions on strike demanding subsidy

Petrol now costs Rs 105.41 and diesel Rs 96.67 per litre in the national capital; the CNG price on Monday stood at Rs 71.61 per kg

CNG, PNG prices spike; govt says awaiting data to make gas allocation

The oil ministry is supposed to make an allocation of domestic natural gas, which costs a sixth of imported LNG, every six months

Oil and gas will keep meeting India's 'baseload' energy demand: Oil min

India has set a goal to achieve net zero carbon emissions by 2070

9% ethanol blending in petrol achieved; 20% target by 2025: Hardeep Puri

India has achieved 9 per cent ethanol blending in petrol and is confident of meeting the 20 per cent target by 2025, Oil Minister Hardeep Singh Puri said on Thursday.

Oil ministry launches seventh round for oil & gas block auctions

Award of these blocks is likely to be completed by the end of March 2022

Oil Ministry launches seventh round for auction of oil and gas blocks

Since 2016, five rounds of Open Acreage Licensing Programme blocks have been concluded and 105 for Exploration and Production.

Taking away oilfield will be ONGC's 'systematic weakening': Ex-bureaucrat

Oil Ministry's proposal to strip ONGC of Mumbai High and Bassein in the western offshore is a "systematic weakening" of the state-owned firm, former bureaucrat E A S Sarma said