Page 4 - Oil Ministry

ONGC should decide on mode for raising oil, gas output: Oil ministry

Weeks after its second-highest-ranking official asked ONGC to give away its largest producing oil and gas fields to foreign companies, the Petroleum Ministry on Monday clarified that production from existing fields has to be increased through all means including technology and involvement of private sector companies in a transparent manner. Amar Nath, additional secretary (exploration) in the Ministry of Petroleum and Natural Gas, had on October 28 written a three-page letter to ONGC Chairman and Managing Director Subhash Kumar, saying productivity of the Mumbai High and Bassein & Satellite (B&S) offshore assets under state-owned firm was low and international partners should be invited and given 60 per cent participating interest (PI) and operatorship. The proposal has met with strong resistance from the management of Oil and Natural Gas Corporation (ONGC) as well as its unions who feel its assets are being given away on a platter to the private sector. "The government is ...

ONGC union protests Centre's proposal to give away Mumbai High fields

The petroleum ministry's proposal to give away ONGC's biggest oil and gas fields to foreign companies has met with strong resistance from the officers union of the company, which has said that the government should empower and give the company a level-playing field rather than giving away its prime assets to the private sector on a platter. The Association of Scientific & Technical Offices of ONGC petitioned Oil Minister Hardeep Singh Puri against a proposal put by Amar Nath, additional secretary (exploration) in the Ministry of Petroleum and Natural Gas, for giving away 60 per cent stake and operatorship of Mumbai High and Bassein & Satellite (B&S) offshore assets to international partners for raising output. The union, which represents ONGC's 17,000 officers, said the company and its employees are completely aligned with the government objective of raising domestic production to cut imports, and for this to happen ONGC should be given the same fiscal and regulatory ...

Oil Ministry mulls reinstating subsidised LPG prices, survey in progress

Centre assessing appropriate price at which subsidy should resume

Oil Ministry launches sixth bid round of Open Acreage Licensing Programme

Centre expects minimum work commitment of $300-400 million immediately

Oil Ministry holds investor meet for DSF-III, with 32 areas up for bidding

There are 75 oil and gas discoveries with 230 million tonnes of oil equivalent resources

Oil Ministry authorises new companies to sell auto fuels in the country

According to a top ministry official, a fresh marketing authorisation has been granted to Reliance Industries under these norms

Oil minister Puri dials UAE, others for affordable oil prices for consumers

India's new Petroleum Minister Hardeep Singh Puri has started dialling oil-producing nations to impress upon them for a need to make prices affordable for consumers.

Dharmendra Pradhan puts ONGC, OIL on notice: Perform or get shipped out

Petroleum Minister Dharmendra Pradhan on Tuesday put state-owned ONGC and OIL on notice saying oil and gas reserves they hold need to be monetised through joint ventures with domain experts

Monetise reserves or get set for auction: Oil minister Pradhan to ONGC, OIL

Speaking at BNEF Summit on Tuesday, Pradhan said the two state-owned firms cannot indefinitely sit on resources when the nation is a net importer of oil and gas

Monetise reserves or get set for auction: Oil minister Pradhan to ONGC, OIL

Speaking at BNEF Summit on Tuesday, Pradhan said the two state-owned firms cannot indefinitely sit on resources when the nation is a net importer of oil and gas

Sell oilfields; hive off drilling, other services: Oil ministry to ONGC

The petroleum ministry has told India's largest oil and gas producer ONGC to sell stake in producing oil fields such as to Ratna R-Series to private firms

Cabinet may soon take up extending subsidy to BPCL after privatisation

LPG customers of state-owned OMCs with less than Rs 10 lakh annual income get cash subsidy through direct benefit transfer in their bank accounts

Oil ministry wants Covid-19 vaccination for employees at forefront

The ministry said these frontline workers had braved the intense first wave of the pandemic and ensured uninterrupted fuel supplies to the country

No plan to split Gail, says Union Oil Minister Dharmendra Pradhan

The government is not considering any proposal to bifurcate state-owned gas utility GAIL (India) Ltd, Pradhan said

India's fuel demand to rebound in 2021-22 with 10% growth

A reflating economy will drive petrol and diesel demand, according to Oil Ministry's projections

GAIL bifurcation plan put on hold; firm to monetise pipelines through InvIT

The Oil Ministry has put on hold a plan to bifurcate state-owned gas utility GAIL (India) Ltd so as not to dilute the firm's ability to finance the massive infrastructure building plan

Iran to boost oil output via $1.2 billion deal with local companies

Iran plans to roughly double oil production in the next year to 4.5 million barrels daily, as the country anticipates a loosening of US sanctions

Fuel prices hiked in international market due to US elections: Pradhan

Union Minister of Petroleum and Natural Gas, Dharmendra Pradhan on Sunday said there has been a rise in fuel prices in the international market because of the recent elections in America and other reasons."There has been a rise in fuel prices in the international market because of recent elections in America and other reasons," said Pradhan."Recently, OPEC has decided to increase production. We expect the fuel prices to stabilise soon," he added.Pradhan on Sunday interacted with officials of Indore Municipal Corporation, officials of the state unit of Indian Oil and several stakeholders from the industry. Had insightful discussions on the efforts of IMC in waste segregation & management to ensure a clean environment for better public health, he added."Indore Municipal Corporation also came up with a presentation on setting up of waste-to-energy plants. Happy to share that IMC has consistently eliminated garbage dumps, ensured 100 per cent household-waste segregation and ...

India wants to resume Iran, Venezuela oil imports under Joe Biden: Pradhan

India wants to diversify its oil imports, including the resumption of supplies from Iran and Venezuela after Joseph Biden becomes president of the US, Oil Minister Dharmendra Pradhan said

More reforms in offing to lift pvt participation in energy sector: Oil secy

With oil prices slumping after the pandemic pummelled fuel demand, upstream producers such as ONGC asked the government to cut oil cess and royalty