Energy Sector

Govt. hikes LPG cylinder price by Rs 3.46

Govt. hikes LPG cylinder price by Rs 3.46

The government on Tuesday increased the price of a 14.2kg LPG (cooking gas) cylinder by Rs 3.46 after hiking dealers' commission by a similar amount.

A senior official from the petroleum ministry confirmed that the price of the domestic cooking gas cylinder was increased as a consequence of increase in dealers' commission by Rs 3.46 to Rs. 40.71 per cylinder.

LNG prices for Northeast Asia remain unchanged

LNG prices for Northeast Asia remain unchanged

Liquefied natural gas (LNG) prices for delivery to Northeast Asia over the next four to eight weeks remained unchanged as buyers refused to pay more, Energy Intelligence Group said.

The New York-based research firm said that while LNG prices for Southwest Europe jumped from $13.60 to $13.80 per million British thermal units in the seven days through yesterday; LNG price for delivery to Northeast Asia remained at $19 per million Btu.

The firm's World Gas Intelligence (WGI) website also noted that spot LNG at $19 per million Btu was at parity with oil.

Fuel retailers hike ATF prices by marginal 0.8%

Fuel retailers hike ATF prices by marginal 0.8%

Fuel retailers on Sunday announced a marginal increase of 0.8 per cent prices of Aviation Turbine Fuel (ATF), which is commonly called jet fuel. The increase follows last month's steep decline of 4.5 per cent in the fuel prices.

The Indian Oil Corporation (IOC), India's leading fuel retailer, said in a statement that price of jet fuel in Delhi was increased by 0.8 per cent or Rs 597.48 per kilolitre (kl)to Rs 74,204.74 per kl.

In Mumbai, airlines will now have to pay Rs 76,658.27 for every kl of ATF, as against the previous price of Rs 76,035.89 per kl.

Moily tries to woo oil investors for upcoming Nelp auction

Moily tries to woo oil investors for upcoming Nelp auction

The government is trying to resolve oil & gas investors' reservations on pricing, revenue sharing and any other disputes as it do not want to impose any policy without consensus, Oil Minister Veerappa Moily assured.

Cairn India to buyback shares worth $1 billion: report

Cairn India to buyback shares worth $1 billion: report

Cairn India Ltd - the oil & gas arm of NRI billionaire Anil Agarwal-led Vedanta Group - will reportedly soon spend nearly $1 billion to buy back shares to increase its parent company's stake in the Indian arm.

Citing anonymous sources, Bloomberg reported on Sunday that the share purchase would include purchasing back Cairn Energy Plc's 10.3 per cent stake in the firm.

ONGC to commence drilling Kerala-Konkan coast in Feb 2014

ONGC to commence drilling Kerala-Konkan coast in Feb 2014

State-owned Oil and Natural Gas Corporation (ONGC) has indicated that it is planning to start drilling in the Kerala-Konkan coast area in February next year.

Senior officials of the state run firm have said that they will start drilling next year at wells on the coast. The firm has acquired 15 wells, six of which are deep wells. The company holds two blocks and the drilling will be done in February next year.

Cairn India to consider share buy-back proposal

Cairn India to consider share buy-back proposal

NRI billionaire Anil Agarwal-led Vedanta Group - the promoter of Cairn India Ltd - may soon increase its stake in the Indian energy firm.

Cash-rich Cairn India has confirmed that its board members will hold a meeting on Tuesday to mull over a proposal to buy back shares.

In a fresh filing to the stock exchanges, Cairn said, "A meeting of the board of directors of the company will be held on 26 November 2013, to consider the proposal for buy-back of equity shares of the company."

ONGC Videsh signs oil exploration deal with Petrovietnam

ONGC Videsh signs oil exploration deal with Petrovietnam

ONGC Videsh Ltd, overseas arm of India's government-owned explorer Oil & Natural Gas Corp (ONGC), has signed a memorandum of understanding (MoU) with Vietnam's Petrovietnam on joint exploration of crude oil.

The agreement will allow the two state-run oil giants to pursue exploration activities in Vietnam, India and a third country.

In morning trade on Thursday, ONGC shares were trading at Rs 272.10 apiece, down 1.7 per cent from yesterday's close. The stock's 52-week high and 52-week low have been recorded at Rs 354.10 and Rs 234.40 per share, respectively.

RIL’s non-adherence to KG-D6 plan be construed as default: RSC

RIL’s non-adherence to KG-D6 plan be construed as default: RSC

Reliance Industries Ltd's (RIL's) non-adherence to the approved field development plan of KG D-6 block should be taken as default, a Parliamentary Standing Committee (PSC) on petroleum & natural gas concluded.

The PSC took a serious note of the petroleum ministry's statement that RIL failed to adhere to the approved development plan for KG D-6 block both in terms of gas production and drilling wells.

Govt. approves sale of 5-kg LPG cylinders at petrol pumps across India

Govt. approves sale of 5-kg LPG cylinders at petrol pumps across India

Following the success of 5kg LPG cylinders pilot program in five metro cities, the Indian Government on Monday allowed the sale of the mini cooking gas cylinders at petrol pumps across the country.

Oil Minister M Veerappa Moily yesterday allowed the rool out of the sale of mini LPG cylinders at the outlets of HPCL and IOC across the country. The mini cylinders will be sold only at company-owned-company-operated petrol pumps from 7th of November.