Energy Sector

Cairn India makes 26th oil discovery in Barmer basin

Cairn India makes 26th oil discovery in Barmer basin

Cairn India, a subsidiary of Vedanta group, on Tuesday announced a new oil discovery in the Barmer basin of Rajasthan.

The discovery made in the RJ-ON-90/1 block in Barmer basin is the company's 26th oil discovery in the Western state of India. The company said in a statement that technical evaluations indicated around ten meters of gross oil column in Dharvi Dungar sands of Raageshwari-Tukaram area.

Cairn India made the discovery after the government permitted oil companies to carry out explorations in development blocks.

Kudankulam Plant Director Denies Charges of Anti Nuclear Activists

Kudankulam Plant Director Denies Charges of Anti Nuclear Activists

Kudankulam Nuclear Power Project in Tamil Nadu has been hit by protests by anti nuclear activists that the components sourced from Russia do not comply with the high quality standards.

However, the Site Director, R. S. Sundar, has strongly denied those charges. He said that the quality of the components has been ensured at various stages from fabrication at Russia to installation at KKNPP site. He said to The Hindu on Wednesday that they are more than 100% sure about the quality of the components.

CERC Allows Adani Power to Raise Tariffs for Electricity

CERC Allows Adani Power to Raise Tariffs for Electricity

The Central and Electricity Regulatory Commission has allowed Adani Power to raise their tariff for electricity. CERC took the decision after considering the negative supply conditions in Mundra plant in Gujarat.

CERC has allowed Adani Power to increase the tariffs as the compensation until supply conditions improve. The regulator said that the hike in tariff will enable Adani Power to cover up costs as rising costs of coal imported from Indonesia along with the shortage of supplies from the state-run Coal India Ltd have made it unviable to sell electricity.

Cap on supply of subsidized LPG cylinders takes effect from today

Cap on supply of subsidized LPG cylinders takes effect from today

The cap on supply of subsidized LPG cylinders has taken effect from today, April 1, for the financial year 2013-14.

Starting today, households are entitled to get a maximum of nine subsidized cylinders in the new financial year. Those who booked for refills in the final days of the last financial year may lose one subsidized cylinder from their quota for the last year.

Deliveries from today will be counted for the new financial year.

CAG Expresses Desire to Examine Propriety of Expenses of RIL

CAG Expresses Desire to Examine Propriety of Expenses of RIL

The Comptroller & Auditor General of India (CAG) has said that it wishes to assess the propriety of expenses of Reliance India Limited (RIL) on KG-D6 gas block.

CAG has, however, denied planning to do company's performance audit. Previously, it has also suspended the audit of RIL's spending on KG-D6 gas block and extended the scrutiny. It emerged that it is now willing to resume the audit.

India witnesses Decline in Crude Oil importation

India witnesses Decline in Crude Oil importation

There are chances that India might reduce import of crude oil and that too by as much as by 27%. The change can take place from this fiscal as US and European sanctions have been creating a lot of problem at the time of shipping oil from the Persian Gulf nation.

Authorities concerned revealed that crude oil shipping has reduced a lot in comparison to previous times. India was able to import approximately 13 million tonne of crude oil this financial year which is going to end on March 31.

ONGC & OIL place joint bid for stake in Mozambique oil & gas block

ONGC & OIL place joint bid for stake in Mozambique oil & gas block

India's Oil & Natural Gas Corp. (ONGC) and Oil India Ltd. (OIL) have reportedly placed a joint bid to acquire a 20 per cent stake in the Rovuma-1 offshore oil & gas block in Mozambique.

Requesting anonymity, a person familiar with the development said that ONGC Videsh Ltd. (a wholly-owned arm of government-owned ONGC) and OIL have bid for the stake being sold by Anadarko Petroleum Corp. and Videocon Industries Ltd.

According to the person, each of Anadarko Petroleum Corp. and Videocon Industries Ltd. is offloading 10 per cent stake in the Rovuma-1 offshore block.

BP, RIL to invest $5bn in KG-D6

BP, RIL to invest $5bn in KG-D6

Reliance Industries Ltd (RIL) and its European partner BP decided to invest $5 billion in the KG-D6 block to reverse the decline in gas production.

RIL Chairman Mukesh Ambani and BP Chief Executive Bod Dudley revealed their investment plan in their first joint meeting with Union Petroleum Minister M. M Veerappa Moily. They said they would invest $5 billion in the block over the next 3-5 years.

Shell India in talks with I-T authorities over alleged tax evasion

Shell India in talks with I-T authorities over alleged tax evasion

The Indian arm of Anglo-Dutch oil giant Royal Dutch Shell Plc on Saturday confirmed that it is pursuing discussions with Indian tax authorities over alleged tax evasion.

The confirmation followed a newspaper report that, citing an anonymous source, said that the Indian income tax (I-T) department charged Shell India over income tax evasion related to the issue of 870 million shares by the company to foreign firm Shell Gas BV in March 2009.

The shares were issued at a rate of Rs 10 apiece, but the income tax authorities are arguing that the shares had a value of around Rs 180 apiece.

Diesel prices will rise by 40-50 paise every month: Moily

Diesel prices will rise by 40-50 paise every month: Moily

Diesel prices will be increased by 40-50 paise per litre every month until under-recoveries on the country's most used fuel are completely removed, Petroleum Minister M Veerappa Moily has declared.

Speaking to reporters on Friday, Mr. Moily said, "Until further orders, oil marketing companies can increase it (diesel price) by 40-50 paise (per litre) every month."