India sets April-June oil subsidy rules, no discounts if oil below $60

Last Updated: Friday, May 22, 2015, 08:59

ONGC, OIL and GAIL sell crude and fuels like cooking gas at discounted rates to partly compensate retailers for losses they incur on selling fuels at government-set cheaper rates.

Iran acting tough on ONGC over development of gas field

Last Updated: Monday, May 11, 2015, 18:04

Indian firms have so far shied away from investing in Iran for the fear of being sanctioned by the US and Europe.

ONGC to start appraisal of new area, survey in Mahanadi basin

Last Updated: Sunday, May 10, 2015, 22:00

As part of its effort to ensure energy security, the Centre has decided to undertake fresh appraisal over 40,000 line km including Odisha's Mahanadi basin to find out oil and natural gas reserves.

After GAIL tender fails, Samsung to build LNG carrier at Kochi

Last Updated: Wednesday, May 6, 2015, 17:36

Indian shipyards will have to forge a binding technical collaboration with foreign shipyard which will transfer LNG shipbuilding technology.

CAG raps OilMin for letting RIL charge marketing margin in dollars

Last Updated: Tuesday, May 5, 2015, 17:40

Government auditor CAG Tuesday criticised the Oil Ministry for allowing Reliance Industries to charge a marketing margin on its KG-D6 gas in US dollars terms and not in rupees saying it will result in over Rs 201 crore excess subsidy payout on urea.

OilMin wants BP to furnish bank guarantee for ATF licence

Last Updated: Sunday, May 3, 2015, 13:36

The Oil Ministry wants UK's BP plc to furnish a bank guarantee and an undertaking that it will meet the minimum investment requirement for getting a licence to retail jet fuel (ATF) to airlines in India.

Oil Ministry rejects RIL arbitration notice, terms it 'untenable'

Last Updated: Sunday, April 26, 2015, 14:05

The ministry held that the move is in accordance with the provisions of the contract and there's no dispute that needs to be arbitrated upon.

Govt rebuts suit-boot remark, says UPA raised gas price to $9

Last Updated: Tuesday, April 21, 2015, 23:21

Hitting back at Rahul Gandhi for his 'suit-boot' government comment, Oil Minister Dharmendra Pradhan Tuesday said the previous UPA regime had approved a gas price of USD 9 for firms like Reliance Industries without bothering about its impact on the common man.

Govt to auction 69 small oil fields of ONGC, Oil India to private firms

Last Updated: Tuesday, April 21, 2015, 15:22

The government will soon auction 69 small and marginal oil fields of state-owned ONGC and Oil India to private firms as a precursor to a full fledged licensing round, Oil Secretary Saurabh Chandra said on Tuesday.

Pradhan wants ONGC to ramp up output

Last Updated: Thursday, April 16, 2015, 22:52

Petroleum Minister Dharmendra Pradhan Thursday asked state-owned Oil and Natural Gas Corp (ONGC) to step up crude output from its fields in Assam to help reduce India's import dependence.

Govt picks up the tab for ONGC, OIL Q4 fuel subsidy

Last Updated: Thursday, April 16, 2015, 18:31

The government has exempted oil producers ONGC and Oil India Ltd from payment of fuel subsidy in the fourth quarter after the finance ministry agreed to meet all of the revenue loss on fuel sales.