Asks RIL to return benefits of migrated gas back to the government; pulls up ONGC and asks Centre to examine inactivity on part of ONGC in developing oil and gas in India.
Justice AP Shah panel confirms migration of 11.125 billion cubic meters of gas from ONGC’s blocks to RIL’s block in the Krsihna Godavari basin. Upholding the findings made by the international consultant D&M in its report, the Justice AP Shah Committee in its report has ratified the connectivity between the reservoirs in RIL’s KG-DWN-98/3 and that of ONGC’s– KG-DWN-98/2 and Godavari PML blocks. In simpler terms, this report further proves that ONGC’s gas migrated from its two blocks in the KG basin (Godavari PML and KG-DWN-98/2) to the adjacent RIL’s block, KG-D6.
As India imports sufficient quantities of crude oil from Venezuela, one option as per sources that has been proposed to the Venezuelan authorities is that India could recover these dues from payments it makes for oil imports from Venezuela.
After re-negotiating the Qatar LNG deal that will benefit India by Rs 20,000 crore over the next few years, the Union oil and gas minister, Dharmendra Pradhan is trying to recover save $600 million or close to Rs 4,000 crore of past dues of ONGC from Venezuela’s San Cristobel oilfield.
These are the results of a study commissioned by Petroleum Federation of India and carried out by ICRA on a comprehensive analysis of the impact of the meltdown of the global oil prices on the Indian Oil and Gas industry.
Global crude oil prices have declined by ~60% from US$ 112/bbl (Brent) in June 2014 to US$ ~45-50/bbl now (as in May 2016 end) primarily due to the significant increase in supply due to the shale oil boom in the US, demand slowdown in Europe, Japan and China and, the decision of Saudi Arabia to protect market share rather than act as a swing producer of oil.
The Ministry of Petroleum and Natural Gas has refuted reports of any mis-calculation of subsidy savings on LPG and maintained that the total savings from the elimination of fake/duplicate/ghost connection as a result of implementation of DBT for the two last years is estimated at more than Rs. 21,000 crore.
To ensure smokeless kitchens across rural India, 14.13 lakh LPG connections have been released to women of BPL families under the Pradhan Mantri Ujjwala Yojana (PMUY). The scheme is currently under operation in 487 districts of 17 states.
Under this round, 67 DSF of ONGC and Oil India Ltd, which could not be monetized during previous years, are being offered for international bidding. Progressive administrative and fiscal procedures have been introduced in this bidding process in sync with best international practices. A data room will also be opened in office premises of ONGC Videsh Ltd in Houston during the road shows.