ONGC plans to raise crude oil production by four million tonnes (mt) and almost double natural gas output by 2020 to meet Prime Minister Narendra Modi’s target of cutting India’s import dependence by 10 per cent, chairman Shashi Shanker has said.
Import of oil drilling rigs has been exempted from the Goods and Services Tax (GST) levy to give a boost to domestic exploration and production, the government said today.
India needs an overarching policy aimed at doubling the consumption of natural gas in the country’s energy mix to 15 per cent from the current 6 per cent
The recent gas price increase will improve the profitability of gas production operations of Oil India and ONGC, India Ratings said, while also benefiting transporter GAIL.
The increase in natural gas prices from this month would benefit domestic gas producers by around Rs 1,300 crore during the second half of the current fiscal, India Ratings and Research (Ind-Ra) said on Tuesday.
The domestic natural gas price has risen 16 per cent to $2.89 per unit in line with international rates, after falling in every six-monthly revision since the government launched a formula-based pricing three years ago.
India has raised the price of natural gas to $2.89 per mmBtu for October-March 2017-18, making it the first hike in three years after seven straight cuts in the price of the gas produced at the domestic fields
Major gas producers in Australiaagreed to boost domestic supplies to help arrest a looming power crisis after the government threatened to slap them with export restrictions.
To combat climate change, the world is taking recourse to production of green and renewable energy like solar and wind, along with other forms of clean energies like hydro, biomass, natural gas and nuclear.
As States Agree To Cap Vat On Natural Gas At 5%, Uniform Petroleum Tax May Not Remain A Distant Dream
States have agreed to cap value-added tax (VAT) on natural gas at 5 per cent and lower it on other petroleum products such as petrol and diesel used by the manufacturing sector as an input.