ONGC to bid for Israeli oil and gas exploration
The Dollar Business Bureau ONGC, India’s state run oil and natural gas corporation is planning to bid to explore the Israeli oil and gas blocks. This was revealed to the media by the Oil minister, Dharmendra Pradhan today. This could be the first major deal between the two countries. Dharmendra Pradhan had met his Israeli counterpart Yuval Steinitz on the sidelines of the World Petroleum Congress soon after after Prime Minister Modi visited Israel and signed trade deals worth billions of dollars. Israel had issued tenders last year calling for licences to drill 24 blocs of upto 400 square kilometres in size and Indian energy companies like ONGC had announced their participation. According to an evaluation released by the Israeli Ministry of Energy, the Levant ...
Indias crude import bill to fall further to 45% in FY'16
Domestic consumption of petroleum products have gone up, largely due to lower fuel prices, gradually-picking up economic activity and higher car sales during the current financial year The Dollar Business Bureau The Indian crude basket averaged $28.08 a billion in January 2016 as compared to $35.68 a billion during the previous month. Amid the ongoing descend in global oil prices, Indias import bill of crude oil is projected to come down by 45%, said the Petroleum Planning & Analysis Cell (PPAC) in its monthly report. The import bill of crude oil is estimated to reduce by 45% from $113 billion in 2014-15 to $62 billion in 2015-16 making the Indian basket crude oil price of $35 per barrel and Rs.67 for the balance ...
