Search Result for : Petroleum Ministry

PTI India and Sri Lanka will jointly operate the oil storage facility at the strategic eastern port town of Trincomalee, Petroleum Minister Chandima Weerakkody said today. At least 73 of the 99 storage tanks in Trincomalee is to be managed under a new equity arrangement between the two countries, Weerakkody said. To operate the 73 tanks "we will have the joint venture running", Weerakkody said. Sri Lanka will have the ownership of 10 more tanks while another 14 will be handed to India on a long lease, he said. The petroleum minister had presented a Cabinet paper last year for the joint venture and he today said negotiations were still underway on the matter. He said ...

PTI The PM on Wednesday chaired a high-level meeting to discuss a roadmap to reduce dependency on import of oil and gas. During the meeting, the Petroleum Ministry presented strategies for achieving the objective by increasing production of crude oil and gas, promoting biofuels and renewables, energy efficiency and conservation.The meeting was attended by Home Minister Rajnath Singh, Petroleum Minister Dharmendra Pradhan, Environment Minister Prakash Javadekar, Vice Chairman and CEO NITI Aayog, Cabinet Secretary, and senior officials from PMO, Petroleum Ministry, MEA, Home Ministry, Finance Ministry and Defence Ministry.

PTI UK-based Vedanta group company, Cairn India Ltd's plea for permission to export excess crude from its oil field in Rajasthan was dismissed by the Delhi High Court on Tuesday.Justice Manmohan said that under the production sharing contract (PSC) between Cairn and the central government, the company would get a right to seek permission to export its share of the crude oil only after India attains self-sufficiency.The court said in the absence of a notice from the Centre saying India has attained self-sufficiency, Cairn "can only claim compensation" from the government under the dispute- resolution mechanism provided under the PSC."Writ petition and applications being bereft of merits are dismissed with liberty to invoke the dispute resolution mechanism in the production sharing contract," ...

The Dollar Business Bureau  State-run GAIL (India) Ltd and California-based Bloom Energy on Monday inked a memorandum of understanding (MoU) for deploying revolutionary natural gas-based fuel cell to generate power. The MoU was signed by B C Tripathi, Chairman and Managing Director of GAIL and Dr K R Sridhar, CEO, Bloom Energy, in the presence of Dharmendra Pradhan, Minister of Petroleum and Natural Gas.Speaking at the occasion, Pradhan said, ‘This would be a technology which will have less pollution. We want this to be implemented in places like even our Parliament and also in areas like Andaman and Nicobar, where people are hugely dependent on diesel for power generation.” This new technology transforms fuel into power via electro-chemical process and water is also less utilized in this method ...

The Dollar Business Bureau    Terming Africa as a potential partner to meet the country’s soaring hydrocarbon demand, the Indian government said that scarcity of domestic energy resources can be neutralised by Africa’s surplus reserves, which accounts for about 15% of global oil reserves. “The present Indian government is keen to move towards a geographically diversified energy basket. This has resulted in India’s greater focus on Africa as a vital region for sourcing petroleum products in coming years. There are several reasons for us to believe that Africa will be the perfect partner in the hydrocarbon space,” Petroleum Minister Dharmendra Pradhan said while inaugurating the 4th India Africa Hydrocarbons Conference in New Delhi. “Government of India wants to diversify sourcing of ...

The Dollar Business Bureau Overall refinery production for the period April-October 2015 was 130.87 million tonnes, which was 1.35% higher than the target for the period   India’s domestic production of crude oil fell by 2.08% to 3.151 million tonnes in October as compared to 3.218 million tonnes in the same month last year. Overall crude oil production during April-October 2015 was 1.49% higher over its target to 21.832 million tonnes and 0.06% higher as compared to the corresponding period of 2014. Natural gas production in October also registered a marginal decline after cloaking growth in the previous two months. It fell by 1.82% to 2.795 billion cubic metre from 2.846 billion cubic metre in October last year. “Cumulative natural gas ...

The Dollar Business Bureau The Union Minister for Railways Suresh Prabhakar Prabhu addressing the inauguration session of the Bio-Energy Summit 2015’, in New Delhi on November 17, 2015. The Minister of State for Petroleum and Natural Gas Dharmendra Pradhan is also seen.   Bio-energy solutions can be a huge boost to the Indian economy, given they are produced in an economically and sustainable manner, Railway Minister Suresh Prabhu said, as he pitched for an alternative growth and development model for the Indian Railways. Speaking at the ‘Bio-Energy Summit’, organised by the Confederation of Indian Industry (CII), Prabhu stressed that the Indian Railways have already taken several steps to reduce its carbon footprints and are aggressively moving towards using renewable energy resources in ...

The Dollar Business Bureau The Petroleum Ministry on Tuesday rejected a proposal from Cairn India seeking export of crude oil from Barmer block of Rajasthan. Cairn India, one of the largest oil and gas exploration companies had sought permission for exporting crude oil from India’s largest onshore field, citing that exports would result in additional revenue for the state and central governments in terms of taxes and royalty. However, the Petroleum Ministry, reports said, shot down the proposal stating that the company’s production sharing contract (PSC) with the Centre didn’t provide for sales abroad. The company had also proposed a swap mechanism in its proposal to the Ministry, where it expressed readiness to source crude oil at cheaper prices from ...