Petroleum Sector
Qatar to leave OPEC from January 2019
Qatar has announced its withdrawal from Organization of Petroleum Exporting Countries (OPEC) from January 2019 and focus more on the production of natural gas. It makes Qatar first Gulf country to leave OPEC bloc of oil-producing countries led by Saudi ..
Month: Current Affairs - December, 2018
Government forms Rajiv Kumar Committee to look at selling of OIL, ONGC fields to private companies
Union Government has constituted six-member committee to look at selling as many as 149 small and marginal oil and gas fields of state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) to private and foreign companies to ..
Month: Current Affairs - December, 2018
Cabinet approves filling of Padur Strategic Petroleum Reserves in Karnataka
The Union Cabinet chaired by Prime Minister Narendra Modi has approved the filling of Padur Strategic Petroleum Reserves (SPR) in Karnataka by overseas National Oil Companies (NOCs). The filling of the SPR will be under PPP model and is being ..
Month: Current Affairs - November, 2018
Cabinet approves policy framework for exploitation of unconventional hydrocarbons
Union Cabinet has approved policy framework to permit exploration and exploitation of unconventional hydrocarbons such as Shale oil/gas, Coal Bed Methane (CBM) etc. It will be carried out under existing Production Sharing Contracts (PSCs), CBM contracts and Nomination fields to ..
Month: Current Affairs - August, 2018
India to work with China on OPEC's Asian Premium issue
India is coordinating with China and other Asian countries to raise voice against Asian premium charged by Organisation of the Petroleum Exporting Countries (OPEC). Indian Oil Corporation Chairman Sanjiv Singh will coordinate with head of China National Petroleum Corporation (CNPC) ..
Month: Current Affairs - April, 2018
CCEA approves framework for Coal Bed Methane extraction by Coal India
The Cabinet Committee on Economic Affairs (CCEA) has relaxed rules for state-owned Coal India Ltd (CIL) for extraction of Coal Bed Methane (CBM) lying below coal seams in its blocks in bid to quickly boost production. Till now, CIL had ..
Month: Current Affairs - April, 2018
India receives first US LNG shipment at Dabhol under long-term deal
India received its first Liquid Natural Gas (LNG) cargo from United States (US) under long-term supply deal. The first US-sourced LNG shipment was imported by state-owned GAIL on board of its chartered LNG ship ‘Meridian Spirit’ from Cheniere Energy’s Sabine ..
Month: Current Affairs - March, 2018
Iraq overtakes Saudi Arabia as India’s biggest Oil Supplier
Iraq has overtaken Saudi Arabia to become India’s top crude oil supplier by supplying 38.9 million tonnes (MT) crude oil in the current financial year. It was fifth of the India’s oil needs. India is 80% dependent on imports to ..
Month: Current Affairs - March, 2018
Cabinet approves Discovered Small field Round II
The Union Cabinet has approved second round of Discovered Small Field (DSF) auctions under Discovered Small Field Policy. The auction will offer total of 60 discovered small fields/un-monetized discoveries with an estimated 194.65 Million Metric tonnes of oil. Key Facts ..
Month: Current Affairs - February, 2018
ONGC to acquire Government’s entire 51.11% stake in HPCL
The Union Government and state-run oil explorer ONGC clinched deal for acquisition of government’s 51.11% stake in Hindustan Petroleum Corporation (HPCL) for a consideration of Rs. 36,915 crore. The deal will be closed by end of January 2018. Earlier empowered ..