Petroleum Sector Current Affairs, GK & News

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 Arabia. Qatar has been member of OPEC since 1961 and its decision to pull out ..

Month: Current Affairs - December, 2018

Topics: Gulf Politics • International • OPEC • Organization of Petroleum Exporting Countries • Petroleum Sector • Qatar

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 boost domestic output. The committee will be headed by NITI Aayog Vice Chairman Rajiv Kumar ..

Month: Current Affairs - December, 2018

Topics: Business • Committees • Economy • Energy Secuirty • Ministry of Petroleum and Natural Gas • National • Oil • Oil Fields Privatization • ONGC • Petroleum Sector • Rajiv Kumar Committee

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 undertaken to reduce budgetary support of Union Government. The SPR facility at Padur is underground ..

Month: Current Affairs - November, 2018

Topics: Cabinet Decisions • Indian Strategic Petroleum Reserves Ltd • Karnataka • National • Odisha • Padur Strategic Petroleum Reserves • Petroleum Sector • PPP

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 encourage existing contractors in licensed or leased area to unlock full potential of unconventional hydrocarbons ..

Month: Current Affairs - August, 2018

Topics: Cabinet Decisions • Coal Bed Methane • Petroleum Sector • Policy Framework • Shale gas • Unconventional Hydrocarbons

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) to chalk out strategy that will result in getting better price from OPEC countries. Asian ..

Month: Current Affairs - April, 2018

Topics: Asian Premium • Business • Economy • Energy security • India China • OPEC • Petroleum Sector

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 to apply to oil ministry for a licence to extract coal-bed methane (CBM) from its ..

Month: Current Affairs - April, 2018

Topics: Business • Cabinet Decisions • CCEA • Coal Bed Methane • Coal India Limited • Economy • Petroleum Sector