Petroleum ministry launches new exploration licensing policy

October 12th, 2009 NEW DELHI - The response for the latest round of auction for handing over hydrocarbon assets in India for exploration and development has been "poor", with even Reliance Industries refraining from making a single bid. The deadline for receiving bids for the eighth round of auction under what is called the new exploration licensing policy, was noon Monday.

October 12th, 2009 NEW DELHI - India received bids for just 36 hydrocarbon blocks out of 70 on offer under the new round of auction, which the oil ministry admitted as being a "poor" response, with even Reliance Industries abstaining from a single bid. The deadline for receiving bids for the eighth round of auction for oil and gas assets under what is called the new exploration licensing policy was noon Monday.

September 8th, 2009 NEW DELHI - India will finalise exploration blocks in the eighth round of auction of hydrocarbon assets by December, Petroleum and Natural Minister Murli Deora said Tuesday. The minister was speaking at a roadshow in London where he has gone for a promotion campaign to attract foreign investors to the annual auction of oil, gas and coal-bed methane blocks.

September 3rd, 2009 NEW DELHI - The government has constituted an expert group to examine and give its recommendations on pricing of petrol, diesel, cooking gas and kerosene, the petroleum ministry said Thursday. The panel, to be headed by former Planning Commission member Kirit S.

September 1st, 2009 NEW DELHI - From an annual auction of its hydrocarbon blocks, India is moving towards a year-long bidding process, said Minister of State for Petroleum and Natural Gas Jitin Prasada here Tuesday. The government of India is moving gradually but inexorably towards the Open Acreage Licensing System from the current New Exploration Licensing Policy, Prasada said at the inauguration of an international conference on National Data Repository (NDR).

August 8th, 2009 NEW DELHI - The Comptroller and Auditor General of India (CAG) said on Saturday that it is in the process of auditing government's gas contract with Mukesh Ambani-led Reliance Industries Limited (RIL), but has not been able to access the books of the contractor for about two years. According to the sources the audit of the capital expenditure of Rs 45,000 crore by RIL in its Krishna-Godavari Basin gas fields, has gone into a limbo.

July 7th, 2009 NEW DELHI - India will resume road shows for its latest round of auction of hydrocarbon assets, with the finance minister announcing in the union budget that tax holiday would be extended to natural gas production. Now that this clarity is there, the road show will go ahead and we expect good response on this account, Petroleum Secretary R.S.

July 2nd, 2009 NEW DELHI - India's Economic Survey tabled in parliament Thursday called for decontrolling petrol and diesel prices "at the earliest" and reforming subsidies to cooking gas and kerosene. The survey said the subsidies regime, including that of liquefied petroleum gas (LPG) and kerosene, had to be reformed so that "all the needy get the intended benefit".

June 22nd, 2009 NEW DELHI - The government will place the new national mining policy in parliament by the winter session which would allow foreign direct investment (FDI) in the exploration of capital-intensive minerals like copper, nickel and chromium, Minister for Mines B.K. Handique said Monday.

May 29th, 2009 NEW DELHI - The government is actively considering deregulation of auto fuel prices and a decision on this will be taken soon by the cabinet, Minister for Petroleum and Natural Gas Murli Deora said here Friday. He was speaking to reporters after taking charge as the petroleum minister for a second consecutive term.

May 29th, 2009 NEW DELHI - Congress leader Murli Deora took charge as the union minister for petroleum and natural gas Friday morning and announced a new scheme for distribution of liquefied petroleum gas (LPG) in villages. When asked about auto fuel deregualtion, Deora told reporters that the matter was under consideration and no time frame had been set.

April 9th, 2009 NEW DELHI - India Thursday announced the auctions for 80 more hydrocarbon assets in the country, including 10 for coal-bed methane, in the largest such exercise under its new policy on oil and gas exploration. The 70 oil and gas blocks under round number eight of the new policy include 24 in deep waters, 28 in shallow waters and 18 on-land blocks, Petroleum Secretary R.S.

April 9th, 2009 NEW DELHI - India Thursday announced the auctions for 80 more hydrocarbon assets in the country, including 10 for coal-bed methane, in the largest such exercise under its new policy on oil and gas exploration. The 70 oil and gas blocks under round number eight of the new policy include 24 in deep waters, 28 in shallow waters and 18 on-land blocks, Petroleum Secretary R.S.

February 15th, 2009 NEW DELHI - High global oil prices, that saw a barrel of crude sell for nearly $150 per barrel at one point last year, has secured unexpected bonanza to the government in the form of royalty and profit petroleum, budget papers showed Monday. Against the budgeted receipts of Rs.6,777.04 crore (Rs.67.77 billion/$1.35 billion) for this fiscal from petroleum, revised receipts from royalty, profit petroleum and oil exploration licensing fee have been pegged at Rs.9,423.23 crore (Rs.94.23 billion/$1.88 billion).

January 11th, 2009 NEW DELHI - The ministry of petroleum and natural gas Monday clarified that there was never any proposal to apply windfall tax to private oil producers in the country. Special secretary of the ministry Rita Menon said at a session in Petrotech 2009 that the windfall tax had been a proposal to 'formalise' the discounts offered by state-run oil producers as part of the subsidy-sharing mechanism.