Tehran offered to sell crude to refiners in Indian rupees, extend 90-day interest-free credit and not complain about late payments.
PMO has summoned Vivek Rae for a discussion on difficult measures the government may have to take to reduce oil import bill.
There is a need to create a unified Asian trading platform on lines of similar gas hubs in the US and Europe, Oil Minister Veerappa Moily said on Thursday.
Oil secretary said consumers must share some oil subsidy burden, indicating an impending hike in diesel, kerosene and cooking gas prices soon.
RIL has initiated arbitration against penalties imposed on the grounds that it deliberately cut gas production by not drilling enough wells.
ONGC hopes to improve net realisation from Imperial’s oil field, which is currently only $20 a barrel at $100 per barrel oil price.
India has become an attractive investment destination for gas exploration because it has decided to raise gas prices from April.
Government is preparing a new system of rewards that will insulate them from the vagaries of exchange rates & controls on fuel rates.
India and Japan have expressed concerns over paying "Asian premium" on liquefied natural gas (LNG) imports.
Cairn India has told Veerappa Moily that quick approvals for projects in its Rajasthan block will help India save $1.5 bn foreign exchange.
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