BG and Australian company BHP Billiton have signed a contract with the government to explore a deepwater block in the Mumbai basin.
ONGC is planning to set up a urea manufacturing unit in Tripura, where it has made gas discoveries, RPN Singh told Parliament on Thursday.
It is expected that petrol prices may go up by Rs 5 a litre and diesel prices could be raised by Rs 4-5 a litre, govt and industry officials said.
State firms to approve fresh applications after verifying that the applicant does not have multiple connections from different agencies.
The decision is expected to come with oil firms' revenue loss soaring to half the retail price; ruling coalition may oppose the move.
Natural gas price in India is "artificially depressed," which discourages domestic production and increases its consumption, said Christof Ruehl, chief economist of BP.
Govt has signed exploration contracts with energy firms for four blocks on Thursday taking the total number of blocks signed in the ninth auction.
The oil ministry has terminated Italian major Eni's exploration contract in Rajasthan and slapped a penalty for incomplete work in the block.
The oil ministry is willing to develop natural gas trading platform to effect market discovery of gas prices but such platform would be relevant only if the country has adequate supply.
Oil & Natural Gas Corp's board will scrutinise the performance of eminent personalities who have been appointed independent directors.
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