In the next Nelp auction, 46 explorations blocks in 13 sedimentary basins may be offered though the number could change, officials said.
GSPC claims to have invested about Rs 15,000 crore on the block located near Reliance Industries-operated D6 block in the KG basin.
The Vijay Kelkar committee, which is in favour of continuing with the oil and gas contract system with modifications, will submit its report by end-Sept.
The cut may be steeper if the downward trend in international rates continues & rupee appreciates against dollar by Aug 15, when fortnightly review is due.
The National Commission for Scheduled Tribes has advised the Public Enterprises Selection Board to review the appointment of a director in Gail India.
The government wants to usher in a new gas-pricing regime that will balance conflicting interests of producers and consumers.
This is the second stage of the campaign, in which many executives of state oil firms have started buying cooking gas at market rates.
Diesel sales had been declining since last year but demand picked up in last two months even though fuel’s price has risen by Rs 10.70 per litre.
State-run behemoth ONGC, which prevailed over Cairn India in a dispute over royalty payments, is also demanding its pound of flesh.
IOC, BPCL and HPCL are supposed to be free to fix prices of petrol since June 2010, but company executives say oil ministry exercises informal control.
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