Investment by ONGC in KG basin blocks

[Hindustani78]

Ministry of Petroleum & Natural Gas
12-August, 2015 15:16 IST
Investment by ONGC in KG basin blocks

The Minister of State (I/C) for Petroleum & Natural Gas Shri Dharmendra Pradhan informed the Rajya Sabha in a written reply today that ONGC has planned to invest Rs. 4509.9 crore on development of Vashishta & S-1 fields in Krishna-Godavari Basin. ONGC Board has also approved two developmental projects in this basin with a cumulative investment of Rs. 4409.16 crore which are at different stages of execution. In addition, ONGC recently completed field development of GS-1 & G-1 at a cost of Rs. 3955.21 crore. For block KG-DWN-98/2 investment details are being finalized and Field Development Plan is under preparation. In 2015-16, ONGC plans to invest Rs. 8901 crore in KG Basin, which is about 24.5% of the total plan outlay of ONGC.

In place reserves established by ONGC, OIL and Pvt./JVs companies are about 11827.48 Million Metric Tonne of oil Equivalent (MMToE). In exploration and production business, input in terms of surveys and drilling are deterministic, however, results in terms of hydrocarbon discoveries are probabilistic in nature. Therefore, future projection of hydrocarbon discoveries cannot be made.

Field Development Plans (FDP) for 21 hydrocarbon discoveries comprising of 13 oil and 8 gas, have already been approved. These discoveries are under development or on way to production.

 

[Hindustani78]

Ministry of Petroleum & Natural Gas
26-August, 2015 18:58 IST
Payment of Differential Royalty on crude oil production through budgetary allocation for the Production Sharing Contracts awarded to discovered fields located in A runachal Pradesh, Assam and Gujarat


The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the proposal for payment of differential royalty [the difference between the rates of Royalty as per provisions 'contained in respective the Production Sharing Contracts (PSCs) and the notified rate of Royalty on crude oil production] to State Governments concerned in respect of 28 discovered fields, which were awarded by the Government to different companies during the years 1994-95, 2001 and 2004. These were in the States of Arunachal Pradesh, Assam and Gujarat. The payment shall be through budgetary allocation instead of through Oil Industry Development Board (OIDB) fund from the year 2015-16 onwards. Detailed list of the fields is enclosed.

The proposal will have a financial implication on government budgetary allocation, while the outflow from OIDB will be reduced accordingly. The expected expenditure for the year 2015-16 has been estimated at Rs.56 crore comprising of Rs.30 crore for Arunachal Pradesh and Rs. 26 crore for Gujarat (assuming average crude oil price of US$50/barrel and one US$ being equivalent to Rs.60).

Currently, State Governments are getting royalty based on the Oilfields (Regulation & Development) Act, 1948 and Petroleum & Natural Gas Rules, 1959 and the differential R oyalty (difference between the Royalty rates as per PSC and the notified rate of Royalty on crude oil production) is being paid by OIDB. The Standing Committee on Petroleum & Natural Gas, while examining the functioning of OIDB, recommended that differential Royalty to the State Government concerned may be made through budgetary allocation, in order to ensure proper utilization of OIDB fund.

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[Hindustani78]

Ministry of Petroleum & Natural Gas
16-September, 2015 16:08 IST
4th meeting of India-Kuwait Joint Working Group on Hydrocarbons
The 4th meeting of the India-Kuwait Joint Working Group on Hydrocarbons was held on 15th September 2015 in New Delhi. The Kuwaiti Side was headed by Dr. Ahmad Al-Qattan, Representative of the Kuwaiti Oil Sector and the Indian Side was headed by Mr. Ashutosh Jindal, Joint Secretary (International Cooperation), Ministry of Petroleum & Natural Gas, Government of India. Both sides discussed various issues of bilateral engagement in the hydrocarbon sector and expressed satisfaction at the progress achieved on the decisions taken during the 3rd Joint Working Group signed in 2014 in Kuwait.

The two sides also discussed opportunities for joint investment in the oil & gas sector in India and abroad.

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[Hindustani78]

12-September, 2018 18:39 IST
Union Minster of State Shri Vijay Goel, to review Implementation of ONGC Infrastructure project in Mumbai on 13th September 2018

Union Minister of State in the Ministry of Statistics & Programme Implementation (MoSPI) and Union Minister of State in the Ministry of Parliamentary Affairs, Shri Vijay Goel would be visiting Mumbai on 13th September, 2018. He would take a review meeting of ongoing central sector infrastructure projects costing being implemented by ONGC. The review meeting will be held at the Conference Hall of ONGC, Bandra Kurla Complex, Bandra.

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The Minister of State for Parliamentary Affairs and Statistics & Programme Implementation, Shri Vijay Goel at review meeting of the ongoing central sector infrastructure projects implemented by ONGC, in Mumbai on September 13, 2018.

The Minister of State for Parliamentary Affairs and Statistics & Programme Implementation, Shri Vijay Goel at review meeting of the ongoing central sector infrastructure projects implemented by ONGC, in Mumbai on September 13, 2018.

The Minister of State for Parliamentary Affairs and Statistics & Programme Implementation, Shri Vijay Goel addressing a press conference, in Mumbai on September 13, 2018.